Scotiabank to buy major stake in Chilean bank
Of course we just lost another thousand jobs at GM in Oshawa, despite all the corporarte welfare they got and the previous cuts announced this spring.
And Stelco just got bought by U.S. Steel.While we de-industrialize while watching Canadian resource companies get sold off to foreign capital, Canadian Banks go offshore to invest.
Of course when we think of trade and development Banks buying Banks is not what comes to mind. But thanks to all those bank fees, ATM charges, and tax breaks from the Canadian Government they have excess profits to invest. Profits made off the backs of their workers and Canadian taxpayers.
Bank of Nova Scotia's (BNS/TSX) international group may have taken a back seat to its domestic cousin when the company reported stronger-than-expected third quarter results Tuesday, but it still proved there is plenty of money to make overseas.
Profits at Scotiabank rose 9% year-over-year to $1-billion in the quarter, as domestic operations rung in profits of $391-million, up 23% from last year.
The international group, for their part, turned in profits of $270-million, a 15% increase from the year previous, after Scotia CEO Richard Waugh said operations in Peru, the Caribbean, South America and Chile all reported strong results.
SEE:
Contientalism
Afghanistan or Africa
Bank Union
Left Wing Pragmatism
Banks Profit From Job Cuts
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