Former MP Luciana Berger joins Cazoo’s ESG board

first_imgJoining as a non-executive director, Berger’s political career last saw her as the Liberal Democrat shadow spokesperson for health, social care and wellbeing in 2019. whatsapp whatsapp “Luciana’s extensive experience across corporate social responsibility, environmental policy and mental health issues will be invaluable as we continue to grow our team and business in a sustainable way over the coming years,” founder and CEO of Cazoo, Alex Chesterman OBE, said. Online used-car retailer Cazoo has appointed former MP Luciana Berger to its board, once its $7bn merger with AJAX has been completed. Show Comments ▼ Berger will take up her role on the Cazoo board once Cazoo’s £5bn Spac deal has been completed in the third quarter of this year, allowing it to list on the New York Stock Exchange. Currently managing director of advocacy and public affairs at Edelman UK, the former MP will become the chair of the environment, social and corporate governance (ESG) committee at the car retailer. Share Once serving as an MP in Liverpool Wavertree for almost a decade, Berger was also the shadow minister for energy and climate change, shadow minister for public health and shadow cabinet member for mental health between 2010 and 2016.center_img Former MP Luciana Berger will join the board in the third quarter of this year. Also Read: Former MP Luciana Berger joins Cazoo’s ESG board Tags: ESG Mergers and acquisitions Millie Turner Former MP Luciana Berger will join the board in the third quarter of this year. Former MP Luciana Berger will join the board in the third quarter of this year. Also Read: Former MP Luciana Berger joins Cazoo’s ESG board “Cazoo is already one of the UK’s great success stories, making life easier for thousands of customers in ways which are ethical, transparent and environmentally sustainable,” Berger said. by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeAll Things Auto | Search AdsNew Cadillac’s Finally On SaleAll Things Auto | Search AdsLivestlyPlugs Have These Two Holes At The End, Here’s WhyLivestlyFactableAluminum Foil Uses You’ll Want to KnowFactableBrake For ItSay Goodbye: These Cars Will Be Discontinued In 2021Brake For ItMoneyWise.comMechanics Say You Should Avoid These Cars In 2021  MoneyWise.comDaily Funny40 Brilliant Life Hacks Nobody Told You AboutDaily Funnyzenherald.com20 Rules Genghis Khan’s Army Had To Live Byzenherald.comLuxury SUVs | Search AdsThese Cars Are So Loaded It’s Hard to Believe They’re So CheapLuxury SUVs | Search AdsPost Fun25 Worst Movies Ever, According To Rotten TomatoesPost Fun Former MP Luciana Berger joins Cazoo’s ESG board Tuesday 4 May 2021 9:01 amlast_img read more

Hedge fund legend Ray ‘cash is trash’ Dalio ditches bonds for Bitcoin as losses hit $12bn

first_img Ray Dalio (source: WKP) Also Read: Hedge fund legend Ray ‘cash is trash’ Dalio ditches bonds for Bitcoin as losses hit $12bn In a recorded interview shown yesterday at CoinDesk’s Consensus 2021 conference, Dalio said he would rather own Bitcoin than bonds.  Tags: Bitcoin and blockchain Ray Dalio (source: WKP) Also Read: Hedge fund legend Ray ‘cash is trash’ Dalio ditches bonds for Bitcoin as losses hit $12bn Ray Dalio (source: WKP) “The guy hates cash; we know this, but now he hates bonds too,” commented Neil Wilson, chief market analyst at Markets, this morning. Last year, his main macro fund, the Pure Alpha II fund, lost 12.6 per cent, however. Over the course of 2020, Dalio lost over $12bn whilst peers excelled, Wilson said. Show Comments ▼ Hedge fund legend Ray ‘cash is trash’ Dalio ditches bonds for Bitcoin as losses hit $12bn “He also famously said that ‘cash is trash’, which is kind of a pro-crypto statement in that it tells you he thinks that owning a depreciating asset, such as cash, is pointless,” he noted. Michiel Willems “It was not a great performance in a year in which many investors were able to successfully call the bottom and ride the recovery in the stock market.” “For the founder of Bridgewater Associates, even the most volatile asset out there is better than picking up dimes from in front of the inflation steamroller,” he added.center_img Ray Dalio (source: WKP) Also Read: Hedge fund legend Ray ‘cash is trash’ Dalio ditches bonds for Bitcoin as losses hit $12bn The only problem with this argument is that anything that can depreciate by more than 30 per cent in 24hrs is demonstrably not a good store of value, Wilson continued. “I have some Bitcoin, and I have a very particular set of skills”. Ok, US billionaire Ray Dalio didn’t say the second bit, but it would have been good if he did. whatsapp “That’s a heck of a lot of years of inflation erosion compressed into a single day. Ok, it’s back up now a bit, but who’s telling where it will head next?” Bitcoin bounced on Monday after a steep fall over the weekend. Price action ran into resistance at the $40k level and this morning trades a little below around the $39k area, but well above last week’s multi-month nadir of $30k.   Tuesday 25 May 2021 7:16 pm Dalio previously presented his views on Bitcoin in January, saying that Bitcoin “has features that could make it an attractive storehold of wealth”.  “Dalio has a very particular set of skills: he’s good at making investment calls. Or at least, he has been good for a long time,” Wilson pointed out. whatsapp Share Losses of $12bnlast_img read more

