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☆ The Federal Reserve may not cut interest rates just yet, here's what that means for your money
▼ + stars: | 2024-03-18 | by ( Jessica Dickler | ) www.cnbc.com time to read: +4 min

"Interest rates took the elevator going up; they are going to take the stairs coming down," he said. Annual percentage rates will start to come down when the Fed cuts rates but even then, they will only ease off extremely high levels. "The reality of it is, a lot of borrowers are paying double-digit interest rates on those right now," McBride said. Federal student loansFederal student loan rates are also fixed, so most borrowers aren't immediately affected by the Fed's moves. But undergraduate students who take out new direct federal student loans are now paying 5.50% — up from 4.99% in the 2022-23 academic year and 3.73% in 2021-22.

Persons: Chris Wattie, Greg McBride, McBride, Sam Khater, Freddie Mac's, that's, Ivan Drury, Edmunds, Drury Organizations: Reuters, Treasury, Fed Locations: Edmunds

☆ Fed is 'disconnected' from reality, must cut rates 5 times next year, portfolio manager says
▼ + stars: | 2023-12-05 | by ( Shreyashi Sanyal | ) www.cnbc.com time to read: +3 min

Chris Wattie | ReutersThe Federal Reserve needs to cut interest rates at least five times next year to avoid tipping the U.S. economy into a recession, according to portfolio manager Paul Gambles. "I think Fed policy is now so disconnected from economic factors and from reality that you can't make any assumptions about when the Fed is going to wake up and and start smelling the amount of damage that they're actually causing to the economy," Gambles warned. The current U.S. policy rate stands at 5.25%-5.50%, the highest in 22 years. Traders are now pricing in a 25-basis-point cut as early as March 2024, according to the CME FedWatch Tool. The perception now being that the U.S. central bank is effectively done raising interest rates.

Persons: Chris Wattie, Paul Gambles, CNBC's, Gambles, Jerome Powell, Powell, Wall, David Roche, Roche Organizations: Reuters, Federal Reserve, MBMG, Traders, Federal, Financial, Labor Locations: U.S

☆ National Bank of Canada's fourth-quarter profit jumps on capital markets strength
▼ + stars: | 2023-12-01 | by ( ) www.reuters.com time to read: +1 min

The National Bank of Canada logo is seen outside of a branch in Ottawa, Ontario, Canada, February 14, 2019. REUTERS/Chris Wattie/File Photo Acquire Licensing RightsDec 1 (Reuters) - National Bank of Canada (NA.TO) reported a rise in fourth-quarter profit on Friday, as a strong performance at its capital markets unit helped offset the hit from bigger provisions. NBC's adjusted net interest income, the difference between what banks earn on loans and pay out on deposits, slumped about 35.1% to C$825 million. Its financial markets segment, however, posted an adjusted net income of C$289 million, up 42%, driven by strength in capital markets and global markets businesses. The bank's adjusted net income rose to C$867 million ($641.13 million), or C$2.44 per share, for the three months ended Oct. 31, from C$738 million, or C$2.08 per share, a year earlier.

Persons: Chris Wattie, Arasu Kannagi Basil, Shilpi Majumdar Organizations: National Bank of Canada, REUTERS, Thomson Locations: Ottawa , Ontario, Canada, Montreal, Bengaluru

The Bank of Nova Scotia (Scotiabank) logo is seen outside of a branch in Ottawa, Ontario, Canada, February 14, 2019. It also disrupted Canada's prestigious Giller Prize Gala on Nov. 14, a literary award sponsored by Scotiabank. It claims in its petition that Scotiabank is the biggest foreign shareholder in Elbit, whose weapons were heavily used during Israel's 11-day operation in Gaza in May 2021. The email said Scotiabank was "not the biggest shareholder of Elbit, nor is it the biggest foreign shareholder of Elbit. Eko said it would not comment on the protests at Scotia branches and has not taken part in the protests.

