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RBC first to cut mortgage rates as bond yields plunge

Royal Bank of Canada is the first major lender to lower mortgage rates after five-year bond yields fell in the wake of a surprise cut by the Bank of Canada last week, according to rate-monitoring websites.
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Top Picks from David Burrows: Starbucks, Walt Disney, and American Tower
Top Picks from David Burrows, president and chief investment strategist at Barometer Capital Management.
S&P downgrades Russia's sovereign credit rating to 'junk'
Warning of difficult times ahead for Russia's economy, S&P said it had cut the rating from BBB- to BB+ and that Russia's economic growth prospects, hit by low oil prices and Western sanctions over the Ukraine crisis, had worsened.
For Saudis, falling oil demand is more worrying than glut
“Nobody should imagine the world will continue to demand oil as long as you have it in your fields,” Al Sabban said in an interview. “We need to prepare ourselves for that stage.”
Microsoft sales, profit beat estimates on cloud growth, Xbox
Microsoft is boosting sales of its Azure cloud software and Web-based versions of its work-productivity programs, called Office 365. A price cut and new games also jump-started ailing demand for Xbox One, which was the top selling video-game console in the U.S. for the holiday season.
Saskatchewan eyes tougher rules for buying farmland
Saskatchewan is likely to tighten what are already some of North America's strictest rules for purchasing farmland as the Western Canadian province looks to fend off big money managers hungry for what they see as a winning investment.
Joe Oliver promises balanced budget, won't cut spending
Oliver, who says the oil price plunge will not overly harm the economy, is under pressure from opposition legislators who say his reassurances lack credibility.
Upgrades and Downgrades: Goldman cuts Kinross Gold to 'sell'
Goldman sees gold prices falling 15% by 2016 and says at those prices Kinross will have insufficient free cash flow generation.
Sino-Forest underwriters settle for $32.5M
A group of big-name Bay Street financial institutions that underwrote stock and debt issues for Sino-Forest Corp. have agreed to pay $32.5-million to burned investors in the onetime Chinese forestry giant, which collapsed amid fraud allegations in 2011.
Loonie will drop to 78.1 cents US in three months: Goldman Sachs
Goldman Sachs predicts the Canadian dollar will drop below the 80-cent threshold in three months as low oil prices weigh on the economy.
Hedge funds bet oil has further to fall as glut grows
Money managers increased short positions in West Texas Intermediate crude to the highest level since September 2010 in the week ended Jan. 20, U.S. Commodity Futures Trading Commission data show. Net-long positions slipped for the first time in three weeks.
Oil steady ahead of U.S. storm following Saudi transition
U.S. oil prices were steady Monday, ahead of the first big snowstorm this year in the country's Northeast, while benchmark Brent crude fell after pledges of no policy change by the top oil exporter Saudi Arabia after King Abdullah's death.
RBC first to cut mortgage rates as bond yields plunge
Royal Bank of Canada is the first major lender to lower mortgage rates after five-year bond yields fell in the wake of a surprise cut by the Bank of Canada last week, according to rate-monitoring websites.
Loonie will drop to 78.1 cents US in three months: Goldman Sachs
Goldman Sachs predicts the Canadian dollar will drop below the 80-cent threshold in three months as low oil prices weigh on the economy.
Top Picks from Patrick Horan: Evertz Technologies, Martinrea, and CAE Inc.
Top Picks from Patrick Horan, principal at Agility Capital.
Uniqlo to open first Canadian stores in 2016
Just as U.S. discounter Target prepares to leave Canada, fast-growing Japanese cheap-chic fashion chain Uniqlo has announced it is setting up shop here.
U.S. East Coast braces, flights canceled as 'historic' blizzard bears down
The U.S. east coast is bracing for a potentially historic blizzard that forecasters say could dump up to 90 cm of snow on the region and snarl transportation for millions of people.
Upgrades and Downgrades: Goldman cuts Kinross Gold to 'sell'
Goldman sees gold prices falling 15% by 2016 and says at those prices Kinross will have insufficient free cash flow generation.
For Saudis, falling oil demand is more worrying than glut
“Nobody should imagine the world will continue to demand oil as long as you have it in your fields,” Al Sabban said in an interview. “We need to prepare ourselves for that stage.”
Morning Markets: European stocks shake off Syriza win in Greece
The euro and European shares and bonds shook off worries on Monday over Greek election winner Syriza's pledge to take on international lenders, a strong sign of confidence in the ECB's new money-printing programme.
Don't expect a payout from Cliffs Natural anytime soon
Cliffs Natural Resources will stop paying a dividend as it tries to cut its borrowings amid an irone ore slump.
Traders signal deeper cuts after Bank of Canada's interest rate shocker
Bond traders reeling from the Bank of Canada’s shock interest-rate cut are betting Governor Stephen Poloz will do it again.
Banks 'may be biding their time' on mortgage rate cuts
Canada’s big banks have yet to lower mortgage rates after the central bank’s surprise rate cut this week, but once one of them does the rest will “clamour for the market share,” one expert says.
Economist warns rate cut may create ‘grotesque’ debt skew
The Bank of Canada’s surprise cut to borrowing costs this week threatens to tilt an already lopsided economy into one that is grotesquely skewed toward housing and consumer spending, said Bank of Montreal’s Doug Porter.
Finance Minister won’t interfere with banks on rates
Canadian Finance Minister Joe Oliver said he won't pressure the nation's banks to follow the Bank of Canada's latest interest-rate cut, or take steps to influence the housing market.
Big banks not budging on mortgage rates after central bank cut
Toronto-Dominion Bank, Canada’s largest lender, says it has no plans to cut its prime rate to match the central bank’s move, keeping the rate linked to variable mortgages, car loans and other securities, at 3 percent. Other banks, including Royal Bank of Canada, are also holding off.
Don Martin: Interest rate cut helps Harper’s election chances
Only five prime ministers in our history have lasted this long, but Harper still craves another four years. And he’s got one formidable asset in his corner: Good economic luck.
Harper backs Bank of Canada rate cut, doesn't plan fiscal stimulus
Asked whether he was planning further fiscal stimulus to help a sluggish economy, Harper replied; "No".
Andrew McCreath: ECB bond-buying plan all about devaluing currency
“Draghi is doing the same thing that Poloz did yesterday – depreciate the currency,” McCreath tells BNN.
Shadow lenders jump into mortgage market as banks clamp down
Mortgage brokers and nonbank lenders operate outside the reach of federal bank regulators, operating in opaque market where they provide uninsured, short-term mortgages at interest rates as high as 20 percent.
NHL’s low-interest line of credit ruled offside in Canada
The NHL’s legal team, which is based in the United States, failed to ensure that the league’s now-$2-billion (U.S.) line of credit complied with Canadian government regulations when it was launched in October, 2014.

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