Live news: Stellantis spared from additional UAW walkouts
Canada’s top banking regulator is increasing scrutiny on how the country’s largest financial institutions are managing their commercial real estate portfolios amid rising interest rates that are creating vulnerabilities in the sector.
“Commercial real estate (CRE) is highly cyclical with the potential for significant losses, especially when risks are not effectively managed,” the Office of the Superintendent of Financial Institutions said in a Sept. 29 notice. “In the current rapidly evolving risk environment, high inflation and rising interest rates have increased the potential for a rise in the number of borrower defaults.”
OSFI said the notice is in response to the regulator’s ongoing supervisory work in the heightened risk environment and is intended to provide “interim” regulatory guidance to make sure lenders are adequately managing the risks in commercial real estate lending including underwriting, account management, and portfolio management.
Read more by Financial Post’s Barbara Shecter
The United Auto Workers will spare Jeep SUV maker Stellantis NV from additional walkouts after a last minute breakthrough.
The newly targeted facilities are a Ford Motor Co. factory in Chicago that produces the Explorer model and a General Motors Co. plant in Lansing, Michigan that manufactures the Chevrolet Traverse, UAW President Shawn Fain said Friday.
The union had also planned to strike at Stellantis, according to officials briefed on the matter, but changed course right before Fain’s announcement, which was delayed due to the negotiations. The union chief commended Stellantis for making progress in the talks.
“We are excited about this momentum at Stellantis and hope it continues,” Fain said in a livestreamed briefing.
Read more on financialpost.com
