Canadian Housing Starts Increase to 140,700 Units in June, Agency Says Jul 10, 2009
The data are consistent with other measures, including home sales and building permits, that suggest that we are making a significant move off the lows, perhaps in response to low mortgage rates and diminished fears that recession will turn into depression, , Canadian Imperial Bank of Commerces chief economist, said in a note to clients. The total value of issued by municipalities jumped 15 percent to C$5. (Bloomberg -- Canada)
Treasuries Fall as Government Prepares to Sell $11 Billion of 30-Year Debt Jul 9, 2009
People are filled up with debt, said , a bond salesman in Tokyo at Canadian Imperial Bank of Commerce, the nations fifth-biggest bank. Given the current yield, I dont believe there will be more purchases of the long bond. (Bloomberg)
Canadian Stock Sales Rise to First-Half Record on IPO Rebound, Preferreds Jul 1, 2009
Stock sales may help bolster third-quarter earnings at banks including Canadian Imperial Bank of Commerce and Royal Bank of Canada, which rank among the top sellers of equity this year. Obviously, its going to help them, said , who helps oversee about C$45 billion as director of investments at BMO Asset Management in Toronto. (Bloomberg -- Canada)
Liquor Stores Income Fund Announces Renewal of Credit Facilities Jun 30, 2009
EDMONTON, ALBERTA--(Marketwire - June 30, 2009) - Liquor Stores Income Fund (the "Fund") (TSX: - ) is pleased to announce that it has renewed its credit facility with a syndicate of lenders, including HSBC Bank Canada, Royal Bank of Canada, and Canadian Imperial Bank of Commerce. The credit facility is a two-year facility, committed until June 28, 2011. (CCNMatthews Press Releases)
Canadian Imperial Wins Dismissal of Teller Lawsuit Over Unpaid Overtime Jun 19, 2009
The Canadian case is Fresco v. Canadian Imperial Bank of Commerce, 07-cv-334113PD2, Ontario Superior Court of Justice (Toronto). To contact the reporter on this story: in Toronto at. (Bloomberg -- Canada)
Central GoldTrust Files Shelf Prospectus May 30, 2009
Central GoldTrust's gold bullion is held unencumbered in allocated and segregated safekeeping in Canada, in the treasury vaults of the Canadian Imperial Bank of Commerce. The Bank maintains insurance with regard to its business and bullion storage on such terms and conditions as it considers appropriate. (CCNMatthews Press Releases)
CIBC announces amendments to its shareholder investment plan May 28, 2009
TORONTO, May 28 /CNW/ - CIBC (CM: TSX; NYSE) today announced amendments to its Shareholder Investment Plan (Canada Newswire)
CIBC declares dividends May 28, 2009
CANADIAN IMPERIAL BANK OF COMMERCE. CANADIAN IMPERIAL BANK OF COMMERCE - More on this organization. (Canada Newswire)
Bank of Montreal Cuts 1,100 Jobs as Profit Falls 44% on Higher Loan Losses May 27, 2009
Toronto-Dominion Bank, Royal Bank of Canada, Bank of Nova Scotia and Canadian Imperial Bank of Commerce also surged more than 5 percent ... Bank of Nova Scotia, Canadian Imperial Bank of Commerce and National Bank of Canada are scheduled to report results May 28. (Bloomberg -- Canada)
Canadian Retail Sales Rise 0.3 Percent for Third Monthly Gain on New Cars May 23, 2009
Further strength for all big ticket purchases should be tempered by ongoing weakness in the labor market, said , a senior economist at Canadian Imperial Bank of Commerce in Toronto in a telephone interview. The unemployment rate reached a seven-year high in March. (Bloomberg -- Canada)
Credit Suisse Downgrades Canadian Banks on 'Weakening Credit Conditions' May 22, 2009
Bank of Montreal and Canadian Imperial Bank of Commerce were lowered to underperform from neutral. . (Bloomberg -- Canada)
Canadian Stocks Decline on U.S. Jobless Claims, Led by Suncor, Scotiabank May 22, 2009
Credit Suisse downgraded Bank of Nova Scotia and Royal Bank of Canada to neutral from outperform and cut Bank of Montreal and Canadian Imperial Bank of Commerce to underperform from neutral. Analysts cited valuation and weakening credit conditions. (Bloomberg -- Canada)
Sentry Select Capital Inc. Announces Exchange Ratios for Sentry Select Canadian Income Exchange Fund May 16, 2009
9227 ---------------------------------------------------------------------------- Canadian Imperial Bank of Commerce CM 57 ... 3302 ---------------------------------------------------------------------------- Canadian Imperial Bank of Commerce Series 30 CM.PR.H 18 ... 8345 ---------------------------------------------------------------------------- Canadian Imperial Bank of Commerce Series 31 CM.PR.I 17. (CCNMatthews Press Releases)
Report: Banks Sue MBIA Over Split of Businesses May 14, 2009
