Late News This information from last news on the day

Why Canada’s big banks defend dividends in coronavirus market rout — and at all other times

Regulators in Europe, the United Kingdom and Mexico may be forcing financial institutions to cut or suspend their dividends, but the same is unlikely to occur in Canada, according to analysts.

Keeping dividends intact is a matter of reputation for Canada’s Big Five, which hasn’t cut payouts since 1940.

Not even the financial crisis, which saw U.S. and European banks slash payouts across the board, made the Big Five waver.

The reliable stream of income, not the stock performance, is why investors hold the group in such high regard.

“The Big Five has such a long history of not cutting their dividends,” said Cormark Securities analyst Meny Grauman. “There’s an investor premium earned as a result of that huge amount of time, safety and security of the dividend. You’d rather keep that intact and go raise equity at less than preferable terms.”

The global economic shutdown brought upon by the

Read More

Japan to compile extra budget to fund coronavirus stimulus: draft By Reuters

© Reuters. Spread of coronavirus disease (COVID-19) in Japan

TOKYO (Reuters) – Japan will compile a supplementary budget worth 16.8057 trillion yen ($154.45 billion) to help fund stimulus spending to combat its coronavirus outbreak, according to a draft of the spending plan obtained by Reuters.

The government will issue the same amount of additional government bonds to fund the extra budget, with a construction bond issuance at 2.3290 trillion yen and deficit-covering bonds at 14.4767 trillion yen, the draft showed.

It is rare for the government to compile an extra budget at the beginning of the new fiscal year in April, highlighting the urgency of the outbreak.

The budget is due to be approved by the cabinet later on Tuesday.

Prime Minister Shinzo Abe has pledged to roll out a 108 trillion yen ($990 billion) stimulus package, equal to 20% the size of the economy, vowing to take “all steps”

Read More

Allstate and other auto insurers’ customers are getting sent refunds. Here’s why

© 2019 Fortune Media IP Limited. All Rights Reserved. Use of this site constitutes acceptance of our Terms of Use and Privacy Policy (Your California Privacy Rights) | CCPA Do Not Sell My Information
FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. FORTUNE may receive compensation for some links to products and services on this website. Offers may be subject to change without notice.
Quotes delayed at least 15 minutes. Market data provided by Interactive Data. ETF and Mutual Fund data provided by Morningstar, Inc. Dow Jones Terms & Conditions: http://www.djindexes.com/mdsidx/html/tandc/indexestandcs.html.
S&P Index data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. Terms & Conditions. Powered and implemented by Interactive Data Managed Solutions. | EU Data Subject Requests

Read More

Plunging markets may test new lows, but a rebound will be equally robust: BMO’s Brian Belski

Comments

Postmedia is committed to maintaining a lively but civil forum for discussion and encourage all readers to share their views on our articles. Comments may take up to an hour for moderation before appearing on the site. We ask you to keep your comments relevant and respectful. We have enabled email notifications—you will now receive an email if you receive a reply to your comment, there is an update to a comment thread you follow or if a user you follow comments. Visit our community guidelines for more information and details on how to adjust your email settings.

Read More

‘We’re not hungry, we need masks’ says Australian doctor on coronavirus frontline By Reuters


By Lincoln Feast and Swati Pandey

SYDNEY (Reuters) – Australian hospital workers on the coronavirus frontline say they daily receive letters of thanks, some people even bring them pizzas, but what they really need is proper respiratory face masks to replace faulty and homemade face shields.

While doctors and nurses in some hospitals struggle to obtain respiratory N95 face masks, Australians walking the streets can be seen wearing them.

“Every day we get a lot of thank you letters, some people bring pizza for us etc,” one senior emergency doctor told Reuters. “But I just want to go there and say ‘Hey, we’re not hungry. We need masks'”.

“If you go into the community you see on the faces of a lot of people the N95 masks and not enough in the hospital,” said the emergency doctor in the state of New South Wales (NSW), which has nearly half of

Read More

Bank of America is the first big bank to accept SBA Paycheck Protection Program loan applications

Small businesses are desperate to access loans. But there’s a problem: Most banks aren’t ready to lend.

On Friday, the Small Business Administration’s Paycheck Protection Program loan applications were expected to be open and ready for small businesses across the country to get emergency, forgivable loans—intended to help them retain employees amid the COVID-19 crisis.

But as of Friday morning, only one big bank managed to start accepting applications: Bank of America.

The Brian Moynihan-led bank launched its portal for the small-business loans on Friday, going live at about 9 a.m. ET. Yet even BofA’s rollout perplexed some customers, as the bank is prioritizing existing customers with online accounts who are active borrowers as of last month.

Read More