This means that you could drive away from a showroom with a car worth over £15,000 and a contract to pay just £350 a month for two years.Recently there have been reports of salespeople offering deals to unemployed graduates or individuals with poor credit histories, whose ability to keep up with the payments is questionable. These deals are difficult to get out of, and there are concerns that consumers do not realise what they are signing up for, and could end up saddled with more debt than they can afford.But the real risk of this model is not borne by customers (who will simply have their cars repossessed if they fail to make the payments). Rather, the biggest worry is that an increase in interest rates or unemployment could spark a nationwide epidemic of borrowers defaulting on their loans, which in turn could prompt another financial crash.Meanwhile, the banks are failing to set aside a decent capital buffer. This is a dangerous concoction of factors – light a match and the whole thing could burst into flames.Nor is it only banks that could suffer, because new car purchases are largely funded by the financing houses of manufacturers, which are now heavily exposed to losses if car sales start to decline. The industry’s growing reliance on PCP has also made it more vulnerable to economic downturns, partly because the manufacturers would suffer if the value of leased vehicles becomes impaired at the end of their contracts.There is a distinct sense of deja vu here; the underwriting standards used by banks to determine lending terms have deteriorated over the past few years, prompting a surge in the supply of credit. And although it’s thought subprime lending makes up just three per cent of the market, there is a growing concern that the issue is worse than figures suggest.Meanwhile, experts think car finance is behaving more like the mortgage market as it shifts towards secured-type lending. All this looks eerily similar to the lead-up to the financial crisis.Last year, UK households borrowed £31.6bn to buy cars, and if lenders are hit with large losses then the knock-on effect on businesses across the industry will be severe.So let’s hope the regulator doesn’t dawdle with this probe, and is quick to address this rapid surge in motor finance. This needs to be addressed urgently because at the moment we’re on a collision course, heading straight towards the next financial crash. Katherine Denham whatsapp Ad Unmute by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeTheDecorIdeasThese Lazy Dog Breeds Are Perfect For Old PeopleTheDecorIdeasUndohttps://anymuscle.com17 Signs You Might Have Diabeteshttps://anymuscle.comUndoUnsold SUVsArizona Residents: Unsold SUVs Going For PenniesUnsold SUVsUndoTrendscatchersDog Kept Barking At 3 A.M, So They Set Up A Night Cam And The Footage Left Them FrozenTrendscatchersUndoTopNews20 Everyday Things Kate Middleton Is Not Allowed To DoTopNewsUndoFEEDBUZZ9 Things That Happen to Your Body if You Workout and Don’t Drink Enough Water -FEEDBUZZUndoSplits Pose6 Best Stretches to perform Splits Pose At HomeSplits PoseUndoWork From Home | Search AdsWork From Home Jobs Might Earn You More Than You ThinkWork From Home | Search AdsUndoWorldtravellingThese Are the Most Expensive Cars from Film and TV Ever SoldWorldtravellingUndo Share Hoards of drivers with bad credit ratings, low wages, or no job at all, are being granted massive loans to purchase brand new cars, without needing to pay a deposit up front. And the whole market looks dangerously close to veering off a cliff.Of course, the UK’s economic recovery has hinged on borrowing being cheap, but low interest rates are also largely to blame for levels of consumer credit spiraling out of control. And car finance has been the real beneficiary of this debt binge, racing ahead of credit cards and personal loans.The City watchdog, the Financial Conduct Authority (FCA), is currently investigating the car financing sector, as concerns mount about the size of the debt bubble, which is casting a shadow over our economy. The FCA is worried about irresponsible lending, conflicts of interest, and a lack of transparency in the sector, and is now assessing how these products are sold.But we should question why this has taken so long to come to the regulator’s attention.The issue has been brewing for the past 10 years, and now two thirds of new car buyers rent their vehicles through loans known as personal contract purchase (PCP) plans. This involves buyers paying a monthly fee to acquire a car for several years, before handing back the vehicle to swap it for newer model, or paying the outstanding loan.   Lenders are forgetting the lessons of the past. Those are the words of Mark Carney on the rapid growth of the car finance industry.It’s a decade since the financial crisis brought institutions around the world to their knees, triggered by a meltdown in subprime mortgages. Yet here we are again – the only difference being that now it’s all about auto-finance. whatsapp Tuesday 11 July 2017 10:26 am The Little Big Short: Subprime car loans could be fuelling the next financial crash More From Our Partners Porsha Williams engaged to ex-husband of ‘RHOA’ co-star Falynn Guobadiathegrio.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgLA news reporter doesn’t seem to recognize actor Mark Currythegrio.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgColin Kaepernick to publish book on abolishing the policethegrio.comA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.org read more

