Weekly Digest – 30 August 2023

Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy.

Why America’s election is Canada’s business

One could say without exaggeration that Canadians follow American elections just as closely as they do their own federal politics. And rightly so. Our economy and security are fully intertwined with our southern neighbour, a superpower and still the largest economy in the world.  Every decision at 1600 Pennsylvania Ave or on Capitol Hill has a direct or indirect impact on Canada.

Ottawa needs to be ‘careful’ with placing caps on international students, businesses say

The federal government will have to be “careful” and “nuanced” with its potential plan to put a cap on the number of international students that enter Canada to ensure that it doesn’t hurt the country’s ability to attract “top talent,” business leaders and economists say.

What a blow! Kleenex pulling out of Canadian consumer market

Consumer facial tissue brand Kleenex will soon be no more in Canada, as the company that makes the iconic product  has decided to exit a major part of its business in this country.

Top funding programs for Canadian wineries

While the wine industry currently flows smoothly through Canada, wine businesses are not immune to challenges such as climate change, labour shortages, supply chain issues, and more. As such, government funding programs exist to support Canada’s wine industry by helping businesses access equipment, hire and train new staff, adapt sustainably, hire third party support, and assist on other critical projects.

Many Canadians believe companies are using inflation as an excuse to gouge them

Recent research from the Bank of Canada suggests that corporations did not take advantage of inflation to raise prices more than necessary. The public at large, however, isn’t so sure.

Understanding the wealth Gap: causes and consequences

In the mosaic of Canadian society, an increasingly noticeable trend has emerged — the wealth gap. The widening wealth gap is a pressing challenge for individuals, groups, and societies worldwide. Deepening and ongoing wealth disparities stem from various systemic causes, but their consequences affect everyone

Business Council warns about debt costs as federal cabinet meets

As Prime Minister Justin Trudeau gathers with cabinet ministers in Charlottetown this week, Canada’s business community is warning about the cost of federal debt.

Labour market key for Bank of Canada interest rate decisions

As the Bank of Canada continues to try and wrestle inflation to its 2 per cent target, CIBC economists say that labour market indicators will be the key factor in terms of when the central bank decides to halt its tightening cycle and even potentially lower rates.

Canada likely sitting on the largest housing bubble of all time

The Canadian housing market is at high risk of unravelling, according to one expert. The level of debt that Canadians have taken on in comparison to their incomes has put many in a precarious position should mortgage rates continue to rise — which is likely, Phillip Colmar, partner at Global Strategist at MRB Partners, told BNN Bloomberg in an interview on Tuesday.

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