Toronto, July 30 (Canadian-Media): Personal information from more than 100 million Capital One credit applications, including six million from Canada, have been compromised by a hacker's access to these accounts, media reports said.
Capital One/Twitter & Paige A. Thompson/Twitter
This malpractice of hacker was identified by a a credit card issuer on July 19.
The hacker, Paige A. Thompson was charged with a single count of computer fraud and abuse in U.S. District Court in Seattle and was arrested by the federal authorities.
After making a brief court appearance, Thompson was ordered to remain in custody pending a detention hearing Thursday.
Information including credit scores and balances plus the Social Security numbers of about 140,000 customers in the United States were hacked. The bank said it will offer free credit monitoring services to those affected.
Approximately one million Social Insurance Numbers of Canadians were compromised in this incident.
“While I am grateful that the perpetrator has been caught, I am deeply sorry for what has happened,” said Capital One CEO Richard D. Fairbank. “I sincerely apologize for the understandable worry this incident must be causing those affected and I am committed to making it right.”
Reporting by Asha Bajaj
Ottawa, July 26 (Canadian-Media): The Bank of Canada has lowered the mortgage stress test rate for the first time in three years, according to a CBC News report.
The central bank lowered the five-year benchmark qualifying rate to 5.19% from 5.34% – the first time the stress test rate has dropped since September 2016. The Bank of Canada’s five-year benchmark rate is two percentage points higher than the average rates used by the country’s Big Six banks.
The stress test rate is the financial bar that that a borrower must pass in order to be approved for a mortgage loan. While a lower rate means it will be easier for borrowers to qualify for a mortgage, some brokers believe that the impact to the housing market will be minimal in the short-term.
Read more: Mortgage stress test has caused “near recession” housing demand
"It allows someone purchasing to buy a little bit more but it's not that significant," Samantha Brookes, chief executive officer of Mortgages of Canada, told CBC News. "Consumers are in this wait-and-see pattern — it's still difficult to get into the market because that stress test is there."
However, Sherry Cooper, chief economist for Dominion Lending Centres, said that the industry should not discount the psychological impact of a lower stress test rate.
“This 15-basis point drop in the qualifying rate will not turn the housing market around in the hardest-hit regions, but it will be an incremental positive psychological boost for buyers,” said Cooper. “It should also counter, in some small part, what’s been the slowest lending growth in five years.”
Ottawa, July 24 (Canadian-Media): 2020 schedule for policy interest rate announcements and the release of the quarterly Monetary Policy Report and reconfirmed the scheduled interest rate announcement dates for the remainder of this year were published yesterday by Bank of Canada, Bank of Canada reports said.
Bank of Canada/Twitter
The Bank's schedule for the release of the Financial System Review and the winter through autumn issues of the Business Outlook Survey were also published.
The scheduled dates for the interest rate announcements from September 2019 through December 2019 are reconfirmed as follows:
Wednesday, Sept 4; Wednesday, Oct 30; and Wednesday, Dec 4
The scheduled dates for the interest rate announcements for 2020 are:
Wednesday, January 22; Wednesday, March 4; Wednesday, April 15; Wednesday, June 3; Wednesday, July 15; Wednesday, September 9
Wednesday, October 28; Wednesday, December 9
All interest rate announcements will be made at 10:00 (ET), and the Monetary Policy Report will be published concurrently with the January, April, July and October rate announcements.
The scheduled dates for the release of the 2020 issues of the Business Outlook Survey are as follows: Monday, January 13; Monday, April 6; Monday, July 6; Monday, October 19
All survey releases will take place at 10:30 (ET). The release of the Financial System Review is scheduled to take place on Thursday, May 14, 2020, at 10:30 (ET).
Calgary (AB), July 22 (Canadian-Media): An announcement was made today by Minister Ng, Minister of Small Business and Export Promotion to invest $3,237,759 through the WES Ecosystem Fund (Regional Stream), media reports said.
Mary Ng, along with Kent Hehr, Member of Parliament for Calgary Centre, joined local women entrepreneurs and business leaders today to celebrate women's entrepreneurship in Canada and share how the federal government is helping women succeed.
Mary Ng/Facebook (left) and Kent Hehr/Facebook (right)
"Our government believes that women's economic empowerment is not just the right thing to do; it's good for the bottom line...Women Entrepreneurship Strategy...seeks to double the number of women-owned businesses...a smart investment with an economic and social return," said Mary Ng.
