UAE’s $35 Billion Egypt Deal Marks Gulf Powers’ Buying Spree
Crown jewels including resorts and a gas station chain are up for grabs. Saudi Arabia mulls purchases.
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Crown jewels including resorts and a gas station chain are up for grabs. Saudi Arabia mulls purchases.
China’s industrial companies’ profits fell in March as exports flagged and deflationary pressures persisted, suggesting the economy’s stronger-than-expected growth early this year might be tough to maintain.
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Oct 24, 2018
The Canadian Press
TORONTO - The cost of loans linked to the big bank prime rates are headed higher in the wake of the Bank of Canada's decision to raise its key interest rate target by a quarter of a percentage point.
The Royal Bank of Canada (RY.TO), Bank of Montreal (BMO.TO), CIBC (CM.TO), and Scotiabank (BNS.TO) say they are raising their prime rates by a quarter of a percentage point in the wake of the central bank decision.
The Canadian banks each raised their prime lending rates to 3.95 per cent from 3.70 per cent, effective Thursday.
The increase raises the cost of loans with interest rates linked to the prime rate such as variable-rate mortgages and home equity lines of credit.
TD Canada Trust (TD.TO) also hiked its prime rate by a quarter of a percentage point to 3.95 per cent and its mortgage prime rate by the same amount to 4.10 per cent.
The Bank of Canada raised its key interest rate target by a quarter of a percentage point to 1.75 per cent.
It was the fifth time since the summer of 2017 that the central bank has raised the trend-setting rate.