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Icelanders can now each claim $400 worth of Auroracoin, the country’s new digital currency

Icelanders can now each claim $400 worth of Auroracoin, the country’s new digital currency

At midnight this morning in Iceland, digital currency fell from the sky. The developer behind Auroracoin, a digital currency designed exclusively for Iceland, has made $125 million worth of coins redeemable by Iceland’s 330,000-or so citizens. That’s about 31.8 Auroracoins, … Continued

Banking without banks

Banking without banks

SAVERS have never had a worse deal but for most borrowers, credit is scarce and costly. That seeming paradox attracts new businesses free of the bad balance sheets, high costs and dreadful reputations which burden most conventional banks. Foremost among the newcomers … Continued

On Defensive, JPMorgan Hired China’s Elite

On Defensive, JPMorgan Hired China’s Elite

In a series of late-night emails, JPMorgan Chase executives in Hong Kong lamented the loss of a lucrative assignment. “We lost a deal to DB today because they got chairman’s daughter work for them this summer,” one JPMorgan investment banking executive remarked … Continued

CIBC rejects new TD Bank-Aeroplan partnership

CIBC rejects new TD Bank-Aeroplan partnership

Toronto-Dominion Bank’s new partnership with customer loyalty program partner Aeroplan isn’t valid, says CIBC, which has been the company’s points credit card partner for 22 years. Credit card reward programs carry risks TD announced Monday morning that it has reached … Continued

The SEC Nails a Minnow While the Whales Go Free

The SEC Nails a Minnow While the Whales Go Free

Why wasn’t Goldman Sachs on trial alongside Fabrice Tourre? Last week, a jury in New York City convicted former Goldman Sachs trader Fabrice Tourre on six civil counts of securities fraud, for selling a toxic mortgage-backed bond to investors without disclosing that … Continued

Former Bank Employees Protest in Beijing

Former Bank Employees Protest in Beijing

BEIJING — More than 1,000 former bank employees demanding compensation for jobs lost during a revamping of China’s biggest state-owned banks a decade ago staged a noisy protest on Monday at the capital’s main petition office. The crowd, which organizers … Continued

Laurentian Bank boosts dividend as profit rises

Laurentian Bank boosts dividend as profit rises

Laurentian Bank of Canada is boosting its quarterly dividend as its second-quarter profit increased 4 per cent to $35.1-million. The Quebec-based bank said Wednesday its dividend will increase by 1 cent per share to 50 cents, payable Aug. 1. Laurentian … Continued

BMO profit falls as bank moves to slash costs

BMO profit falls as bank moves to slash costs

Instead of waiting for a slowdown to take hold, Bank of Montreal is getting ahead of the game by slashing costs, pushing its second-quarter profit lower. BMO made $975-million in the second quarter, down 6 per cent from the same … Continued