EAST HAMPTON NEW YORK — London Jewelers is hostin

first_imgEAST HAMPTON, NEW YORK — London Jewelers is hosting its Fifth Annual Watch Fair August 8th to 10th at its store at 2 Main Street in East Hampton, New York.Running from Noon to 5 P.M. on Friday, Saturday from 11 A.M. to 8 P.M. and Sunday from 11 A.M. to 3 P.M., the event will be hosted by London Jewelers’ Owners Mark and Candy Udell.A cocktail reception is scheduled for Saturday evening from 6 P.M. to 8 P.M.Among the luxury Swiss manufactured watches that will be shown are Audemars Piguet, Bell & Ross, Breguet, Breitling, Carl F. Bucherer, Cartier, Chopard, Franck Muller, Girard-Perregaux, Hermes, Hublot, Jaeger-LeCoultre, IWC, Omega, Panerai, Vacheron Constantin and Van Cleef & Arpels. American designer David Yurman will also be showing his Swiss made watches while Vertu will present its hand manufactured phones.Call 631-329-3939 or visit www.londonjewelers.comlast_img read more

OSFI raises capital buffer for banks too big to fail as outlook

first_img What you need to know about passing the family cottage to the next generation Twitter Concern about the economic and operating outlook for Canada’s largest banks has prompted the country’s main banking regulator to raise the capital buffer the financial institutions must hold to maintain “resilience to key vulnerabilities and system-wide risks.”The 25-basis-point increase — to two per cent of total risk-weighted assets — will be effective Oct. 31, the Office of the Superintendent of Financial Institutions said Tuesday.What it does speak to is the regulator’s concern about the economic outlook and operating environment for the banks, which apparently in their view, is weakening OSFI raises capital buffer for banks too big to fail as outlook darkens The 2% buffer signals that banks still vulnerable to risks like high household and corporate debt OSFI established the domestic stability buffer, an added cushion to maintain stability of Canada’s systemically important financial institutions, at 1.5 per cent last June. It is reviewed and set twice a year, based on OSFI’s monitoring and analysis of “a range of vulnerabilities,” and was raised to 1.75 per cent in April.When making decisions about the stability buffer, the regulator considers consumer and institutional indebtedness, and whether there are asset imbalances in Canadian markets including housing, analysts said.It “looks like they think the operating environment is more challenging at the margin,” said David Beattie, senior vice president in the financial institutions group of Moody’s Investors Service, on Tuesday.Related Stories:UPDATE 2-EU banks worry about dividends as capital demands jumpSpain’s Banco Santander eyeing Canadian banking licence as more European lenders cross the pond Slow progress on open banking putting Canada further behind, observers warn Bank of Montreal joins Poloz’s push to bolster market for residential mortgage-backed securities Canada’s biggest banks are finding their growth everywhere but Canada The change is not expected to have a large impact on capital decisions at the country’s big banks on issues such as share buybacks because their overall capital buffers exceed the levels set by OSFI, analysts said.“However, what it does speak to is the regulator’s concern about the economic outlook and operating environment for the banks, which apparently in their view, is weakening,” said a Toronto-based analyst who spoke on condition that his name would not be used.The regulator’s “prudent concern” could be driven by the prospect of a slowing economy in which business spending fails to pick up the slack from a declining consumer spend, he said.This would be against a backdrop of already-stretched household balance sheets; a possible trade war between the United States and China could add further stress to the economy, the analyst said.Gabriel Dechaine, an analyst at National Bank of Canada, said OSFI’s decision to raise the capital bar amid recession fears is “a good thing,” particularly since Canadian banks’ total capital buffers are tracking well above OSFI requirements that now set the minimum at 10 per cent.The average was 11.5 per cent at the end of the recently reported second quarter, with a range of 11 per cent to 12 per cent, he said in a note to clients Tuesday.“If a downturn actually does materialize, then banks will not only be in a better position to withstand it, they may be able to deploy capital opportunistically (through buybacks or acquisitions) which would be better for investors in the long term,” Dechaine wrote.He added that increases to the domestic stability buffer in “good times” are phased in, while any reductions in “bad times” would be immediate.In December, when the first increase to the new domestic stability buffer was announced, TD Securities analyst Mario Mendonca said commercial loan growth and credit losses are likely to capture more focus in 2019 and 2020 than the consumer segment.“Commercial loan growth, supported in large part by commercial real estate and construction lending, appears to be running above long-term sustainable levels,” Mendonca wrote in a Dec. 12 note, adding that commercial credit losses in 2018 were “well below the long-term average.”However, he added that he remained positive on the outlook for bank stocks, in part because “the Canadian banks’ business model has proven to be far more resilient than … their global financial services peers” in periods of stress. More Facebook Share this storyOSFI raises capital buffer for banks too big to fail as outlook darkens Tumblr Pinterest Google+ LinkedIn Email Barbara Shecter Reddit Recommended For YouMDA Awarded Canadian Government Contract to Deliver Search and Rescue Repeaters for SatellitesSingapore-based company is buying the biggest shipping container terminal in eastern CanadaInagene Diagnostics Inc. Announces New CEOPRECIOUS-Gold drops as bets fade for big Fed rate cut fade; eyes on trade talks’John Wick 3′ dethrones ‘Avengers: Endgame’ with $57 million Comment Join the conversation → 1 Comments ← Previous Next → Featured Stories advertisement Sponsored By: While Canadian banks are being told to hold more capital, U.S. banks, have seen some easing in capital level requirements since President Donald Trump took over in 2016.Peter J Thompson/National Post June 4, 20194:31 PM EDT Filed under News FP Street last_img read more