Persons: Chris Wattie, Eko, unitholders, Angus Wong, Wong, Bezhalel Machlis, Nivedita Balu, Denny Thomas, David Gregorio Our Organizations: of Nova, REUTERS, Rights TORONTO, Bank of Nova, Elbit Systems, Scotiabank . Toronto Police, Scotiabank, Global Asset Management, Management, Vanguard Group, BlackRock Institutional Trust, Israel Ministry of Defence, Israel MOD, Thomson Locations: of Nova Scotia, Ottawa , Ontario, Canada, Bank of Nova Scotia, Israel, Elbit, Gaza, Toronto, Scotia

☆ Canopy Growth's second-quarter core loss narrows on easing costs
▼ + stars: | 2023-11-09 | by ( Sourasis Bose | ) www.reuters.com time to read: +2 min

A sign featuring Canopy Growth Corporation's logo is pictured at their facility in Smiths Falls, Ontario, Canada, January 4, 2018 .Picture taken January 4, 2018. REUTERS/Chris Wattie/File Photo Acquire Licensing RightsNov 9 (Reuters) - Pot producer Canopy Growth (WEED.TO) reported a smaller second-quarter adjusted core loss on Thursday on the back of cost cuts. Canopy Growth said it cut another C$54 million in costs during the reported quarter. The company's adjusted core loss narrowed to C$11.9 million ($8.62 million) for the three months ended Sept. 30, compared with a loss of C$56.4 million a year earlier. Canopy Growth's net revenue fell 21% to C$69.6 million in the quarter as the company exited its retail Canadian business.

Persons: Chris Wattie, Judy Hong, Sourasis Bose, Shounak Dasgupta Organizations: REUTERS, U.S . Securities, Exchange, Holdings, Wana, Thomson Locations: Smiths Falls , Ontario, Canada, United States, Bengaluru

☆ Canadian Tire lays off 3% of full-time employees, misses profit estimates
▼ + stars: | 2023-11-09 | by ( ) www.reuters.com time to read: +1 min

The Canadian Tire logo is seen in Ottawa, Ontario, Canada, February 14, 2019. REUTERS/Chris Wattie/File Photo/File Photo Acquire Licensing RightsNov 9 (Reuters) - Canadian Tire (CTCa.TO) said on Thursday it had laid off 3% of its full-time employees, in an effort to lower costs amid slowing demand due to persisting inflation. Canadian Tire said it expects an annualized run-rate savings of about C$50 million ($36.31 million) as a result of the headcount reduction. Canadian Tire, whose shares were down 2% in afternoon trading, reported adjusted profit of C$2.96 per share, below LSEG estimates of C$3.29 per share. It, however, beat third-quarter revenue expectations, as well as announced an additional C$200.0 million share repurchase program.

Persons: Chris Wattie, Granth, Shilpi Majumdar Organizations: Canadian, REUTERS, Canadian Tire, Thomson Locations: Ottawa , Ontario, Canada, Toronto, Bengaluru

☆ Suncor tops profit estimates on strong refining margins
▼ + stars: | 2023-11-08 | by ( ) www.reuters.com time to read: +2 min

The Suncor Energy logo is seen at the company's head office in Calgary, Alberta, Canada, April 17, 2019. REUTERS/Chris Wattie/File Photo Acquire Licensing RightsNov 8 (Reuters) - Canada's Suncor Energy (SU.TO) beat market estimates for third-quarter profit on Wednesday, helped by strong refining margins and higher sales volumes from its oil sands operations. Refinery throughput declined marginally to 463,200 barrels per day (bpd) compared with a year earlier. Its net production of synthetic crude, a processed form of raw and heavy bitumen, rose to 469,300 bpd, compared with 405,100 bpd a year ago, due to lower maintenance activities. The company reported a net profit of C$1.54 billion, compared with a year-ago loss of C$609 million when it was hit by impairment charges.

