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Bank of Nova Scotia taps central bank veteran Jean-Francois Perrault as chief economist


Bank of Nova Scotia hired Jean-Francois Perrault, a veteran of the Bank of Canada and the country’s finance department, as chief economist to replace Warren Jestin, who is retiring. Perrault had also previously held posts at the International Monetary Fund and the World Bank, according to a statement. “Jean-François’s in-depth …

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Why the Star Wars rebel alliance needs a central bank


ST. LOUIS, MO. – The U.S. Federal Reserve has it easy — at least compared to the problems that would face a Central Galactic Bank after the smoke clears from the anti-Empire rebellion when Star Wars episode VII premieres this week. Blowing up the Death Star in Star Wars would …

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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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