Iran and world powers race to agree accord before deadline

first_img Share Sunday 29 March 2015 12:24 pm Jessica Morris whatsapp Show Comments ▼ World powers stepped up nuclear talks with Iran today as they race to agree on the parameters of an accord ahead of a self-imposed deadline on 31 March.The foreign ministers of the United States, France and Germany are reported to have cancelled their travel plans over the next few days.  It’s hoped the negotiations, taking place in the Swiss city of Lausanne, will culminate in a document that can be used as a basis for the the comprehensive agreement to be completed by the end of June.However, officials have warned there’s no guarantee they’ll get a framework by the end of March, and if they do, a final one in June.The United States, Britain, France, Germany, Russia and China are seeking a minimum 10-year suspension of Tehran’s most sensitive nuclear work. However, Tehran denies charges that its trying to build a nuclear weapon and has repeatedly insisted the programme is for peaceful purpose. Iran is also is seeking an end to UN-imposed international sanctions which have crippled its economy. center_img by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailzenherald.comMeghan Markle Changed This Major Detail On Archies Birth Certificatezenherald.comMaternity WeekA Letter From The Devil Written By A Possessed Nun In 1676 Has Been TranslatedMaternity WeekComedyAbandoned Submarines Floating Around the WorldComedyGameday NewsNBA Wife Turns Heads Wherever She GoesGameday NewsEquity MirrorThey Drained Niagara Falls — They Weren’t Prepared For This Sickening DiscoveryEquity MirrorNoteableyKirstie Alley Is So Skinny Now And Looks Like A BarbieNoteableyBridesBlushThis Is Why The Royal Family Kept Quiet About Prince Harry’s Sister BridesBlushOpulent ExpressHer Quadruplets Were Born Without A Hitch. Then Doctors Realized SomethingOpulent Express Iran and world powers race to agree accord before deadline whatsapp More From Our Partners Brave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgSidney Crosby, Alex Ovechkin are graying and frayingnypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgConnecticut man dies after crashing Harley into live bearnypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.com‘Neighbor from hell’ faces new charges after scaring off home buyersnypost.comMatt Gaetz swindled by ‘malicious actors’ in $155K boat sale boondogglenypost.comKamala Harris keeps list of reporters who don’t ‘understand’ her: reportnypost.comI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.comKiller drone ‘hunted down a human target’ without being told tonypost.com980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comUK teen died on school trip after teachers allegedly refused her pleasnypost.comSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.com Tags: NULLlast_img read more

News / CEVA the challenger opens new European learning centre in a hunger for innovation

