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Big Bank Earnings Wrap: What RBC and CIBC Reveal About Your Mortgage

  Royal Bank and CIBC reported record or near-record profits before the market opened Thursday, closing out a jam-packed bank earnings week that also included BMO, Scotiabank and National Bank. Beyond the headline numbers, though, the details tucked into these reports say a lot about where mortgage rates, lending standards and household credit stress are actually heading — and it's a more reassuring picture than a lot of the tariff-and-tension headlines this month might suggest. RBC: Record Profit, Credit Quality Barely Budged Royal Bank of Canada posted net income of $6.0 billion for the quarter ended July 31, up 11% from a year earlier and a record for the bank. Diluted earnings per share came in at $4.23, up 13% year-over-year, while return on equity climbed to 17.9%. The number worth watching for anyone with a mortgage isn't the profit line — it's the provision for credit losses (PCL), the money banks set aside for loans that might go bad. RBC's total PCL was $1.0 b...
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South Korean President Declares Emergency Martial Law


 In a surprising move, South Korean President Yoon Suk Yeol declared emergency martial law on Tuesday, citing the need to protect the country's constitutional order. The declaration accuses the opposition of controlling the parliament, sympathizing with North Korea, and engaging in anti-state activities.

During a televised briefing, President Yoon vowed to "eradicate pro-North Korean forces and protect the constitutional democratic order." He emphasized the necessity of the martial law to "rebuild and protect the free Republic of Korea," which he claims is falling into national ruin.

The announcement has drawn immediate criticism from politicians across the spectrum. Han Dong-hoon, leader of Yoon's own conservative party, called the decision "wrong" and vowed to stop it with the people. Opposition leader Lee Jae-myung, who narrowly lost to Yoon in the 2022 presidential election, labeled the declaration "illegal and unconstitutional."

The declaration's impact on South Korea's governance and democracy remains unclear, but it has certainly intensified the political turmoil in the country. As the situation unfolds, the world watches closely to see how this unprecedented move will shape the future of South Korea.



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