B.C. caps payday loans
The British Columbia government is taking steps to cut the interest rates charged on so-called payday loans. The maximum allowable charge for a payday loan in B.C. will drop from $23 to $17 for every $100 borrowed, starting Jan. 1. Prior to 2009, charges for payday loans in B.C. were as high as $30 for every $100 borrowed.
TMX Group cuts 115 jobs
TMX Group Ltd. is cutting jobs in an effort to reduce costs. The operator of the Toronto Stock Exchange says it’s eliminating 95 full-time positions and about 20 consultants and contractors. TMX says it hopes the cuts will save it $8 million to $10 million a year on an annual basis by the end of this year and an additional $3 million to $5 million annually by the end of 2017.
Bedrock to help U.S. Steel Canada
The Ontario government and Bedrock Industries Group have entered into a memorandum of understanding to aid the restructuring of U.S. Steel Canada, which is in court-supervised creditor protection proceedings. The aim is to protect jobs, pensions and ongoing operations at the company’s Hamilton and Lake Erie facilities. The terms of the memorandum of understanding are confidential until the court process allows them to be made public.
CIBC in alliance to develop tech
Canadian Imperial Bank of Commerce, National Australia Bank Ltd. and Bank Leumi Le-Israel Ltd. formed an alliance to develop technologies faster and cheaper amid an industrywide shift toward digital banking. The three lenders agreed to share information, co-develop products and services and swap employees in areas of payments, digital banking, cyber-security and emerging financial technology. An agreement was signed this week in Tel Aviv, CIBC said Wednesday.
West Wind grounds planes
A Saskatchewan-based aviation company has temporarily grounded its planes. West Wind Aviation says in a news release that it has voluntarily put its fleet on hold while it investigates potential administrative discrepancies related to training records. It’s not clear when West Wind will fly again. It says it will utilize its wholly owned subsidiary, Transwest Air, and industry partners to ensure uninterrupted service to customers.