Persons: Chris Wattie, Cenovus, Suncor, Mrinalika Roy, Sourasis Bose, Shilpi Majumdar Organizations: REUTERS, Energy, Thomson Locations: Calgary , Alberta, Canada, Saudi Arabia, Russia, U.S, Norway, Terra Nova, Bengaluru

☆ Bank Of Canada seen starting to cut interest rates in April -survey
▼ + stars: | 2023-11-06 | by ( ) www.reuters.com time to read: +1 min

Pedestrians are reflected in a window while walking past the Bank of Canada office in Ottawa March 4, 2015. The survey showed a median of 27 financial participants expect interest rates to drop to 4.00% in the fourth quarter of 2024, up from an expectation of 3.50% in the previous survey released in July. A median of market participants expect inflation to drop to 2.2% by end-2024 and the gross domestic product to grow 1.2% in 2024 versus a year earlier. Both unchanged from the previous survey. The BoC has raised interest rates ten times between March 2022 and July 2023 to cool inflation, which the bank expects to slowly edge down to its 2% target by end-2025.

Persons: Chris Wattie, Ismail Shakil, David Ljunggren, Marguerita Choy Organizations: Bank of Canada, REUTERS, Rights OTTAWA, BoC, Thomson Locations: Ottawa, Canadian

The Bank of Nova Scotia (Scotiabank) logo is seen outside of a branch in Ottawa, Ontario, Canada, February 14, 2019. REUTERS/Chris Wattie Acquire Licensing RightsTORONTO, Nov 3 (Reuters) - The chief operating officer of Bank of Nova Scotia's (BNS.TO) Canadian banking unit, Kevin Teslyk, has left the company, according to an internal memo seen by Reuters, the latest in a series of management changes under CEO Scott Thomson. James Neate, president of corporate and investment banking and Shawn Rose, chief technology officer have also left Scotiabank, the memo said. Canadian banks, including Royal Bank of Canada (RY.TO), Bank of Montreal (BMO.TO), have announced job cuts due to higher costs forcing. Neate, who has held senior executive roles in retail banking, commercial banking and wealth management, among others, will leave the bank at the end of December, according to the memo.

Persons: Chris Wattie, Kevin Teslyk, Scott Thomson, James Neate, Shawn Rose, Aris Bogdaneris, Dan Rees, Thomson, Mike Rizvanovic, Rose, Nivedita Balu, Kirsten Donovan, Louise Heavens Organizations: of Nova, REUTERS, Rights TORONTO, Bank of Nova, Reuters, Scotiabank, ING Group, Aris, Scotia, Royal Bank of Canada, Bank of Montreal, Thomson Locations: of Nova Scotia, Ottawa , Ontario, Canada, California, Toronto

It also provides apps for merchants to sell directly on marketplaces like Amazon and Walmart, which are also building out AI additions for merchants. As part of the AI suite, Shopify launched AI app Sidekick, which helps sellers decide on inventory, promotions and marketing, lessening their dependence on third-party widgets. Analysts expect sales of Shopify's merchant products, which includes Shopify Magic, to increase 21% to $1.2 billion compared to last year, the first deceleration in four quarters. Shopify Magic is part of the company's long-term strategy to gain more merchants on its platform that will pay higher prices for its services. Shopify's subscriptions include Shopify Magic at no additional charge.

Persons: Chris Wattie, Jeff Hoffmeister, Shopify, Michael Morton, Hunter, Harley Finkelstein, Angelo Zino, Zino, Arriana McLymore, Josie Kao Organizations: REUTERS, Walmart, CFRA, Thomson Locations: Ottawa , Ontario, Canada, LSEG, Ottawa, New York City

☆ BlackBerry CEO John Chen to depart - The Globe and Mail
▼ + stars: | 2023-10-30 | by ( ) www.reuters.com time to read: +1 min

Blackberry CEO John Chen takes part in an event at the BlackBerry QNX headquarters in Ottawa, Ontario, Canada, February 15, 2019. REUTERS/Chris Wattie/File Photo Acquire Licensing RightsCompanies BlackBerry Ltd FollowOct 30 (Reuters) - BlackBerry's (BB.TO) CEO John Chen has resigned and will exit the company on Friday, the Globe and Mail reported on Monday citing a source familiar with the matter. Chen joined BlackBerry in November 2013 and led the company's turnaround efforts in pivoting it from consumer hardware business to one that focused on enterprise software. Earlier this month, the company said it would separate the IoT and cybersecurity units and target a subsidiary initial public offering for the IoT business next fiscal year. Last year, it pulled the plug on its smartphones business and has since been trying to sell its legacy patents related to its mobile devices.

