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☆ Loyalty Ventures files for Chapter 11 bankruptcy protection
▼ + stars: | 2023-03-10 | by ( ) www.reuters.com time to read: +1 min

March 10 (Reuters) - Loyalty Ventures Inc (LYLT.O) said on Friday it had filed for Chapter 11 bankruptcy protection, after the provider of consumer loyalty solutions in November warned of pressure from Russia's invasion of Ukraine, high inflation and rising interest rates. The company's shares tumbled more than 60% to 21 cents in trading before the bell. Loyalty Ventures helps companies increase shopper traffic and customers by providing data and technology to manage customer loyalty programs. Canada's Bank of Montreal (BMO.TO) will acquire Loyalty Ventures' subsidiary's rewards program AIR MILES for an undisclosed amount, the company said. Reporting by Akash Sriram in Bengaluru; Editing by Sriraj KalluvilaOur Standards: The Thomson Reuters Trust Principles.

☆ TSX set for worst week in five months as rate hike worries mount
▼ + stars: | 2023-03-10 | by ( Johann M Cherian | ) www.reuters.com time to read: +2 min

ET (1527 GMT), the Toronto Stock Exchange's S&P/TSX composite index (.GSPTSE) was down 132.38 points, or 0.66%, at 19,954.34. The rate-sensitive financials sector (.SPTTFS) slumped 1.4% to a two-month low, while banks (.GSPTXBA) fell 1.3%. Across the border, U.S. stock indexes fell on a selloff in bank shares after SVB Financial's efforts to raise capital sparked worries about the sector's health. Among company news, Bank of Montreal (BMO.TO) shed 1.2% after it said it would acquire Loyalty Ventures' (LYLT.O) subsidiary's rewards program AIR MILES for an undisclosed amount. Loyalty Ventures fell 54.2% in U.S. trading.

☆ Royal Bank of Canada's quarterly profit falls on higher provisions
▼ + stars: | 2023-03-01 | by ( ) www.reuters.com time to read: +1 min

March 1 (Reuters) - Royal Bank of Canada (RY.TO) on Wednesday posted a decline in first-quarter profit, as the lender set aside higher provisions to brace for potential loan defaults amid a challenging macro environment. The bank reported adjusted earnings of C$3.05 per share, up from C$2.87 a year earlier. Provisions for bad loans came in at C$532 million for the quarter, up from C$105 million a year ago, mainly reflecting higher provisions in Personal & Commercial Banking. Earnings from Royal Bank's personal and commercial banking unit rose 8% and wealth management profit was up 3% from a year ago, driven by higher interest rates. RBC's rivals – CIBC <CM.TO> and Bank of Montreal (BMO.TO) – have reported a decline in quarterly profits as they build buffer for loss provisions amid challenging economic conditions.

☆ Canada's Scotiabank profit falls on capital market slump, provisions
▼ + stars: | 2023-02-28 | by ( ) www.reuters.com time to read: +2 min

Feb 28 (Reuters) - Bank of Nova Scotia (Scotiabank) (BNS.TO) reported a lower first-quarter profit on Tuesday, as a lull in its investment banking division dented income from its capital markets unit and compelled the Canadian lender to set aside higher provisions. Canada's central bank over the past 11 months has lifted interest rates at a record pace to 4.5% to tame inflation, which was 6.3% in December, still well above the bank's 2% target. Scotiabank booked provisions of C$638 million, up from C$222 million a year ago, as it braces for increased odds of more loan defaults in a rising interest rate environment. Canada's third-largest lender reported overall net profit of C$1.77 billion, or C$1.36 a share, compared with C$2.74 billion, or C$2.14 a share, last year. read more($1 = 1.3566 Canadian dollars)Reporting by Mehnaz Yasmin in Bengaluru; Editing by Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

[1/2] A sign for the Bank of Montreal in Toronto, Ontario, Canada December 13, 2021. Banks typically benefit from higher interest rates but could feel the pressure if they affect loan demand and economic growth. Provision for credit losses (PCL) at BMO came in at C$217 million ($158 million) for the quarter, compared with a recovery of C$99 million a year earlier. Reuters GraphicsProfits at BMO and Scotiabank were also weighed down by the Canadian government's 'Canada Recovery Dividend (CRD)'. BMO recorded C$371 million related to the CRD and Scotiabank C$579 million.

