March was the worst month in Canadian mutual fund industry’s history with $14.1B in redemptions

The Canadian mutual fund industry had its worst month ever in dollar terms in March as it saw more than $14.1 billion in net redemptions — the equivalent of 83 per cent of its total net sales in all of 2019.

According to the Investment Funds Institute of Canada (IFIC), the total assets in mutual funds also decreased by 10 per cent — or $159.9 billion — in one month. The ETF industry similarly saw its asset values decrease, by 9.5 per cent, but still recorded $2.9 billion in new inflows.

The top Canadian providers of mutual funds led the way in losses, according to Morningstar data. Royal Bank of Canada shed $2.8 billion, while Toronto-Dominion Bank, Fidelity and CI Investments each lost more than $1 billion. None of the providers in Canada’s Top 10 reported inflows.

The redemptions may have been the result of market-wide portfolio rebalancings that saw

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Japan reports 14 more coronavirus cases on Italian cruise ship By Reuters

© Reuters. sAn aerial view shows Italian cruise ship Costa Atlantica in Nagasaki, Japan

TOKYO (Reuters) – Fourteen more coronavirus infections have been confirmed on the Italian cruise ship Costa Atlantica docked for repairs in Japan, a local official said on Thursday, bringing the total to at least 48.

Half of them were cooks and the other half staff in charge of serving food to the crew, the official told a livestreamed news conference.

The Costa Atlantica infections come after the cases on the Diamond Princess cruise ship in Yokohama two months ago, where more than 700 passengers and crew were found to be infected, although this time only crew members were on board.

The Costa Cruises-operated ship was taken into a shipyard in Nagasaki city in western Japan in late February by a unit of Mitsubishi Heavy Industries after the COVID-19 pandemic had scuttled plans for scheduled repairs in

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Furlough vs. layoff? As more workers lose their jobs, here’s what to know about your rights and benefits

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Over the weekend Disney began furloughing tens of thousands of employees. This unpaid leave—with no set return date—included staff from Disney World, Hollywood movie studios, as well as employees at corporate headquarters.

These furloughed workers will join the 22 million Americans who have already filed unemployment benefit claims over the past month. Employers say they hope to rehire many of these furloughed workers once the economic storm passes. But there isn’t a guarantee that a furloughed worker will get rehired, and on paper it’s very similar to a layoff. That’s in contrast to Europe, where ‘furloughed’ workers still get paid.

“Some workers will go back. But of tens of millions of people [let-go], half of them are likely to end up somewhere else after this. … Read More