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Banking News

Bank of Canada maintains overnight rate target at 3/4 per cent

The Bank of Canada is keeping the target rate at3/4 per cent, with the Bank Rate at 1 per cent and the deposit rate at ½ per cent. The fall in energy pricing is bringing the inflation rate to 1 per cent. As many central banks have rid of monetary policies and the economy is adjusting to lower oil prices, the projection for 2016 seems to be in line.

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Bank of England maintains Bank Rate at 0.5% and the size of the Asset Purchase Programme at £375 billion

At the Bank of England’s Monetary Policy Committee meeting it was decided the Bank Rate will be maintained at 0.5 per cent. The stock of purchased assets will also be maintained at 375 billion.

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Slumping oil prices dampen companies' expectations: BofC

The Bank of Canada recently completed its survey of 100 representative businesses and concluded overall sales have significantly dropped due to the plunging oil prices. The current price of crude per barrel is approximately US $50, compared to summer 2014’s highest rate at US $107. Despite this, many businesses are expecting lower input costs due to lower oil prices, as well as improved foreign transactions. The survey was the Bank of Canada’s first since Governor Stephen Poloz’s reduction in the interest rate back in January.

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Europe has provided one of the biggest and largely unheralded surprises on economic and equity market fronts

Bank of Montreal CFA Chief Economist, Douglas Porter reports that the strong Euro and declining oil prices are helping to support the European stock market and consequently resulting in a strengthened European economy. It is projected that Europe will come in strongest by the end of Q1.

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For Ontario, now is the time

CIBC predicts 2015 will prove to be a year of growth for Ontario. Though full employment has not yet been achieved, the population of the working age is growing. The province is ahead in terms of manufacturing, retail, wholesale, exports and housing. Ontarians will find cheaper petrol will help with household spending which in turn will ultimately help support Ontario’s economy.

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RBC CEO says tech firms pose threat, eyes start-up partnerships

Canada’s largest bank, Royal Bank of Canada is competing with highly rated technology firms as CEO David McKay believes they are posing a threat to RBC’s lenders. Last year’s introduction of Apple Inc’s Pay service brought awareness of this latest technological trend to many of the banks, and RBC is therefore ready to work with with new SMEs to further develop the bank’s current mobile app.

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Scotiabank CEO Porter calls for energy export co-operation

At the annual general meeting, Bank of Nova Scotia CEO, Brian Porter stated, “Global market access for Canadian energy must be a common objective that we pursue vigorously”. The heavy downfall in crude oil prices has severely affected Canada’s economy and environmental groups preventing the growth of the oil patch in Canada is having a major impact. Porter commented Canada has always had the resources and must now begin to use them beneficially.

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Member News

Bombardier explores sale or IPO of rail business as aircraft unit falters: sources

Bombardier Inc, the world’s largest manufacturer of transportation vehicles and equipment, is looking for strategies to raise the company’s profits. A possible sale or merger of the business alongside an IPO (initial public offering) in Germany or in the UK are in discussion. The company has already decided on issuing new shares to help lift its finances.

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CPPIB and Permira Funds acquire Informatica

Informatica, a leading independent supplier of software related to data integration and similar services, has been acquired by CPPIB and Permira Funds by unanimous decision. The Board of Directors agree it is ‘in the best interest’ of Informatica shareholders, and the company will maintain its commitment to customers, partners and employees. Informatica shareholders are urged to embrace the agreement as it will enable progression and if approved, the transaction will go ahead by the second or third quarter of 2015.

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McCarthy Tétrault launches cybersecurity, privacy and data protection blog

McCarthy Tétrault has launched a new blog, CyberLex. The blog will highlight the latest trends and developments in cybersecurity, as well as privacy and data protection laws in Canada and the rest of the globe. It will be updated frequently with new developments in cybersecurity.

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Shell-BG megamerger could decide fate of major B.C. LNG projects

Shell has proposed a $70-billion USD merger with BG Group for BC LNG (liquefied natural gas) projects. However with the falling prices of oil and gas, it is uncertain whether the merge will allow for a continuation of both Shell’s B.C. LNG and BG Group’s LNG projects, or if it will eliminate one or both projects. While Shell Canada owns half of LNG Canada, the cost of an LNG export terminal in B.C. may run up to $40-billion CAN.

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