By Commodity News Service Canada
WINNIPEG, Aug. 16 (CNS Canada) – The Canadian dollar gained slightly this morning, trading at US$0.7854 at 8:46 CDT, or C$1.2732 per US$1. It closed yesterday at US$0.7840, or C$1.2755.
The S&P/TSX was up 44.90 points to 15,142.74 at 8:33 a.m. CDT. Major exchanges in the United States were also reporting small gains in early trading.
Canadian Imperial Bank of Commerce plans to launch a new brand in online banking to replace PC Financial, which it now currently operates in partnership with Loblaws Ltd. The two million customers at PC Financial will automatically have their accounts moved to the new Simplii Financial company. PC Financial has been operating for 19 years.
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Canada’s bank regulator, the Office of the Superintendent of Financial Institutions (OSFI) is reviewing practices at the country’s six largest banks. The investigation started in April and will look at areas of consent, disclosure and sales incentives.
Oil prices climbed slightly this morning, based on declines in U.S. crude inventories, although oversupply issues persist. Brent crude futures were at US$50.98 per barley earlier this morning. WTI crude was at US$47.73, up 18 cents U.S.