Persons: John Chen, Chris Wattie, Chen, Yuvraj Malik, Chavi Mehta, Shailesh Kuber, Krishna Chandra Organizations: BlackBerry, REUTERS, Globe and Mail, U.S, Thomson Locations: Ottawa , Ontario, Canada, Canadian, Bengaluru

☆ The Federal Reserve may not hike interest rates next week, but consumers are unlikely to feel any relief
▼ + stars: | 2023-10-27 | by ( Jessica Dickler | ) www.cnbc.com time to read: +3 min

After the previous rate hikes, the average credit card rate is now more than 20% — an all-time high. Even without a rate hike, APRs may continue to rise, according to according to Matt Schulz, chief credit analyst at LendingTree. As the federal funds rate rose, the prime rate did, as well, and these rates followed suit. Federal student loans are now at 5.5%Federal student loan rates are also fixed, so most borrowers aren't immediately affected by the Fed's moves. But undergraduate students who take out new direct federal student loans are now paying 5.50% — up from 4.99% in the 2022-23 academic year and 3.73% in 2021-22.

Persons: Chris Wattie, Matt Schulz, Sam Khater, Freddie Mac's Organizations: Reuters, Treasury, Auto

☆ Canada top court to get first woman majority bench with Trudeau's new nominee
▼ + stars: | 2023-10-26 | by ( ) www.reuters.com time to read: +2 min

A worker raises a Canadian flag in front of the Supreme Court building in Ottawa March 21, 2014. Moreau was most recently the chief justice of Alberta's superior court, and has worked in that court for 29 years. She will fill a vacancy on the Supreme Court created by the resignation of Russell Brown in June. In June 2021, Mahmud Jamal became the first judge of color to sit on the Supreme Court, and a year later Michelle O'Bonsawin became the first Indigenous person to join it. To fill the current vacancy, the appointment needed to be from western Canada or northern Canada to meet regional representation requirements.

Persons: Chris Wattie, Justin Trudeau, Mary Moreau, Moreau, Russell Brown, Arif Virani, Trudeau, Mahmud Jamal, Michelle O'Bonsawin, Mary T, I’m, Ismail Shakil, Jonathan Oatis Organizations: REUTERS, Rights OTTAWA, Canadian, Alberta, University of Alberta, Universite de Sherbrooke, of Canada, Thomson Locations: Ottawa, Edmonton , Alberta, Quebec, Canada

☆ Bank of Montreal is exploring sale of RV loan portfolio - Bloomberg News
▼ + stars: | 2023-10-24 | by ( ) www.reuters.com time to read: +1 min

A Bank of Montreal (BMO) logo is seen outside of a branch in Ottawa, Ontario, Canada, February 14, 2019. REUTERS/Chris Wattie Acquire Licensing RightsOct 24 (Reuters) - Bank of Montreal (BMO.TO) is exploring the sale of a portfolio of recreational vehicle loans, Bloomberg News reported on Tuesday, citing people with knowledge of the matter. The potential sale comes at a time when several banks in North America shed loan portfolios to bolster balance sheets in the face of a 'higher-for-longer' interest rate environment. "We can't comment on specifics of a transaction," a Bank of Montreal spokesperson told Reuters in an emailed statement. The sale of loan portfolios, particularly those which are rate-sensitive, allows lenders to manage risk and keeps credit loss provisions or capital set aside to cover potential defaults in check.

Persons: Chris Wattie, Manya Saini, Jaiveer Shekhawat, Shailesh Organizations: of Montreal, BMO, REUTERS, Bank of Montreal, Bloomberg, Reuters, Thomson Locations: Ottawa , Ontario, Canada, North America, Bengaluru, Balu, Toronto

☆ BMO promotes Alan Tannenbaum to head capital markets division
▼ + stars: | 2023-10-10 | by ( ) www.reuters.com time to read: +2 min

A Bank of Montreal (BMO) logo is seen outside of a branch in Ottawa, Ontario, Canada, February 14, 2019. Tannenbaum joined BMO in 2010 and has held multiple leadership roles, most recently leading global investment and corporate banking, where he worked with corporate, government and financial sponsor clients worldwide. Before then, he headed the global corporate finance solutions group, where he was responsible for capital raising activities. CEO Darryl White said Tannenbaum is "well-positioned to capture new growth opportunities" for BMO Capital Markets. Brad Chapin will take over for Tannenbaum as global head, investment and corporate banking on an interim basis, BMO said.