The paper said the lawsuit was filed in New York state court on Wednesday afternoon by a group of U.S. and foreign banks including JPMorgan Chase Bank of America Corp., Morgan Stanley, Canadian Imperial Bank of Commerce, Barclays PLC and UBS AG.. Armonk, N.Y.-based MBIA split its operations during the first quarter to separate its traditional municipal bond insurance business from the riskier operations that had led to five consecutive quarterly losses. (ABC News -- Wire)
Banks show new swagger with MBIA suit May 14, 2009
A group of 18 financial institutions, which also includes Canadian Imperial Bank of Commerce and Royal Bank of Canada, filed a lawsuit against MBIA Inc., MBI-N claiming a recent restructuring by the bond insurer was "fraudulent.". These banks had purchased what amounted to insurance policies on complex securities, some of which were backed by mortgages that tumbled in value after the housing market collapsed. (Globe and Mail -- Business)
Business failures decline, bucking trends May 13, 2009
Indeed, the decline in the number of business bankruptcies is the surprise story of this recession, said economist Benjamin Tal of Canadian Imperial Bank of Commerce. Statistics released yesterday also show a growing divide between businesses and consumers, who have been filing for bankruptcy at an alarming pace. (Globe and Mail)
Canadian markets touch 10,000 pts May 5, 2009
47 and Canadian Imperial Bank of Commerce (CIBC) $2. 38 to $56. (India Times)
The hard and simplemaths of crisis Apr 30, 2009
The fates were aligning to bring Li down from Ontario, where he was working at the Canadian Imperial Bank of Commerce, to Wall Street, the center of global world finance. The US investment management industry was tiring of the old, "dartboard", model of fund management, where investment choices were made according to non-rigorous hunches and feelings - in essence, like throwing darts onto a dartboard. (Asia Times Online)
Canadian Stocks Fall as Gold Miners, Energy Producers, Suncor, Decline Apr 29, 2009
As people get more concerned about the flu and global growth, areas like energy start getting impacted, said , a Toronto-based independent equity strategist who ended a 31-year career with Canadian Imperial Bank of Commerce in 2006. Energy and resources are a bigger part of the Canadian market than others. (Bloomberg -- Canada)
Canada Factory Sales Rise for First Time in Seven Months on Vehicle Sales Apr 17, 2009
When you hit bottom you tend to bounce back, said , an economist at Canadian Imperial Bank of Commerce in Toronto. Despite this increase, we are still at decade lows. (Bloomberg -- Canada)
Signposts of (eventual) better times Apr 15, 2009
Employment: Contrary to popular wisdom, employment is not a lagging indicator, Avery Shenfeld, chief economist at Canadian Imperial Bank of Commerce, said in a recent report. Indeed, the first month of job losses is often used to benchmark the start of a U.S. recession in the official' dating by the National Bureau of Economic Research, just as the first month in a trend of net hiring is typically deemed to mark the start of an expansion, wrote Mr. Shenfeld, who views employment as the best... (Globe and Mail)
A daredevil portfolio for (highly) risk-tolerant investors Apr 12, 2009
1 per cent. In between are some blue-chip names that include a pair of banks, Bank of Montreal and Canadian Imperial Bank of Commerce, insurer Great-West Lifeco, the real estate company Brookfield Properties and several income trusts. To better understand stocks like these, let's look at three themes in dividend investing. (Globe and Mail)
Canada Posts Unexpected C$126 Million Trade Surplus as Car Exports Rise Apr 10, 2009
While Februarys trade report is positive, this does not mean that the global recession is over just yet, , an economist with Canadian Imperial Bank of Commerce, said in a note to clients. With trade remaining weak over much of the year, we expect a large current account deficit for 2009. (Bloomberg -- Canada)
Canada Quantitative Easing to Be `Gentler' Than U.S., CIBC's Shenfeld Says Apr 7, 2009
April 6 (Bloomberg) -- Canada will adopt a gentler form of quantitative easing than the U.S. has because of its explicit inflation targeting policies and healthier banks, said , chief economist at Canadian Imperial Bank of Commerce. Bank of Canada Governor will adopt so-called quantitative or credit easing within six months of announcing guidelines on April 23, Shenfeld said in a telephone interview from Toronto today. (Bloomberg -- Canada)
Say-on-pay policies need regulatory teeth Apr 6, 2009
In the past month, shareholders have passed resolutions at four of the five big banks Canadian Imperial Bank of Commerce, Royal Bank of Canada, Bank of Montreal and Bank of Nova Scotia calling for non-binding advisory votes on executive compensation. TD Bank dropped its opposition and adopted the vote on March 18, two weeks ahead of its shareholders meeting. (Globe and Mail -- Business)
