“Although the Sputniks and Luniks did not themselves provide better cars, refrigerators, colour TV sets, and homes … they did evoke added inspiration for the earth bound followers of the communist way of life, helping to take their minds off shortages of consumer goods” -- Donald Cox, The Space Race
On this day in 1959, the Soviets landed Luna 2 (also called Lunik 2) east of Mare Imbrium on the moon, the first time human beings had put an object on another celestial body. Washington sent a half-hearted congratulation. Vice-president Richard Nixon noted that it took the Soviets four attempts to hit the moon and insisted that “we are way ahead” in the space race.
We’re all about rocket power on BNN as we assess the fuel that’s still apparently being pumped into the housing market. Our Top Line is the prediction by Sotheby’s International Realty Canada that the B.C. tax on foreign buyers in Vancouver is likely to send purchasers to Toronto instead.
Meanwhile, the Globe and Mail’s Kathy Tomlinson reports that Scotiabank and the Bank of Montreal have been allowing foreign clients with no credit history to receive uninsured mortgages without proving their income. “Critics say that puts locals at an unfair disadvantage and inadvertently encourages real estate speculation by foreigners who have easier access to credit.”
The Office of the Superintendent of Financial Institutions faulted the banking sector in July for inadequate foreign income verification.
We’ll chase OSFI head Jeremy Rudin (or former officials with the regulator) today for reaction.
BoC's warning on housing optimism
In a speech to the Official Monetary and Financial Institutions Forum in London, England today, Bank of Canada Senior Deputy Governor Carolyn Wilkins warned against being too optimistic that home prices will rise, saying that residential property represents about one-third of total Canadian household assets.
"While demographic forces have been a source of upward pressure on house prices in the past, continued population aging and slower population growth going forward suggest a reversal of this trend," she said.
Summer season is done and we’ve got a compelling line-up of guests on BNN to get you over Hump Day.
At 10:40 a.m. ET, we check in with Guy Nelson of Empire Industries (EIL.V), which is working on a $600-million space-based theme park in Hangzhou, a major Chinese tourist destination.
At 11:20 a.m. ET on Commodities, we'll be joined by Rob Paterson, president and CEO of Alterna Savings. The Ontario-based credit union says it’s happy to work with licenced marijuana growers who are “struggling to find a banking partner.”
The Canadian Press reported yesterday that Scotiabank and Royal Bank of Canada “say they aren’t providing accounts to companies associated with the marijuana industry.”
And at 3:20 p.m. ET, we talk to the always-entertaining and perceptive Patrick Ryan, principal at mining consultancy Mining For Facts. He’ll give us his take on the warning from the International Energy Agency that global investment in renewable energy is still inadequate to meet targets agreed at last year’s Paris climate talks.
Finally, after a baking summer, a Japanese maker of men's personal care products is “holding seminars on odour etiquette for employees of companies concerned that smelly staff will damage their image.”
Apparently, "Japan's middle-aged and older ‘salarymen’ are often the target of office criticism that they smell, particularly those who are heavy smokers.”
As long as they lay off my exotic sandwiches.
Every morning Commodities host Andrew Bell writes a ‘chase note’ to BNN's editorial staff listing the stories and events that will be in the spotlight that day. Have it delivered to your inbox before the trading day begins by heading to www.bnn.ca/subscribe