first_imgBy Alex Lennane in Ashby-de-la-Zouch 17/09/2014 The centre, based in CEVA’s European headquarters in Ashby-de-la-Zouch, UK, follows those in Jacksonville, Florida and Singapore. A red carpet leads visitors along an exhibition of the supply chain, showcasing all the elements to CEVA’s business, including a mock-up of a warehouse, complete with technology.“It’s a fast-moving industry, so the elements will change throughout the year,” said Mr Pomlett. “We wanted to create an environment where we cancollaborate, and so that our customers and employees can come and see all that we do.”Whiteboards and TV screens allow customers to explain their business and to understand CEVA’s. One display shows the company’s “Zero Defect Start-up” implementation plan, which is designed to ensure that projects are delivered flawlessly, on time and within budget. One executive, who has been at the company for nearly three years, said CEVA was one of the most methodological and analytical logistics companies he had worked for.CEVA’s mock warehouseSome two years ago, CEVA was plagued by financial uncertainties following a lack of investment by shareholder Apollo. But financial restructuring appears to have put it on a better footing, and the new CEO, Xavier Urbain, has been busy putting in place a new management team.However, a common theme of complaint from CEVA executives is that the brand is not sufficiently well known globally, having existed only since 2007 as a result of the takeover of TNT Logistics by Apollo and subsequent merger with EGL Eagle Global Logistics.The new centre, said Mr Pomlett, would help CEVA reach out to universities and schools as well as customers. Customers will also be offered the chance to see CEVA’s operations at nearby customer bases in Leicestershire.He added that it could also help CEVA recruit the best staff.“We don’t struggle to find employees, but I think we can do better. They don’t tend to be young enough. Some of the best logisticians we have are female, but attracting females to this industry has been a problem for as long as I’ve been in it. We need to bridge that gap.“The industry has developed beyond transportation and there is a lag [in recruitment].”He also emphasised how critical IT had become: “It’s a huge enabler in this business. Logistics is an IT business now.”Gartner’s research on 3PLs revealed that, according to its metrics, no 3PL was “visionary”. But, along with CEVA, Expeditors, UPS Supply Chain, DSV and Damco were all “challengers”, where the service offering was yet to be completely global, and greater expertise was found in some industries than others – “customers may well feel the ‘seams’ of the organisation”. CEVA, which was defined this week in the latest Gartner research as a “challenger” 3PL, yesterday revealed a new confidence and hunger for innovation in an industry often seen as too traditional.At the opening of the firm’s first European Centre of Logistics Excellence, Leigh Pomlett, president Europe, said CEVA wanted to widen its reach and and help people understand the industry better.Leigh Pomlett, CEVA president Europe“I think we work for one of the most misunderstood industries in the world,” he said. “We are accused of being an industry which is lacking in innovation. This centre allows us to think in a more innovative way – this is a tool that enables us to do this.”last_img read more

As yellow fever crisis spreads, health officials prepare a major vaccination campaign

first_imgHealthAs yellow fever crisis spreads, health officials prepare a major vaccination campaign @HelenBranswell Senior Writer, Infectious Disease Helen covers issues broadly related to infectious diseases, including outbreaks, preparedness, research, and vaccine development. Health officials in Congo are preparing for a major yellow fever vaccination campaign later this month in hopes of halting the spread of the disease before it creeps into the capital, a possibility that has sparked fears of a much wider epidemic.To stretch limited global supplies of the vaccine, officials in the capital, Kinshasa, plan to use a smaller dose than normal, a proposal that has been endorsed by both the World Health Organization and Congo’s health ministry.But a WHO official told STAT that authorities have considerable work to do before they can set a formal date for the vaccination campaign: securing enough special syringes to deliver a far smaller dose of vaccine, training health workers, and finalizing a public education program.advertisement Yellow fever outbreak ‘serious’ but not a global emergency, WHO says By Helen Branswell July 5, 2016 Reprints Residents of Kinshasa read newspapers with reports of yellow fever. Jean Robert N’kengo/Reuters The Congolese health minister, Felix Kabange, said last week the campaign will include everyone in Kinshasa as well as some people in the provinces of Kwango, Lualaba, and Kasai.Currently, the nearly 2 million residents of the capital of the Republic of Congo, Brazzaville — just across the Congo River from Kinshasa — are not scheduled to be vaccinated.“We are trying to do Kinshasa to avoid Brazzaville,” said Perea. Yellow fever hits Angola hardVolume 90%Press shift question mark to access a list of keyboard shortcutsKeyboard ShortcutsEnabledDisabledPlay/PauseSPACEIncrease Volume↑Decrease Volume↓Seek Forward→Seek Backward←Captions On/OffcFullscreen/Exit FullscreenfMute/UnmutemSeek %0-9 facebook twitter Email Linkhttps://www.statnews.com/2016/07/05/yellow-fever-vaccination-campaign-congo/?jwsource=clCopied EmbedCopiedLive00:0000:3600:36  Here’s what you should know about the yellow fever outbreak happening in Angola right now. Hyacinth Empinado/STAT The goal is to get the job done as quickly as possible once the work actually starts, so as to not paralyze other heath activities in the country. Perea said officials hoped to complete the vaccination campaign within two to three weeks.“That will be challenging, but possible,” he said.The yellow fever virus is normally found in forested parts of Africa and South America, where it is transmitted between monkeys and mosquitoes. But it occasionally breaks out of the transmission cycle and starts to infect humans.It is spread by Aedes mosquitoes — the same mosquitoes that transmit the Zika virus.People who contract the virus experience fever, headache, backache, muscle pain, loss of appetite, and nausea, or vomiting. The symptoms typically last three or four days.But after an apparent recovery, about 15 percent of people experience a relapse that spirals them into a second, more severe phase of the illness during which they can develop jaundice. Roughly half of people who develop a toxic phase die, the WHO estimates.Yellow fever has spread into Congo from neighboring Angola, where an outbreak in the capital, Luanda, has expanded to all 18 provinces of the country. The need to mount mass vaccination efforts in Angola has put enormous pressure on the world’s supplies of yellow fever vaccine.An emergency stockpile of 6 million doses of yellow fever vaccine has previously been more than sufficient to quell outbreaks that would flare up.The stockpile is maintained and managed by the WHO, UNICEF, the International Federation of the Red Cross, and Doctors Without Borders. It is paid for by Gavi, the Vaccine Alliance, an international organization that uses private and public money to subsidize vaccination programs for the world’s poorest countries.But so far this year, 19.6 million doses have been delivered or promised through the stockpile. And the outbreaks are still underway.Congo has reported 1,307 suspect and 68 confirmed cases, with 75 reported deaths so far. Many of the cases are imported from Angola; there is substantial movement between the countries. Helen Branswell Vaccination efforts have been concentrated along the countries’ shared border. But a few locally acquired cases in Kinshasa and the fear that the virus could take off in that teeming city — population at least 11.6 million — led to the conclusion Kinshasa should be vaccinated.Global supplies aren’t adequate to give everyone there a full dose. So the WHO’s expert panel on vaccinations has agreed that fractional doses can be given to anyone above 2 years of age.Several studies have suggested smaller doses of the highly effective yellow fever vaccine can still protect against infection. But it’s not known how long that protection will last or whether it will be as protective for infants as it is for adults.So the expert panel recommended everyone who is given a fractional dose should later get another, regular-sized shot as a booster dose. With a regular dose of yellow fever vaccine, one injection is thought to protect for a lifetime.The expert panel also advised that a full dose be used for children under the age of 2. About the Author Reprints Related: To control spread of yellow fever, panel approves WHO plan to ration vaccine “I think we need to think about everything,” said Dr. William Perea, the WHO’s coordinator for control of epidemic diseases unit. “You can never be careful enough.”advertisement Related: If people do not believe the lower dose — one-fifth the normal dose — will be effective, they are likely to try to get vaccinated more than once, putting further strain on supplies. Tags VaccinesWorld Health Organizationyellow feverlast_img read more