NAL Oil & Gas Trust Announces Early Renewal and Continuation of Existing Credit Lines Apr 6, 2009
- Canadian Imperial Bank of Commerce. - Bank of Nova Scotia. (CCNMatthews Press Releases)
Canadian banks lowering mortgage rates Apr 5, 2009
Royal Bank of Canada was quickly followed by Bank of Montreal, Canadian Imperial Bank of Commerce and Laurentian Bank in making changes to a wide variety of mortgages. The posted rate for five-year closed mortgages, for example, falls to 5. (Globe and Mail -- Business)
NuVista Energy Ltd. Announces Renewal of Credit Facility Apr 4, 2009
NuVista's lenders are Canadian Imperial Bank of Commerce, as Agent, Bank of Montreal, Royal Bank of Canada, The Toronto-Dominion Bank, The Bank of Nova Scotia, Alberta Treasury Branches and Union Bank of California, Canada Branch. NuVista is an independent Canadian oil and natural gas exploration, development and production company with its common shares trading on the Toronto Stock Exchange under the symbol "NVA". (CCNMatthews Press Releases)
Canadian Imperial Drops `World Markets' From Investment Banking Brand Apr 2, 2009
April 1 (Bloomberg) -- Canadian Imperial Bank of Commerce said it dropped World Markets from the name of its investment-banking business. The unit of the Toronto-based company will be called CIBC, according to an internal memo. (Bloomberg -- Canada)
Not your 'traditional airline guy' Apr 1, 2009
ladeau and knocked heads with Canadian Imperial Bank of Commerce. The one constant in the 52-year-old former lawyer and financier's career is to never back down from a corporate fight, which means Mr. Rovinescu's return engagement at Air Canada promises to be a confrontational and tumultuous time at Canada's flagship airline. (Globe and Mail)
Jeff Rubin leaving CIBC Mar 30, 2009
Jeff Rubin, one of Canada's most outspoken and occasionally controversial economists, is leaving Canadian Imperial Bank of Commerce at the end of March. Mr. Rubin, currently the chief economist and chief strategist of CIBC World Markets Inc., has announced that he is going on to pursue other interests, including his new book that will be published in May. (Globe and Mail -- Business)
The preferred approach Mar 29, 2009
An example is Canadian Imperial Bank of Commerce series 30 preferred shares, which were issued in 2005 at the usual $25 price and have fallen to about $16, thereby pushing the yield up to 7. 4 per cent (price and yield move in opposite directions). (Globe and Mail)
'Scarce oil would stop globalisation' Mar 28, 2009
Contrary to what Thomas Friedman told us after his analysis of globalisation, the world will indeed become a "whole lot smaller'' very soon, if a top Canadian economist is to be believed. Jeff Rubin, who quit as chief economist of Canadian Imperial Bank of Commerce (CIBC) here Friday to promote his book 'Why Your World Is About to Get a Whole Lot Smaller,' said the coming oil scarcity will change the world more profoundly than any other crisis. He added, "We have all got our eyes right now on... (India Times)
Canada Stocks Fall, Led by Banks, After U.S. Treasury Auction; RIM Slides Mar 26, 2009
Canadian Imperial Bank of Commerce declined 1. 1 percent to C$46. (Bloomberg -- Canada)
Retail sales jump greeted with caution Mar 21, 2009
Amidst the sea of bad economic news Canadian consumers are still standing, said Krishen Rangasamy of Canadian Imperial Bank of Commerce. The retail report is good news in the sense that it's a reminder that Canadian consumers are still in the picture despite being sideswiped by income and job losses, Mr. Rangasamy said in a research note. (Globe and Mail -- Business)
Teck Cominco Credit Ratings Cut to Junk by S&P on Debt-Refinancing Concern Mar 21, 2009
81 billion one- year bridge loan and a $4 billion three-year loan provided by JPMorgan Chase & Co., Citigroup Inc., Merrill Lynch & Co., Canadian Imperial Bank of Commerce, Royal Bank of Canada and Bank of Montreal, according to a regulatory filing in July. The company has said its in talks to sell some of its gold assets including its 40 percent stake in the Pogo mine in Alaska. (Bloomberg -- Canada)
Axed talent finds a home on Bay St. Mar 17, 2009
CIBC World Markets, the securities arm of Canadian Imperial Bank of Commerce, has brought in two senior executives from London in the past year, both former employees of Merrill Lynch & Co. Inc.. One, Harry Culham, is a Canadian who returned home to head CIBC's fixed-income and currencies business. (Globe and Mail)
Canadian Stocks Soar, Led by Royal Bank, Canadian Natural, on U.S. Sales Mar 13, 2009
Canadian Imperial Bank of Commerce, the fifth-biggest, advanced 4. 9 percent to C$43. (Bloomberg -- Canada)
