- On Tuesday The Bank of Canada left interest rates untouched for the 15th consecutive time (the longest pause since the 1950′s). It also trimmed its projections for the economy in 2012 and 2013, while reiterating that whenever it does make its first move since September, 2010, it will be to raise borrowing costs, not cut them.
- BNN is reporting that according to an investigation by the U.S. Senate, HSBC, Europe’s biggest bank, “did business with companies linked to terrorism, failed to guard against money-laundering in Mexico and bypassed U.S. sanctions against Iran”.
- Canadians are now richer than Americans. The Globe and Mail reports, “over the past five years, net worth per Canadian household has exceeded net worth per American household (total combined value of liquid and real estate assets minus debt) for the first time.” We have lower unemployment too…
- Un-like. An analyst reported Tuesday that not only has Facebook felt a drop in users in 14 of the 23 countries in which it has more than a 50% market penetration, but the number of users in the U.S. fell by 1.1% in the last 6 months. Personally I find Facebook to be a dizzy mess that is full of advertising and narcissists making politically correct proclamations.
- Looks like the Sears that closed in Vancouver’s Pacific Centre mall will be replaced by U.S. department store Nordstrom. They are also opening stores in Calgary, Ottawa and Toronto.
- The S&P/TSX composite was up 1.07% this week after resource stocks rose Thursday as commodity prices picked up on hopes that central bankers are ready to help with stimulus in the future.
- The Dow Jones was off its Thursday highs to end the week up 0.61% after data showed sales of existing homes in June fell by 5.4% to a seasonally adjusted annual rate of 4.37 million, much lower than the 4.65 million that was expected.
Canadian Performer's Money
Financial education for performing artists
