Government cuts discount rate: Insurance sector says “crazy” decision will cost the industry billions

The discount rate, mandated by the Ministry of Justice and the reference to which insurers discount compensation on personal injury claims, is to be adjusted from 2.5 per cent to minus 0.75 per cent.Read more: Liz Truss’ decision could cost the insurance sector billionsThe insurance sector has lobbied the government hard against a large downward adjustment with the Association of British Insurers (ABI) going to court to challenge the move.A lower discount rate increases the up front value of claims.The ABI lambasted the news, with director general Huw Evans labelling it “crazy”. He added: Monday 27 February 2017 9:10 am Ad Unmute by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeWorld of sportTop 20 Healthiest Cities in America in 2021World of sportUndo yourhelthcare.comThis Is Why Your Perfume Says More About Your Personality Than You Think yourhelthcare.comUndoRoof Replacement Services | Search AdsRoof Restoration Service Cost In Scottsdale May Surprise YouRoof Replacement Services | Search AdsUndoRest WowHere’s Why These Crossbred Animals Aren’t Supposed To ExistRest WowUndoBridesBlushSee What These Harry Potter Stars Look Like Out Of CostumeBridesBlushUndoFitness EngageDrink Lemon Water Every Day for 7 Days And Here’s What HappensFitness EngageUndoHealth Tips10 Healthy drinks for a perfect night’s sleepHealth TipsUndobest5 garlic remedies to treat acne problems | bestalloverbestUndoSimbalyHe Was One of the Most Handsome Men Back in the 60s, This Is Him NowSimbalyUndo It is also a massive own goal that lands the NHS with a likely £1bn hike in compensation bills when it needs it the least. Admiral said it expected total financial impact of the change at between £140m and £175m, it estimated the impact on its profits of between £70m to £100m. This, the insurer said, would not impact its expected dividend payout of 51.5p per share. Oliver Gill whatsapp The UK’s insurers were left reeling this morning after the government announced changes to a key insurance sector discount rate, costing them hundreds of millions of pounds.Direct Line said annual profits for 2016 would be cut by up to £230m, while motor insurer Admiral estimated it will take a hit of up £100m and is to delay the publication of its annual results. Read more: Ageas stumped by UK malaiseMany in the insurance sector have already provided for a downward move in the discount rate, which has been at 2.5 per cent since 2001.But, said the ABI, there was likely to be a devastating impact on consumers.”Claims costs will soar, making it inevitable that there will be an increase in motor and liability premiums for millions of drivers and businesses across the UK. We estimate that up to 36m individual and business motor insurance policies could be affected in order to over-compensate a few thousand claimants a year,” said Evans. To make such a significant change to the rate using a broken formula is reckless in the extreme, and shows an utter disregard for the impact this will have on consumers, businesses and the wider operation of the insurance market. 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Finablr to miss accounts deadline amid fraud claims

first_img by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeDaily FunnyFemale Athlete Fails You Can’t Look Away FromDaily FunnyFinanceChatterViewers Had To Look Away When This Happened On Live TVFinanceChatterbonvoyaged.comTotal Jerks: These Stars Are Horrible People.bonvoyaged.comOne-N-Done | 7-Minute Workout7 Minutes a Day To a Flat Stomach By Using This 1 Easy ExerciseOne-N-Done | 7-Minute WorkoutNoteableyJulia Robert’s Daughter Turns 16 And Looks Just Like Her MomNoteableyPost Fun25 Worst Movies Ever, According To Rotten TomatoesPost FunJustPerfact USAMan Decides to File for Divorce After Taking a Closer Look at This Photo!   JustPerfact USAZen HeraldEllen Got A Little Too Personal With Blake Shelton, So He Said ThisZen HeraldBleacherBreaker41 Old Toys That Are Worth More Than Your HouseBleacherBreaker Finablr to miss accounts deadline amid fraud claims Finablr, which is based in the United Arab Emirates, warned in March that it was at risk of going bust and called in US law firm Skadden to investigate any potential misconduct. (Getty Images) Also Read: Finablr to miss accounts deadline amid fraud claims Finablr today said it “is currently unable to adhere to this deadline and will provide an update on the anticipated publication date when it is able to do so.” According to a report prepared for Bavaguthu, brothers Prasanth and Promoth Manghat, who led NMC and Finablr respectively, used forged documents to siphon off the funds. James Booth Troubled payments business Finablr which is entangled in a fraud probe today said it would miss its deadline this week to publish its financial accounts. EY resigned as auditor of Finablr in March after the payments firm could not accommodate some adjustments it requested, including changing the composition of its board.  At the end of last year, US short-seller Muddy Waters called NMC’s finances into question, which led to an internal investigation which uncovered billions in undeclared debts. The former chief executives of Finablr and NMC are among a group of 17 people who are claimed to have embezzled millions of UAE dirhams from the businesses, the Sunday Telegraph reported at the weekend. Shetty resigned as co-chair of the Finablr earlier this month as the UK tax authorities moved to shut down parts of the business.  whatsapp (Getty Images) whatsapp Show Comments ▼ The report, which was prepared by Emirati firm Wise Consulting and commissioned by Shetty, sets out allegations against the 17 based on the tycoon’s bank records. In April Shetty launched an investigation into the alleged fraud, saying that it had been carried out by a “small group of current and former executives at these companies”. Finablr and NMC Health, which were both founded by Gulf-based, Indian-born tycoon Bavaguthu Shetty, have been plagued with accusations of fraud in recent months. Share Shetty is facing a criminal investigation into the firm’s finances in the UAE.  (Getty Images) Also Read: Finablr to miss accounts deadline amid fraud claims Tuesday 25 August 2020 3:33 pm The Travelex-owner said on 23 June that it had changed its accounting reference date to 28 February, resulting in a deadline of 28 August to publish its financial statements.last_img read more