TSX headed to 7,000, CIBC says Mar 12, 2009
Canadian Imperial Bank of Commerce is slashing its Toronto Stock Exchange targets for this year and next, with chief economist Jeff Rubin predicting that a rapidly deteriorating economic outlook will push the S&P/TSX composite index down to 7,000 this year. Second-quarter [gross domestic product] growth in both the United States and Canada is likely to show further substantial contractions in the economy, while the banking crisis is likely to continue to have spillover effects on Canadian... (Globe and Mail -- Business)
Canada envy, amid a global meltdown Mar 10, 2009
Still, the industry has had stumbles, most notably Canadian Imperial Bank of Commerce's misadventure in derivatives, which led to a $2 ... Canadian Imperial Bank of Commerce. (Globe and Mail)
Shareholders win voice on CEO pay Feb 28, 2009
Even though Canada's bank chiefs are among the only ones in the world delivering good earnings news, investors at Canadian Imperial Bank of Commerce and Royal Bank of Canada passed motions yesterday demanding the companies give them a voice on executive pay through non-binding shareholder votes - and the banks acquiesced. National Bank of Canada, facing a similar motion today at its annual meeting, pre-emptively announced that it, too, would hold votes on pay plans. (Globe and Mail -- Business)
RBC, National, CIBC shareholders get say on pay Feb 27, 2009
A majority of Canadian Imperial Bank of Commerce and Royal Bank of Canada shareholders voted at annual meetings to pass motions to have non-binding say on pay advisory votes on executive compensation ... Mr. Griggs said one issue fanning the flames is the recent revelation that Canadian Imperial Bank of Commerce has increased the maximum possible pension that can be collected by chief executive officer Gerry McCaughey. (Globe and Mail)
CIBC `Staying Tuned' to Caribbean Banking Takeovers, Chief McCaughey Says Feb 27, 2009
Feb. 26 (Bloomberg) -- Canadian Imperial Bank of Commerce is staying tuned to opportunities to expand its consumer-banking business in the Caribbean, Chief Executive Officer said. Canadian Imperial has run branches in the Caribbean since 1920, and took over First Caribbean International Bank after buying the 43. (Bloomberg -- Canada)
Toronto-Dominion Profit Drops 27% on Higher Loan Losses Amid Recession Feb 26, 2009
Canadian Imperial Bank of Commerce and , respectively the countrys first, fifth- and sixth-largest lenders, plan to release results tomorrow, followed by and Bank of Montreal next week. To contact the reporter on this story: in Toronto at. (Bloomberg -- Canada)
Asian Stocks, U.S. Futures Gain on Citigroup Report; KB Financial Advances Feb 23, 2009
Its an unwinding of the flight to quality, said , a Tokyo-based debt salesman at Canadian Imperial Bank of Commerce, Canadas fifth-biggest bank. Treasuries may give up gains from Feb. 20, when the 10-year notes rose 14/32, he said. (Bloomberg -- Asia)
TD issues first-quarter report, Wednesday Feb 21, 2009
Canadian Imperial Bank of Commerce reports. First-quarter share profit of $1. (Globe and Mail -- Business)
Bank CEOs hand back some pay Feb 21, 2009
Canadian Imperial Bank of Commerce CEO Gerald McCaughey also requested that his pay be cut, although his pension was sweetened. Bank of Montreal boss Bill Downe gave up $4. (Globe and Mail)
Most Canadian Stocks Drop for 4th Day; Kinross, Bank of Montreal Decline Feb 20, 2009
and Canadian Imperial Bank of Commerce declined following a retreat in U.S. financial stocks to a 14-year low on concern about credit-card defaults. gained 7. (Bloomberg -- Canada)
The new debt-free you Feb 16, 2009
Benjamin Tal, an economist with the Canadian Imperial Bank of Commerce, likes to joke that Canadian consumers have been having "dinner on the house" the last few years. He says about one-third of consumers borrowing on their home are using the cash to fund consumption from vacations to paying for a night out. (Canada.com)
Falling stocks squeeze board ownership rules Feb 10, 2009
Canadian Imperial Bank of Commerce, for example, is giving directors an extra year to meet their share-ownership requirements if they have fallen offside as a result of fluctuations in the company's share price. The company last May boosted its share-ownership requirement to four times its annual $100,000 retainer, up from $300,000 previously. (Globe and Mail -- Business)
Engineer sticks to fundamentals Feb 8, 2009
Portfolio: Stocks he trades include Canadian Imperial Bank of Commerce, Bank of Montreal, Goldcorp Inc., Yamana Gold Inc., Canadian National Railway Co.. I think its better to start on your own and develop your own approach,' says Anand Shukla. (Globe and Mail -- Business)
