Global Markets: GM to launch rental service for car owners

By Commodity News Service Canada
WINNIPEG, March 13, 2018 (CNS) – The following is a glance at
the news moving markets in Canada and globally.
Rising interest rates along with strong job growth led to
more uninsured mortgages and longer tenure of car loans, putting
a strain on the lending quality of Canadian banks, according to
Moody’s Investor Service latest report. The Bank of Canada hiked
rates three times since last July, while the proportion of
uninsured mortgages, including lines of credit for home equity,

has rose to 60 per cent this year from 50 per cent five years
ago. The average Canadian household owed a near-record of C$1.67
for every dollar of disposable income in the first quarter of
last year.
United States President Donald Trump has fired U.S.
Secretary of State Rex Tillerson, replacing him with Central
Intelligence Agency Director Mike Pompeo. The departure the
biggest shakeup of the Trump Cabinet so far and had been
expected since last October.
General Motors Co. plans to start a pilot program this
summer which will enable car owners to rent out their vehicles
when they aren’t using them, according to sources. The tests
will begin in early summer through GM’s Maven car-sharing unit.
GM owners will be able to put their cars on Maven’s platform for
other drivers to rent and share the revenue with the automaker.

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