Your biggest stories in business and finance:
A resident of British Columbia, Colin Laughlin, decided to go public after discovering Canada’s second-largest bank, Toronto Dominion (TD), can access and collect information on all of its customers’ online activities, including those that aren’t banking-related. Laughlan is one of thousands of Canadians who, after the Aeroplan rewards program changed banks, had his Visa cards switched from CIBC to TD in 2014. With a background in privacy issues, as a former journalist and communications specialist, the Vancouver native picked this up on his radar when he received his new TD Visa and cardholder agreement in the mail. He points to two lines in the 66-page Visa cardholder agreement that allows TD to collect details about anything—and everything—customers do online. In a time of constant changes in overwatch, cardholders are tired of hearing stories of privacy violations and spying by companies, governments, and providers.
The Chinese renminbi was included as one of the world’s elite currencies on Monday—a milestone decision by the International Monetary Fund (IMF) that underscores the country’s rising financial and economic heft. The anointing will help pave the way for broader use of the renminbi in trade and finance, securing China’s standing as a global economic power. With only four other currencies being recognized at the same level, the lengthy and bumpy road to success has finally been proven fruitful. Many central banks use this benchmark in measuring their reserves, which countries hold to help protect their economies in times of trouble. By adding the renminbi to this group, the IMF effectively says that it considers the currency to be safe, reliable and freely usable. To meet IMF requirements, China was forced to give up some of its control over the currency, which culminated in the abrupt devaluation of the renminbi, and resulted in a shock to global markets in August. The changes could inject fresh vitality into the country, at a time when its economy is slowing. Fewer than two weeks after announcing his own paternity leave, Mark Zuckerberg is expanding Facebook’s parental leave yet again. The policy, which will take effect on Jan. 1, 2015, will allow parents to take four months off at any time in their baby’s first year. This policy will even extend to staff who have adopted a baby in 2015. Zuckerberg and his wife, Priscilla Chan, are expecting their first child this year, and the Facebook CEO announced that he will be taking two months paternity leave when their daughter is born. Other tech companies, such as Adobe, Apple, Microsoft, Netflix, and Spotify have expanded or introduced paternity and maternity leave policies as well. In a country like the United States, which is one of only five countries in the world that does not provide parents with any paid leave after having a baby, it is a huge step in changing not only the corporate world, but also speaks to breaking down barriers for family growth and gender roles.