It’s a long road to economic recovery, Canadian bank CEOs warn: The chief executives of two of Canada’s largest banks are warning that it will take longer for the economy to recover from the new coronavirus than they expected even a few weeks ago, and that businesses will still be feeling the effects in 2021. (James Bradshaw and Mark Rendell)
Higher financing costs for Suncor Energy prompt concerns about borrowing for smaller oil companies: A hefty jump in financing costs for Suncor Energy Inc. – which enjoys one of its industry’s best credit ratings – shows how debt markets have become wary of the Canadian oil patch as it struggles with the collapse of crude prices. (Jeffrey Jones and James Bradshaw)
Home, auto insurers set to give millions in rebates to all Canadian customers amid COVID-19 outbreak: Home and auto insurers are set to pay out millions of dollars in car insurance rebates for Canadian customers, regardless of their financial situation, during the outbreak of COVID-19. (Clare O’Hara)
In tough times, banks can take your HELOC safety net away: A home equity line of credit can be an emergency lifeline if you’ve lost your job and need cash fast. Prepare for the possibility of having that lifeline yanked in one way or another as the pandemic’s effect on the economy deepens. To an extent that will surprise a lot of HELOC holders, banks and other lenders have almost unlimited power to change the terms of these popular borrowing vehicles. (Rob Carrick)
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