#Bank of Montreal; #onlinebankSimpliiFinancial; #CIBC; #$1 millioninacryptocurrency
Ottawa, May 29 (Canadian-Media): There had been threats by the hackers to release personal information for nearly 100,000 customers of two Canadian banks unless the lenders pay a $1-million ransom for its safe return, media reports said.
Bank of Montreal and online bank Simplii Financial, owned by CIBC learnt over the weekend that the identifying personal information of a combined 90,000 different account holders at the two banks was stolen.
Bank of Montreal/Facebook
By exploiting weaknesses in the two banks' security systems, the thieves were reportedly able access information such as names, account numbers, passwords, security questions and answers, and even social insurance numbers and account balances.
"We warned BMO and Simplii that we would share their customers informations if they don't cooperate," a Russian-based email purportedly from the thieves said Monday evening.
The email also provided a brief explanation of how they say they hacked the accounts. The hackers claim they were able to gain partial access to accounts by using a common mathematical algorithm.
The email demanded a ransom of $1 million in a cryptocurrency known as Ripple be paid for the return of the data by yesterday at midnight, otherwise the information would be released.
But reportedly both the banks had not paid any ransom.
But the worrisome fact is that there are large gaps in the banking system.
#gasolinepricesinCanada, #VictoriaDaylongweekend; #DanMcTeague; #logisticalissues; #JasonParent
Toronto, May 19 (Canadian-Media): Average gasoline price across the country currently is 134.4 cents per litre, but prices are expected to rise in most of Ontario, media reports said.
Dan McTeague of GasBuddy.com., Fuel market analyst said prices were expected to rise in Ontario, the Maritimes, Manitoba and Saskatchewan, but fall from highs in Alberta and Quebec.
Gasoline prices in many parts of Canada rise during Victoria Day Long Weekend.
McTeague said Toronto, Hamilton, Ottawa and most of the rest of Ontario would see increased gasoline prices, reaching an average of 140.9 cents per litre on Saturday, the highest since June 29, 2014.
"We said this would be the highest price [in four years] ... but honest to God, I never thought it would be this high," said McTeague.
It was in August 2008. that Canada recorded the highest average price of reportedly 142.4 cents
Jason Parent, Kent Group vice-president said this time of the year usually experiences higher fuel because increased demand allows retailers to build in bigger profit margins.
"We're into the beginning of the summer driving season and demand's on the rise and supply generally is a bit tighter," he said. "The general trend at this time of year is upward."
Gas prices in New Brunswick and Newfoundland and Labrador rose Thursday by more than two cents, McTeague reported.
Quebec prices are expected to fall by as much as 10 cents over the weekend, while Alberta prices would reportedly slump by about four cents, in both cases due to local market pressures.
McTeague said Vancouver region prices could rise over the weekend but will fall back as the work week dawns.
Vancouver records reportedly prices higher than anywhere else in North America because of logistical issues.
"They can't bring enough product from Alberta into the region, so they have to go out and get imports, and over the last while, those have been higher priced because the import market is fairly competitive on the West Coast right now," he said.
#higherborrowingcosts; #curbeconomicdemand, #NikNano, #NanosResearch; #Bloomberg, #CentralBankofCanada
Ottawa, May 14 (Canadian-Media): A Nanos Research survey suggested that millennials are already disturbed by higher interest rates and spending less, media reports said.
According to the survey by Nanos Research -- conducted on behalf of Bloomberg between April 28 and May 4 -- more than half of Canadians under 35 years old admitted of spending less because of recent interest rate increases, with 30 percent of respondents report higher rates had a negative impact on their personal spending and with another 23 percent said the effect was somewhat negative.
41 percent, among respondents of all ages, reported at least a somewhat negative effect from higher rates.
The survey suggested higher borrowing costs had not only reportedly begun to curb demand in the economy, but also had underscored how the impacts will reverberate beyond real estate as households offset rising interest payments by cutting back on other things.
Most economists, including those at the Bank of Canada, had begun to anticipate the decline of economy in coming years was primarily due to the slowdown in consumer spending.
“Research suggests that age is a significant determinant of the possible impact of rate hikes on the personal spending of Canadians,” said Nik Nanos, chairman at Nanos Research. “The spending of younger Canadians, under 35 years of age, will likely be squeezed the most.”
Younger Canadians particularly would reportedly be faced with the problem while borrowing to buy into a housing market because if its skyrockeing prices, over the past decade, which had been doubled in cities such as Vancouver and Toronto.
