Category: Finance

Canada’s big banks log 13-fold rise in loan loss provisions

Canada’s big five banks this week collectively set aside the most money for loan losses since 2020, as concerns about an economic slowdown and higher defaults in commercial real estate mount.

The country’s top five lenders, which all reported earnings this week, logged a combined C$3.37bn (US$2.48bn) in credit loss provisions in the first three months of 2023, C$1bn more than the previous quarter and up almost 13-fold year on year.

“The higher provisions quarter-over-quarter [are] due to a more unfavorable macroeconomic outlook,” Phil Thomas, the Bank of Nova Scotia’s chief risk officer, said on the bank’s earnings call. “This

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Have your say: Where will mortgage rates be in one year?

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Read the full story here: Some experts say mortgage rates could drop next year. Is it time to go short term?

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25 Best Personal Finance and Investing Blogs

In this article, we will examine 25 best personal finance and investing blogs. If you want to skip the detailed analysis, visit 10 Best Personal Finance and Investing Blogs.

Blogs about personal finance and investment offer information and instructional materials on a range of financial and investing topics. Saving, budgeting, debt management, investing tactics, retirement planning, and other subjects are covered. These blogs assist investors in staying informed, increasing their financial literacy, and making wise financial decisions. These blogs are frequently written by people with various educational backgrounds, professional experiences, and financial beliefs. Investors can examine numerous investing

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SVB’s biggest debtor in Canada is Michele Romanow’s tech finance firm

The bankruptcy liquidator in charge of Silicon Valley Bank’s Canadian unit is set to receive offers for its loan book on May 29, and the biggest asset is a loan to e-commerce lender Clear Finance Technology Corp., according to people with knowledge of the matter .

Toronto-based Clear Finance, which operates under the name Clearco, is an alternative lender that offers cash advances to e-commerce and software startups. It’s struggling amid the tech sector downturn after its cost of capital soared. The company has done extensive staff cuts and excited markets outside North America.

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Congestive Heart Failure: Excessive Sodium Restriction is Dangerous

June 1, 2023 · 7:00 AM

From DailyMail:

Salt has long been seen as enemy number one for people with heart problems, with doctors telling patients to cut down on the amount of sodium they consume.

But new research suggests that restricting salt too much may actually raise the risk of an early death in heart failure patients.

Their work builds upon a growing body of research that posits the benefits of cutting out salt to this subset of patients may be overblown.

And the findings could mean a more exciting diet for more than six million Americans with heart

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BLM finances under fire: Only 33% of donations given to charities as execs paid millions

WASHINGTON (TND) — Black Lives Matter’s finances are under scrutiny once again, as tax documents show the nonprofit is on the brink of bankruptcy. The organization ended last year in the red, while doling out millions to those close to BLM’s founders.

Following the murder of George Floyd in 2020, supporters donated a staggering $90 million dollars to Black Lives Matter. The nonprofit ended the last fiscal year with a $9 million deficit.

The federal filings from 2020 to 2022 show just a third — $30 million of the $90 million — went to other charitable organizations, with $22 million

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Paralyzed by financial stress? There are solutions says one expert.

Got money stress? Michelleab founder and financial advisor Michelle Arpin Begina says she can help.

According to a recent Bankrate survey, 52% of Americans say that money has a negative impact on their mental health, up sharply from 42% a year ago. There are several ways to manage that stress, Begina told Yahoo Finance (video above).

“Part of what needs to be distinguished is, what are they worried about?” That’s how said.

To relieve stress, she stressed the importance of identifying its source: If the event causing stress has already happened and is out of your control, it is best

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5 ways to simplify and reduce your money clutter

Professional organizers might define household clutter as a pile of unmade decisions. Money clutter is much the same.

Those credit cards you no longer use but haven’t closed? That’s money clutter. So is the retirement account you left behind three jobs ago and the financial paperwork you keep but no longer need. Money clutter can also include broken systems that should be broken, such as a bill payment routine that leads to overdrafts or late fees.

You can simplify your financial life by dealing with those long-delayed decisions now and streamlining how you manage your money going forward. Here are

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