Canada: Toronto Dominion Bank closes accounts of some Iranian-Canadians

  A number of  Iranian-Canadians are distressed that the Toronto Dominion bank closed their accounts with little notice or explanation. The bank began sending letters to some of its clients last May indicating that because of  changes to the Special Economic Measures (Iran) the bank would no longer offer them banking services.
   In one letter the bank wrote: "A recent review has identified you as a person TD is restricted from providing financial services to, from, or for the benefit of under these new regulations," Recipient of the letter Soudeh Ghassemi of Toronto said she was shocked when she received the letter. She says she does not send any money to Iran at all. Her father also received a similar letter with respect to his mortgage and his line of credit. Her father did receive some money for a down payment on a house before the sanctions came into place.
    The Iranian Canadian Congress held a meeting in Toronto to discuss the issue. Sixty to seventy people attended. Kaveh Shahrooz vice-chair of the group said he heard many distressing stories. He noted:. "A lot of people [said] 'We've been loyal customers of TD for a number of years and we are in compliance with all the laws as far as we know. And yet unfortunately, with virtually no notice, TD has decided to close our accounts,'" "It's … given no explanation as to why this has happened and made some cryptic reference to the sanctions. But anytime they've sought some further explanation, they've been stonewalled and treated very, very badly." Shahrooz thinks that the bank may have been somewhat overly zealous in applying the new regulations concerning sanctions on Iran. There are no reports yet of other banks following the lead of  Toronto Dominion. For more see this article.

Lululemon fastest growing Canadian brand

The list of Best Canadian Brands for 2012 by Omnicon Group now includes Lululemon as number 7 in the top ten Canadian brands. It is the fastest growing within the top ten. Lululemon specializes in yoga and exercise clothing.

The list is published every two years. The value of the brand has nearly tripled in the last two years. The exact increase is 292 per cent. Alfred Dupuy of Interbrand said :“They’re more than apparel. They’re a lifestyle ... they do so much,”

The list is based upon the firms with what they call the biggest "brand value". The list attempts to measure value in terms of marketing and branding power. Companies that depend a great deal upon marketing and brand tend to be over-represented compared to large firms such as Air Canada which does not even make the list.

Toronto Dominion Bank is at the top of the list with a brand value of 9.69 billion dollars. Second was the media giant Thomson Reuters.

Another bank the Royal Bank of Canada was third. RIM maker of the Blackberry was fourth in spite of all its recent troubles and downturn in shares.

Tim Hortons doughnut's and coffee shop came sixth just ahead of Lululemon. Shoppers Drug Mart came 8th next to Lululemon. For more see this article in the Globe and Mail.

TD bank cuts Canada growth estimates

   The Toronto Dominion (TD) bank lowered its growth predictions for Canada's economy both in 2012 and 2013. The bank predicts that commodity prices will be weaker in the next two years and exports will grow slower. However at least the prediction is still for positive growth.
    The bank predicts growth of 1.7 per cent in 2012. In September it had predicted growth of 1.9 per cent. In 2013 the growth is now predicted at 2.2 per cent as compared to 2.6 per cent back in September. The European financial crisis and a possible European recession will put a damper on global growth.
    The bank sees unemployment  now at 7.4 per cent to increase to from 7.5 to 8 per cent. The bank also sees high personal and government debt slowing growth. On the European crisis the bank was quite negative. It predicts that Greece will likely default on its debt next year. European banks will be forced into buying bonds of member countries and become a lender of last resort. Progress towards a fiscal union will take years according to the bank. For more see this article.