first_img The EU’s competition watchdog has given the green light to Coca-cola’s £4bn acquisition of Costa Coffee.The merger, which was announced in August, is expected to complete in the first half of this year. Jessica Clark Read This NextIf You’re Losing Hair in This Specific Spot, It Might Be a Thyroid IssueVegamourTop 5 Tips If You’re Losing Your EyebrowsVegamour20 Stars Who’ve Posted Nude Selfies, From Lizzo to John Legend (Photos)The WrapWhat Causes Hair Loss? Every Trigger ExplainedVegamour’Drake & Josh’ Star Drake Bell Pleads Guilty to Attempted ChildThe Wrap’The View’: Meghan McCain Calls VP Kamala Harris a ‘Moron’ for BorderThe WrapSmoking and Hair Loss: Are They Connected?VegamourJim Cramer Calls for Billionaire Tax: ‘This Society Has to Start AddressingThe WrapThis Is How Often You Should Cut Your HairVegamour whatsapp whatsapp EU competition watchdog approves Coca-Cola’s merger with Costa Coffee Share In a statement today the commission said: “The Commission concluded that the proposed acquisition would raise no competition concerns because the companies do not sell the same products and the links between their activities are limited.”The acquisition is widely seen as an attempt by the fizzy drink giant to challenge the dominance of Starbucks and to ramp up competition in the ready-to-drink coffee market.Coca-Cola president and chief executive James Quincey said he wants to turn Costa into a worldwide brand through its established distribution, marketing and vending platform.“Hot beverages is one of the few remaining segments of the total beverage landscape where Coca-Cola does not have a global brand,” he said. “Costa gives us access to this market through a strong coffee platform. I’d like to welcome the team to Coca-Cola and look forward to working with them.”Whitbread, which also owns the Premier Inn hotel chain, bought the high street coffee shop brand for £19m in 1995. The sale was almost unanimously voted through by Whitbread shareholders in October, with analysts saying the deal was an “excellent outcome” for investors.  Thursday 3 January 2019 12:20 pm Tags: Trading Archivelast_img read more

first_imgAlaska’s Energy Desk | Aleutians | Climate Change | Environment | Oceans | WildlifePuffin die-off on St. Paul Island may point to larger ecosystem problemsDecember 8, 2016 by Laura Kraegel, Alaska’s Energy Desk Share:St. Paul residents have seen 300 puffin carcasses wash ashore since mid-October. Scientists say seabirds are good indicators of overall ecosystem health, which means the die-off could be a sign of trouble for all sorts of species. (Photo by COASST Island Sentinels)In the past two months, 300 dead puffins have washed up on St. Paul Island, alarming residents who had only seen six carcasses over the last decade.The die-off appears to be slowing down now, but scientists say it could be the sign of a much larger ecosystem problem.Audio Playerhttp://cpa.ds.npr.org/kucb2/audio/2016/12/07PUFFINS.mp300:0000:0000:00Use Up/Down Arrow keys to increase or decrease volume.Lauren Divine didn’t panic when St. Paul residents found a few dead puffins on the beach in mid-October.“The first day was a tufted puffin. The next day was a horned puffin. I didn’t think too much about it,” said Divine, co-director of St. Paul’s Ecosystem Conservation Office.Within the week, she said it became clear something was wrong, as islanders found more and more carcasses.They posted photos on Facebook and called ECO concerned. Divine took the first dead birds to Anchorage for research while her co-director hopped on a four-wheeler and hit the beaches to the gauge the extent of the problem.“She called me up and said: ‘I’ve followed up on these citizen reports of puffins, and they’re everywhere. There are dead puffins everywhere.’”The carcasses came ashore in waves.Dozens at a time.They washed up so fast most were still intact days later — a sign there were so many, scavenging foxes couldn’t keep up.Divine said the extent of the die-off was frightening.St. Paul residents began patrolling the beaches daily, and the ECO office had 10 dead puffins necropsied.“After we opened up the first five, it was very apparent that all of them were emaciated,” she said. “Their muscles were completely atrophied. They had empty stomachs. They had gastrointestinal bleeding, which indicates severe long-term starvation. They were in very, very poor shape.”The theory is that the puffins left the island and headed south to winter in the Bering Sea as usual. But when they couldn’t find food, they grew weak, starved, and were carried back to St. Paul by ocean currents.“So we started digging into this more,” said Divine. “What is happening? Where is their food?”To answer those questions, ECO enlisted help from the Coastal Observation and Seabird Survey Team, or COASST, based at the University of Washington. It’s a citizen science program that has 800 volunteers collecting data on seabirds from northern California to Kotzebue and Cape Lisburne.Julia Parrish, executive director of the program, said all that local data helps piece together the big picture unfolding across the north Pacific Ocean, as well as the Bering and Chukchi Seas.Right now, Parrish said the major force at work is a big patch of warm water called the Blob, and it’s affecting the entire marine ecosystem.