banking

Thursday November 4, 2021

Editorial Cartoon by Graeme MacKay, The Hamilton Spectator – Thursday November 4, 2021

New net-zero alliance of banks, funds prioritizes green investment, but key emitters are absent

April 6, 2021

As a former central banker on two continents, Canada’s Mark Carney has honed the dark art of haranguing and arm-twisting members of the global investment community better than almost anyone.

But his latest task, as the United Nations’ special envoy on climate action and finance, involved some pretty daunting numbers.

Carney, who headed up the Bank of Canada and then the Bank of England between 2008 and 2020, was tasked to find more than $100 trillion US in capital from the global financial community to help drive the transformation of the world’s economy from fossil fuels to a new age powered by clean energy.

“It’s a mammoth transition,” Carney told CBC News at COP26, the UN’s climate change conference, in Glasgow, Scotland. 

“It’s absolutely enormous. It’s bigger than global GDP.”

May 14, 2019

On Wednesday, designated finance day at the Glasgow conference, Carney announced success, of sorts.

“We have banks, asset managers, pension funds, insurance companies from around the world — more than 45 countries — and their total resources, totalling $130 trillion US,” said Carney, $30 trillion more than the target.

Carney says more than 450 firms — including Canada’s big five chartered banks — have committed to supporting the goals of what’s become known as the Glasgow Financial Alliance for Net Zero (GFANZ).

Net zero means countries are no longer adding heat-trapping greenhouse gases to the atmosphere. Some greenhouse gases might still be emitted, but they would be balanced off or “cancelled out” by the removal of an equivalent amount of greenhouse gases. The concept is similar to carbon neutrality but includes more than just carbon dioxide emissions.

December 1, 2015

Firms that sign onto the GFANZ agreement are promising to abide by 24 financial initiatives that will signal to their customers, shareholders and investors that they are making green investments a priority.

The initiatives include climate-related reporting of their investments and transparency about climate-related financial risks.

While the agreement doesn’t compel the financial institutions to invest any specific amount of money or put it into any specific industry, Carney says it creates a new framework for them to make green investments.

September 23, 2014

“It’s about what their clients are doing, what are the emissions of their clients, the people they lend to, the people they invest in,” he said. 

However, there are notable gaps.

Big banks from some of the countries with the largest emissions — China, India and Russia — are not part of the agreement.

Nor does it compel signatories to cease funding projects such as coal mines or other ventures that contribute to greenhouse gas emissions. 

But Carney says if such investments happen they will draw both shareholder and public scrutiny. (CBC) 

 

Friday November 2, 2018

By Graeme MacKay, Editorial Cartoonist, The Hamilton Spectator – Friday November 2, 2018

Statistics Canada’s request for banking data of 500,000 Canadians provokes privacy investigation

June 22, 2010

Federal privacy commissioner Daniel Therrien says he is investigating Statistics Canada’s request for private banking information on 500,000 Canadians.

Therrien said Wednesday that numerous people have complained to his office about the agency’s effort to gather detailed information on transactions held by Canadian financial institutions, from cash-machine withdrawals to credit-card payments to account balances.

The formal investigation will include an examination of the requests Statistics Canada has made to businesses in multiple industries for data they collect on their customers and business partners, he said.

Canada’s chief statistician, Anil Arora, said traditional methods of gathering data aren’t good enough to measure Canada’s economy and changes in society.

February 17, 2014

“More than 75 per cent of purchases are conducted online by Canadians and Statistics Canada has to have access to these data in order to provide all Canadians with the timely and quality statistics they need in areas such as housing and debt and the impacts of transitioning to a gig economy,” Arora said.

Therrien’s last report to Parliament mentioned Statistics Canada’s growing reliance on “administrative data sources,” mainly information collected by businesses about their customers. Many of those businesses have contacted the privacy commissioner to make sure that sharing it is OK, his report said.

Therrien suggested that wherever possible, Statistics Canada should tell the companies involved to strip names and identifying information from the data before sending it over.

August 23, 2016

“To ensure transparency, we recommended StatCan let the Canadian public know how and why it is increasing its collection of data from administrative and other non-traditional sources,” the report said.

Arora said the privacy commissioner was consulted as Statistics Canada planned its pilot project on financial data, but added he has asked Therrien to take a second look.

Statistics Canada can compel businesses to supply a wide range of data.

