Latest news with #ICBC
Global News
2 days ago
- Business
- Global News
‘I have to sell my house': Widow says ICBC death benefits left her in financial distress
A Surrey widow says she has gone into financial distress following a tragic incident in Boston Bar and must sell her house because ICBC's death benefits were so minimal. On July 11, 2022, Kelly and Christine O'Reilly were enjoying a ride on their motorbike. Suddenly, a truck travelling in the opposite direction lost its load of bricks. 'The whole thing just collapsed almost on top of us,' she told Global News. 'I could feel my husband gearing down and trying to steer, and it was really bumpy … I guess I was going through the air, and then I hit the pavement and felt the air get knocked out of me.' 4:46 B.C. physiotherapists on the impact of ICBC policy changes Christine survived with several broken bones. Her 63-year-old husband suffered catastrophic injuries and died at the scene. Story continues below advertisement Christine's death benefit was minimal, as Kelly was unemployed at the time of his death: about $69,000. Get daily National news Get the day's top news, political, economic, and current affairs headlines, delivered to your inbox once a day. Sign up for daily National newsletter Sign Up By providing your email address, you have read and agree to Global News' Terms and Conditions and Privacy Policy 'We have provided the family with coverage for funeral expenses, grief counselling and death benefits as well, since the passing of Mr. O'Reilly,' ICBC Spokesperson Greg Harper said. 'Ms. O'Reilly suffered some injuries in that crash, and we've been working with her on that to help her recover.' Christine said she's been left financially devastated. 'I've been living on a line of credit, and it just hit $90(000),' she said. 'I have to sell my house, and I am going to downsize.' The fatality did not fall within any of the exceptions under B.C.'s no-fault system. And since no criminal charges were laid, she's unable to pursue legal action against the truck driver. 2:18 B.C. family's lawsuit against ICBC challenging the insurers no-fault system The province has promised a five-year review of no-fault, which it calls 'enhanced care.' Story continues below advertisement 'So what we're reviewing in basic terms is how well are we doing, which I should say is a constant process within the corporation,' B.C. Public Safety Minister Gary Begg said. Lawyer Jesse Kendall with Rice Harbut Elliott LLP said the case shows where the system needs work. 'If this review is going to take place in the next year, this seems to be an area that is ripe for amendment and change to give people the right to pursue claims,' he said. Christine said she believes change is needed now, so that others don't face financial hardship.
News18
3 days ago
- Business
- News18
Pakistan Gets $3.7 Billion Lifeline From China In Yuan
Last Updated: China has assured Pakistan of relending USD 3.7 billion in commercial loans, denominated in Chinese currency, before the end of June. China has assured Pakistan of re-lending USD 3.7 billion in commercial loans, denominated in Chinese currency, before the end of June, in a move that will help keep the foreign exchange reserves in double digits, according to a media report on Wednesday. Unlike in the past, when Beijing has given loans in non-Chinese currency too, this time Pakistan's strategic ally has decided not to give loans in the United States currency as part of its drive to decouple the economy from the dollar, the government sources told The Express Tribune newspaper. They said that China gave these assurances during recent meetings, aimed at securing the refinancing of loans maturing between March and June 2025. Pakistan has already returned a USD 1.3 billion loan of the Industrial and Commercial Bank of China (ICBC) in three tranches between March and April this year, officials said. Subject to some clarifications that the commercial bank has sought from Pakistan, it is expected that the ICBC would re-lend the money in Chinese currency in the next few days, said the government sources. The ICBC had given the loan two years ago at floating interest rates, which translated to around 7.5 per cent. The central bank's reserves remained around USD 11.4 billion after a USD 1 billion injection by the IMF this month. After the next Chinese refinancing, it may increase to USD 12.7 billion before seeing another dip from the middle of next month, said the sources. A USD 2.1 billion or 15 billion RMB syndicate financing loan by three Chinese commercial banks is maturing in June. Pakistan will pay at least three days ahead of the maturity to make sure that the money is given back before the close of the fiscal year. China would give this money in RMB currency, said the sources. The China Development Bank had given 9 billion RMB, Bank of China 3 billion RMB and ICBC 3 billion RMB. The loan is being extended for a period of three years, said the government