By Dave Sims, Commodity News Service Canada
WINNIPEG, Aug 14 (CNS) – One of Canada’s big banks is
looking to expand in Latin America. Scotiabank is acquiring
Banco Dominicano del Progreso. The bank is located in the
Dominican Republic and has 57 branches. The move is subject to
regulatory approval.
The Turkish currency remains under fire as the country
grapples with soaring inflation and a dispute with the United
States. The lira staged a slight rebound Tuesday, after hitting
a record low on Sunday. Political dissent and mounting inflation
have sent the currency into a freefall. The country’s President
Tayyip Erdogan blames much of the turmoil on the United States,
which recently raised tariffs on Turkey’s aluminum and steel
products.
A Toronto-based mortgage lender earned C$29.6 million in
the latest quarter. Home Capital Group chalked up its third
consecutive quarter of growth despite a recent slowdown in the
Canadian housing market. The increase was slightly below
analysts’ expectations. The rise was also a reversal from the
same time last year when the company recorded a loss of C$111
million.
