Thursday , August 11 2022

Why Canada Statistics Should Hold Their Banks Record


Informative things

  • Open our bank records
  • Markets at a glance
  • Toronto climbs home sales
  • Lowe will close several stores
  • Intermediaries from the U.S.
  • What to expect from the Fed
  • What else to watch this week

Get out of our records

Statistics Canada's request to see our bank records is full of dangers.

There are two immediate questions: Should our statisticians have that information and how will they protect it?

This is the era of debuting your morning coffee, Tim Hortons, using PayPal for online transactions, collecting Starbucks and Shoppers Drug Mart rewards, and using your phone or watch instead of money. It is also the era of Big Data Fraud.

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"Of course, I understand from the perspective of Canada's Stats why the information is appealing to them," said Dr. Vanessa Iafolla of the University of Waterloo.

"Considering the type of data that banks can generate in the most specific way, what you spend and how you spend, what our savings patterns are, what patterns of consumption are, what patterns of debt are – Canada, she added in an interview.

"My concern is that we are still implementing another process of monitoring and requesting information from financial institutions about the activities that Canadians basically believe are private and personal."

To review, Canada Canada is planning a pilot project, starting in January, to get hold of the bank records of 500,000 people.

Chief of statistician Anil Arora has raised the possibility of delaying the launch, given a complaint about his plans, but says he has to see our transactions so he can give us better reports on how we spend our money.

Chief statistician Anil Arora is photographed during a 2016 interview in Ottawa

Dave Chan / Globe and mail

Mr Arora promised Bill Curry, a correspondent for Globe and Mail, in an interview that Canada's statisticians "always and always" protect our data, but the federal commissioner for privacy has nevertheless called a probe into the plan.

Canadian banks are also clearly worried, stressing in a statement after a Friday meeting "the central importance of protecting the confidentiality and security of customer financial data and personal information."

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Mr Arora said that Canada's statistics were "guarded" by the negative reaction to his plans, which is frankly amazing given the widespread concerns about data breaches, abuse of information and, in general, how the authorities are following us.

The agency, of course, would not think it snoop, but rather a measure to provide us with cutting-edge measures for household spending.

Tracking how much you spend on morning coffee is not at all dangerous, but there is nobody else. And the things you'd prefer were kept secret?

"There will be many highly personal consumption patterns that people may not want the government to know," said Dr. Iafolla, a lecturer in sociology and law studies.

For example, she quoted what she called "drug abuse," for example, drugs, tobacco, alcohol, or now legal marijuana.

"You might think about buying things about sex, pornography, if people buy pornography or sex toys and other help," she said.

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"This can not be an information people would like the government to have, much more than the government would want to know that they buy at Tim Hortons every morning." And how will this information be preserved and how it will happen to be depersonalized and if the government can keep it safe is a problem that's still open. "

Dr. Iafolla knows what he's talking about after studying how Canadian authorities and bank officials are already pouring out financial measures to protect themselves against money laundering and terrorist financing.

The study by Dr. Iafolla and Anthony Amicelle, associate professor at the University of Montreal's Criminology School, was published in the British Journal of Criminology.

"In the context of suspicious transactions, justification is, in essence, to prevent crime, stop crime, assume the responsibility of criminals, and understand why this would have been quite easy for our politicians," said Dr. Iafolla.

"But this is an administrative thing that will affect us in a different way and we do not really understand or it is not yet clear what guarantees will be for our personal data and what the purpose of using this personal data is indeed."

And why say, for example, that the details will not be shared with the Canadian Income Agency or the Financial Transaction Reporting and Reporting Center in Canada, known as Fintrac?

"Because financial institutions already have this internal reporting system for detecting money laundering, terrorist financing, and the financial crimes it uses to send information to Fintrac, it's not about asking them to add or pull from transactions legitimate, "said Dr. Iafolla.

While Canada's Statistics said it could delay the launch, Dr. Iafolla does not expect the agency to change its mind.

"This is the age of the big data. With more data, the better it seems to be the maximum and we are basically a double date when you and I were in the real world as a kind of body but the real value we have is the double date that represents us abstractly in terms of what we do online, what we buy, where we go, what we can generate from our phones, the value of monetary value. "

It does not expect Canada Statistics to generate revenue, but the "break of thought" is there, indifferent.

It's a thing to agree with Facebook terms when configuring your page, for example.

"But it is another thing to have that data for non-criminal or security purposes, be repackaged and sent to Statscan by banks, where I do not expect it to happen at all."

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Markets at a glance

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  • Follow us inside the market

Toronto climbs home sales

House sales in Toronto climbed in October, while new offers fell, rising prices and signaling the city's property market is slowing down, reports The Globe and Mail Janet McFarland.

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  • Janet McFarland: Sales in Toronto rose in October and new listings fell, market tightening

Lowe will close several stores

Lowe's store closes several stores, including 20 in the U.S. and 31 in Canada and other regions.

The retailer, who bought Canada a few years ago, said the move would allow "to focus on its most profitable stores and improve the overall portfolio of stores."

Most US employees affected will receive jobs in other stores.

Lowe said he expects to have a success of US $ 28-34 per share.

The list of stores to close is here.

What to watch for this week

There are two biggies, the mid-term elections of the United States of America and the Federal Reserve rate decision, but only one is expected to bring about significant changes.