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Wetherspoons boss calls for pubs to open alongside non-essential shops

first_img Monday 15 February 2021 1:17 pm Martin warned: “Unless the industry does reopen on that basis, economic mayhem will inevitably follow.” “Lots of businesses have taken a beating and many are still only just clinging on… Support must continue if we want to see as many businesses and jobs secure as possible, and hospitality play the key role we know it can play in rebuilding.” While Boris Johnson has not yet set out a clear timeline for reopening the hospitality sector, plans being considered are said to include allowing pubs to reopen for takeaway alcohol sales only. whatsapp Martin noted that the company has generated more than £6.1bn in taxes for the British economy over the last 10 years, adding that closures within the hospitality industry will pull hard on the country’s purse strings. Wetherspoons chairman Tim Martin has remained critical of the government’s pandemic response despite previous affiliations with the Prime Minister (Getty Images) Also Read: Wetherspoons boss calls for pubs to open alongside non-essential shops Wetherspoons investors appeared buoyed by the demands this afternoon, with shares hiking more than four per cent to 1,263.5p. Johnson has promised 2021 will see the return of the “Great British summer”, with the nation’s largest ever vaccination programme earmarked as the light at the end of the tunnel. whatsapp Poppy Wood Martin called for a clear timeline for pubs across the UK to resume selling pints, warning the industry is “on its knees” from months of closure. Share “The big worry in the hospitality industry is that the government is playing a PR game, creating an illusion of positive action, and will find an excuse to tie the industry down with restrictions,” said Martin. “As a result the entire industry would be heavily loss making.” The pub chain’s 872 venues across the UK have remained largely shuttered under lockdown restrictions over the winter. Roadmap out of lockdown More than 160 chief executives from the UK’s leading hospitality businesses this morning announced they have written to the chancellor ahead of next month’s Budget calling for economic support for the sector. “Surely it is possible for the hospitality industry to reopen at the same time as non-essential shops now that a vaccine exists, on the basis of the social distancing and hygiene regulations —which were agreed with the health authorities after full consultation — for the 4 July reopening last year,” he said.center_img Wetherspoons chairman Tim Martin has remained critical of the government’s pandemic response despite previous affiliations with the Prime Minister (Getty Images) Also Read: Wetherspoons boss calls for pubs to open alongside non-essential shops In October, the pub chain sank to its first loss since 1984 as a result of the coronavirus crisis. Wetherspoons fell to a pre-tax loss of £34.1m for the 52 weeks to 26 July, down from a profit of £102.5m in the same period last year.  The government today met its target of vaccinating the top four priority groups, with more than 15m people receiving their first dose of a Covid vaccine so far. The Prime Minister has pledged to set out a “roadmap” on 22 February for exiting lockdown over the next few months. Schools are expected to be the first section of society to reopen, then outdoor recreation, and hospitality and non-essential retail much further down the line. Speaking to City A.M., he added: “Since 4 July last year there have been few weeks during which the government position has remained the same. The last proposition was that pubs could reopen in April without serving beer — a ludicrous idea. We can’t see any point in trying to plan reopening now.” But leading figures in the hospitality sector have warned that failing to prioritise the reopening of pubs and venues will cause thousands of job losses over the next few months. The chain put all of its 872 pubs and hotels into “hibernation” at the outbreak of the pandemic and furloughed 99 per cent of its 43,000-strong workforce. The letter, co-ordinated by trade body UKHospitality urged Rishi Sunak to extend the five per cen VAT rate for hospitality for another year, and a continuation of the business rates holiday for hospitality for the whole of 2021/22. Show Comments ▼ Wetherspoons boss calls for pubs to open alongside non-essential shops by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeBrake For ItSay Goodbye: These Cars Will Be Discontinued In 2021Brake For ItMoneyWise.comMechanics Say You Should Avoid These Cars In 2021  MoneyWise.comLiver Health1 Bite of This Melts Belly And Arm Fat (Take Before Bed)Liver HealthCarsGeniusThese 4 Loaded SUVs Are Now Dirt CheapCarsGeniusTaco RelishSuspicious Pics That Are Fishier Than The SeaTaco RelishAtlantic MirrorA Kilimanjaro Discovery Has Proved This About The BibleAtlantic MirrorThe Legacy ReportMan Who Predicted 2020 Crash 45 Days Early Issues Next Major WarningThe Legacy ReportIkaria BeautyYou Need To Do This If You Have Sunken Jowls (Just Once A Day – It’s Genius)Ikaria BeautyMagellan TimesIf You See A Red Ball On A Power Line, Here’s What It MeansMagellan Times Wetherspoons chairman Tim Martin has urged the government to reopen pubs at the same time as non-essential shops, as the Prime Minister prepares to lay out his “roadmap” for exiting lockdown. “The taxes paid by Wetherspoon are mirrored by thousands of companies which have been annihilated by lockdowns. As a result, government finances have been annihilated even more.” Wetherspoons chairman Tim Martin has remained critical of the government’s pandemic response despite previous affiliations with the Prime Minister (Getty Images) “Despite the carnage of the past twelve months, hospitality businesses are ready to pick up the pieces of a battered economy and help spearhead our economic revival,” said UKHospitality chief Kate Nicholls. Under the previous tier system, most pubs around the country were only allowed to remain open if they served a “substantial meal”, while others were forced to shut entirely. Tags: Coronavirus J D Wetherspoon Re-lockdown Vaccinelast_img read more

