Weekly Digest – 25 May 2022

Canada Weekly Digest – 25 May 2022

Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward.

Starbucks follows McDonald’s out of Russia

The coffee chain announced this week that it is shuttering over 130 stores in Russia permanently after closing them in March.

Three mini-doses of Pfizer COVID-19 vaccine effective in children

Pfizer and BioNTech are expected to submit for FDA approval this week for vaccine use in children ages 6 months to 5 years.

Employee-owned businesses gaining momentum

Employee ownership trust (EOT) structures are gaining traction in Canada. The Income Tax Act was amended earlier this year to encourage employee ownership of businesses.

Hospitality, retail, and recreation industries short on workers

With summer around the corner, seasonal businesses say they are having trouble hiring enough employees with the current low unemployment rate.

Canadians could face sticker shock when they see their natural gas bill

Natural gas prices are surging due to US demand, a result of a shortage in Europe caused by the war in Ukraine.

Shrinkflation hits grocery store shelves

In order to pass costs on to the consumer, manufacturers sell less of a product for the same price. The practice isn’t new and is common during times of inflation.

1st Canadian rare earth mine begins operations

Nechalacho Mine, southwest of Yellowknife, Northwest Territories, has shipped its first batch of rare earth minerals. The minerals are critical to a greener economy, and the demand for them is expected to grow exponentially in the near future.

Huawei and ZTE banned from building 5G wireless networks in Canada

Prime Minister Justin Trudeau cited national security as the reason, putting Canada in line with its closest intelligence allies.

Inflation rate rises again

The rate of inflation reached a 31-year high in April, reaching 6.8 per cent. Cost of living is also up.

Rental cars hard to come by this summer

A vehicle shortage paired with pent-up demand as we enter our third COVID-19 summer means finding a rental car this summer is no easy task.

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