And, as we have seen many times, it is better not to rely on what polls tell you.

With this warning, Tuesday's media are expected to lead a split Congress, the Democrats taking control of the House, and the Republicans continue to dominate the Senate.

What could that mean?

"The split congress is most likely to lead to a legislative crisis, but this will not necessarily affect markets or real economic growth," said Paul Ashworth, Economics chief economist at Capital Economics.

"The upside risk (though a modest one) is that Trump could work with House Democrats and moderate Senate Republicans to push a package of tax cuts for people with lower incomes or an increase in infrastructure spending," he said .

"The downside risk (probably higher than in the opposite direction) is that relations between Trump and Citizens Democrats are rapidly deteriorating, as new investigations are being launched into the president's affairs, which could lead to an intimidation attempt."

If that happened, Mr. Ashworth said, he would not be surprised to see President Donald Trump "willing to use" a government stoppage to push money for his wall on the Mexican border.

"A partial closure over a two-week period as funding was not prolonged would not be the end of the world," Ashworth said.

"But a reduction in the debt ceiling, which could come around mid-next year, would be much more disturbing if the Treasury is unable to serve federal debt and trigger a technical default."

In mid-Tuesday, the Fed will push its decision on Wednesday on Wednesday, but the central bank in the U.S. is not expected to change this benchmark.

Markets, which are already nervous about rising interest rates, will closely monitor the Fed's statement.

"The gradual position of the Fed does not mean an increase in the rate this month, but the text will justify the expectations for a December move," said CIBC World Finance chief Avery Shenfeld.

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What else to watch for this week:


China is exposed during the week because economic growth is a concern for markets and because Beijing is in the midst of a trade war with Washington showing signs of relaxation.

This begins with the International Import Exhibition, which began in Shanghai, as reported by Nathan VanderKlippe of The Globe and Mail.

"It is an opportunity for China to highlight the size of its market and the opportunities it offers to foreign firms if their governments do not get bogged down," said Mark Williams of Capital Economics.

In this photo of November 9, 2017, US President Donald Trump and Chinese President Xi Jinping attend a welcoming ceremony at Beijing's People's Grand Hall

Andrew Harnik / The Associated Press

It is the first trade show in the country, Citigroup added.

Also Monday, Bank of Canada Governor Stephen Poloz speaks with a London business group followed by a press conference.

And the winning parade continues, among other things, among Finning International and Great Canadian Gaming Corp.

read more
  • Nathan VanderKlippe: In the midst of the trade war, China attracts 400,000 buyers – and skepticism – with the commitment to "expand imports"

There are still things to do while you wait for the US election results. to begin.

Statistics Canada launches a monthly analysis of the value of construction permits, which is expected to show an increase of 0.5% in September.

Also, watch a decision from the Australian central bank. Australia's Central Bank of Reserve is not expected to change much with a key rate of 1.5%.

"Fears about slowing economic growth in China have weighed in parts of the Australian economy, but we have seen Australian banks announce increases in their own variable mortgage rates that seem to weigh on consumer spending power," he said. said Chief of CMC Markets analyst Michael Hewson.

"Could the RBA react to the higher funding costs that Australian banks experience, or will they keep as they have been doing for over two years now?" he added.

"A slowdown in the real estate market could cause the RBA to be more damaging than it is normal, but it is unlikely that they will show signs of a policy move in that direction."

Among the gains: Archer-Daniels-Midland Co., Bausch Health Cos., CCL Industries, IAMGold Corp., Indigo Books & Music Inc. and Thomson Reuters Corp.


Track the stocks and the US dollar to react to interim results.

Income: ATS Automation Tooling Systems Inc., CGI Group Inc., Heroux-Devtek Inc., Home Capital Group Inc., Kinross Gold Corp., Linamar Corp., Manulife Financial Corp., Sun Life Financial Inc. .


In addition to the Fed, China reports its trade figures, markets tracking the impact of the war on the war.

"The 10-per-cent, $ 200 billion, additional Chinese commodity charge at the end of September could have significant effects on Chinese trade surpluses in October," Mr. Hewson, CMC.

"Judging by the recent US figures in the other direction, imposing this additional 10% rate does not seem to have made that big difference, yet these will be the numbers of the first month that we will be able to measure the full effect."

Canada Mortgage and Housing Corp launches a monthly look at the start of the construction. Economists expect to see housing starting at an annual rate of 190,000 to 200,000 in October.

And a few notable gains: Autocanada Inc., Bombardier Inc., Brookfield Asset Management Inc., CI Financial Corp., Canadian Tire Corp., Cascades Inc., Hydro One Ltd., Magna International Inc., Martinrea International Inc., Paramount Resources Ltd., Power Corp. and Power Financial Corp., Quebecor Inc., Telus Corp., TMX Group Ltd., Trican Well Service Ltd., and Walt Disney Corp.


We will take the most recent look at the British economy, which is expected to grow by about 0.4% in the third quarter.

"The recent performance of the UK economy seems to show an economy that, while still feeling the pressure of Brexit's concerns, is still performing," Hewson said.

"The loan is declining, while GDP growth seems to have remained constant at or close to the levels observed in Q2."

China reports inflation and other measures.

Income: GMP Capital Inc. and Onex Corp.

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