TD, CIBC close out better-than-expected quarter for Canadian banks; outlook uncertain

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TORONTO (Reuters) – Toronto-Dominion Bank TD.TO and Canadian Imperial Bank of Commerce CM.TO beat analyst expectations for third-quarter profit on Thursday as strong earnings growth in their capital markets businesses helped offset weakness in almost every other unit.

The results close out a reporting season that saw all but one of Canada’s six major banks beat expectations, as conservative provisions in the prior quarter and a jump in trading revenues helped limit the hit from the coronavirus pandemic.

Even so, the banks warned of an uncertain environment ahead as government assistance and loan deferral programs wind down in the fourth quarter. While they anticipate an increase in delinquencies as a result, the lenders said the allowances they have built up should cover an increase in bad loans, as long as current economic assumptions hold.

Shares of TD, Canada’s second-largest lender, rose 0.9% to C$66.97 in Toronto, while CIBC shares climbed

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Indian Companies Raise Record $31 Billion Equity Capital in Shrinking Economy | Investing News

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By Scott Murdoch and Patturaja Murugaboopathy

HONG KONG/BENGALURU (Reuters) – Indian companies have raised a record $31 billion in equity capital in 2020, Refinitiv data showed, as banks strengthen their balance sheets to prepare for future economic uncertainty and corporates tap into the elevated global liquidity levels.

The record raising comes despite India’s economy contracting 23.9% in the June-quarter, year on year, which puts it on track for the first annual contraction since 1980.

The rush of deals though has not been extended to initial public offerings (IPOs), which have fallen to a five-year low to be worth just $1.5 billion, in the eight months year to date, the data showed.

(Graphic: Indian companies’ equity offerings,

Banks have been the most active issuers, raising $13.68 billion, followed by the energy and power sector with $7.05 billion, and consumer products with $3.41 billion.

(Graphic: FII investments this year,


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The best Capital One credit cards of 2020

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MSN has partnered with The Points Guy for our coverage of credit card products. MSN and The Points Guy may receive a commission from card issuers.

Capital One has been on an upward trend ever since it added the ability to transfer miles earned on the Spark and Venture card families to airline partners. We’ve seen Capital One launch several limited-time transfer bonuses and expand its travel partner options. Now is a great time to take a closer look at Capital One’s best cards.

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Best Capital One credit cards of 2020

  • Capital One® Venture® Rewards Credit Card: Best for travel rewards
  • Capital One® Spark® Miles for Business*: Best for business travel
  • Capital One® Spark® Cash for Business*: Best for flat-rate business spending
  • Capital One® Savor® Cash Rewards Credit Card*:
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Black developers in NYC often face hurdles in obtaining capital to get their projects off the ground

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The Black developers Crain’s interviewed all agree the federal and state governments can provide greater incentives for institutional investors to provide Black businesses with necessary capital. But the greater, more substantive changes must come from the institutional investors themselves, in how they hire and what they aim to do with their money.

One guiding light can be found at Goldman Sachs’ Urban Investment Group. Led by Margaret Anadu, one of the few Black American women in finance, the fund manages a $4 billion portfolio and invests $1.5 billion each year.

Marshall first tapped Anadu’s Urban Investment Group for $20 million in 2007. Since then his firm has been able to source $1 billion from her team.

“We raised $10 million from a family office, but I don’t think we’d have the trajectory we’ve experienced without Margaret Anadu’s Urban Investment Group,” Marshall said. “It would’ve been quite difficult, quite frankly.”


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Doctors in Kenyan capital end strike over pay delays, lack of PPE

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NAIROBI – Doctors employed by Kenya’s Nairobi County government resumed work on Thursday following a six-day strike over delayed salaries and a lack of protective equipment when handling patients who may have COVID-19, a union official said.

Thuranira Kaugiria, Nairobi County secretary general of the Kenya Medical Practitioners, Pharmacists and Dentists Union, said in a WhatsApp message the doctors had returned to work after signing an agreement with county officials on Wednesday.

In the agreement, the government promised to pay doctors on the fifth day of every month, failing to which the doctors were free to stop work without notice.

The agreement, seen by Reuters, also provides doctors with two isolation facilities in the event that they contract COVID-19.

