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(November 26, 2007) Contrary to popular opinion, the sky is not falling, according to America’s biggest bank. But while an economic collapse is not imminent, the global economy will slow through 2008.

“Our base case forecast reflects the judgment that the current stresses from the U.S. housing sector, high oil prices, a weak U.S. dollar and the recent financial turmoil will not overwhelm the global economy,” says Lewis Alexander, chief economist and head of economic and market analysis at Citibank. “But the level of uncertainty around our base case is unusually high.”

The American housing market may be undergoing a correction, but according to the report out of Citi, strong productivity growth and a relative lack of imbalances outside of the housing sector should support the U.S. economy.

“We do not expect either inflation or concerns about ‘moral hazard’ to prevent major central banks from easing, and this will help to limit downside risks,” says Alexander. He expects the Federal Reserve to cut rates by 100 basis points.

Western Europe is expected to slow along with the U.S., due to past credit tightening and the strength of the euro. Meanwhile, emerging economies have “found a formula for high sustained growth,” and they are largely insulated from external financial shocks.

“Our growth forecasts for emerging markets remain relatively robust next year, driven by continued strong growth in Asia,” said Alexander. “But we anticipate a slowdown in central Europe, which remains vulnerable to weak industrial country growth, and lower growth in Latin America.”

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Seneca expands finance education curriculum

(November 26, 2007) Seneca College’s Centre for Financial Services has announced it will offer two new specialized, on-site corporate training programs. The Team Leader/Supervisor Leadership Program is a customized offering geared toward individuals in leadership roles in a corporate contact centre. The Contact Centre Technology for Managers course is designed specifically for non-technical managers in the often “technical” contact centre environment. The two-day program focuses on contact centre technologies.

“The Seneca Centre for Financial Services has developed leadership programs to provide team leaders and managers with a broad understanding of management strategies and current industry practices,” says Terry Pruner, contact centre industry director for Seneca CFS. “This kind of training has an easily recognized return on investment, with benefits ranging from operational efficiencies to improved customer loyalty.”

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AGF Trust kicks off “RRSP season”

(November 26, 2007) AGF Trust is kicking off its annual RSP campaign by offering advisors the ability to prearrange RSP loans for their clients.

AGF Trust is guaranteeing loan approval to all applicants for at least $2,500, and requires no income verification for loans under $50,000.

“We work hard with financial advisors to develop an array of products and services that they need to help their clients realize their dreams,” says Mario Causarano, president and chief operating officer, AGF Trust. “We will continue to consult with and listen to our clients to enhance our product lineup.”

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CIBC Mellon unveils trade match report card

(November 26, 2007) CIBC Mellon Global Securities Services has launched a new monthly trade match report card to help investment managers comply with institutional trade matching guidelines within National Instrument 24-101.

The national instrument comes into effect February 2008. Investment managers must achieve an 80% trade matching rate by noon on T+1 over a calendar quarter. If they do not, they must report quarterly trade matching performance to the Canadian Securities Administrators.

The CIBC Mellon report card provides trade match rates based on volume and dollar value, and an analysis of match rates against performance targets in various asset classes.

“We believe the information provided in our monthly trade match report card will help investment managers keep pace with market changes and address compliance requirements,” said Thomas C. MacMillan, CIBC Mellon president and CEO.

(11/26/07)