Persons: Chris Wattie, Alan Tannenbaum, Dan Barclay, Tannenbaum, Darryl White, Barclay, White, Brad Chapin, Nivedita Balu, Jonathan Oatis Organizations: of Montreal, BMO, REUTERS, Companies Bank of Montreal, Bank of Montreal, BMO Capital Markets, Lehman Brothers, Thomson Locations: Ottawa , Ontario, Canada, TORONTO, London, New York, Toronto

☆ Shopify invests in wholesale platform Faire
▼ + stars: | 2023-09-27 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Chris Wattie/File Photo Acquire Licensing RightsLONDON, Sept 27 (Reuters) - E-commerce giant Shopify (SHOP.TO) is investing in wholesale platform Faire, the companies said on Wednesday, in a global deal that would see the start-up adopt Shopify technology for its clients. Faire, founded in 2017 and valued at $12.59 billion, would become the recommended wholesale marketplace for Shopify merchants. Shopify's director of product Aneeqa Khan said the partnership would make it easy for Shopify merchants to find wholesale buyers, and enable retailers to source from Faire's network of brands. Faire said the most popular search filter on its platform is "Not on Amazon", as retailers look to source less widely available products. For Shopify, which sells tools to create and manage online store-fronts, this is the latest in a series of deals.

Persons: Chris Wattie, Shopify, Aneeqa Khan, Max Rhodes, Rhodes, Helen Reid Organizations: REUTERS, New York Stock Exchange, aURORA, Thomson Locations: Ottawa , Ontario, Canada, United States, Europe

In volatile trading, the U.S.-listed shares of several cannabis firms rose immediately after the Senate vote. Investors expected it to exit the banking committee. An earlier version of the bill, the SAFE Banking Act, had failed to secure a Senate vote despite being passed seven times by the U.S House of Representatives. As a result, legal cannabis companies are denied access to financial services. To get it through the Senate banking committee is a major achievement," Boris Jordan, billionaire founder of Curaleaf Holdings, said in an interview.

Persons: Chris Wattie, Jesse Redmond, Redmond, We've, it's, Boris Jordan, Jordan, Chibuike Oguh, Suzanne McGee, Michelle Price, Lance Tupper, Bill Berkrot Organizations: Canopy Growth Corporation, REUTERS, U.S, U.S . Senate, Aurora, Cronos, SNDL Inc, Curaleaf Holdings, Tilray, Cannabis ETF, Cannabis, Tower Research, Investors, SAFE, Thomson Locations: Smiths Falls , Ontario, Canada, U.S, New York, Bengaluru

The Fed expects to get inflation back to its 2% target in 2026, which is later than some officials had thought possible. Financial markets had widely expected that the Fed would leave rates unchanged. Ahead of the Fed meeting, investors had been banking on significant Fed rate cuts next year, an expectation clouded by the projections that show 10 of 19 officials see the policy rate remaining above 5% through next year. Federal funds futures showed traders had downgraded their estimates of Fed rate cuts ahead. The Fed statement was approved unanimously after a two-day meeting that marked new Fed Governor Adriana Kugler's debut on the central bank policymaking stage.