sources. However, the interest rate issue was still undecided. Chinese authorities have given two options to Pakistan. It has proposed that Pakistan should either get the loan at a fixed interest rate or at a floating rate but that would not be based on Shanghai Interbank Offered Rate (Shibor), said the sources. The timely refinancing of this loan was critical for Pakistan to keep the reserves in the double digits by the end of June. Under the International Monetary Fund (IMF) programme, Pakistan has committed to increase the reserves close to USD 14 billion in this fiscal year. The Bank of China's USD 300 million loan will also mature next month, which Pakistan has to get refinanced to retain the reserves at their critical minimum levels. This loan too would be refinanced in Chinese currency, said the sources. The move to delink loans from the US dollar is not Pakistan specific rather it is part of the overall Chinese policy to decouple its economy from the US currency. Pakistan remains dependent on Beijing for remaining afloat, the friendly nation that is constantly rolling over the USD 4 billion cash deposits, USD 5.4 billion worth commercial loans and USD 4.3 billion trade financing facility. The recent IMF report stated that Pakistan's total foreign commercial loans as of December 2024 amounted to USD 6.2 billion, including USD 5.4 billion Chinese commercial loans. The rupee-dollar parity has largely remained stable in this fiscal year, albeit some depreciation during the past few days. The rupee-dollar parity closed at Rs 282.2 to a dollar on Tuesday. When contacted, Ministry of Finance spokesman Qumar Abbasi did not give an official version for the story. He had been requested to confirm whether China has agreed to refinance USD 1.3 billion ICBC loan paid in March-April and whether it will be refinanced in RMB currency. He also did not respond to a question whether China also agreed to refinance USD 2.1 billion equivalent CDB-led loan that Pakistan will pay in June. The IMF report underlined that Pakistan has received firm commitments for USD 1 billion financing in the next one year. It added that key bilateral partners remain committed to rolling over existing short-term liabilities in the remaining programme period. But the IMF said that access to external commercial financing is expected to remain limited during the programme period, with a small 'Panda" bond issuance anticipated in the next fiscal year. The IMF sees a gradual return to the Eurobond and global Sukuk market from fiscal year 2027, reflecting a restoration of policy credibility, according to the report. (This story has not been edited by News18 staff and is published from a syndicated news agency feed - PTI) Watch India Pakistan Breaking News on CNN News18. Stay updated with all the latest business news, including market trends, stock updates, tax, IPO, banking finance, real estate, savings and investments. Get in-depth analysis, expert opinions, and real-time updates—only on News18. Also Download the News18 App to stay updated! tags : China pakistan Location : New Delhi, India, India First Published: May 29, 2025, 08:49 IST
Global News
3 days ago
- Business
- Global News
WorkSafeBC should issue refunds due to $2 billion surplus, CFIB says
A B.C. business group is calling for WorkSafeBC's huge surplus to be refunded to the businesses who have paid into it. The Canadian Federation of Independent Business says WorkSafeBC is sitting on a surplus of $2 billion, which is actually above its funding target. The federation wants WorkSafeBC to follow the lead of ICBC and BC Hydro and return some of that surplus to ratepayers. 'We know that other provinces, such as Ontario, Manitoba, have been able to keep rates stable and return funds back to the employers that paid into it,' Kailth Nanayakkara with the Canadian Federation of Independent Businesses told Global News. Get breaking National news For news impacting Canada and around the world, sign up for breaking news alerts delivered directly to you when they happen. Sign up for breaking National newsletter Sign Up By providing your email address, you have read and agree to Global News' Terms and Conditions and Privacy Policy 'Manitoba just announced $122 million in rebates. Ontario's announced a combined $4 billion while keeping rates stable and lower than B.C.'s' 2:07 New WorkSafe tips, gratuities rules criticized by hospitality industry However, WorkSafeBC says the surplus allows it to keep rates low and stable. Story continues below advertisement 'The WorkSafe board has worked very, very hard to maintain predictability and stability in the WorkSafe premiums over the last number of years,' Jennifer Whiteside, minister of labour for B.C. said. 'And in fact, those premiums haven't changed since 2018 and they are lower now than they were in 2014.' In 2017, the B.C. Liberal government said it was planning to return those surplus funds to employers but that did not go through as the BC NDP won the provincial election.