As CAR-T changes lives, Medicare’s top official explains why it’s proving so hard to pay for it

first_img GET STARTED [email protected] STAT+ is STAT’s premium subscription service for in-depth biotech, pharma, policy, and life science coverage and analysis. Our award-winning team covers news on Wall Street, policy developments in Washington, early science breakthroughs and clinical trial results, and health care disruption in Silicon Valley and beyond. By Nicholas Florko Aug. 6, 2019 Reprints Daily reporting and analysis The most comprehensive industry coverage from a powerhouse team of reporters Subscriber-only newsletters Daily newsletters to brief you on the most important industry news of the day STAT+ Conversations Weekly opportunities to engage with our reporters and leading industry experts in live video conversations Exclusive industry events Premium access to subscriber-only networking events around the country The best reporters in the industry The most trusted and well-connected newsroom in the health care industry And much more Exclusive interviews with industry leaders, profiles, and premium tools, like our CRISPR Trackr. Unlock this article — plus daily intelligence on Capitol Hill and the life sciences industry — by subscribing to STAT+. First 30 days free. GET STARTED Log In | Learn More CMS Administrator Seema Verma Mandel Ngan/AFP/Getty Nicholas Florko What’s included?center_img A version of this story first ran in D.C. Diagnosis, STAT’s weekly newsletter about the politics and policy of health and medicine. Sign up here to receive it in your inbox.WASHINGTON — It’s not every day that high-ranking government officials admit they’re struggling, but Seema Verma is owning her failures — at least when it comes to figuring out how to pay for CAR-T. What is it? About the Author Reprints @NicholasFlorko Washington Correspondent Nicholas Florko reports on the the intersection of politics and health policy. He is the author the newsletter “D.C. Diagnosis.” Tags government agenciesMedicareoncologySTAT+ As CAR-T changes lives, Medicare’s top official explains why it’s proving so hard to pay for it Politics last_img read more