Persons: Jerome Powell, We're, Bond, Stocks, Chris Wattie, I've, Powell, Olu Sonola, Omair Sharif, Adriana Kugler's, Howard Schneider, Michael S, Chizu Nomiyama, Paul Simao Organizations: U.S . Federal Reserve, Market, Reuters Graphics, Reserve, REUTERS, Fed, Reuters, Fitch, Thomson Locations: WASHINGTON, Washington , DC

☆ Bank of Canada struck intentionally hawkish tone after last rate decision, minutes show
▼ + stars: | 2023-09-20 | by ( ) www.reuters.com time to read: +2 min

A sign is pictured outside the Bank of Canada building in Ottawa, Ontario, Canada, May 23, 2017. The Bank of Canada (BoC) kept its key rate at 5% on Sept 6, noting the economy had entered a period of weaker growth, but said it could hike again should price pressures persist. The hawkish tone struck by the BoC since the latest rate decision was intentional, according to the minutes, or summary of deliberations, of the six Governing Council members. They "considered the possibility that their decision could be misinterpreted as a sign that policy tightening had ended and that lower interest rates would follow," the summary read. It continued: "They agreed that they did not want to raise expectations of a near-term reduction in interest rates, given that they only considered keeping the policy rate where it is or raising it further."

Persons: Chris Wattie, Steve Scherer, David Ljunggren OTTAWA, Sharon Kozicki, David Ljunggren Organizations: Bank of Canada, REUTERS, The Bank of Canada, BoC, Reuters, Thomson Locations: Ottawa , Ontario, Canada, Reuters Ottawa

☆ Bank of Canada: Underlying inflation is inconsistent with 2% target
▼ + stars: | 2023-09-19 | by ( ) www.reuters.com time to read: +2 min

A sign is pictured outside the Bank of Canada building in Ottawa, Ontario, Canada, May 23, 2017. REUTERS/Chris Wattie/File Photo Acquire Licensing RightsBy Steve Scherer and David LjunggrenOTTAWA, Sept 19 (Reuters) - The Bank of Canada on Tuesday said recent volatility in headline inflation is not unusual but the underlying trend shown by core measures was inconsistent with bringing inflation down to the 2% target. "(They) are one reason why we look at measures of core inflation - which exclude components with more volatile price movements - to get a sense of what underlying inflation is." One of those core measures, CPI-trim - which leaves out spiking mortgage interest costs - has been between 3.5%-4% in recent months. "Underlying inflation is still well above the level that would be consistent with achieving our target of 2% CPI inflation," Kozicki said.

Persons: Chris Wattie, Steve Scherer, David Ljunggren OTTAWA, Sharon Kozicki, Kozicki, Macklem, David Ljunggren Organizations: Bank of Canada, REUTERS, University of Regina, Reuters, Thomson Locations: Ottawa , Ontario, Canada, Saskatchewan, Reuters Ottawa

REUTERS/Chris Wattie/File Photo Acquire Licensing RightsTORONTO, Sept 17 (Reuters) - Bank of Montreal (BMO) (BMO.TO) is winding down its indirect retail auto finance business and shifting focus to other areas in a move that will result in an unspecified number of job losses, Canada's third-largest bank said. The bank, which announced the move on Saturday, has conducted this business in Canada and the United States. Under the indirect retail auto finance business, the bank works with car dealerships to arrange financing for buyers, who make monthly payments to the lender. "By winding down the indirect retail auto finance business, we have the ability to focus our resources on areas where we believe our competitive positioning is strongest," BMO said in a statement to Reuters. The remaining loans in this portfolio are primarily auto loans, but also include other loans, including loans for boats, recreational vehicles and motorcycles, Edward Jones analyst James Shanahan said.

Persons: Chris Wattie, Paul Hunsley, Edward Jones, James Shanahan, Nivedita Balu, Denny Thomas, Jane Merriman, Susan Fenton, Will Dunham, Diane Craft Organizations: of Montreal, BMO, REUTERS, Rights, Bank of Montreal, Reuters, The, Bank, Thomson Locations: Ottawa , Ontario, Canada, United States, California, Toronto

A Bank of Montreal (BMO) logo is seen outside of a branch in Ottawa, Ontario, Canada, February 14, 2019. REUTERS/Chris Wattie/File Photo Acquire Licensing RightsTORONTO, Sept 17 (Reuters) - Bank of Montreal (BMO) (BMO.TO) is winding down its retail auto finance business and shifting focus to other areas in a move that will result in an unspecified number of job losses, Canada's third largest bank said on Saturday. "By winding down the indirect retail auto finance business, we have the ability to focus our resources on areas where we believe our competitive positioning is strongest," BMO said in a statement to Reuters. Under the indirect retail auto finance business, the bank provides financing to the vehicle seller instead of directly to the buyer, who makes monthly payments to the lender. The United States now accounts for more than two-thirds of BMO's overall profits.