Time of India
3 days ago
- Business
- Time of India
China assures Pak USD 3.7 billion loan to keep foreign exchange reserves in double digits
China has assured Pakistan of re-lending USD 3.7 billion in commercial loans, denominated in Chinese currency, before the end of June, in a move that will help keep the foreign exchange reserves in double digits, according to a media report on Wednesday. Unlike in the past, when Beijing has given loans in non-Chinese currency too, this time Pakistan's strategic ally has decided not to give loans in the United States currency as part of its drive to decouple the economy from the dollar, the government sources told The Express Tribune newspaper. They said that China gave these assurances during recent meetings, aimed at securing the refinancing of loans maturing between March and June 2025. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like She Was Everyone's Dream Girl In 90's, This Is Her Recently. Investructor Undo Pakistan has already returned a USD 1.3 billion loan of the Industrial and Commercial Bank of China (ICBC) in three tranches between March and April this year, officials said. Subject to some clarifications that the commercial bank has sought from Pakistan, it is expected that the ICBC would re-lend the money in Chinese currency in the next few days, said the government sources. Live Events The ICBC had given the loan two years ago at floating interest rates, which translated to around 7.5 per cent. The central bank's reserves remained around USD 11.4 billion after a USD 1 billion injection by the IMF this month. After the next Chinese refinancing, it may increase to USD 12.7 billion before seeing another dip from the middle of next month, said the sources. A USD 2.1 billion or 15 billion RMB syndicate financing loan by three Chinese commercial banks is maturing in June. Pakistan will pay at least three days ahead of the maturity to make sure that the money is given back before the close of the fiscal year. China would give this money in RMB currency, said the sources. The China Development Bank had given 9 billion RMB, Bank of China 3 billion RMB and ICBC 3 billion RMB. The loan is being extended for a period of three years, said the government sources. However, the interest rate issue was still undecided. Chinese authorities have given two options to Pakistan. It has proposed that Pakistan should either get the loan at a fixed interest rate or at a floating rate but that would not be based on Shanghai Interbank Offered Rate (Shibor), said the sources. The timely refinancing of this loan was critical for Pakistan to keep the reserves in the double digits by the end of June. Under the International Monetary Fund (IMF) programme, Pakistan has committed to increase the reserves close to USD 14 billion in this fiscal year. The Bank of China's USD 300 million loan will also mature next month, which Pakistan has to get refinanced to retain the reserves at their critical minimum levels. This loan too would be refinanced in Chinese currency, said the sources. The move to delink loans from the US dollar is not Pakistan specific rather it is part of the overall Chinese policy to decouple its economy from the US currency. Pakistan remains dependent on Beijing for remaining afloat, the friendly nation that is constantly rolling over the USD 4 billion cash deposits, USD 5.4 billion worth commercial loans and USD 4.3 billion trade financing facility. The recent IMF report stated that Pakistan's total foreign commercial loans as of December 2024 amounted to USD 6.2 billion, including USD 5.4 billion Chinese commercial loans. The rupee-dollar parity has largely remained stable in this fiscal year, albeit some depreciation during the past few days. The rupee-dollar parity closed at Rs 282.2 to a dollar on Tuesday. When contacted, Ministry of Finance spokesman Qumar Abbasi did not give an official version for the story. He had been requested to confirm whether China has agreed to refinance USD 1.3 billion ICBC loan paid in March-April and whether it will be refinanced in RMB currency. He also did not respond to a question whether China also agreed to refinance USD 2.1 billion equivalent CDB-led loan that Pakistan will pay in June. The IMF report underlined that Pakistan has received firm commitments for USD 1 billion financing in the next one year. It added that key bilateral partners remain committed to rolling over existing short-term liabilities in the remaining programme period. But the IMF said that access to external commercial financing is expected to remain limited during the programme period, with a small 'Panda' bond issuance anticipated in the next fiscal year. The IMF sees a gradual return to the Eurobond and global Sukuk market from fiscal year 2027, reflecting a restoration of policy credibility, according to the report.