☆ Stocks are reversing course as inflation looks sticky with more retail earnings on deck
▼ + stars: | 2023-02-24 | by ( Jesse Pound | ) www.cnbc.com time to read: +5 min

The optimism about inflation and the U.S. economy is quickly waning on Wall Street, and the early 2023 rally for stocks is fading. The market was under pressure again on Friday after a hotter-than-expected reading for personal consumption expenditures, sending rates higher and stocks lower. Economic updates Next week brings a new round of economic indicators to see how the sticky inflation is affecting consumers and business. Other looks at the economy will come through key earnings reports. Speech by Fed Governor Christopher Waller Friday: 9:45 a.m. Markit Services PMI 10:00 a.m. ISM Services PMI 3:00 p.m.

☆ Higher provisions, legal charges dampen CIBC's quarterly profit
▼ + stars: | 2023-02-24 | by ( ) www.reuters.com time to read: +2 min

Feb 24 (Reuters) - Canadian Imperial Bank of Commerce (CIBC) (CM.TO) reported a fall in its first-quarter profit on Friday, weighed down by higher provisions and legal charges to settle a lawsuit tied to the 2008 global financial crisis. CIBC set aside C$295 million ($217.17 million) in provisions for credit losses in the reported quarter, up C$220 million from a year-ago period. Last month, Bank of Canada said it would hold off on further moves to let the effects of past rate hikes sink in. CIBC kicked off the first-quarter earnings season for major Canadian banks on Friday. Rivals Bank of Montreal (BMO.TO) and Bank of Nova Scotia (BNS.TO) will report on Tuesday while Royal Bank of Canada (RY.TO) and National Bank of Canada (NA.TO) will post their earnings on Wednesday.

☆ Trudeau joins vigil for Montreal daycare crash victims
▼ + stars: | 2023-02-09 | by ( Nelson Wyatt | ) www.reuters.com time to read: +3 min

[1/5] A Laval city bus is towed away after being pulled out of the daycare it crashed into, in Laval, Quebec, Canada February 8, 2023. Authorities have not yet given any indication of a motive behind the incident in Laval, Quebec, as they wait for a psychological evaluation of the suspect. "This is a moment to reflect on the incredible loss that families are feeling right now," CTV News quoted Trudeau as saying. He stopped to talk with parents who had dropped off their 2-1/2-year old daughter 10 minutes before the crash. Authorities said St-Amand has worked for the Laval municipality's public transit system for 10 years and does not have a criminal record.

[1/4] A Laval city bus is seen crashed into a daycare in Laval, Quebec, Canada February 8, 2023. The bus driver, a 51-year-old employee of the Laval municipality's public transit system, was arrested for homicide and reckless driving, a police spokesperson said. Police declined to provide more details while they investigate and question the driver, who they said has worked for the transit system for 10 years and does not have a criminal record. The incident happened at about 8:30 a.m. (1330 GMT), when kids are usually dropped off by their parents at daycare centers. "No words can take away the pain and fear that parents, children, and workers are feeling – but we are here for you," Trudeau said.

☆ See how a millennial transformed a dull 1960s bungalow into a lavish Georgian mansion dripping in one-of-a-kind antiques that hosts boudoir photo shoots for $200 an hour
▼ + stars: | 2023-01-20 | by ( Zoe Rosenberg | ) www.businessinsider.com time to read: +2 min

Emmanuel Hébert grew up in a tiny Montreal bungalow that he has transformed into a Georgian mansion. See the renovation step-by-step, and why people rent the finished home for titillating photo shoots. Hébert is an online antiques dealer who decided to forgo a traditional storefront and transform his home into a staging ground for his business. He said he's had a handful of rap music videos filmed there, as well as many boudoir-style photo shoots. See how the home went from its drab beginnings to being a showpiece mansion with a one-of-a-kind style.

