financial-sector

China arrests former insurance executive as anti-corruption campaign sweeps finance sector

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China arrests former insurance executive as anti-corruption campaign sweeps finance sector

According to the Supreme People’s Procuratorate, Li is accused of serious violations, including severe breaches of party discipline and abuse of power, following an investigation by the National Supervisory Commission that concluded in late September. Li is accused of ignoring regulations by accepting invitations that could compromise his impartiality, breaching organisational principles to benefit others … Read more

Canadian bank CEOs defend investments in oil and gas

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Canadian bank CEOs defend investments in oil and gas

The chief executives from Canada’s five biggest banks faced hard questions from MPs on Thursday over their climate commitments and plans to help spur transition to renewable energy. Representatives from RBC, CIBC, TD Bank Group, BMO Financial Group and Scotiabank appeared Thursday before the standing committee on environment and sustainable development. All five attended by … Read more

Mortgage debt is growing at its slowest pace in 23 years — but that could be short-lived, says CMHC

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Mortgage debt is growing at its slowest pace in 23 years — but that could be short-lived, says CMHC

Mortgage debt grew at its slowest pace in 23 years in February, amid high borrowing costs and reservations related to the Bank of Canada’s key interest rate — but the slowdown likely won’t last, according to Canada’s housing agency. Canadian mortgage debt totalled $2.16 trillion that month, up 3.4 per cent from the same period last year — a historically low … Read more

Big Canadian banks may be making misleading claims on sustainability, says securities complaint

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Big Canadian banks may be making misleading claims on sustainability, says securities complaint

Canada’s big five banks are potentially misleading investors with their use of terms like sustainable finance, according to a complaint to securities regulators by a climate advocacy group. Banks are using the term “sustainable finance” too broadly and not backing up the claims with data, Investors for Paris Compliance said in its submission Tuesday to … Read more

Freeland approves RBC’s $13.5B takeover of HSBC Canada with conditions

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Freeland approves RBC’s .5B takeover of HSBC Canada with conditions

Finance Minister Chrystia Freeland has approved RBC’s $13.5-billion takeover of HSBC Canada, despite calls from opposition politicians and other groups to block it over concerns of reduced competition. Freeland’s approval was the last hurdle for the deal after the Competition Bureau approved it in September. The minister’s approval comes with conditions on RBC, including that … Read more