“I understand the concerns that Canadians have and want to assure them that their personal information is carefully protected and never shared publicly,” Arora said.(Source: Hamilton Spectator) 

Link to Cartoon on TheSpec.com. 

 

Friday September 22, 2017

Editorial Cartoon by Graeme MacKay, The Hamilton Spectator – Friday September 22, 2017

Bill Morneau, Justin Trudeau left untouched by proposed new tax rules

The proposed new small business tax changes do not impact family trusts or numbered companies, used by Canadian Finance Minister Bill Morneau and Prime Minister Justin Trudeau to shield their family’s vast fortunes.

April 6, 2016

Trudeau’s personal wealth, which was inherited from his father, is held in numbered corporations. And Morneau has money in a family trust and numbered corporations.

The NDP took direct aim at Morneau who argued that the Liberals are going after wealthy people who try to use small-business structures to avoid paying taxes, but would not respond to questions about his family businesses and why the new rules leave out the sheltering of funds for both Trudeau and himself.

April 5, 2016

Morneau is the beneficiary of a number of Canadian companies on one hand, and on the other states “we also want to make sure that we do not have a situation where some people that are, frankly, very well compensated, pay a lower tax rate than others,” said Trudeau. (Source: Global News) 

 

 

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Tuesday April 5, 2016

Editorial Cartoon by Graeme MacKay, The Hamilton Spectator Ð Tuesday April 5, 2016 Kill it, spin it Ð Putin will do anything to stifle the Panama Papers story The Panama Papers are a wake-up call for anyone who may have doubted how deeply cronyism and corruption are rooted into RussiaÕs leadership. But for those who have followed the inner workings of PutinÕs presidency for the past 16 years or so, they are as much confirmation as revelation. What will be truly fascinating is watching how this new mass of information is dealt with by the Putin regime over time, and how this might affect an already tense relationship between the Kremlin and the west. The first time a large amount of information was leaked about RussiaÕs power system was in 2010, when a trove of US diplomatic cables obtained by WikiLeaks described a Òvirtual mafia stateÓ and a system in which the Russian president allegedly used proxies to hide Òillicit wealthÓ. These documents were damaging enough, detailing a kleptocratic authoritarian system where Russian officials, oligarchs and organised crime came together to amass large fortunes. At the time, the Kremlin dismissed this as Ònothing interesting or worthy of commentÓ. One key difference today is that the Panama Papers have emerged at a time when relations between Russia and the west are at an all-time low. When the WikiLeaks documents were published, the US and Russia were still officially in a ÒresetÓ phase, with pledges of cooperation on issues ranging from Afghanistan to nuclear disarmament. But since then, itÕs all been downhill. The Russian government spoke earlier this year of a Ònew cold warÓ. Russian strategic bomber planes have flown over parts of Europe. Nato and the US are deploying new forces in the east of the continent. RussiaÕs annexation of Crimea and the war in Ukraine have led to western sanctions. Along with low oil prices, this has put RussiaÕs economy under severe strain Ð with many analysts wondering whether that might

Editorial Cartoon by Graeme MacKay, The Hamilton Spectator – Tuesday April 5, 2016

Kill it, spin it – Putin will do anything to stifle the Panama Papers story

The Panama Papers are a wake-up call for anyone who may have doubted how deeply cronyism and corruption are rooted into Russia’s leadership. But for those who have followed the inner workings of Putin’s presidency for the past 16 years or so, they are as much confirmation as revelation.

What will be truly fascinating is watching how this new mass of information is dealt with by the Putin regime over time, and how this might affect an already tense relationship between the Kremlin and the west.

The first time a large amount of information was leaked about Russia’s power system was in 2010, when a trove of US diplomatic cables obtained by WikiLeaks described a “virtual mafia state” and a system in which the Russian president allegedly used proxies to hide “illicit wealth”. These documents were damaging enough, detailing a kleptocratic authoritarian system where Russian officials, oligarchs and organised crime came together to amass large fortunes. At the time, the Kremlin dismissed this as “nothing interesting or worthy of comment”.

One key difference today is that the Panama Papers have emerged at a time when relations between Russia and the west are at an all-time low. When the WikiLeaks documents were published, the US and Russia were still officially in a “reset” phase, with pledges of cooperation on issues ranging from Afghanistan to nuclear disarmament. But since then, it’s all been downhill. The Russian government spoke earlier this year of a “new cold war”. Russian strategic bomber planes have flown over parts of Europe. Nato and the US are deploying new forces in the east of the continent. Russia’s annexation of Crimea and the war in Ukraine have led to western sanctions.