☆ BNP Paribas' $16 bln U.S. sale to BMO wins regulatory OK
▼ + stars: | 2023-01-18 | by ( ) www.reuters.com time to read: +2 min

PARIS, Jan 18 (Reuters) - BNP Paribas (BNPP.PA), France's biggest listed bank, said on Wednesday that it had received all the necessary regulatory approvals to complete its previously announced sale of Bank of the West to Bank of Montreal (BMO.TO). BNP Paribas added that this transaction was expected to close on Feb 1. "The closing of the Bancwest sale has been long-awaited ... and is a significant positive catalyst for BNP shares in our view," Jefferies analysts said in a note. Once the deal closes, it will bring nearly 1.8 million commercial, retail, wealth management and business banking customers and over 9,300 Bank of the West employees to BMO. Reporting by Sudip Kar-Gupta and Silvia Aloisi and Manya Saini in Bengaluru editing by Jason Neely and Chizu NomiyamaOur Standards: The Thomson Reuters Trust Principles.

The pan-European STOXX 600 (.STOXX) was up 0.1% by 0910 GMT, extending gains for a sixth straight day on boost from rate-sensitive technology stocks (.SX8P) and industrials (.SXNP). Richemont (CFR.S) rose 2% on reporting higher quarterly sales as tourists returned to Europe and Japan. Still, the luxury group missed market estimates after sales in China plunged by almost a quarter. "For luxury, China is quite important with more hopes of rebounding activity in the first half of this year," said Emmanuel Cau, head of European equity strategy at Barclays Investment Bank. Reporting by Bansari Mayur Kamdar and Ankika Biswas in Bengaluru; Editing by Sherry Jacob-PhillipsOur Standards: The Thomson Reuters Trust Principles.

☆ How exoplanet hunters find alien worlds hundreds of light-years away and figure out if they have water
▼ + stars: | 2023-01-12 | by ( Paola Rosa-Aquino | ) www.businessinsider.com time to read: +6 min

In the journal Nature Astronomy, astronomers announced that the two exoplanets — Kepler-138 c and Kepler-138 d — could be made up of mostly water. NASA AmesSince the first worlds outside our solar system were discovered in 1992, astronomers have searched for other planets orbiting sun-like stars. Astronomers have already captured direct evidence of 5,241 planets beyond our solar system, according to NASA's Exoplanet Archive. Water worlds beyond our solar system could be abundant in the universeWorlds rich in liquid water might not be as rare as astronomers previously thought, Piaulet said. But by discovering and studying new worlds, astronomers can hone in on what makes a world habitable beyond a sample size of one — Earth.

REUTERS/Eva Plevier/File PhotoWINNIPEG, Manitoba, Jan 11 (Reuters) - Netherlands-based Rabobank NA (RABOVR.UL) is aiming to grab 10-15% of the Canadian farm lending market within 15 years, as it aims to shake up a sector dominated by government and domestic banks, its new Canadian agricultural head told Reuters on Wednesday. It took Rabobank a decade before deciding to expand into Canadian farm lending, taking a methodical approach, Lieverse said. Rabobank expects Canadian farm lending to be profitable from the start and plans to announce hiring plans shortly, she said. Rabobank did not release its estimate of the value of the Canadian farm lending market, but government agency Statistics Canada pegged 2021 farm debt at a record-high C$129 billion ($96.1 billion), with chartered banks accounting for 37%. Farm Credit Canada, owned by the Canadian government, is the biggest agricultural lender, controlling a market share of about one-third, Lieverse said.

