Three worrisome facts about Canada’s economy beyond the drop in GDP |

September 14, 2015 at 13:52 (Uncategorized)

The dip in GDP is what’s making the headlines, but there are three other trends in the new data released by StatsCan that suggest the economic slowdown is here to stay.

Source: Three worrisome facts about Canada’s economy beyond the drop in GDP |

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Black Monday: Wall Street plummets 1000 points at opening bell

August 24, 2015 at 14:41 (Uncategorized)

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Driving Your Car Will Soon Be Illegal

August 12, 2015 at 14:56 (Uncategorized)

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Stocks have broken with bonds — and history shows that rarely ends well

August 10, 2015 at 13:25 (Uncategorized)

Financial Post

As far as credit markets are concerned, U.S. stock investors have lost touch with reality.

That’s seen in the extra yield bond investors demand over Treasuries. The spread has expanded by 0.48 percentage point from a year ago, the most since 2012, even as the Standard & Poor’s 500 Index rallied.

While not without precedent, instances when anxiety in bonds didn’t seep into equities are rare. More than 70 per cent of the time since 1996, as spreads widened as much as they have since April, the S&P 500 has fallen, with the average decline exceeding 10 per cent, data compiled by Bloomberg show.

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“This is something that sooner or later is going to impact the stock market,” said Russ Koesterich, global chief investment strategist at New York-based BlackRock Inc., which oversees US$4.7 trillion. “Credit market conditions have not been benign and easy as were they were last…

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USA Watered Down Human Trafficking Report

August 6, 2015 at 12:50 (Uncategorized)

Malaysia is getting scrubbed and cleaned for inclusion in Trans-Pacific-Partnership…

Daily Browse

Special Report: State Department watered down human trafficking report | Reuters.

It’s good business to keep your trading partners out of trouble.

“In the weeks leading up to a critical annual U.S. report on human trafficking that publicly shames the world’s worst offenders, human rights experts at the State Department concluded that trafficking conditions hadn’t improved in Malaysia and Cuba. And in China, they found, things had grown worse.

The State Department’s senior political staff saw it differently — and they prevailed.

A Reuters examination, based on interviews with more than a dozen sources in Washington and foreign capitals, shows that the government office set up to independently grade global efforts to fight human trafficking was repeatedly overruled by senior American diplomats and pressured into inflating assessments of 14 strategically important countries in this year’s Trafficking in Persons report.”

See ‘The World is a Business‘ rant from…

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How blockchain, the technology behind Bitcoin, could turn traditional banking on its head

August 5, 2015 at 11:41 (Uncategorized)

Financial Post

Banks were supposed to be frightened of Bitcoin. Last year, in a commentary for Fortune called “Why banks fear Bitcoin,” MIT business professor Trond Undheim wrote that “banks are afraid of Bitcoin because it would force them to innovate.”

[np_storybar title=”Information overload stymies Canada’s banks in mobile payments battleground: ‘Things are changing so quickly’” link=””]
Justin Sullivan/Getty Images
As banks aim to stake their ground in the burgeoning mobile payments market, a U.K.-based software company says its efforts in Canada are being stymied by the hazards of innovation.

Continue reading.

The mysterious inventor of Bitcoin, Satoshi Nakamoto, specifically challenged the idea of trusting banks as one of his justifications for creating the currency. “Banks must be trusted to hold our money and transfer it electronically, but they lend it out in waves of credit bubbles with barely a fraction in reserve,” he wrote in 2009. “We have to trust them with our…

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Oil patch opportunities and longterm liabilities drove Teachers’ $3.3 billion deal with Cenovus

July 2, 2015 at 08:24 (Uncategorized)

Financial Post

Like many large institutional investors looking to offset the impact of chronically low interest rates on longterm liabilities, the Ontario Teachers’ Pension Plan set its sights on opportunities in Alberta’s oil patch when oil prices slumped.

That interest culminated in a $3.3-billion deal Tuesday in which Teachers’ will pick up the broad portfolio of oil and gas royalties held in the Heritage Royalty Limited Partnership subsidiary of Calgary-based Cenovus Energy Inc.

The deal has many of the characteristics Teachers’ and other large pension funds seek out to manage their longterm liabilities, such as providing recurring revenues over many years.

Royalty owners contract with oil and gas operators and are paid based on production. In 2014, HRP had revenues of approximately $320 million based on average production of approximately 14,800 barrels of oil equivalent per day.

The acquisition also offers Teachers’ a hedge against unexpected inflation because royalty property cash flows are correlated to…

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Bond crash is so crazy BlackRock Inc is ripping up its risk models

June 15, 2015 at 15:13 (Uncategorized)

Financial Post

With US$4.8 trillion in assets — or about the size of Japan’s economy — no one manages more money than BlackRock Inc. So, it’s worth paying attention when the firm says it’s time to cast aside its trusted models for assessing risk in bonds.

[np_storybar title=”Worst bond crash in almost 30 years is early warning of turmoil to come” link=””]
The $1.2 trillion meltdown in just three months is an early sign that it will not be easy to wean the world off six years of zero rates — and central banks have used up their arsenal. Read on

The gyrations gripping the world’s fixed-income market are so great that it’s almost impossible to make sense of them on a historical basis. In Germany, for example, yields on 10-year securities have surged from almost nothing in late April to about 1 per cent last week — a move so…

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The world economy is starting to look a lot like the Titanic, HSBC chief economist warns

May 14, 2015 at 18:00 (Uncategorized)

Financial Post

Like the ill-fated White Star liner, the global economy is sailing across the ocean with too few lifeboats and an iceberg looming on the horizon, warns HSBC chief economist Stephen King.

And that’s going to be a titanic problem for global policy makers.

It’s been six years since the last U.S. recession and though they don’t come like clockwork, King says we are closer to the next one than the last one.

But unlike past downturns, the weak recovery from the last recession has not allowed monetary policymakers to replenish their arsenals.

The chart below shows the average annual U.S. growth rates during the six years after a recession over the past 40 years. The latest recovery is particularly weak, King notes.


Budget deficits are still huge, debt levels too high and while the U.S. economy has improved it’s far from top form.

In every recession since the 1970s, the…

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Anunnaki – Are Malevolent Extraterrestrials Controlling This Planet?

April 28, 2015 at 21:33 (Uncategorized)

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