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Kentucky high school shooting leaves 2 dead, at least 12 wounded

first_imgNation & World | NPR News | Public SafetyKentucky high school shooting leaves 2 dead, at least 12 woundedJanuary 23, 2018 by Colin Dwyer, NPR Share:At least two people were killed Tuesday in Benton, Ky., after a shooter opened fire on students and faculty at a local high school.Kentucky Gov. Matt Bevin said at least 17 others were also injured in the attack on Marshall County High School, 12 of whom sustained gunshot wounds.Both of the victims, a girl who died on the scene and a boy who died of his wounds later at a hospital, were 15 years old.“We are trying to determine that everyone of those that has been shot was a student. It is our belief that they are,” Bevin said at a news conference Tuesday.“The shooter was a student, a 15-year-old male,” he added. “That student is in custody. That student was apprehended at the scene.”Kentucky State Police Commissioner Rick Sanders explained that the suspect began shooting just before 8 a.m., and that first responders arrived on the scene within 10 minutes of the first gunshot. The shooter was soon arrested in a “nonviolent” fashion and will be charged with murder and attempted murder, according to Bevin.“I did not see the shooter, but I did see the commons after. It was a disaster. Everyone just dropped their stuff and ran,” Allissa Hubbard, 16, told member station WKMS.She had been in the library when a series of loud pops rang out and students began to run outside. According to WKMS, Hubbard hid beneath a set of stairs with another girl as they listened to the screams of their teachers.“I’m terrified,” she added. “I’ve been feeling like I’m going to throw up all day long. It was awful.”“It was the most frightening thing,” Gloria Hollifield, a parent, told WKMS. “I’m 60-some years old and I’ve never been so damn scared in my entire life.”“I know I speak for communities across my home state in sending prayers of comfort and healing to students, faculty and everyone affected by this violence,” Sen. Mitch McConnell, R-Ky., said on the Senate floor midday Tuesday morning as information about the shooting was beginning to surface.“Our hearts are with the entire community in Marshall County and our gratitude is with the first responders who rushed into harm’s way.”Copyright 2018 NPR. To see more, visit http://www.npr.org/.Share this story:last_img read more

