Article content continued
Dechaine said the total value of loans deferring payment because of COVID-19 fell 23 per cent for the Big Six lenders from the previous quarter, to $260 billion.
However, Dechaine added that “the true test of Canadian borrower resilience will come during Q4/20, as we estimate that approximately 85-90 per cent of deferral programs expire and as Government support programs are also adjusted.”
Not everyone may pass the test of borrower resilience. Analysts at Fitch Ratings said several banks had indicated quarterly provisions for credit losses for performing loans likely hit their peak in the prior quarter, although actual loan losses may start to increase in the quarters to come.
“Impaired loans and chargeoffs are expected to increase in fiscal 2021, or more than 90 days after the majority of pandemic-affected retail and wholesale customers exit deferral and government support,” the report from the credit-rating agency said.
But OSFI sees the time as right to start withdrawing some of the COVID-19-related regulatory relief it had announced during the early days of the pandemic. Those measures included the special deferral treatment and reducing a buffer that requires banks to hold extra capital to guard against risks.
Similar regulatory relief has been granted by OSFI for insurance companies that have granted loan and premium-payment deferrals. Those deferrals will now receive the same regulatory treatment going forward as the bank-provided deferrals.
Furthermore, OSFI said it would lift a moratorium it had placed on portability transfers for private pension plans.
“Over the course of the past five months, institutions and private pension plans have demonstrated their resilience and continue to adapt their risk management tools, operations, and processes to the current environment,” the regulator said in a press release. “As a result, OSFI has begun the careful transition back to its standard regulatory and supervisory position.”
Canada's top growing companies: 2020 – The Globe and Mail
Welcome to our second annual ranking of Canada’s Top Growing Companies. The 400 businesses on this list sprawl
across sectors, from fashion to finance, and manufacture everything from medical testing devices to organic
Much of the success celebrated in these pages occurred before a global pandemic changed how most
companies operate. But as you will read, many of these businesses were able to adapt, innovate and even expand
despite the challenges posed by these past few months.
As individual companies, and the entire country, work to
rebuild, there’s more need than ever to share the stories of entrepreneurial success—and the innovations and
strategies that made it possible.
Launched in 2019 by The Globe and Mail, the program ranks participating private and public Canadian businesses on three- year revenue growth. Canada’s Top Growing Companies is a voluntary program. We accepted entries from businesses through May 31, 2020.
Applicant companies had to submit a ballot, complete a full application survey and supply supporting financial documentation to our research team for both 2016 and 2019. We evaluated companies based on the most recent fiscal year for which financial statements were available, with a latest possible year-end date of April 30, 2020. In some unique cases, companies were evaluated on calendar years instead of fiscal.
In order to qualify, a company had to have at least $2 million in annual sales in its most recent fiscal year. Companies had to be for-profit, Canadian-run, headquartered in Canada and independent. In rare cases in which applicant companies were recently acquired, they were admitted only if the acquisition occurred following the close of the companies most recent fiscal year.
Franchisors were ranked on corporate revenue only, not systemwide sales. All revenue figures are in Canadian dollars, unless otherwise indicated.
Research was conducted by Deborah Aarts and Stefanie Marotta. To learn more about the program or to apply for the 2021 ranking, please visit tgam.ca/TopGrowing.
Shoppers Drug Mart Surrey staff member tests positive for COVID-19 – Vancouver Is Awesome
The parent company of Shoppers Drug Mart, Loblaw Companies International, confirmed Wednesday that another one of its Surrey employees tested positive for the novel coronavirus.
The employee, who tested positive on a presumptive COVID-19 test, last worked at the 8962 152 St. store location on Friday.
Loblaw regularly updates its COVID-19 page with all positive COVID-19 cases in its stores, by province, in the last 15 days
However, it does not release any personal information about employees.
Last month, multiple Shoppers Drug Mart locations issued notices that team members tested positive for COVID-19.
On Tuesday, health officials announced 96 new coronavirus cases in the province.
How close are we to a coronavirus vaccine? – National Post
Article content continued
AstraZeneca has had to pause trials twice after participants fell seriously ill and while work has resumed in the UK and elsewhere, the research remains on hold in the US.
Which countries have bought doses so far?
Despite global appeals from the WHO for countries to pursue multilateral deals that provide for the equitable distribution of doses, the trials have sparked a multibillion-dollar flurry of vaccine dealmaking by national governments.
The US government’s Biomedical Advanced Research and Development Authority is the biggest spender so far, having distributed more than $10bn in funding for vaccine candidates, either via direct financing or through vaccine procurement agreements.
Bar chart showing amount spent on COVID-19 vaccine candidates in billions of dollars
On a per-capita basis, the UK has built the largest and most diversified vaccine portfolio, according to data from Deutsche Bank, having pre-ordered more than five doses per citizen spread across six leading vaccine candidates. The UK is followed closely by the US, Canada and Japan.
In total, dealmaking by the US, UK, EU, Japan and other rich nations has meant wealthy countries representing just 13 per cent of the world’s population have bought more than half of the leading vaccine candidates’ promised doses, according to Oxfam, the charity.
Covax, the global vaccine procurement facility, designed to ensure the equitable distribution of doses, only this week secured the participation of 64 higher income countries. The Coalition for Epidemic Preparedness Innovations, one of the founders of the facility, has invested up to $895m in nine COVID-19 vaccine candidates that will be distributed under the programme.
A clearer view of what makes glass rigid – EurekAlert
U.S. core capital goods orders beat expectations; business investment rebounding – TheChronicleHerald.ca
Anaconda Mining fires employee for racist, homophobic social media posts – CBC.ca
Silver investment demand jumped 12% in 2019
Iran anticipates renewed protests amid social media shutdown
Richmond BBQ spot speaks out about coronavirus rumours Vancouver Is Awesome
- Health20 hours ago
Ontario College of Teachers asks retired teachers to return to the classroom to address teaching shortage during pandemic – CTV Edmonton
- Economy15 hours ago
If Donald Trump drags the U.S. economy down, Canada's economy is going along for the ride – Toronto Star
- News18 hours ago
Ontario sees 409 new COVID-19 cases, rolls out $1B updated testing and contact-tracing plan – CBC.ca
- News14 hours ago
CP Holiday Train won't roll across Canada this year due to pandemic – CBC.ca
- News17 hours ago
U.S. cosmetics chain Ulta scraps Canadian expansion plans – CBC.ca
- Business18 hours ago
Tech stocks lift Wall Street as economic rebound slows – Reuters
- Art14 hours ago
Pandemic-inspired art exhibit – News 1130
- Sports15 hours ago
Steven Stamkos' comeback is something to admire – CBC.ca