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Buried government report reveals looming fiscal crisis

A shocking new report quietly released by the federal government admits that their finances could collapse in the coming decades if politicians don't make responsible choices.

Two days before Christmas, when most politicians and their staffers had long left their offices for the holiday break, the finance department released - without fanfare or wide notice - a surprising update on long-term economic and fiscal projections.

The report warns that lower than expected growth combined with higher program spending "would be sufficient to put at risk the fiscal sustainability of the federal government."

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Bail-Ins Coming? World's Oldest Bank "Survival Rests On Savers"

The world's oldest bank and Italy's third biggest bank, Monte dei Paschi di Siena (MPS), is making a last-ditch emergency attempt as the year ends to convince tens of thousands of ordinary Italian savers to help it escape state hands.

MPS shares fell 8.5% in early trading this morning as the bank began its attempt to entice institutional and retail investors to snap up fresh shares. The bank wants 40,000 retail investors and savers to take part in a complex 5 billion [euro] (4.18bn [pounds]) bailout. The Tuscan lender said it is pressing ahead with a highly-ambitious plan to persuade private investors to convert their bonds into shares. This process must be completed in the next two weeks - by the end of the year.

MPS has become the focus of fears about the Italian banking system, which is on the verge of collapse with 360 billion [euros] of bad debts amassed in recent years. Unicredit, Italy's biggest bank, last week announced plans to raise 13 billion [euro] through a record-breaking share issue and slash another 11% of the workforce.

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Home Capital to sell $1.5B worth of mortgages to mystery buyer

A subsidiary of alternative mortgage lender Home Capital has struck a deal to sell $1.5 billion worth of mortgage commitments and renewals to an unnamed buyer.

Home Trust, a division of Home Capital licensed to conduct business across Canada, announced the move in a news release early Tuesday. 

Although it described the deal as "non-binding," Home Trust says the mystery buyer intends to:

- Buy up to $1 billion worth of uninsured mortgages, up to half of which would come immediately via existing commitments and/or mortgage renewals.
- Buy an additional $500 million worth of insured mortgages, provided they have proper documentation.

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Moody's downgrades credit ratings for Canada's Big 6 banks's says high debt levels and soaring house prices could be bad news for Canada's big banks, and has downgraded their credit rating as a result.

Toronto-Dominion Bank, Bank of Montreal, Bank of Nova Scotia, Canadian Imperial Bank of Commerce, National Bank of Canada and Royal Bank of Canada all saw their credit ratings cut by one notch late Wednesday.

Moody's cited a "more challenging operating environment for banks in Canada for the remainder of 2017 and beyond."

"Today's downgrade of the Canadian banks reflects our ongoing concerns that expanding levels of private-sector debt could weaken asset quality in the future," Moody's vice-president David Beattie said. 

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Foreign money funds anti-Conservative “shadow campaigns” in Canada

image from www.therebel.mediaFederally there’s some proof that foreign money is being used by the left to fight elections in Canada. A Senate committee hearing last week found that untold millions could be used and there’s nothing Elections Canada can do about it.

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