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Banks brace for slowdown as profits come under pressure

Two major Canadian banks are once again building reserves to guard against loan defaults as uncertainty mounts about the prospects of an economic downturn, with Royal Bank of Canada CEO Dave McKay warning that “the end of an economic cycle” is getting nearer. RBC’s RY-T third-quarter profit fell 17 per …

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Bonhill has $1.1m US paycheck loan forgiven

Bonhill Group updated the market on its US Paycheck Protection Program (PPP) loan on Tuesday, having received the $1.1m loan on 29 May. The AIM-traded business information, events and data company said the loan was made to protect US jobs and, provided it used it for employee retention, payroll and …

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