The Canadian Parvasi - Issue 21

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The International News Weekly REGIONAL November 24, 2017 | Toronto 04 RBC is Canada's first on Financial Stability Board list of 30 The Canadian Press TORONTO: The Royal Bank of Canada is the first Canadian lender to be added to the Financial Stability Board's list of global systemically important banks, which are deemed too big to fail. The FSB, which co-ordinates the work of national financial authorities and international standardsetting bodies, added RBC (TSX:RY) as it removed French bank Groupe BPCE, keeping the total number of institutions on the list at 30. "This designation reflects the size and scale of RBC's global operations," RBC said in a statement Tuesday. Banks that receive this global systematically important (G-SIBs) designation face increased regulatory expectations designed to reduce the likelihood of a failure — and the ripple effects on the global economy. That includes a higher capital buffer and higher supervisory expectations. RBC is Canada's largest bank based on its stock market value. However, because it is one of the smallest banks on the global list, RBC was placed into the lowest of five categories or "buckets" with the least onerous requirements to set aside additional capital to protect against unexpected losses. RBC and 16 other banks in this G-SIB category are required to hold an additional one per cent of common equity as a percentage of its risk-weighted assets, on top of the minimum capital levels outlined by the Basel Committee on Banking Supervision. RBC says that it already meets the requirement of a one per cent capital buffer and "does not expect any impact to its capital position with this designation." Eight banks, including Goldman Sachs, are subject to a 1.5 per cent buffer, and four banks including HSBC must hold two per cent. Only JP Morgan Chase must hold a 2.5 per cent buffer, and no bank is in the highest bucket with a 3.5 per cent requirement. The Office of the Superintendent of Financial Institutions said in a statement Tuesday that RBC is already subject to its framework for domestic systematically important banks (D-SIBs), and "therefore is well positioned to meet the G-SIB requirements starting in January 2019." Canada's banking regulator in 2013 named the country's six largest banks, including RBC, as D-SIBs. In turn, the banks were subject to additional requirements such as a capital surcharge, enhanced supervision, and increased disclosure, which OSFI says is generally consistent with the G-SIB requirements. Over he years, there has been "rampant speculation" that RBC would be included in this list and this "should not come as a big surprise to markets," Cormark Securities analyst Meny Grauman said in a note to clients. "The question is what does that mean for investors, and in our view the likely answer is not much.... the G-SIB buffer will not be additive to its D-SIB buffer, but rather is already included." CIBC World Markets analyst Robert Sedran said RBC's possible inclusion had often been discussed at the time of FSB's annual update "as the combination of currency translation and business growth made it a close call each time the list was released." "It is not a stretch to suggest this bank has always been systemically important to the global financial system (at least a little)," Sedran said in a note to clients. "More important to us is the fact that management (in its language), the Board (as evidenced by the buyback activity) and the regulator (with its formal pronouncements) are comfortable that the domestic buffer can absorb the first level of the required global buffer and that the capital position is strong." Sedran added that the lasting impact of the announcement on shares should be limited. Shares of RBC were flat, closing at $100.92 in Toronto. College apologizes as students sexually harass TV reporter NDP seeks protection for staff in Ontario hospitals The Canadian Press HAMILTON: A southern Ontario college says it's investigating two incidents in which a television reporter says she was sexually harassed by students. In a posting on the Mohawk College Facebook page, president Ron McKerlie says campus security is looking into "misogynistic words" used by two students on Tuesday. CHCH reporter Britt Dixon was reporting on students returning to class following a five-week college faculty strike and said Tuesday on Twitter that a male student yelled a lewd comment behind her in the middle of an interview. Later she tweeted "Wow twice in one day." McKerlie says he has personally apologized to the reporter on behalf of the college and says sexual harassment is a clear violation of Mohawk's student behaviour policy. He says violating the policy can result in suspension or expulsion and, at a minimum, students are required to apologize and sign a behaviour contract. McKerlie calls the incident "deeply disappointing" and not reflective the college's values. "If you somehow believe it is acceptable or humorous to demean and sexually harass women then you are not welcome at Mohawk," he said. The Canadian Parvasi TORONTO: NDP Health critic France Gélinas has demanded protection for front-line health care workers in hospitals because of the alleged increasing levels of violence due to overcrowding crisis in Ontario hospitals. The demand comes after Ontario Council of Hospital Unions reported rise in violence against health care workers, adding that two out of every three frontline health care workers were physically assaulted in the last year. The report also said that 83 per cent were verbally abused, and nearly half of the health care workers surveyed were sexually harassed or assaulted. The NDP health critic blamed the Liberal government budget freeze for the crisis. "I wrote to the premier in July 2015, asking this government to take action to protect workers in our health care system. But two-and-a-half years later, we see that this premier continues to let health care workers, patients and their families down,” said Gélinas said on Thursday. In an NDP press release, Gélinas said the tense situation in overcrowded hospitals, and staff working without the support they need are contributing factors in the violence. “The premier has squeezed our hospital funding, creating an overcrowding and hallway medicine crisis and resulting in cuts to the levels of frontline health care staff like nurses, making the problem of violence in the workplace much worse,'' the NDP leader said. Budget cuts and freezes won't solve the problem, said Gélinas. "The people of Ontario need a government and a premier who understand that properly funding hospitals will save lives – it will mean no more medical treatment on stretchers in hallways, shorter waits in the ER and it will help every health care worker go home safe to their family at the end of every shift. This should be a priority for the Liberals – clearly, it’s not,'' the NDP health critic said. Indo-Canadian man held for drug possession The Canadian Parvasi BRAMPTON: A Brampton man has been charged with possession of drugs believed to be cocaine and methamphetamine after a traffic stop east of Cornwall on Tuesday. OPP officers pulled over a vehicle on Highway 401 in South Glengarry just before 3:30 p.m. During the traffic stop, police say they seized suspected meth and cocaine. Jaskaran Sandhu, 34, was arrested and charged. One dead in Meadowvale stabbing Continued from page 01 Police found a winter jacket and a bicycle from the crime scene. Two men were rushed to hospital. While one in his 20s died, the other is said to be serious but stable. Another man received minor injuries. Police, who pressed its canine unit into search for suspects, said four to five people could be involved the stabbing.