The investment of $3,237,759 through the WES Ecosystem Fund (Regional Stream) would be made in the following three organizations : Community Futures Central Alberta, located in Red Deer, Alberta to create an Indigenous women entrepreneurship program in central Alberta; Momentum Community Economic Development Society, located in Calgary, Alberta, to make entrepreneurship programs accessible to vulnerable women and women-run social enterprises in Calgary; and Lethbridge Economic Development Initiative Society (Economic Development Lethbridge), located in Lethbridge, Alberta, to create a science, technology, engineering and math (STEM)–centric community for women in southern Alberta.
The Government of Canada's efforts to advance gender equality including addressing pay equity, introducing more affordable child care and putting an end to gender-based violence are complemented by the Women Entrepreneurship Strategy.
"Today's investments will help women-owned and -led businesses across Calgary and Alberta innovate, grow, and export to new markets," said Kent Hehr
Final funding is subject to negotiation of contribution agreements.
Ottawa, July 21 (Canadian-Media): An announcement was made earlier this week by Harjit Sajjan, Minister of National Defence that the Child Care Benefit (CCB) for the 2019–20 will be raised to keep up with the cost of living, media reports said.
All images from Facebook
“Raising a family isn’t easy...I’m proud that the Canada Child Benefit is increasing, helping millions of middle-class Canadian families and the people working hard to join them.” said Sajjan.
Keeping in mind Government of Canada's top priority --help middle-class Canadian families provide the best start in life for their children -- the increase for CCB for the 2019–20 benefit year would mean that the maximum benefit will be $6,639 per child under age 6, and $5,602 per child aged 6 through 17.
“Today’s announcement means that Canadian parents will have more money in their pockets—up to $143 more tax-free per child...Increasing the CCB once again demonstrates our government’s vital role in supporting those families who really need it most,” said Jean-Yves Duclos, Minister of Families, Children and Social Development
For example, a single mother with two children under the age of 6 and an income of $30,000 will receive an additional $286 tax-free for the upcoming benefit year. This means up to $13,278 in support every year. Increasing the CCB will ensure all Canadian families get a fair chance to succeed.
“On this third anniversary of the Canada Child Benefit, we are celebrating helping families in situations where a bit of extra money is really making a difference. Tax filing opens the door to benefits and credits, and we will continue to make it easier for Canadians to access the support to which they are entitled,” said Diane Lebouthillier, Minister of National Revenue
Apart from increase in CCB, CCB application forms have been simplified following extensive consultation to ensure that all Canadian parents can more easily access the benefits and credits to which they are entitled.
Examples of the new indexation rates for the upcoming 2019–20 benefit year are as follows:
A single-parent family with one child below the age of 6 and earning $25,000 will receive an additional $143, bringing their new yearly total benefit to $6,639; a two-parent family with two children aged 4 and 9 and earning $55,000 will receive an additional $354, bringing their new yearly total benefit to $9,017; and a two-parent family with two children under the age of 6 earning $90,000 will receive an additional $263 benefit year, bringing their new yearly total benefit to $7,090.
(Reporting by Asha Bajaj)
Ontario Premier Ford and New Brunswick Premier Blaine Higgs Work Together to Make Life More Affordable for People
Ottawa, July 12 (Canadian-Media): Ontario Premier Doug Ford and New Brunswick Premier Blaine Higgs released the following joint statement yesterday, media reports said.
Doug Ford/Facebook Blaine Higgs/Facebook
"We're committed to tackling the issues that matter most to the people of Ontario and New Brunswick. We're united by our shared priorities of getting rid of interprovincial trade barriers, creating jobs and prosperity, and making life more affordable for people.
We stand shoulder-to-shoulder with the workers and businesses in our provinces' forestry sectors. They play a critical role in our economies. We know that fair and open trade is the best outcome for people and businesses on both sides of the border. That's why we continue to stand with our forestry sectors to fight unfair U.S. duties on softwood lumber.
Ontario and New Brunswick remain committed to the fight against the federal government's job-killing policies, including the carbon tax and Bill C-69. New Brunswick continues to support Ontario's position that the federal carbon tax is an unconstitutional, disguised tax on hard-working families and individuals.
Ontario and New Brunswick further call on the federal government not to landlock the potential of nation-building projects like pipelines that will create thousands of jobs for Canadians and bring countless benefits to communities across the country.
We will continue to work together closely to drive economic growth and create jobs and opportunity for the people of our two provinces."
Ontario Premier Doug Ford's statement on the Council of the Federation meeting in Saskatoon, Saskatchewan
Ottawa, Jul 12 (Canadian-Media): Following a successful Council of the Federation summer meeting in Saskatoon, Premier Doug Ford yesterday issued the following statement, media reports said.