“Suddenly, it’s like the grocery store is full of new things — and less good things — to eat,” said Parrish.The changes begin at the bottom of the food chain, with plankton and forage fish — the kind of fish that make up a puffin’s diet. Those small fish try to adjust to the warmth by swimming to different areas or diving deeper in search of cool water.For the puffins on St. Paul, that’s meant widespread starvation.In fact, Parrish said the 300 birds found dead may represent just 10 percent of the total die-off, when you account for carcasses that are probably blowing past the small island.“That would mean those 300 birds scale up to 3,000 birds,” she said. “That’s half of the breeding population of the Pribilof Islands.”The people of St. Paul don’t harvest puffins for subsistence, but Parrish said seabirds are good indicators of overall ecosystem health.This die-off could be a sign of trouble for all sorts of species that residents rely on to fill their freezers.“Can these populations sustain this kind of long-term change pressure? Boy, that’s a great question,” she said. “I wish I knew the answer. I can tell you I think it’s going to be stressful for them for a while.”Back in St. Paul, Divine said it looks like the puffin die-off is slowing down, but the ECO office also is seeing signs of stress in other species.She said the island’s seabirds laid barely any eggs this season, hunters had a hard time finding sea lions, and crab quotas were cut sharply after a survey showed low numbers.“It’s all interrelated — from the smallest harmful algal blooms and phytoplankton issues to whale die-offs and loss of sea ice,” she said. “It’s absolutely all connected, and I think we’re so far past the point of needing some kind of conservation and management action — before it’s too late to give the ecosystem a fighting chance.”But even for scientists, it’s hard to know what to do. As Parrish says, you can’t legislate water temperature.So for now, that leaves the people of St. Paul to pick up dead birds from their beaches and monitor the changing ocean that surrounds them.Share this story:last_img read more

first_imgAnd Vought also works as executive director of Senate Conservatives Fund, a group that sometimes targets Republican incumbents, like Senate Majority Leader Mitch McConnell, that it deems not conservative enough. In that capacity, Vought — along with dozens of other national right-wing figures — signed a public memo in November from the Conservative Action Project that endorsed Dunleavy for being “fiscally responsible.”Vought is helping Dunleavy’s administration with its in-state communications strategy; she’s also helping to connect the governor’s office with national outlets, according to Huber.“Her role is to help both make our communications stronger within Alaska, and projecting the governor’s ‘open for business’ message through the national media in an effort to create better relationships and more jobs for our state,” Huber said.Vought could not be reached for comment.Dunleavy’s press office has seen significant turnover in recent months, as he fights back against a recall campaign against him.Dunleavy’s first communications director, Mary Ann Pruitt, no longer works for the governor, according to Huber. Dunleavy’s original press secretary, Matt Shuckerow, is gone too.Meanwhile, the governor hired a former conservative talk radio host, Dave Stieren, as a community liaison late last year. Dunleavy reaches his supporters, inside and outside Alaska, through national media outletsShare this story: Federal Government | Nation & World | Politics | Southcentral | State GovernmentNew Dunleavy consultant has ties to national conservative figures Pence, BachmannFebruary 13, 2020 by Nat Herz, Alaska Public Media Share:Vice President Mike Pence waves to a crowd of spectators on board Naval Air Station Oceana, Nov. 2, 2019. (Public domain photo by Mass Communication Specialist 3rd Class Mark Thomas Mahmod/U.S. Navy)Gov. Mike Dunleavy has hired a former aide to Vice President Mike Pence as a new communications consultant.Mary Vought, who worked for Pence when he was a member of the U.S. House of Representatives, was hired in November under a $4,000-a-month contract, according to Brett Huber, a top Dunleavy advisor.Vought’s company, Vought Strategies, is based outside of Washington, D.C., but she comes with Alaska credentials: She grew up in the state and once had Sarah Palin’s father, Chuck Heath, as her substitute teacher at Colony Middle School in Palmer.Now, Vought appears to be well-connected in Washington’s conservative Republican circles.Vought’s husband, Russ Vought, is acting director of the White House Office of Management and Budget. Mary Vought, in addition to working for Pence, was a spokesperson for Michele Bachmann, the former GOP representative from Minnesota who once ran for president.last_img read more

