Industry

CFIB hails fixes to unfair credit card practices

The Canadian Federation of Independent Business (CFIB) welcomes today’s decision by the Financial Consumer Agency of Canada (FCAC) to clarify and strengthen rules that prevent some unfair practices in the credit card industry. The FCAC has clarified rules around the application of the Code of Conduct for the Credit and Debit Card Industry in Canada […]

By Staff |February 13, 2013

2 min read

Mid-sized firms buckling under economic pressure

Canada’s mid-sized companies, a key economic engine, saw their numbers decline by 17% – 9,370 to 7,814 – from 2006 to 2010, shows a study by the Business Development Bank of Canada (BDC). Hardest hit was the manufacturing sector, which saw over half its mid-sized firms vanish between 2001 and 2010 from 2,807 to 1,381. […]

By Staff |February 13, 2013

2 min read

Equitable Life reports record 2012 earnings

Despite low-interest rates and volatile equity markets, Equitable Life of Canada realized record earnings of $44.7 million, surpassing the previous high of $32.0 million in 2010. As a result, return on policyholders’ equity increased considerably to 13.5% in 2012. Read: Insurers pare product shelves Some of the factors that contributed to this strong performance include […]

By Staff |February 13, 2013

1 min read

UBS chief executive plans exit

UBS chief executive Carsten Kengeter is set to leave “after a short transition,” reports ft.com. Sam Molinaro will take over his role. Read more. The news comes after UBS was fined yesterday for exposing customers to unacceptable risk in the selling of an investment fund. The Swiss bank has recently been plagued with Libor scandal. […]

By Wire services |February 13, 2013

1 min read