Health workers sanitize their Personal Protective Equipment (PPE), after the cremation of a body in Nairobi, Kenya.
Health workers sanitize their Personal Protective Equipment (PPE), after the cremation of a body in Nairobi, Kenya.Reuters

The county government also committed to providing the doctors with adequate supplies of

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CIT Completes Sale of Wealth Management Business to FirstSun Capital Bancorp

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NEW YORK, Sept. 1, 2020 /PRNewswire/ — CIT Group Inc. (NYSE: CIT) today announced that the trust and wealth advisory business of CIT Bank, N.A. was acquired by FirstSun Capital Bancorp, through its subsidiary Sunflower Bank, N.A. (FirstSun), effective Sept. 1, 2020. The transaction enables CIT to focus on its core strengths and enhances FirstSun’s capacity to meet its clients’ expanding financial management and generational family planning needs while building on its strategic growth in Southwestern markets.

(PRNewsfoto/CIT Group Inc.)

“We are pleased to have completed this transaction with FirstSun where the business and team can be part of a broader wealth management strategy,” said CIT Chairwoman and Chief Executive Officer Ellen R. Alemany. “We remain focused on our core strengths and creating an integrated banking offering for our key commercial and consumer segments of the market.” 

“We’re thrilled to welcome our new wealth management clients

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Which one is right for you?

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Editor’s note: This is a recurring post, regularly updated with new information and card details. 

The Capital One® Venture® Rewards Credit Card has long been a top travel rewards credit card with a manageable annual fee, a solid sign-up bonus and a strong flat-rate earning structure. But you may not realize that this popular card also has a no-annual-fee sister card: the Capital One® VentureOne® Rewards Credit Card.

Both of these Venture-family cards got two major upgrades in 2018. At the end of the year, Capital One added more than a dozen new and valuable transfer partners, making the Venture and VentureOne two of the most flexible rewards cards in the points-and-miles game.

New to The

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Capital One ordered to pay $80 million penalty for its role in a 2019 data breach

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Capital One will pay an $80 million civil penalty for its role in a 2019 security breach that exposed the personal data of more than 100 million customers, The Wall Street Journal reported. In a scathing report on its investigation into the breach, the Office of the Comptroller of Currency, part of the US Treasury. said Capital One was aware its security practices were woefully insufficient, and that the company’s board of directors “failed to take effective actions to hold management accountable.”

The breach happened in March and April of 2019, but Capital One was apparently not aware of the problem until mid-July. That’s when someone tipped the company to a public GitHub page where private Capital One data was available. That led investigators to former Amazon cloud employee Paige Thompson, who was charged with wire fraud and computer fraud. Authorities say Thompson was able to exploit a “configuration vulnerability”

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Capital One Quicksilver vs. Chase Freedom Unlimited: card comparison

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This article is brought to you by the Personal Finance Insider team. It has not been reviewed, approved, or otherwise endorsed by any of the issuers listed. Some of the offers you see on the page are from our partners like Citi and American Express, but our coverage is always independent. Terms apply to the offers listed on this page.

Regular APR

14.99%–23.74% variable APR

Credit Score

Good to Excellent

Featured Reward

$200 after spending $500 in the first three months from account opening

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  • Details
  • Pros & Cons

    • Earn a $200 Bonus after you spend $500 on purchases in your first 3 months from account opening.
    • Earn 5% cash back on grocery store purchases (not including Target® or Walmart® purchases) on up to $12,000 spent in the first year.
    • Earn unlimited 1.5% cash back
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    The Lowdown on Capital Gains Tax Rates for 2020 and Beyond

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    Selling taxable investments held for more than a year has tax implications. Long-term gains from the sale of stocks, mutual funds and other capital assets are taxed favorably at 0%, 15% or 20% compared with the top 37% tax rate on ordinary income. 

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    © Provided by Kiplinger

    These rates for long-term capital gains are based on set income thresholds that are adjusted annually for inflation. For 2020, the 0% rate applies to taxable income of up to $40,000 on single returns, $53,600 for head-of-household filers and $80,000 for joint filers. The 20% rate starts at $441,451 for single filers, $469,051 for heads of household and $496,601 for joint filers. The 15% rate is for taxable incomes between the 0% and 20% break points. These rates also apply to qualified dividends. Short-term gains from the sale of assets held for a year or less are taxed at ordinary income rates.



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