Canada’s banking regulator has temporarily seized the assets of Silicon Valley Bank’s lone Canadian branch after the financial institution collapsed. U.S. banking regulators were forced on Friday to urgently close the California-based institution after billions of dollars were withdrawn by fearful depositors, leading to a run on the bank, which caters heavily to tech sector firms.
The Bank of Canada decided to hold its key interest rate steady Wednesday but made clear it’s still prepared to raise rates further depending on how inflation and the economy progress. The central bank’s policy rate remains at 4.5 per cent as of Wednesday.The hold, which was widely expected by economists, comes after eight consecutive increases
While inflation takes its toll on many households, so does the inherent goodness of some people. Motorcycle accident toronto today kicked off the new year with a six-week Out of Pocket series, looking at the toll cost of living increases are having across the country.Chantel Greene is a single mom who works full-time managing the car wash
A bigger-than-expected slowdown in Canada’s inflation rate last month should give the Bank of Canada enough breathing room to hold interest rates steady at its decision next month, according to some economists. Annual inflation slowed to 5.9 per cent in January despite upticks in both gasoline and food prices, Statistics Canada said Tuesday.Gas prices saw
Descrease article font size Increase article font size The closing of Rogers Communications’ proposed merger with rival Shaw Communications will again be pushed back, the companies announced as the old deadline arrived on Friday. The blockbuster $26-billion merger plan will now have until March 31 to close.The announcement comes as Industry Minister Francois-Philippe Champagne weighs
The Bank of Canada delivered another hike to its key interest rate on Wednesday but said this could be the peak for the current tightening cycle as inflation is expected to “decline significantly” in the months to come. The central bank raised its policy rate to 4.5 per cent in its first decision of 2023
Economists, market watchers, businesses and everyday Canadians are all asking the same question lately as inflation and interest rates take a bite out of household finances: are we headed for a recession? A majority of business owners and consumers are saying yes, according to surveys released this week from the Bank of Canada that show
Businesses and consumers alike are trimming their spending plans as higher interest rates bite and a possible recession looms, according to new surveys from the Bank of Canada. The central bank’s fourth-quarter surveys of business and consumer sentiments, published Monday, showed an overall dour outlook for 2023, with the majority of both polled cohorts indicating
Canada’s highest-paid CEOs and other top executives shattered records for compensation in 2021, according to a new report, earning an average of $14.3 million as soaring inflation began to take hold. The average calculated in the report from the Canadian Centre for Policy Alternatives (CCPA), released Monday, far surpasses the previous record of $11.8 million
The Office of the Superintendent of Financial Institutions (OSFI) announced as part of an annual review Thursday that the minimum qualifying rate for uninsured mortgages — commonly known to homebuyers and refinancers as the stress test — will not change from its current levels. The regulator, which is in charge of setting the stress test