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Liberals target bank fees

Finance Minister Chrystia Freeland revealed during a news conference that Ottawa is implementing new guidelines to assist financially stressed mortgage borrowers in managing their increasing payments.

Additionally, the government is instructing the Financial Consumer Agency of Canada (FCAC) to establish expectations for lenders to reduce fees associated with personal banking accounts and services, including overdraft fees.

These measures are part of a broader strategy targeting the banking sector. Over the past two years, the government has introduced three tax changes, requiring banks and insurers to contribute significantly to government initiatives and debt reduction.

You can read more on the matter here.

What’s going on?

• Scotiabank To Cut 3% Of Staff Globally (theDeepDive)

• OSFI Sticks With Loan-To-Income, Drops Debt-To-Income On Mortgage Underwriting Rules Overhaul (theDeepDive)

• India Extends Sugar Export Curbs in Risk to World Supply (Bloomberg)

• Pay-To-Tweet? X (fka Twitter) Will Reportedly Charge Users To Access Features Like Tweeting (theDeepDive)

• Marc Andreessen Calls Sustainable Development Goals An “Enemy” In Manifesto (theDeepDive)

• BC Legislates Against Short-Term Rentals: "Convert To Long-Term Or Sell" (theDeepDive)

• US vetoes UN Security Council action on Israel, Gaza (Reuters)

• Highlights Of Nishad Singh’s Testimony Against Sam Bankman-Fried: “I Came To Distrust Him” (theDeepDive)

• Digital World Acquisition Corp Indicates Two Years Of Annual Statements Can’t Be Relied Upon (theDeepDive)

What’s the latest?

• BoC Says You’re Wrong: A Bank of Canada survey has revealed that Canadian consumers perceive inflation to be higher than it actually is and expect it to remain elevated, despite data indicating it's on the decline. The gap between perception and reality is attributed to consumers forming their views based on their own shopping experiences. Households with a significant gap anticipate high price growth for essentials like food and housing.

• Housing Starts Climb: The Canada Mortgage and Housing Corp. (CMHC) has reported that the annual pace of housing starts in September increased by 8% compared to August. The monthly seasonally adjusted annual rate of housing starts for September was 270,466 units, up from 250,383 in August.

• Chip War: As the United States tightens restrictions on China's semiconductor industry, Chinese equipment manufacturers are experiencing increased demand from domestic foundries. Nearly half of machinery equipment tenders from Chinese foundries in the first eight months of 2023 were awarded to local manufacturers, reflecting growing acceptance of the need for self-reliance in the face of ongoing U.S. restrictions on technology imports.

• Oil Jumps: Oil prices surged as Iran called for an oil embargo against Israel by Muslim countries following a deadly explosion in Gaza. Brent futures rose 3% to around $93 per barrel before reversing down to $91 per barrel. While Israel's oil imports are small globally and come from outside the Middle East, this verbal escalation amid the Israel-Hamas conflict raised concerns about potential supply disruptions.

• Alberta Targets Climate Agenda: Alberta Premier Danielle Smith has asserted that the recent Supreme Court decision, which overturned most of the Impact Assessment Act, grants the province the authority to reject federal climate change regulations. The federal government aims to achieve a net-zero electrical grid by 2035 and implement an emissions cap on oil and gas by 2024. Smith stated that Alberta is committed to reducing emissions at its own pace and urged the federal government to cooperate rather than impose unilateral policies.

The Kimoji Scandal

The stock market and stuff

• Binance US Halts All Withdrawals Of US Dollars (theDeepDive)

• Lucid Produces Fewer Cars In Third Quarter While Deliveries Remain Flat (theDeepDive)

• Cointelegraph Editor On Bitcoin Spot ETF Tweet Blunder: “It’s A Problem Of The Society” (theDeepDive)

In the juniors

• Surge Battery Metals Hits 29.8 Metres Of 3,841 ppm Lithium, Extends Strike To Northwest (theDeepDive)

• LNG Energy Secures US$13.3 Million Of Non-Dilutive Capital (theDeepDive)

• Hertz Lithium’s Eco-Friendly Lithium Extraction Tech (theDeepDive)

FULL DISCLOSURE: Carlyle Commodities is a client of Canacom Group, the parent company of The Deep Dive. Canacom Group is currently long the equity of Carlyle Commodities. The author has been compensated to cover Carlyle Commodities on The Deep Dive, with The Deep Dive having full editorial control. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security.