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Maraganore runs away with best biopharma CEO award; Soon-Shiong wins prize for worst

first_img GET STARTED Adam Feuerstein Maraganore runs away with best biopharma CEO award; Soon-Shiong wins prize for worst 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. You, the readers of STAT, have spoken. Your votes determined the best and worst biopharma CEOs of 2017.The Best: John Maraganore of Alnylam Pharmaceuticals. Congratulations, John! Unlock this article by subscribing to STAT+ and enjoy your first 30 days free! GET STARTED Log In | Learn More Senior Writer, Biotech Adam is STAT’s national biotech columnist, reporting on the intersection of biotech and Wall Street. He’s also a co-host of “The Readout LOUD” podcast. What’s included? About the Author Reprintscenter_img 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. By Adam Feuerstein Dec. 17, 2017 Reprints Adam’s Take @adamfeuerstein What is it? Hyacinth Empinado/STAT [email protected] Tags biotechnologycancerrare diseaselast_img read more

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Philly city council committee eases ordinance to restrict sales reps after lobbying pushback

first_img After lobbying by the pharmaceutical industry, a Philadelphia City Council committee late last week agreed to amend a controversial ordinance that would ban drug makers from giving gifts to doctors and also require all sales reps to become licensed in hopes of blunting the opioid crisis.The key concession by the lawmakers was to offer an exemption for conventions, while yet another exemption would delay enforcement for 180 days after the ordinance becomes law. As it so happens, the BIO trade group has such an event scheduled in Philadelphia in early June. Log In | Learn More By Ed Silverman Dec. 3, 2018 Reprints Ed Silverman Philly city council committee eases ordinance to restrict sales reps after lobbying pushback Unlock this article by subscribing to STAT+ and enjoy your first 30 days free! GET STARTED 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. Tags pharmaceuticalsSTAT+states @Pharmalot 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.center_img GET STARTED [email protected] Pharmalot Columnist, Senior Writer Ed covers the pharmaceutical industry. What is it? BIO’s 2018 convention took place in Boston. David L Ryan/Globe Staff Pharmalot About the Author Reprints What’s included?last_img read more

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Stradbally rise to second in the table after win over The Heath

first_img Previous articleSecond-half turnaround sees Rosenallis overcome Mountmellick in division 1BNext articleAll Saturday’s Laois GAA and soccer results Alan HartnettStradbally native Alan Hartnett is a graduate of Knockbeg College who has worked in the local and national media since 2008. Alan has a BA in Economics, Politics and Law and an MA in Journalism from DCU. His happiest moment was when Jody Dillon scored THAT goal in the Laois senior football final in 2016. Stradbally rise to second in the table after win over The Heath TAGSACFL Division 1AStradbally v The Heath Twitter He kicked five points and was a real vocal point for the home team from start to finish.Barney Maher’s men have now won four of their last five games and join The Heath, O’Dempsey’s and Portlaoise on eight points in the table.The Heath played with the breeze in the first half but it was Stradbally who got the first two points.A long period of passing led to the first which was expertedly curled over by Jamie Devoy while full forward Colm Kelly got the second after a pass from Damien Murphy.Chris Bergin replied for The Heath but Stradbally were three clear after ten minutes thanks to a brace of frees from Colm Kelly.The Heath then enjoyed a purple patch. Daithi Carroll slotted a brace after Robbie Dowling smashed one over to level matters after 18 minutes.Stradbally then had a great goal chance. Eoin Buggie got through and forced a great save from keeper JP Nerney. The rebound came to Buggie who was still on the ground and he fisted the ball towards Colm Kelly who volleyed it wide.Damien Murphy regained the lead for Stradbally but a late Andrew Booth point sent us in level at 0-5 apiece.Stradbally almost had the perfect start to the second half when Colm Kelly released Podge Fitzpatrick but his shot just nipped over the bar and he had to settle for a point.Eoin Buggie added another but Eoin Delaney replied for The Heath before Conor Delaney regained the two point lead.Colm Kelly and Daithi Carroll traded frees before another Kelly free put Stradbally three clear as we entered the final quarter.The gap remained so with 50 minutes played as Daithi Carroll saw a free cancelled out by one from play by Podge Fitzpatrick for Stradbally.The Heath threatened to draw level though after 55 minutes when Daithi Carroll was put through on goal one on one with Wayne Comerford but the Stradbally stopper pulled off a fine save.Daithi Carroll kicked a free as we entered injury time but that would be the final score as Stradbally sealed a vital win.SCORERS: Stradbally: Colm Kelly 0-5 (four frees), Podge Fitzpatrick 0-2, Jamie Devoy, Damien Murphy, Eoin Buggie and Conor Delaney 0-1 each The Heath: Daithi Carroll 0-5 (three frees), Chris Bergin, Robbie Dowling, Andrew Booth and Eoin Delaney 0-1 eachSTRADBALLY: Wayne Comerford; Liam Clancy, Liam Knowles, Jamie Kavanagh; Justin Lalor, Eoin Buggie, Charlie O’Brien; Darren Maher, Conor Delaney; Jamie Devoy, Podge Fitzpatrick, John Clancy; Tadhg Murray, Colm Kelly, Damien Murphy. Subs: Podge Langton for Murray (45mins), Colm Clancy for Devoy (58mins)THE HEATH: JP Nerney; Alan Whelan, Gary Roe Smith, Neil Keane; Mark Dowling, Jimmy Nerney, Ciaran Booth; Daithi Carroll, Andrew Booth; PJ Daly, Robbie Dowling, Brian Ging; Eoin Delaney, Chris Bergin, Daniel Hennessy. Subs: Liam Kinsella for Hennessy (41mins)Referee: Eamon Strong (Emo)SEE ALSO – 14-man Laois defeat Antrim to throw Joe McDonagh Cup hopes a lifeline Twitter Rugby Ten Laois based players named on Leinster rugby U-18 girls squad RELATED ARTICLESMORE FROM AUTHOR Pinterest WhatsApp Facebookcenter_img Facebook WhatsApp Home Sport GAA Stradbally rise to second in the table after win over The Heath SportGAAGaelic Football Community Charlie Flanagan on Electric Picnic: ‘I’d ask organisers to consult with community leaders’ Pinterest By Alan Hartnett – 19th May 2018 Five Laois monuments to receive almost €200,000 in government funding Community Stradbally 0-11 The Heath 0-9ACFL Division 1AStradbally rose to joint second place in the ACFL Division 1A table as Colm Kelly led them to a two point win over The Heath this evening.last_img read more