☆ How a millennial transformed his childhood home into a maximalist Georgian mansion that he rents out for nearly $200 an hour for photo and video shoots
▼ + stars: | 2022-12-24 | by ( Zoe Rosenberg | ) www.businessinsider.com time to read: +7 min

Emmanuel Hébert grew up in a small Montréal house that he has transformed into a Georgian mansion. He also rents it out for $184 an hour and uses the funds to further renovate the mansion. The living room of Manoir Blackswan in its full glory, dripping in antique chandeliers Hébert sells through his antiques business. Emmanuel HébertThe mansion is Hébert's home, where he's raising his 5-year-old son, Romeo, as well as a showroom for his antiques business. On Instagram, nearly 10,000 people follow Manoir Blackswan — what he calls the mansion — and 13,700 people follow his antiques business.

☆ Stocks making the biggest moves after hours: Oracle, Bank of Montreal and more
▼ + stars: | 2022-12-12 | by ( Samantha Subin | ) www.cnbc.com time to read: 1 min

A sign is posted in front of Oracle headquarters on December 12, 2022 in Redwood Shores, California. Oracle will report second quarter earnings today after the closing bell. Check out the companies making headlines after the bell:Oracle — Shares gained 2% in extended trading after the software stock beat analysts' estimates on the top and bottom lines for the fiscal second quarter. Trimble — Shares of the construction software company fell more than 3% after Trimble announced plans to acquire Transporeon in an all-cash deal valued at 1.88 billion euros. Bank of Montreal — The bank stock tumbled more than 4% after announcing a common stock offering to fund regulatory expenses and additional costs.

☆ Activists dressed as birds and trees rally for nature at COP15 in Montreal
▼ + stars: | 2022-12-10 | by ( Gloria Dickie | ) www.reuters.com time to read: +2 min

[1/5] People take part in a march during the opening of COP15, the two-week U.N. Biodiversity summit in Montreal, Quebec, Canada December 10, 2022. REUTERS/Christinne MuschiMONTREAL, Dec 10 (Reuters) - Hundreds of people on Saturday braved sub-zero temperatures to march the streets of Montreal, the host city of this year's U.N. biodiversity summit, demanding a strong new deal to protect nature worldwide. Wearing costumes to look like birds, trees and caribou, activists said the COP15 summit could fail to meet the urgency of the issue, with about 1 million plant, insect and other animal species now threatened with extinction. Arkilaus Kladit, a member of the Knasaimos-Tehit tribe, traveled to Montreal from West Papua, Indonesia. Countries' ministers join the negotiations next week in Montreal with the hope of adopting a deal to guide conservation through 2030 and beyond.

☆ Dealmakers face pressure to clinch M&A quickly in volatile markets
▼ + stars: | 2022-12-06 | by ( Maiya Keidan | ) www.reuters.com time to read: +4 min

HSBC wrapped up the deal in just eights weeks after saying it was considering selling its Canadian business in early October. From its first contact, RBC, Canada's biggest lender, told HSBC it could close the deal quickly if selected, a person familiar with the matter told Reuters. After the final bids went in around mid-November, RBC said it could turn everything around in a week, the person added. In the United States, deal timelines fell by almost 30% to 66 days this year from last year, where transactions took more than one day to close, the data shows. Deal announcements are one thing but getting all the regulatory approvals to close a deal are another matter altogether.

☆ Sam Bankman-Fried just explained what happened at FTX: Everything to know
▼ + stars: | 2022-12-01 | by ( Phil Rosen | ) www.businessinsider.com time to read: +6 min

While the world's most powerful finance official took the lunchtime billing, it was Sam Bankman-Fried who held the primetime slot. Sam Bankman-Fried, FTX CEO, at a digital assets hearing in 2021. Within minutes of starting, Sorkin asked Bankman-Fried directly if there was a commingling of funds between the two now-bankrupt companies he founded, FTX and Alameda Research. When Sorkin asked whether Bankman-Fried feels he has any criminal liability, Bankman-Fried said that's not what he's focused on right now. Earnings on deck: Toronto-Dominion Bank, Bank of Montreal, and Dollar General Corporation, all reporting.