Average tax refund for 2011 is up $70: CRA

IE Staff Related news Canadians plan to use tax refunds to pay down debt: poll Ottawa sitting on $730 million stockpile of uncashed taxes, benefits A tax refund isn’t a ‘windfall’ — it’s a sign of poor tax planning The average refund for the 2011 tax-filing season is more than $1,580-an increase of about $70 per person since last year, the Canada Revenue Agency (CRA) said Friday. Figures released by the CRA illustrate the growing popularity of electronic filing. Among the 25.4 million returns received as of June 14, 16.8 million were filed using electronic services, which is up from 16.1 million at the same time last year. Keywords Tax refundsCompanies Canada Revenue Agency Share this article and your comments with peers on social media Paper filing continues to decrease in popularity. So far this year, 8.6 million paper returns have been filed compared to the 8.8 million that were filed last year. New tax credits this year such as the volunteer firefighters’ tax credit and the children’s arts tax credit helped Canadians reduce their taxes, the CRA noted. Volunteer firefighters were able to claim up to $3,000 on their tax return and parents were able to claim up to $500 for enrolling their children in prescribed programs. Facebook LinkedIn Twitter read more

U.S. equity underwriting down in Q2: SIFMA

first_imgJames Langton U.S. equity underwriting activity declined, but total securities issuance was up in the second quarter, according to the latest data from the Securities Industry and Financial Markets Association (SIFMA). The Washington, D.C.-based trade group published market statistics on Wednesday, including issuance data, for a broad range of asset classes across the U.S. capital markets, which shows that total securities issuance was US$1.76 trillion in the second quarter (Q2 2105), up 3.1% from the first quarter, and up 10.1% from the second quarter of 2014. Issuance increased in all asset classes except for federal agencies, asset-backed securities, and equities, SIFMA notes. Equity underwriting fell 9.5% in Q2 2015 to US$81.0 billion, down from US$89.5 billion in the first quarter, and down 14.2% from the same quarter a year ago. Still, SIFMA notes that issuance was 13.3% higher the five-year average of US$71.5 billion. Asset-backed securities (ABS) issuance came in at US$60.1 billion, down 2.7% from the first quarter, and down 14.8% from Q2 last year. The auto industry continued to lead issuance activity, contributing 46.1% of total quarterly issuance; followed by credit cards, which accounted for 14.7% of issuance. Corporate bond issuance came in at US$442.6 billion in Q2 2015, up 1.7% from the first quarter, and up 3.5% from Q2 2014. Mortgage-related securities issuance totalled US$441.2 billion. Long-term public municipal issuance volume rose 6.2% to US$110.4 billion; and, federal agency long-term debt issuance was US$88.9 billion. Total gross issuance of Treasury bills and coupons for the quarter was US$1.69 trillion in Q2 2015, unchanged from the first quarter, but up by 1.1% from the same quarter in 2014. Related news Facebook LinkedIn Twitter Keywords Share offeringsCompanies Securities Industry and Financial Markets Association center_img Share this article and your comments with peers on social media Diversity in offerings, exchanges highlights Canada’s Q3 IPO market TSX streamlines corporate takeovers Canada’s IPO market topped $2B in 2018last_img read more

Tuula Jalasjaa departs as head of HollisWealth

first_imgScotiabank CEO Brian Porter elected IIF treasurer Tuula Jalasjaa has left Toronto-based Bank of Nova Scotia as head of HollisWealth Inc., a spokesperson with the bank has confirmed. Jalasjaa, who was managing director and head of HollisWealth’s retail advisory network, officially parted ways with the bank on Feb. 11 to pursue other opportunities. Sheila Murray to retire from CI Financial in March Facebook LinkedIn Twitter CI Financial CEO to retire Fiona Collie BMO announces executive retirements Related news Keywords Resignations and retirementsCompanies Bank of Nova Scotia Share this article and your comments with peers on social media The 18-year banking veteran first stepped into a leadership role at HollisWealth in 2013, when it was known as DundeeWealth Inc. Scotiabank, which acquired the independent retail advisory network from Dundee Corp. in 2011, renamed the firm as HollisWealth on Nov. 1, 2013. Jalasjaa succeeded Richard McIntyre, who moved on to another role at Scotiabank. McIntyre has since left the bank and has returned to Dundee, at which he is now executive vice president. Until a new lead is named, the HollisWealth business will report to Glen Gowland, senior vice president, Canadian wealth management, and the day-to-day accountability for the business will be handled by Farhan Hamidani, chief operating officer and managing director of HollisWealth. Prior to her role as head of HollisWealth, Jalasjaa was managing director and head, investment management services, with Scotia Asset Management LP from 2008 to 2013.last_img read more