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U.S. economy growing moderately: Fed

first_img Higher gas costs led to increase in U.S. consumer prices in March TD Economics says that the report found that consumer spending increased in most districts, manufacturing activity expanded, and credit demand grew too; while construction activity was largely flat. Additionally, payrolls expanded moderately and prices increased only slightly in most districts, it says. “Our overall impression is that the pace of growth has perhaps dialed back a notch over the most recent period,” TD says. “This is not surprising in light of the fact that the economy grew 5% in the third quarter, a pace which was unlikely to be maintained. That being said, the pace for continued real GDP growth in the area of 3% over the near future remains intact.” RBC also says that today’s report “had a slightly less upbeat tone”, but that it still suggests that the U.S. economy is maintaining a good degree of momentum heading into 2015. “The report indicated continued expansion in many sectors of the economy although perhaps at a slightly slower pace overall than in recent quarters,” it says. Overall, RBC says that the report should not affect the timeline for the normalization of monetary policy. “We continue to expect that the Fed will begin to raise the rate in June 2015,” it says. TD expects the Fed to remain on hold until September. Related news U.S. inflation subdued in April Share this article and your comments with peers on social media U.S. economy grew at strong 3.2% rate in Q1 2019center_img Facebook LinkedIn Twitter A report released Wednesday from the U.S. Federal Reserve suggests a slightly weaker pace of growth in the U.S. economy heading into the new year, but economists don’t expect it to derail the path to more normal monetary policy. According to RBC Economics, the Fed report, known as the beige book for the colour of its cover, “had a slightly less upbeat assessment of overall economic conditions than the previous report.” Most districts continued to report a “modest” or “moderate” pace of growth, although growth slowed slightly in oil-producing regions due to the impact of lower oil prices. James Langton Keywords United StatesCompanies Federal Reserve Board last_img read more

