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Canadian lawsuit names Bank of Nova Scotia in gold price manipulation


TORONTO — Bank of Nova Scotia, embroiled in a lawsuit in the United States along with a handful of international banks over alleged manipulation of a key benchmark based on the gold price, is facing a fresh lawsuit filed in Canada. Lawyers at Sotos LLP, Koskie Minsky LLP and Camp …

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Equitable launches ’digital bank’ with 3% interest savings account to lure deposits from Canadian rivals


Equitable Bank, the Canadian alternative-mortgage provider, is jumping into the online banking business with a savings account that pays more than triple the interest rate of other branchless rivals. Equitable started signing up customers this week for its EQ Bank, offering 3 per cent interest on savings with no fees …

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Bank of Montreal becomes first of the big banks to launch ’robo-adviser’ service


TORONTO — The Bank of Montreal has launched an online portfolio manager, making it the first of the big five Canadian banks to wade into the “robo-adviser” business. After a trial run that started on Dec. 7, the service — dubbed SmartFolio — is available to all investors starting Monday. …

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With economy at risk, Bank of Canada’s Stephen Poloz remains on dovish path


OTTAWA — A year ago this month, financial markets were shaken, and economists caught flat footed, by a shock cut in the Bank of Canada’s key interest rate — the first adjustment in any direction in more than four years. Calls growing for a Bank of Canada interest rate cut …

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Bank of Nova Scotia sets earnings target for four Latin American nations


Bank of Nova Scotia, Canada’s third-largest lender by assets, aims to increase earnings by as much as 11 per cent in four key Latin American countries within three to five years by adding more customers, embracing technology and cutting costs. “Combined, our operations in Mexico, Peru, Chile and Colombia are …

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Bank of Canada approaches uncharted territory today with Canada’s recovery in tatters


Stephen Poloz is in a no-win situation. Bank of Canada warned rate cut will fan flames of loonie’s ‘unprecedented’ free fall The Canadian dollar is falling too far and too fast, damaging public and business confidence in Canada, say economists. Read on As the Bank of Canada governor prepares to …

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Bank of Canada holds rate: Read the official statement


Here’s the statement from the Bank of Canada rate decision on Wednesday, January 20: The Bank of Canada today announced that it is maintaining its target for the overnight rate at 1/2 per cent. The Bank Rate is correspondingly 3/4 per cent and the deposit rate is 1/4 per cent. …

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CIBC, National Bank likely most relieved Bank of Canada rate cut didn’t happen: Barclays


Officials at Canadian Imperial Bank of Commerce and National Bank of Canada are probably breathing the greatest sighs of relief that the Bank of Canada opted not to cut interest rates on Wednesday, based on a analysis by Barclays Capital. Analyst John Aiken says those two banks are most exposed …

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Carney hints at extending Bank of England term to full eight years


Mark Carney said he would need to decide this year if he wants to ask to stay on for a full eight-year term as Bank of England governor, his most explicit hint so far that he might do so. In testimony to lawmakers in London on Tuesday, Carney said it’s …

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Royal Bank of Canada outlook changed to negative by Fitch, citing potential earnings volatility


Fitch Ratings affirmed the default ratings of Canada’s largest banks Monday, but changed its outlook on Royal Bank of Canada’s to negative from stable.  The ratings agency said the change was made because Royal Bank’s “future earnings volatility may be higher than Canadian bank peer averages as well as in …

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