Due primarily to the recent period of extremely low borrowing costs, the Bank of Canada predicted the economy was 50 percent more sensitive than before to rate hikes.
Borrowing costs by Canada’s central bank, had tripled since July, with investors anticipating two more increases later this year.
Some of the other highlights of the poll are: close to one in 10 of the respondents felt rate increases had a positive effect on personal spending, while 47 percent report no impact.
41 percent, of those between 35 and 54 years old, report higher rates having a negative effect.
Those over the age of 55 reported the least negative effects, with for one third higher rates harmed personal spending.
Highest share of negative responses, at 47.9 percent, was felt by Quebec .
Ontario had the lowest, at 33.5 percent, with females, at 42.9 percent more negatively affected than males at 39.8 percent.
The results of the hybrid telephone and online survey of 1,000 Canadians at least 18 years old are reportedly accurate to within 3.1 percentage points, 19 times out of 20.
#Canada'sPhoenixpaysystem, #MinistryofPublicServicesandProcurement, #paypodmodel
Ottawa, May 11 (Canadian-Media): More than half of all federal public servants had been plagued by more than 600K pending cases in Canada's Phoenix pay system, media reports said.
Canada's Phoenix pay system/Facebook page
More than half of all federal employees, had reportedly, suffered a pay problem.
Reportedly since March 21, only 5,000 problematic cases, with financial implications for public servants, could be settled.
Approximately 372,000 cases, as of May 2, with immediate consequences on the salaries of civil servants, were still pending.
A total of 607,000 cases are still pending at the pay centre in Miramichi, N.B., revealed Thursday by the Ministry of Public Services and Procurement, the department of the Government of Canada responsible for the government's internal servicing and administration.
The distribution of the pending cases are: 452,000 with financial implications for public servants; 101,000 without financial impact; 14,000 are related to collective agreements; 40,000 must be closed.
This was in spite of the investment of nearly $1 billion by federal government to launch and troubleshoot the system.
Latest budget released by the federal government included $16 million to find a replacement for the pay system.
In the meantime, the workflow of its Phoenix support workers in Miramichi is being changed to a "pay pod" model where troubleshooters are assigned to specific departments.
#Qikiqtarjuaq, #Nunavut, #Canada, #CanadianNorthernEconomicDevelopmentAgency, #CanNorfundingbenefitsNunavutfisheries; #NunavutFisheriesAssociation, #NavdeepBains; #fisheriesresearch; #feasibilitystudies,
Qikiqtarjuaq, NU, May 9 (Canadian-Media): Canadian Northern Economic Development Agency (CanNor) is investing over $2.5 million dollars over four years in fisheries research project off the coast of Baffin Island, Nunavut to support the work of the Nunavut Fisheries Association, formerly known as the Nunavut Offshore Allocation Holders Association, announced May 8 by Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development and the Minister responsible for CanNo, media reports said.
“The Government of Canada has long supported the development of the fisheries sector in the North. By providing investments in research, training, and infrastructure we are helping to grow an industry worth millions and provide employment to those living in Northern communities,” said Bains.
Since its creation, CanNor has invested more than $8 million in exploratory fisheries research and feasibility studies in the North resulting in increase in Northern fisheries quotas and expansion of the development of the industry.
Building of the previous research in the region, CanNor is investing $526,130 over two years to develop the inshore turbot fishing industry in Qikiqtarjuaq.
Government of Nunavut’s Department of Environment, in addition, is investing $369,720 and the Hamlet is in contributing $23,300, bringing the total for the project to $919,150.
CanNor funding for the two projects amounts to $2,593,900.
With the additional $393,020 from partners, both projects amount to a total of $2,986,920 in investment in Nunavut.
As well, a large walk-in energy efficient community freezer powered by green technology is being built to hold harvested fish.
“Science and research is the backbone of fisheries development and sustainability. The Nunavut Fisheries Association (NFA) appreciates CanNor’s ongoing support for our research initiatives and its commitment to a multi-year research program. The NFA is committed to the growth and development of the Nunavut fishery and increasing employment and socio-economic benefits for Nunavummiut,” Lootie Toomasie, A/Chair, Nunavut Fisheries Association said.
(Reporting by Asha Bajaj)
#LendingLoop; #LendifiedTechnologiesInc.; #peer-to-peerlending; #OntarioCreditunions;
Ottawa, May 4 (Canadian-Media): A pilot project, Lending Loop, a peer-to-peer online lending platform for small-business loans, which will lend loans by 10 percent was announced May 2 in partnership with Ontario will that will provide $3-million of loans to businesses across Ontario, over the next two years, media reports said.
