Here are the top reads,
FINANCIAL SERVICES WRAP
Banks, insurers seek court approval to hold online annual meetings amid coronavirus outbreak: Some of Canada’s biggest financial institutions will jointly seek a court order on Friday authorizing them to hold virtual-only annual general meetings in light of the coronavirus pandemic, according to people familiar with the matter. The group, which is being represented by Torys LLP, consists of eight banks and three insurance companies, those people said. The Globe and Mail is not identifying the sources because they are not authorized to speak publicly about the matter. (Rita Trichur and Christine Dobby)
Provincial securities regulators give companies 45-day extension to file documents, financial statements: Investment funds and publicly listed companies that are struggling to respond to the economic fallout from the spread of COVID-19 have been given a 45-day extension to file financial documents by the country’s provincial securities regulators. (Greg McArthur)
Poloz’s firm stand on interest rate cuts shows the Bank of Canada isn’t toeing the Fed’s line: As Stephen Poloz sat at a podium on Wednesday with Finance Minister Bill Morneau telling reporters about the massive support package that Ottawa unfurled to aid a distressed Canadian economy, perhaps the biggest surprise of the entire spectacle is something the Bank of Canada’s Governor didn’t say. (David Parkinson)
As the coronavirus spreads, why are some mortgage rates rising? Imagine you’re a bank fearful of borrowers not paying you back, potential housing devaluation and surging costs to fund your mortgages. The last thing you’d be thinking about is slashing your mortgage rates. You’d raise them. And that’s exactly what most mortgage lenders are doing. (Robert McLister)
IN CASE YOU MISSED IT
Trudeau unveils $27-billion in aid, $55-billion of tax deferrals in coronavirus response: Prime Minister Justin Trudeau has unveiled a sweeping $27-billion emergency aid package that offers immediate and direct help to Canadians and businesses, plus $55-billion in tax deferrals, to help them survive the severe economic downturn caused by the coronavirus pandemic. (Robert Fife, Daniel Leblanc, Bill Curry)
Get ready for deficits the likes of which we’ve never seen: Finance Minister Bill Morneau had only been speaking for a few minutes on Wednesday morning before he lost me. The $27-billion package of measures announced by Ottawa to address this coronavirus-induced downturn is as dizzyingly complicated as it is inadequate. (Konrad Yakabuski)
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