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BMO employees help even the odds

first_img This year, in communities across Canada and the U.S., the event encompasses projects supporting children and youth organizations, elder care, food banks, community housing and health care facilities, family resource centres, parks and recreational facilities, relief organizations and homeless shelters. “Volunteering is at the heart of BMO’s culture,” says Joanna Rotenberg, head, personal wealth management, BMO Financial Group (TSX:BMO). “We believe that volunteering deepens our understanding of the needs of those around us and builds strong, lasting relationships with the communities where we work and operate. We are here to help.” Rotenberg personally volunteered with First Book Canada, joining fellow BMO employees as they read to Grade 1 and 2 students at an elementary school in the Greater Toronto Area. “First Book Canada, as one example, is leading the way in helping children from low-income backgrounds get access to the resources they need to flourish in the classroom and beyond. We are honoured to be a partner in this worthy cause,” she saus. BMO staff in eight major cities across Canada volunteered at First Book events. The so-called “reading parties” also featured presentations from local Canadian authors and illustrators. Share this article and your comments with peers on social media Facebook LinkedIn Twitter Companies Bank of Montreal center_img IE Staff This week, thousands of Bank of Montreal employees left their desks to volunteer in communities across Canada and the U.S. in support of BMO Volunteer Day, the bank announced on Thursday. Launched in 2001, the day-long event provides opportunities for BMO employees to participate in charitable work and projects during business hours. last_img read more

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Some banks offer reduced credit card interest rate for clients affected by virus

first_img Canadian Press Keywords Interest rates,  Coronavirus,  Credit cards,  Mortgages Share this article and your comments with peers on social media Several of Canada’s largest banks are offering reduced interest rates on personal credit cards for Canadians in financial hardship due to the Covid-19 pandemic.CIBC credit card clients who request to skip a payment and are experiencing financial difficulties will receive a temporary lower annual interest rate of 10.99%, the bank announced in a statement. Covid vaccine-sharing discussions to dominate G7 summit talks Businessman taking travel plan from a tourist agent at a tourist agency counter. iStock Consumer debt driven by new mortgages, but credit card debt at six-year low Related news Facebook LinkedIn Twitter Virtual meetings to continue post-pandemic in B.C. For the 80,000 Canadians that have already received CIBC credit card relief, the temporary lower rate will be retroactively applied to March 15, the company said.“We know Canadians need help now to manage day to day expenses,” Laura Dottori-Attanasio, senior executive vice-president, personal and business banking, said Friday.“By lowering rates, we want to help reduce stress that Canadians are feeling as a result of Covid-19 and provide them with additional flexibility for every day purchases.”Royal Bank said it was cutting credit card interest charges by 50% for personal and small business clients receiving minimum payment deferrals for up to two months.A 50% credit of their interest charges will be applicable upon completion of a financial review with a bank adviser.Clients already receiving minimum payment deferrals will also have interest charges cut in half with the difference in interest credited to their account.“Clients are managing their spending as they adjust to new circumstances and, to help them, we have introduced several relief measures to support them in this very difficult time,” said Neil McLaughlin, head of personal and commercial banking.He said about 80% of clients don’t pay credit card interest or have access to lower interest rate options like lines of credit.“By reducing interest charges for clients who receive credit card minimum payment deferrals, we are now offering additional support during these challenging times.”National Bank said it is reducing the impact of interest charges on credit cards for clients who requested a deferral and who are most affected by this crisis.It will defer minimum monthly payments on National Bank Mastercards by up to 90 days and temporarily reduce the annual interest rate on credit cards to 10.9% for all credit card holders granted a payment deferral.It is also helping with interest charges for those who defer mortgage payments and prioritizing calls starting next week to call centres for seniors 75 plus.“In the past few weeks, we’ve helped tens of thousands of clients by offering them relief measures, payment deferrals and valuable advice and support,” said Lucie Blanchet, executive vice-president, personal banking and client experience.Scotiabank said it is also offering a range of relief measures, including minimum credit card payment deferral for up to three months.However, interest will continue to accrue on outstanding balances and will be payable once the deferral period is over, says a notice on its website.TD announced it would reduce credit card interest rates by 50% for customers facing financial hardship.“Most Canadians pay their credit card on time, but we know that right now some families are facing financial hardship and are in need of some additional relief,” said Teri Currie, group head, personal banking.TD said customers directly affected by Covid-19 who need payment deferrals can apply online regarding mortgage payments, credit card payments, auto loan payments and business banking principal payments.The moves come as the big banks faced calls to lower interest rates on things like credit cards, which generally carry high interest rates compared with other types of borrowing, to help reduce the bills faced by Canadians.The banks announced more than two weeks ago that they would offer mortgage payment deferrals for Canadians who may be struggling due to Covid-19.They have also lowered their prime rates, which are used to set the amount charged for variable-rate mortgages and other variable-interest loans, as the Bank of Canada cut its key interest rate target.last_img read more

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