According to official reports, full re-payment of the loan plus interest will be received by the government at the end of the loan terms, .
“This pilot program is important as it will significantly benefit small businesses, accelerate Fintech adoption, and provide new opportunities for financial institutions,” Jeff Leal, Minister Responsible for Small Business, said in a statement.
People who need to borrow for their small-businesses by fintech start-ups face challenges usually face challenges while accessing financing from traditional sources – such as Canada’s five big banks.
Other challenges faced by the small business while borrowing are annual interest rates between 8 percent to 40 percent due to several factors such a lack of operating and credit history, unaudited financial information or an absence of steady cash inflows.
As part of Ontario’s strategy to support small businesses, the 2017 Fall Economic Statement included a commitment to establish a pilot project to address small-business financing challenges.
Following a number of consultations with representatives of lending platforms, credit unions and large financial institutions held early 2018 by the ministry to determine the best approach, it was found that many businesses struggle when it comes to securing loans between $500,000 and $1-million.
“The new lending commitment from the province recognizes the contribution that non-traditional channels can play in improving businesses’ access to capital,” says Cato Pastoll, co-founder and CEO of Lending Loop. “This partnership is a major step forward for peer-to-peer lending in Canada. Globally, over $40-billion has been lent to businesses through the peer-to-peer model, and we are incredibly excited to see the Ontario government involved in helping support the growth of businesses across the province.”
This partnership is a major step forward for peer-to-peer lending in Canada,' says Mr. Pastoll.
“Peer-to-peer lending platforms play an important role because they increase the amount of capital for small businesses by creating new sources of loan capital, more sophisticated credit models, and efficient access,” said a spokesperson for Mr. Leal’s office. “Platforms in other markets have proven that lending to small businesses with affordable, long-term capital not only benefits the small businesses but is also a highly attractive investment for investors.”
To promote awareness of alternative forms and sources of lending programs available to small businesses, the pilot program is committed to provide a grant of up to $750,000 to the Toronto Financial Services Alliance.
A second grant of $1.75-million was also announced by credit unions to support the adoption of fintech technology to increase the loans being made to small businesses.
Online provider Lendified has been outsourcing its technology platform to credit unions since early 2017 and currently is in discussions with two Ontario Credit unions to implement its software for in-house financing.
"We want to help provide the credit unions with the tools to efficiently underwrite and get more credit into the marketplace by using the advanced technology that we offer,” said Kevin Clark, president of Lendified.
As a peer to peer lender, Lending Loop’s model allows individual retail investors to invest as little as $25.
These investors then peruse an online marketplace of small businesses and select the companies they think should be financed.
Lending Loop, registered as a market dealer, allows small businesses to apply online for business loans up to $500,000.
(Reporting by Asha Bajaj)
Toronto, May 2 (Canadian-Media): Toronto Mayor John Tory and Councillor Christin Carmichael Greb announced this morning that the City of Toronto would be spending the next few weeks focused on filling potholes, media reports said.
“Now that we won’t see the weather dip below the freezing mark and now that our spring clean-up is done, it’s time we focus on getting every pothole in the city filled as soon as possible,” said Mayor Tory. “I want the residents of Toronto to know that the City is on top of it.”
John Tory/Facebook page
25 to 30 crews on the roads from 6AM-6PM Mondays to Fridays would be employed by the city to fill potholes for the month of May
The City reportedly aims to repair potholes within four days of receiving a complaint.
Road users and business owners can help by reporting potholes when they see them.
You can report online at https://www.toronto.ca/services-payments/streets-parking-transportation/road-maintenance/potholes/ or by calling or emailing 311 or by using the 311 app available online.
Creation of potholes is the result of water penetrating the top layer of asphalt through cracks in the road.
With the freezing of the moistureand its subsequent expansion, sections of the pavement are forced up.
The pavements are broken by the weight of vehicles going over this section of road and the asphalt is forced out.
The City has repaired, over the past three years, an average of 210,500 potholes annually.
So far this year, the City has repaired 133,852 potholes, 96,222 potholes were repaired between Jan. 1 and April 30 last year.
With its comprehensive road maintenance program, the City spends approximately $171 million annually on road repairs, rehabilitation and maintenance work, including between $4 million and $5 million to fix potholes.