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January 11, 2019 12:41 PM RBC’s CEO vows improvement to disappointing mortgage performance

Margins in the domestic mortgage business “were challenged” and the market was “super competitive” last year, McKay said. Toronto-based Royal Bank, Canada’s largest mortgage lender, with $246.9 billion (Canadian) of home loans as of Oct. 31, will do better and gain back some market share this year, McKay said. He expects the domestic mortgage market 7

December 19, 2018 5:55 PM Royal Bank of Canada denies report it had access to users’ Facebook messages

The bank says it needed to be able to send the messages to confirm the identity of the Facebook user receiving the money and to send them a receipt of the transaction. The bank denied having access to private messages, or needing access to these messages. The service, which used the bank’s mobile app, was decommissioned in 2015 due to low usage 22

December 5, 2018 4:11 PM CBC TV star Mark Critch among nominees for book prize

A comedian, a former governor general and several of this year’s literary awards darlings are among the 10 writers in the running for the RBC Taylor Prize. Mark Critch, anchor of CBC’s This Hour Has 22 Minutes, earned a spot on the long list for the $25,000 non-fiction prize with his memoir about growing up in Newfoundland in the ‘80s. Elizabeth Hay made the cut for All Things 27

December 5, 2018 1:14 PM U.S. banks too pricey for would-be Canadian buyers

Canadian banks are tapping the brakes on their merger-fueled U.S. expansion. Executives at Canada’s largest lenders, which have just wrapped up their fiscal-fourth-quarter earnings season, said U.S. targets are pricey, making them leery of doing deals in their fastest-growing market. If there are no acquisitions by Canadian banks in the rest of this month 24

November 27, 2018 5:30 PM Scotiabank ‘confident’ its energy portfolio can weather oil slump

Scotiabank’s energy loans accounted for $14.8 billion, or 2.6 per cent of its loan book in the fourth quarter, according to financial disclosures. Of that, $3.4 billion was tied to Canadian exploration and production, including $1.2 billion directly linked to Western Canada Select oil. Bank of Nova Scotia and Bank of Montreal have the highest direct 21

November 23, 2018 8:45 PM Bank of Canada expands balance sheet list to mortgage bonds

A “small portion” of its purchases will be Canada Mortgage Bonds, which are guaranteed by Canada Mortgage and Housing Corp. The federal Crown corporation has an issuance limit of $40 billion for 2018. Purchases of mortgage bonds will be conducted in the primary market starting later this year or early 2019, the central bank said. “In terms of CMBs, we need a little 17

November 22, 2018 3:17 PM Canadian banks using in-house hackers to improve and test cybersecurity

New regulations that require Canadian businesses to alert their customers about privacy breaches or face hefty fines took effect at the beginning of this month. In May, the Bank of Montreal and the Canadian Imperial Bank of Commerce’s Simplii Financial digital banking brand said thousands of their customers may have had their personal and financial data compromised 19

November 8, 2018 2:00 AM Books inspired by the authors’ parents win the top Writers’ Trust Awards

Shashi Bhat of New Westminster, B.C., won the Writers’ Trust/McClelland & Stewart Journey Prize for her story “Mute.” Famously, this award often identifies new writers heading for big things by honouring the best short story published by an emerging writer in a Canadian literary magazine. Previous winners include Heather O’Neill and Doretta Lau. The prize 35

October 16, 2018 5:30 PM Bombardier on track to hit business jet delivery targets, meeting expectations

MONTREAL—Bombardier Inc. announced Tuesday it is on track to meet its target for business aircraft deliveries for the year, as a lengthening order backlog points to growing demand for long-range planes. In the third quarter, the Montreal-based company delivered 31 business jets, bringing the total to 96 so far in 2018, in line with analyst expectations 37

September 26, 2018 10:00 AM Esi Edugyan, Craig Davidson, on shortlist for $50,000 Writers’ Trust fiction prize

Meantime, fellow Giller nominee Rawi Hage also appears on the list for this Writers’ Trust award, now being presented for the 22nd time. Each finalist will receive $5,000. Those other finalists are: The Saturday Night Ghost Club by Craig Davidson, a coming-of-age novel set in Niagara Falls, with ghosts, grief and growing up providing the backdrop, published 23