The International News Weekly CANADA November 24, 2017 | Toronto 05 Ontario employees’ union says Bill 148 doesn’t end their fight The Canadian Parvasi TORONTO: Ontario's public servants union has called the passage of Bill 148, the Fair Workplaces, Better Jobs Act to increase wages from january next year as a ``huge victory’’ for it. Warren `Smokey’ Thomas, president of the Ontario Public Service Employees Union, said, "I am extremely proud that our union was able to play a part in what is a huge victory for the union movement, for our community allies, and for every wage-earner in this province." He said, ``"We stepped up our campaign in 2009 when we put equal pay for equal work on the bargaining table with the LCBO, and we were still pushing for it last week during our strike by more than 12,000 college faculty.’’ Thomas said "every union, community group, and individual who helped make it happen should take a bow." Apart from increasing the minimum wage, the new law also grants more protections such as equal pay for equal work and ease in forming unions. He said the union has been raising the alarm about this unfair discrimination for decades. ``A big reason for the growth in precarious work in this province is that the law has allowed employers to pay workers less than the going wage rate if they happen to be part-time, temporary, or temp agency workers.’’ The union boss said their battle for better labour laws and employment standards will continue. Canadian Parvasi_7x10_Print Ad.pdf 1 11/23/2017 1:07:55 PM He said new Act is far from perfect legislation. But it puts workers ``in a stronger position for the battles ahead. With Bill 148, we are further down the road, and we have more tools at our disposal. We intend to use them." Two pedestrians dead in Brampton, Mississauga Agencies TORONTO : Two pedestrians are dead after they were struck by vehicles on Monday night in separate incidents in Mississauga and Brampton. In Mississauga, a male pedestrian was struck and killed at about 9 p.m. (in the Dixie Road and Bloor Street area). Peel region police say the victim died in hospital after being taken there in critical condition. The second fatality, in Brampton, occurred in the Queen Street West and Mississauga Road area. Police say the pedestrian was crossing at an intersection at the time of the crash. No names have been released and police have not yet indicated if charges will be laid against the drivers involved. India’s best entertainment platform is now in Canada for who you are Vote to remove cops from C M Toronto schools welcomed Y CM Agencies TORONTO: A group of activists is welcoming a CY move to scrap a program that placed police officers CMY in certain Toronto schools and is calling for other school boards with similar programs to follow suit. K Phillip Morgan, a member of Education Not Incarceration, is lauding the decision by the Toronto District School Board to permanently end the School Resource Officer program. Morgan, who was joined by activists from Black Lives Matter Toronto at a news conference this morning, says more work now needs to be done to get Toronto's Catholic District School board to cancel its own program. The TDSB program, which was suspended at the start of the school year, saw police officers stationed at 45 high schools to try to improve safety and perceptions of police. The board's decision to permanently end the program came Wednesday night, after a TDSB staff report issued earlier this month found the scheme left some students feeling intimidated or uncomfortable. Mike McCormack, the president of the Toronto Police Association, says cancelling the program was politically motivated and called it a missed opportunity to address some students' negative perception of police.Toronto police spokesman Mark Pugash wouldn't comment directly on the board's decision, but said the program was beneficial for building relationships between police and youth. MY 60,000 hours of entertainment in 8 different languages. sports movies shows Watch your favorite channels now on Hotstar Anytime. Anywhere. Download Now Available on the Android TV
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The Canadian Parvasi - Issue 21

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