Persons: Chris Wattie, Paul Hunsley, Gross, Nivedita Balu, Denny Thomas, Jane Merriman, Susan Fenton Organizations: of Montreal, BMO, REUTERS, Rights, Bank of Montreal, Reuters, Bank, Thomson Locations: Ottawa , Ontario, Canada, United States, California, Toronto

☆ Canopy Growth seeks bankruptcy protection for BioSteel to trim costs
▼ + stars: | 2023-09-14 | by ( ) www.reuters.com time to read: +1 min

A sign featuring Canopy Growth Corporation's logo is pictured at their facility in Smiths Falls, Ontario, Canada, January 4, 2018. REUTERS/Chris Wattie Acquire Licensing RightsSept 14 (Reuters) - Canada's Canopy Growth (WEED.TO) said on Thursday it would seek bankruptcy protection for its sports nutrition products' segment BioSteel, in the pot producer's latest attempt to rein in costs. Canopy's shares rose 9.6% in early trade after the company said it expects to lower debt by C$95 million over the next two quarters. Canopy first raised doubts about its ability to continue as a going concern in June and reiterated in August. Canopy had said in June it was facing an investigation from the U.S. Securities and Exchange Commission over the reporting of revenue from BioSteel.

Persons: Chris Wattie, Sourasis Bose, Shweta Agarwal, Shinjini, Shilpi Majumdar Organizations: REUTERS, U.S . Securities, Exchange Commission, Thomson Locations: Smiths Falls , Ontario, Canada, , Ontario, BioSteel, Bengaluru

☆ TD's US head says money-laundering probe 'manageable'
▼ + stars: | 2023-09-13 | by ( ) www.reuters.com time to read: +1 min

Toronto-Dominion Bank (TD) logos are seen outside of a branch in Ottawa, Ontario, Canada, May 26, 2016. REUTERS/Chris Wattie/File Photo Acquire Licensing RightsTORONTO, Sept 13 (Reuters) - A U.S. probe into Toronto-Dominion Bank's (TD.TO) anti-money laundering compliance program is "manageable, the bank's head of U.S. retail operations said on Wednesday. TD, Canada's second largest lender, disclosed in August it had been cooperating with U.S. authorities, including the U.S. Department of Justice, in an investigation and said it expected fines and non-monetary penalties. The bank called off the deal because of uncertainty about the timing of regulatory approvals, Salom said at a Barclays conference. "We believe that's a manageable item and in the fullness of time we will be able to resolve."

Persons: Chris Wattie, Leo Salom, Salom, Nivedita Balu, Richard Chang Organizations: Dominion Bank, REUTERS, Rights, Dominion, U.S, U.S . Department of Justice, TD Bank, U.S ., Barclays, Thomson Locations: Toronto, Ottawa , Ontario, Canada, U.S, Canada's

A sign is pictured outside the Bank of Canada building in Ottawa, Ontario, Canada, May 23, 2017. Interest rate futures are pricing in no change next week, but are nearly split over whether rates rise once more. In the latest poll, eight of 34 economists expect one more rate rise to 5.25% by the end of this year, compared with only one in a July poll. "We expect the Bank will hold the overnight rate steady at 5.00% through mid-2024 as the full impact of past rate hikes helps push the economy into a moderate recession. A scenario in which Canadian interest rates stay higher for longer could increase pressure on highly-indebted households, with almost 20% of Canadian mortgages due for renewal next year.

Persons: Chris Wattie, Claire Fan, Tony Stillo, We're, Sal Guatieri, BMO's Guatieri, Milounee Purohit, Prerana Bhat, Ross Finley, Paul Simao Organizations: Bank of Canada, REUTERS, BoC, Canada, RBC, Oxford Economics, U.S . Federal, BMO Capital Markets, Thomson Locations: Ottawa , Ontario, Canada, Canadian

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