first_img whatsapp Certainty and clarity of direction are critical to developing long-term business investment in low-carbon markets, the director general of the Confederation of British Industry.Speaking in London next to former vice president of the US Al Gore, John Cridland said the world needs to keep up momentum on finding a global solution, by building on the UK’s “hard-won credibility as a climate leader”. However, Cridland pointed out how government had sent mixed messages, and that businesses need to know it truly intends to tackle climate change.Read more: Energy secretary on track to slash solar subsidiesIn July the government cut subsidies to renewable energies, which the government said was necessary to protect consumers. Under the plans, small scale solar farms will no longer qualify for support under a key subsidy mechanism – the renewables obligation – from April next year.Energy secretary Amber Rudd said at the time to BBC Radio 4: “”As costs continue to fall it becomes easier for parts of the renewables industry to survive without subsidies. We can’t have a situation where industry has a blank cheque, and that cheque is paid for by people’s bills.”Read more: Energy industry fears cutback on green subsidies after cabinet reshuffleHowever, the renewable energy industry was critical of such a move, and while ministers said plans for another subsidy will be announced in the autumn, Cridland wants clarity now.“Business must be – and wants to be – part of the solution to tackling the global challenge of climate change,” Cridland said.The green economy is an emerging market in its own right, brimming with opportunity, and the UK has built up real credibility on climate leadership and low carbon investment.Yet, with the roll-back of renewables policies and the mixed messages on energy efficiency, the government risks sending a worrying signal to businesses.Politicians and negotiators should be confident that business is behind them in securing a lasting climate deal. Share James Nickerson CBI director general John Cridland says the government risks sending a worrying signal to businesses over renewable subsidies Tuesday 22 September 2015 10:49 am whatsapp by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailSwift VerdictChrissy Metz, 39, Shows Off Massive Weight Loss In Fierce New PhotoSwift VerdictPost FunKate & Meghan Are Very Different Mothers, These Photos Prove ItPost FunComedyAbandoned Submarines Floating Around the WorldComedyMaternity WeekA Letter From The Devil Written By A Possessed Nun In 1676 Has Been TranslatedMaternity WeekGameday NewsNBA Wife Turns Heads Wherever She GoesGameday NewsEquity MirrorThey Drained Niagara Falls — They Weren’t Prepared For This Sickening DiscoveryEquity Mirrorzenherald.comMeghan Markle Changed This Major Detail On Archies Birth Certificatezenherald.comForbesThese 10 Colleges Have Produced The Most Billionaire AlumniForbes Show Comments ▼ More From Our Partners Russell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgWhite House Again Downplays Fourth Possible Coronvirus Checkvaluewalk.comI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.comInstitutional Investors Turn To Options to Bet Against AMCvaluewalk.comFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orglast_img read more

first_imgPharma GET STARTED Pfizer’s Viagra, left, beside the company’s generic version, sildenafil citrate. Richard Drew/AP Unlock this article — plus daily coverage and analysis of the pharma industry — by subscribing to STAT+. First 30 days free. GET STARTED Daily reporting and analysis The most comprehensive industry coverage from a powerhouse team of reporters Subscriber-only newsletters Daily newsletters to brief you on the most important industry news of the day STAT+ Conversations Weekly opportunities to engage with our reporters and leading industry experts in live video conversations Exclusive industry events Premium access to subscriber-only networking events around the country The best reporters in the industry The most trusted and well-connected newsroom in the health care industry And much more Exclusive interviews with industry leaders, profiles, and premium tools, like our CRISPR Trackr. What is it? Log In | Learn More What’s included?center_img By Associated Press Dec. 6, 2017 Reprints STAT+ is STAT’s premium subscription service for in-depth biotech, pharma, policy, and life science coverage and analysis. Our award-winning team covers news on Wall Street, policy developments in Washington, early science breakthroughs and clinical trial results, and health care disruption in Silicon Valley and beyond. Viagra goes generic: Pfizer to launch own little white pill TRENTON, N.J. — The little blue pill that’s helped millions of men in the bedroom is turning white. Drugmaker Pfizer is launching its own cheaper generic version of Viagra rather than lose most sales when the impotence pill gets its first generic competition next week.Pfizer Inc. will begin selling the white pill at half the $65-a-pill retail price on Monday, when its patent-protected monopoly ends. Generic maker Teva Pharmaceuticals can start selling its version then, but isn’t disclosing the price. About the Author Reprints Associated Presslast_img read more