"At this year's conference, Ontario stands united with our provincial partners in making Canada open for business and open for jobs.
Canada's Premiers raised the issue of the growing use of protectionist measures by the U.S., including "Buy America" requirements at both the federal and state level. All provinces, including Ontario, remain concerned that these requirements will have a devastating impact on Canadian families and businesses who depend on this vital trading relationship to make ends meet.
Together with our provincial partners, Ontario renews our call on the federal government to take immediate action to ensure Canada is exempt from any "Buy America" provisions. 550 workers in Thunder Bay have lost their jobs because the federal government has failed to stand up to this damaging policy. We need Ottawa to act now and protect manufacturing jobs from the Buy America Act.
Ontario has made incredible progress with our provincial partners towards eliminating internal trade barriers. We continue to make inroads with our provincial partners through our Memorandum of Understanding with Saskatchewan and ongoing discussions with Quebec and Manitoba to knock down these barriers and create more opportunities for businesses.
Ontario is willing to work with any province or territory to accelerate the removal of internal trade barriers and help businesses create jobs, attract investment and bring prosperity to every corner of the country. We believe that such measures are not only good for Ontario, but good for all of Canada.
Ontario continues to work with our like-minded provinces to oppose punishing federal policies that do not properly balance job creation and economic growth with environmental protection. Our position remains the same — the federal carbon tax is a cash grab that is making life more expensive for hard-working people across this country.
We call on the federal government to revisit policies like Bill C-69. This legislation will grind new resource development and the energy sector to a halt across Canada and kill jobs that hard-working families depend on to make ends meet, moving us backward when we should be going forward.
Ontario further joins our provincial and territorial partners in calling on the federal government to do its part to put patients first and strengthen health care systems across Canada by increasing the growth rate of the Canada Health Transfer to 5.2 per cent annually. This increase is critical to cutting hospital wait times and ending hallway health care for Ontario and Canadian patients alike.
I would like to thank Premier Moe and the good people of Saskatchewan for hosting this meeting of Canada's Premiers. I look forward to continuing to work closely with our provincial and territorial partners on shared priorities that will benefit the people of Ontario and all Canadians."
Ottawa, July 10 (Canadian-Media): Bank of Canada shows positive signs in the Canadian economy as evident by the unchanged overnight rate at 1.75 per cent, where it has stayed since the Bank announced an interest rate increase in October 2018, media reports said.
Bank of Canada/Wikipedia
Led by a healthy labour market, solid business and consumer confidence, the central bank reportedly gave a slight bump to its 2019 growth forecast, which now stands at 1.3 percent, up from the 1.2 percent in its April projection.
#VancouverHomeSales; #BritishColumbia, #Canada
Vancouver, July 3 (Xinhua): The residential home sales in Greater Vancouver Area fell to a 19-year low in June and the benchmark residential price dropped below 1 million Canadian dollars (about 760,300 U.S. dollars), according to the Real Estate Board of Greater Vancouver on Wednesday.
The residential home sales in the region totalled 2,077 in June, 14.4 percent decrease from the 2,425 sales recorded in June 2018.
Last month's sales were 34.7 percent below the 10-year June sales average. This is the lowest total for the month since 2000.
The benchmark residential price, an industry representation of the typical home sold in the area, slipped to 998,700 Canadian dollars in June. This represents a 9.6-percent decrease over June 2018 and a 0.8-percent decrease compared to May 2019.
Ottawa, July 3 (Xinhua) -- Canada saw a trade surplus of 762 million Canadian dollars (about 582 million U.S. dollars) in May, the second surplus since December 2016, according to Statistics Canada on Wednesday.
The unexpected surplus came after a trade deficit of 1.1 billion Canadian dollars in April.
Statistics Canada attributed the May surplus to increasing exports of motor vehicles, aircraft and energy products.
Total exports rose 4.6 percent to a record 53.1 billion Canadian dollars in May, with nine of 11 product sections posting increases. Exports of motor vehicles and parts, aircraft and other transportation equipment and parts, and energy products contributed the most to the increase.
Year over year, total exports were up 8.6 percent. In May, non-energy exports rose 4.5 percent.
Total imports rose one percent to 52.3 billion Canadian dollars in May, with six of 11 product sections posting increases. Higher imports of aircraft, as well as motor vehicle engines and motor vehicle parts, contributed the most to the overall increase. Year over year, total imports were up 1.1 percent.