Express Tribune
4 days ago
- Business
- Express Tribune
China assures of $3.7b refinancing next month
Foreign exchange reserves have started increasing on the back of recent loans by the AIIB, World Bank, and ADB. The reserves stand over $8.2 billion, and the IMF board is also expected to approve a $700 million tranche this Thursday. photo: file Listen to article China has assured Pakistan of relending $3.7 billion in commercial loans, denominated in Chinese currency, before the end of June, including $2.4 billion that is maturing next month, in a move that will help keep the foreign exchange reserves in double-digits. Unlike in the past, when Beijing has given loans in non-Chinese currency too, this time Pakistan's strategic ally has decided not to give loans in the United States currency as part of its drive to decouple the economy from the dollar; the government sources told The Express Tribune. They said that China gave these assurances during recent meetings, aimed at securing the refinancing of loans maturing between March and June 2025. Pakistan has already returned a $1.3 billion loan of the Industrial and Commercial Bank of China (ICBC) in three tranches between March and April this year, officials said. Subject to some clarifications that the commercial bank has sought from Pakistan, it is expected that the ICBC would relend the money in Chinese currency in the next few days, said the government sources. The ICBC had given the loan two years ago at floating interest rates, which translated to around 7.5%. The central bank's reserves remained around $11.4 billion after a $1 billion injection by the IMF this month. After the next Chinese refinancing, it may increase to $12.7 billion before seeing another dip from the middle of next month, said the sources. A $2.1 billion or 15 billion RMB syndicate financing loan by three Chinese commercial banks is maturing in June. Pakistan will pay at least three days ahead of the maturity to make sure that the money is given back before the close of the fiscal year. China would give this money in RMB currency, said the sources. The China Development Bank had given 9 billion RMB, Bank of China 3 billion RMB and ICBC 3 billion RMB. The loan is being extended for a period of three years, said the government sources. However, the interest rate issue was still undecided. Chinese authorities have given two options to Pakistan. It has proposed that Pakistan should either get the loan at a fixed interest rate or at a floating rate but that would not be based on Shanghai Interbank Offered Rate (Shibor), said the sources. The timely refinancing of this loan was critical for Pakistan to keep the reserves in the double digits by the end of June. Under the International Monetary Fund (IMF) programme, Pakistan has committed to increase the reserves close to $14 billion in this fiscal year. The Bank of China's $300 million loan will also mature next month, which Pakistan has to get refinanced to retain the reserves at their critical minimum levels. This loan too would be refinanced in Chinese currency, said the sources. The move to delink loans from the US dollar is not Pakistan specific rather it is part of the overall Chinese policy to decouple its economy from the US currency. Pakistan remains dependent on Beijing for remaining afloat, the friendly nation that is constantly rolling over the $4 billion cash deposits, $5.4 billion worth commercial loans and $4.3 billion trade financing facility. The recent IMF report stated that Pakistan's total foreign commercial loans as of December 2024 amounted to $6.2 billion, including $5.4 billion Chinese commercial loans. The rupee-dollar parity has largely remained stable in this fiscal year, albeit some depreciation during the past few days. The rupee-dollar parity closed at Rs282.2 to a dollar on Tuesday. When contacted, Ministry of Finance spokesman Qumar Abbasi did not give an official version for the story. He had been requested to confirm whether China has agreed to refinance $1.3 billion ICBC loan paid in March-April and whether it will be refinanced in RMB currency. He also did not respond to a question whether China also agreed to refinance $2.1 billion equivalent CDB-led loan that Pakistan will pay in June. The IMF report underlined that Pakistan has received firm commitments for $1 billion financing in the next one year. It added that key bilateral partners remain committed to rolling over existing short-term liabilities in the remaining programme period. But the IMF said that access to external commercial financing is expected to remain limited during the programme period, with a small "Panda" bond issuance anticipated in the next fiscal year. The IMF sees a gradual return to the Eurobond and global Sukuk market from fiscal year 2027, reflecting a restoration of policy credibility.