first_imgPharma STAT+ is STAT’s premium subscription service for in-depth biotech, pharma, policy, and life science coverage and analysis. Our award-winning team covers news on Wall Street, policy developments in Washington, early science breakthroughs and clinical trial results, and health care disruption in Silicon Valley and beyond. Log In | Learn More Stephen Ubl, CEO of the drug industry trade group, at a White House meeting with President Trump in January. Ron Sachs/Getty Images Facing bipartisan hostility over high drug prices in an election year, the pharma industry’s biggest trade group boosted revenue by nearly a fourth last year and spread the millions collected among hundreds of lobbyists, politicians and patient groups, new filings show.It was the biggest surge for the Pharmaceutical Research and Manufacturers of America, known as PhRMA, since the group took battle stations to advance its interests in 2009 during the run-up to the Affordable Care Act. Unlock this article by subscribing to STAT+ and enjoy your first 30 days free! GET STARTED Tags CongresslegalpatientspharmaceuticalpolicystatesWhite House The pharma industry spent $57 million lobbying last year. And that’s just the start of its spending By Jay Hancock — Kaiser Health News Dec. 19, 2017 Reprints What is it? GET STARTED About the Author Reprints What’s included? Jay Hancock — Kaiser Health News Daily reporting and analysis The most comprehensive industry coverage from a powerhouse team of reporters Subscriber-only newsletters Daily newsletters to brief you on the most important industry news of the day STAT+ Conversations Weekly opportunities to engage with our reporters and leading industry experts in live video conversations Exclusive industry events Premium access to subscriber-only networking events around the country The best reporters in the industry The most trusted and well-connected newsroom in the health care industry And much more Exclusive interviews with industry leaders, profiles, and premium tools, like our CRISPR Trackr.last_img read more

Share this article and your comments with peers on social media What causes clients to be financially stressed? The Financial Stability Board praises Canada’s response to the financial crisis, but calls on Canadian policymakers to remain alert to high household debt levels, and risks emanating from the global economy. The FSB Monday published a peer review report on Canada, praising the country’s resilience through the financial crisis. “The response of the Canadian authorities to the global financial crisis was swift and effective. The strength of the economy and of the financial system at the onset of the crisis meant that no Canadian financial institution failed or required government support in the form of a capital injection or debt guarantees,” it notes. Given the uncertain global outlook, the FSB says that Canadian authorities will need to remain vigilant. “Two areas for particular attention are the exposure of the economy and financial system to continued adverse global economic developments, and the increasing indebtedness of Canadian households,” it says. To address these risks, it calls on Canadian authorities to continue to strengthen macroprudential surveillance and consider expanding the range of tools at their disposal. The review also examines the steps taken by the Canadian authorities to address recommendations on regulatory and supervisory issues under the Financial Sector Assessment Program, including: banking supervision, stress testing and the early intervention regime; the functioning of asset backed commercial paper and structured finance markets; securities regulation; and securities settlement systems. And, it concludes that the authorities have made good progress in addressing the recommendations across all of these areas. The most important challenge in the securities sector, it says, concerns the co-ordination among provincial regulators. The report says that establishing a single national securities regulator would bring clear economic benefits, however it notes that this effort has been derailed by the recent Supreme Court of Canada decision. Finally, it also calls on the authorities to continue their efforts to bring more safety and efficiency in securities settlement systems. The report also notes that Canada’s resilience, which was achieved in spite of the relatively complex regulatory structure, provides valuable lessons for other FSB members, including the importance of having pro-active and targeted macroeconomic policies supported by adequate fiscal space and a flexible exchange rate to help absorb external shocks; prudent bank risk management, particularly a stable and well-diversified funding profile as well as conservative loan underwriting standards; and a comprehensive regulatory and supervisory framework that sometimes adopts regulatory policies that go beyond international minimum standards. In response to the report, federal finance minister, Jim Flaherty, said, “This report confirms that we can be proud of what we have achieved with our financial system over the last few years.” James Langton Keywords Consumer borrowing and savingCompanies Financial Stability Board Rising incomes don’t keep pace with growing expenses for insolvent debtors Income inequality narrowed amid fiscal supports in 2020: StatsCan Related news Facebook LinkedIn Twitter read more