Along with low oil prices, this has put Russia’s economy under severe strain – with many analysts wondering whether that might lead to more aggressive ultra-nationalism in Moscow. Arguably, one key turning point, in this deterioration of relations with the west, came when the Russian regime accused Washington of stoking street demonstrations against the regime in 2011-12. (Continued: The Guardian)

 

Posted to Le Vif, L’express, Brussels, Belgium

Friday September 11, 2015

By Graeme MacKay, Editorial Cartoonist, The Hamilton Spectator - Friday September 11, 2015 Hamilton looks to crack down on payday loan industry Hamilton councillors unanimously approved a motion seeking from the province the ability to limit the locations of payday loan and cheque cashing outlets, while also strengthening the Payday Loans Act. ÒThis is predatory economic violence,Ó said Ward 3 councillor Matthew Green, who introduced the motion at councilÕs Sept. 9 meeting. Ò(They) are targeting our most vulnerable, indebted people. ItÕs legalized loan sharking.Ó GreenÕs motion targeting the industry, which was revealed earlier this summer, includes forcing these businesses to post their rates on their walls, provide information about debt counselling, and having Hamilton staff identify all the payday loan businesses in the city. Also contained in the motion was a request to the province to toughen the Payday Loans Act. The act regulates the industry allowing outlets to charge $21 for every $100 people borrow. Green says desperate people use these businesses, and they end up having to go to another payday loans outlet to pay the loan of the first one. ÒThis is usury, this is criminal,Ó said Green. ÒIÕd love to see (the places) outlawed.Ó Tom Cooper, director of the Hamilton Roundtable for Poverty Reduction, says municipalities need the power to regulate a business that is taking advantage of vulnerable people. ÒWe deem the industry as predatory in nature because its practices and slick marketing campaigns lure vulnerable consumers into transactions where there is nowhere else to turn in a financial crisis,Ó said Cooper. Based on the payday industryÕs own information, for every new customer loan, 15 are repeats, said Cooper. Stan Keyes, president of the Canadian Payday Loan Association, headquartered in Hamilton, stated in an email letter sent to councillors Sept. 8 that Òcouncil should not pass bylaws to ban industries providing services that consumers d

By Graeme MacKay, Editorial Cartoonist, The Hamilton Spectator – Friday September 11, 2015

Hamilton looks to crack down on payday loan industry

Hamilton councillors unanimously approved a motion seeking from the province the ability to limit the locations of payday loan and cheque cashing outlets, while also strengthening the Payday Loans Act.

Friday July 26, 2013“This is predatory economic violence,” said Ward 3 councillor Matthew Green, who introduced the motion at council’s Sept. 9 meeting. “(They) are targeting our most vulnerable, indebted people. It’s legalized loan sharking.”
Green’s motion targeting the industry, which was revealed earlier this summer, includes forcing these businesses to post their rates on their walls, provide information about debt counselling, and having Hamilton staff identify all the payday loan businesses in the city.

Also contained in the motion was a request to the province to toughen the Payday Loans Act.

The act regulates the industry allowing outlets to charge $21 for every $100 people borrow. Green says desperate people use these businesses, and they end up having to go to another payday loans outlet to pay the loan of the first one.

Saturday, December 6, 2014“This is usury, this is criminal,” said Green. “I’d love to see (the places) outlawed.”

Tom Cooper, director of the Hamilton Roundtable for Poverty Reduction, says municipalities need the power to regulate a business that is taking advantage of vulnerable people.

“We deem the industry as predatory in nature because its practices and slick marketing campaigns lure vulnerable consumers into transactions where there is nowhere else to turn in a financial crisis,” said Cooper.

Based on the payday industry’s own information, for every new customer loan, 15 are repeats, said Cooper.

Stan Keyes, president of the Canadian Payday Loan Association, headquartered in Hamilton, stated in an email letter sent to councillors Sept. 8 that “council should not pass bylaws to ban industries providing services that consumers demand.”

He said the province does enforce the existing regulations, including levying fines, and revoking licenses “which they have done with non-compliant lenders.”

Keyes, a former Liberal MP, stated the industry is already heavily regulated since 2009. In 2012 there were 42 outlets in Hamilton, now there are 34. (Source: Hamilton Spectator)