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4 Dec, 8 tweets, 5 min read
Canada's big banks are at last showing signs that COVID-19 is taking a financial toll, writes @jembradshaw.

The Big Six banks released their fourth-quarter earnings – and announced dividend hikes – earlier this week.
tgam.ca/3Ge20gF
While the core of earnings is not yet back to prepandemic form, there are indications that demand from borrowers is coming back to life.

Profits of the Big Six banks totalled $14.6-billion in the fiscal fourth quarter.
tgam.ca/3Ge20gF
Overall allowances for credit losses are still well above prepandemic levels and RBC and National Bank have only released about half of the extra allowances they built up during the crisis.
tgam.ca/3Ge20gF
Bank of Nova Scotia and Royal Bank of Canada saw credit card balances increase 4 per cent from the third quarter, but card balances are still significantly lower than they were before COVID-19.
tgam.ca/3Ge20gF
As CIBC wrapped up a resurgent year, its quarterly earnings faltered.

The bank’s costs ballooned as it ramped up spending to improve its retail banking performance, upgrade technology and revitalize its image with a new logo and brand.
tgam.ca/2ZWJ9Y0
Meanwhile, TD reversed a string of underwhelming financial results with fourth-quarter profit that topped analysts’ expectations.
tgam.ca/2ZWJ9Y0
Lastly, BMO reported higher fourth-quarter profit and raised its dividend by 25 per cent.

Strong retail banking income and recoveries from loan loss reserves helped the bank beat analysts’ estimates.
tgam.ca/31vd21O
What are the growing challenges facing Canadian banks as the COVID-19 pandemic wanes? What do these bank earnings signal for 2022?

Read the full story by @jembradshaw: tgam.ca/3Ge20gF

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More from @globeandmail

The Globe and Mail Profile picture
4 Dec
🏦Changing banks can be quick and relatively painless – or time-consuming and complex. It all depends on your approach. Here are some things to consider if you want to unwind your bank accounts. ​​tgam.ca/32Lu38D
🏦First, shop around and decide where you are taking your business. Open a personal chequing or savings account at your new financial institution before closing your current account. tgam.ca/32Lu38D
🏦Credit cards and bank accounts are not connected: You can have a credit card with one institution and a bank account elsewhere. There’s no fee to close a credit-card account. But you still have to pay the outstanding balance plus any associated fees. tgam.ca/32Lu38D
Read 6 tweets
The Globe and Mail Profile picture
4 Dec
Fear along the Nile
Why Egypt sees a massive dam in Ethiopia as a matter
of life and death

By @ereguly
tgam.ca/31r4s4E
Visitors would be remiss thinking Egypt is a
water-rich country. The Nile — the world’s longest river — flows through it before emptying into the Mediterranean Sea.

Egyptians know they exist only because their river exists.
tgam.ca/31r4s4E
And yet, Egypt’s water riches are a mirage. The African country as a whole is classified by the United Nations as a country on the verge of “absolute water scarcity.”
tgam.ca/31r4s4E
Read 6 tweets
The Globe and Mail Profile picture
4 Dec
To lose body fat and maintain muscle at the same time – and to stay strong – you need to do the right kind of exercise and follow the right kind of diet.
tgam.ca/3HWzIsx
Two key strategies will help preserve muscle while dieting: resistance exercise and eating extra protein at the right times. Doing both may even help you put on extra muscle as you shed pounds.
tgam.ca/3HWzIsx
Eat enough protein: To maintain lean muscle, that’s at least 1.2 g of protein per kilogram of body weight each day. To gain muscle while losing fat, aim for 2 to 2.4 g of protein per kilogram of body weight.
tgam.ca/3HWzIsx
Read 8 tweets
The Globe and Mail Profile picture
3 Dec
At @MustafaThePoet's debut hometown show at Massey Hall last night, the Toronto singer & poet reflects on love and loss, writes @aruna_dutt.

🎵 "Celebrating healing from loss is what Toronto singer-songwriter Mustafa Ahmed bravely brings to his music."

tgam.ca/3oifnGv
🎵 The musician invited the audience to do the same at his sold-out concert – just a few blocks away from Regent Park, the neighbourhood he grew up in, and writes about on his debut album, #WhenSmokeRises.

tgam.ca/3oifnGv
🎵 Released earlier this year, the Polaris Prize-shortlisted album is an eight-song meditation on the grief resulting from gun violence in Regent Park – a topic Mustafa has been talking and performing poetry about from the age of 12.

tgam.ca/3oifnGv
Read 5 tweets
The Globe and Mail Profile picture
3 Dec
As early as Monday, the United States will require “all inbound international travellers” to get an antigen test within 24 hours of their departure.

Previously, the test was required within 72 hours.

tgam.ca/3pnwyWz
Canada, meanwhile, requires individuals to get the more costly PCR test before entering the country but allows for a 72-hour window.

tgam.ca/3pnwyWz
For Canadians going to the U.S., the new rules announced by President Joe Biden mean individuals will need a different type of COVID-19 test and will have to follow a different testing timeframe than the ones for returning to Canada.

tgam.ca/3pnwyWz
Read 4 tweets
The Globe and Mail Profile picture
2 Dec
Around 280,000 fewer people are self-employed than when the pandemic started, a decline of 9.7 per cent, according to Statistics Canada.

The share of those who work for themselves (13.6 per cent) is the lowest in nearly four decades.
tgam.ca/3Ijce1g Image
It’s an unusual outcome in an economic downturn.

Self-employment typically increases in a recession as laid-off employees look for alternative work arrangements. Plus, the self-employed do not fire themselves, hanging on if their business remains viable.

tgam.ca/3Ijce1g
This economic cycle is different. After huge layoffs, the number of employees snapped back quickly and now exceeds pre-crisis levels. A huge influx of federal support for companies helped them rehire, driving business insolvencies to record lows.
tgam.ca/3Ijce1g Image
Read 7 tweets

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