first_imgbusinessman with financial symbols charts and graphs violetkaipa/123RF S&P/TSX composite hits highest close since March on strength of financials sector “What’s interesting is there’s no real catalysts to the market going up today, compared to the pessimism and concerns that have led to the enhanced levels of turbulence in the last few weeks.”He said some of the gains could potentially be attributed to the end of quarter practice of dumping underperforming stocks and buying rising stocks to improve portfolio appearances at quarter end ahead of the Easter holiday weekend.“A pessimist may look at this market and say the rise today is rooted in window dressing from portfolio managers given the quarter is ending, given that really the news and the sentiment has not changed in any significant way.”The S&P/TSX composite index closed up 197.35 points at 15,367.29, led by rebounding energy and materials stocks. The late-week gains still left the index down 0.21% for the week and down 5.2% so far this year.In New York, the Dow Jones industrial average closed up 254.69 points at 24,103.11. The S&P 500 index ended up 35.87 points at 2,640.87 and the Nasdaq composite index was up 114.22 points at 7,063.45 as technology stocks saw broad gains.The markets can expect continued wide swings as the sources of volatility, including trade war uncertainty and heightened valuations, are still present, said Pashootan.The Canadian dollar closed at US77.56¢, up 0.05¢ U.S. even as the Canadian economy posted lower-than-expected January GDP numbers.Economy pulled back 0.1% in JanuaryEconomy pulled back 0.1% in JanuaryStatistics Canada said the economy contracted 0.1% in January, compared to the 0.1% gains expected according to Thomson Reuters, on unscheduled maintenance shutdowns in the oilpatch and weakness in the real estate sector following mortgage rule changes.The dip didn’t move the loonie lower because it’s already seen downward pressure lately, said Pashootan.“The fact is it’s one report, and so the market is not reacting to the lower GDP number that we saw, partly because the loonie has been under quite a bit of pressure.”“We were starting from a much more realistic point than when the Canadian dollar was over 80¢, being its 30-year average. And the other part of it too is we’re seeing some strength with oil prices.”The May crude contract closed up US56¢ at US$64.94 per barrel and the May natural gas contract was up US3¢ at US$2.73 per mmBTU.The June gold contract ended down US$2.70 at US$1,327.30 an ounce and the May copper contract was up US2¢ at US$3.02 a pound. Ian Bickis Toronto stock market dips on weakness in the energy and financials sectors TSX gets lift from financials, U.S. markets rise to highest since March Keywords Marketwatch A broad rally in Toronto allowed Canada’s main stock index to close the quarter with a triple-digit gain Thursday as U.S. markets also posted strong results.Strong performances from the four main North American indexes came despite no clear triggers for the gains, said Kash Pashootan, CEO and chief investment officer at First Avenue Investment Counsel Inc. Related news Share this article and your comments with peers on social media Facebook LinkedIn Twitterlast_img read more

first_img Share this article and your comments with peers on social media Related news “While banks’ exposures to cryptoassets are currently limited, the continued growth and innovation in cryptoassets and related services, coupled with the heightened interest of some banks, could increase global financial stability concerns and risks to the banking system in the absence of a specified prudential treatment,” the group said in a release.As a result, it is planning to hold a consultation on the design of a possible capital treatment of banks’ crypto exposures. The paper will be published later this week, it said.At the same time, the committee reiterated its guidance that global banks should use their capital and liquidity buffers to help absorb the effects of the Covid-19 pandemic and ensure that they can continue supplying credit to households and businesses.The committee said it will continue to monitor banks’ provisioning practices during the pandemic, and that regulators will monitor the implementation of temporary relief provided to banks to help them deal with the economic fallout from the pandemic to ensure those relief measures are “unwound in good time.”“The uneven recovery and uncertain global economic environment means that banks and supervisors must remain vigilant to further risks and vulnerabilities,” it said. OSC steps up crypto enforcement Bitcoin should face tough capital rules, Basel Committee says Global banking regulators are planning to examine the question of how to treat banks’ exposures to crypto assets under capital rules.The Basel Committee on Banking Supervision said it will undertake a public consultation on the possible prudential treatment of crypto by bank regulators. New York attorney general secures receiver for crypto firm James Langton Facebook LinkedIn Twitter bitcoin ethereum litecoin concept coins on black pfongabe33/123RF Keywords Cryptoassets,  Banking industry,  Basel Capital AccordCompanies Basel Committee on Banking Supervision last_img read more