BC Business
A massive earthquake off B.C.’s coast could plunge the Canadian economy into a deep financial crisis, warns the C.D. Howe Institute. Insurers would have to cover billions in insured losses, while mortgage insurers and banks could be sideswiped by credit losses. Some insurance companies could fail, and an insurance industry in crisis would limit other kinds of coverage on which people rely. (The Globe and Mail)
Silicon Valley Bank treads where few Canadian banks dare go: lending money to our tech startups. The long-time specialist in lending to startups and technology companies wants to increase its business in Canada. The bank has so far been most active in Vancouver, Greater Toronto, Kitchener-Waterloo and Montreal. (Financial Post)
HSBC Bank Canada reports Q2 results. Profit before income tax expense for the quarter ended 30 June 2016 was $168 million, a decrease of 26 per cent compared with the same period in 2015. For the half-year ended 30 June 2016 profit before income tax expense was $326 million, a decrease of 28.8 per cent compared with the same period last year. “While profit before tax is down 26 per cent compared to Q2 last year, it is up 6.3 per cent compared with the previous quarter,” said HSBC Bank Canada president and CEO Sandra Stuart in a release. (CNW)
Kelowna looks to regulate short-term rentals like Airbnb. An initial report to council will be submitted in upcoming weeks that will consider options like enforcement and licensing, as well as potentially restricting the proximity of one vacation rental to another. (CBC)
Self-service checkouts: shoplifting in the bagging area. A new study suggests that the talking tills encourage ordinary people to steal—and are costing supermarkets money. (The Guardian)