Canadian banks to report strong quarter amid housing stability, interest rate hikes

first_img Related news Armina Ligaya Facebook LinkedIn Twitter U.S. action on climate benefits banks, asset managers: Moody’s Keywords Banking industry,  Earnings G7 tax pledge may be upstaged by CBDC work “We believe the earnings environment sets up well for a strong second half… With the Canadian housing market behaving itself, investors can turn their attention away from that and towards earnings, which have been supported by (profit) margin expansion, operating leverage, and growth in the expansion segments,” said Robert Sedran, an analyst with CIBC Capital Markets in a research note.Canadian Imperial Bank of Commerce (CIBC) will be the next to report its earnings for the three-month period on Thursday, followed by Bank of Nova Scotia and Bank of Montreal on Aug. 28, National Bank of Canada on Aug. 29 and Toronto Dominion Bank on Aug. 30.One factor looming over the banks’s earnings for most of the fiscal year has been housing activity and mortgage originations after tighter lending guidelines were introduced at the beginning of the year.National home sales in July were down 1.3% compared to a year earlier, smaller than the double-digit declines seen in previous months. The Canadian Real Estate Association said that the new stress test for uninsured mortgages “continues to weigh on home sales but its effect may be starting to fade slightly in Toronto and nearby markets.” However, fewer sales in major urban centres in British Columbia weighed down the overall home sales figure.Some analysts say they expect banks’ earnings performance to be driven in part by improvements in housing market stability, particularly in the Greater Toronto Area, but others are advising caution.In the fiscal first and second quarters, most Canadian banks got a bump from a spike in mortgage origination at the end of the calendar year as homebuyers rushed to lock in home loans before the new rules took effect on Jan. 1.“As this phenomenon fades, we are expecting to see a sharp drop-off in origination volumes in the second half,” said Gabriel Dechaine, an analyst with National Bank of Canada. Dechaine estimates that for banks to fall in line with their forecast of a 5% drop in uninsured mortgage origination volumes, originations will need to fall by 20% in the second half, he said in a research note.Still, Canada’s Big Six banks and Quebec’s Desjardins Group have built up a capital buffer and are better prepared for a housing crisis at home than they were in 2016, Moody’s Investor Service said in a recent report.Plus, economic fundamentals and a rising interest rate environment on both sides of the border may be poised to offset the impact of slowing mortgage lending growth.During the quarter ended July 31, these banks were already benefiting from growing net interest margins — or the profit made on loans — as interest rates rose on both sides of the border in previous months. Net interest margins are the difference between the money banks earn on the loans they make and the interest they pay out to savers.In July, the Bank of Canada hiked its trend-setting interest rate for the fourth time in a year to bring the benchmark from 1.25 to 1.5%, further bulking up those profit margins.Last quarter, RBC’s chief financial officer Rod Bolger said that even if the bank’s mortgage growth halves, the impact would be offset by the benefit of one central bank rate hike.The country’s recent string of strong economic data — such as July inflation rising to its highest reading since September 2011 and strong jobs numbers — raises the likelihood of another potential rate hike in October.The Bank of Canada can use interest rate hikes as a tool to help prevent inflation from climbing too high.Rising interest rates, however, have been an additional hurdle for many potential first-time and move-up homebuyers, and slowed demand for credit.“With additional rate hikes likely in coming months, housing activity in the second half of this year and 2019 will remain well below the booming pace of the prior five years,” wrote Sherry Cooper, chief economist for Dominion Lending Centres, in a research note.Additionally, with each interest rate hike, pressure mounts for banks to pass on those benefits to depositors.Still, mortgages are set to have a “limited impact” on earnings and “recent data points point to a stabilizing, albeit lower, growth rate.”“Offsetting this will be margin expansion, benign credit conditions, positive operating leverage, and the expansion segments,” said Sedran. “We are still at a point in the economic cycle where rate hikes benefit the banks and so could see recent actions by the Bank of Canada and Federal Reserve extending the margin expansion trend.” High debt levels threaten banks’ strong results: Fitch Toronto bank towers justek16/123RF Share this article and your comments with peers on social media Canada’s biggest banks are expected to report yet another strong quarter as the country’s housing market shows signs of stability and rising interest rates add to their bottom line.Royal Bank of Canada (RBC) is the first bank to report its fiscal third-quarter results on Wednesday, and most analysts are expecting “solid” growth across the industry, with estimates of earnings-per-share growth as high as 10% year-over-year. last_img read more