☆ A finance and lifestyle YouTuber with about 20K followers explains how she built 7 income streams and how much she's earned each month this year
▼ + stars: | 2022-11-30 | by ( Shriya Bhattacharya | ) www.businessinsider.com time to read: +6 min

She started in May 2020 posting finance tips on YouTube, and now has 19,3000 subscribers. After the post about her house, her followers asked her to create a dedicated platform about building wealth. The 26-year-old also posts personal finance and lifestyle content on Instagram, where she now has 14,000 followers, and on TikTok, where she has 23,800 followers. Since January, she's made 105,654 Canadian dollars, or about $78,600, from seven streams of income, according to documentation verified by Insider. Below is a breakdown of how much money Odetoyinbo has earned in each month in 2022 so far.

The transaction is also fraught with regulatory risks, analysts said, though RBC argues that HSBC's Canada business accounts for just 2% of Canadian banking market share. The finance minister has the authority to impose any terms and conditions, the finance department said in a statement. "This regulatory assessment isn't likely to be completed for some time," Calvin Goldman, former commissioner of Canada's competition bureau, told Reuters, referring to the latest deal. QUICK MOVEDespite the expected regulatory risks, RBC was keen to move quickly. RBC is paying 9.4 times HSBC's 2024 adjusted earnings, which KBW analysts said was a steep price, though offset by savings potentials.

Nov 27 (Reuters) - Top Canadian banks are expected to post a decline in fourth-quarter profits as choppy markets hurt wealth management and a slow deal pipeline dents income from investment banking, offsetting expected gains from business loans. On average, profit for the Big Six banks are expected to drop 4% from last year, hurt by lower investment banking activity. Royal Bank of Canada (RY.TO) and Bank of Montreal (BMO.TO), which have the largest capital markets businesses, are expected to see the biggest hit to profits. "Business lending was particularly strong and aided by strength in balances outside of Canada," KBW analysts Mike Rizvanovic and Abhilash Shashidharan said. National Bank of Canada (NA.TO) and Toronto-Dominion Bank (TD.TO), also among the Big Six, will report earnings on Wednesday and Friday, respectively.

☆ Stocks finish higher as the Street awaits key inflation data next week
▼ + stars: | 2022-11-25 | by ( Zev Fima | ) www.cnbc.com time to read: +4 min

Stocks finished higher on this holiday-shortened trading week, with all the major U.S. averages posting gains. Under the hood, all sectors closed higher for the week, led by utilities, materials and financials. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust's portfolio. The U.S. Federal Reserve, alongside global central banks, has been trying to get a handle on soaring inflation.

☆ The November jobs report and the Fed matter most to markets in the week ahead
▼ + stars: | 2022-11-25 | by ( Patti Domm | In | ) www.cnbc.com time to read: +8 min

November's jobs report is the big event for markets in the week ahead, and it could provide important insight into the path of Federal Reserve interest rate hikes. The labor market has cooled only slightly, as other parts of the economy have slowed. But the labor market has been more resilient than expected, challenging the Fed's efforts to tame inflation by slowing economic activity. Besides the jobs report, there is the Job Openings and Labor Turnover Survey (JOLTS) report Wednesday, as well as the Fed's beige book on economic activity. "Holding above 4,000, as we await the jobs report and those other economic reports would be constructive for one more move before Christmas," he said.

SummarySummary Companies Coal miners struggling to fund expansion plansThermal coal costs more than coking coal after price surgeMost Western bankers pulling back from coal industryLONDON, Nov 24 (Reuters) - It's the best of times, it's the worst of times. At least when it comes to mining coal. With funding hard to come by from Western banks, coal miners outside China have turned more to equity markets this year. "With regard to thermal coal mining, any transaction in coal mining requires an enhanced environmental risk review," a Deutsche spokesperson said, adding that the bank was updating its coal policy. Bens Creek listed shares partly because of the lack of appetite from banks to support any expansion of coal mining, chief executive Wilson said.

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