Weekly Digest – 7 September 2022

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

Bank of Canada expected to raise rates again this week

The central bank is widely expected to deliver yet another big interest rate hike this week, lifting its policy rate into restrictive territory for the first time in two decades. Money markets are predicting a hike of 75 basis points.

Calls for greater consumer protection after dollar store products show they contain high levels of toxins

An analysis from Environmental Defence released last week showed that 1 in 4 products from popular Canadian dollar stores contained substances managed under environmental legislation. For example, the outer ring on a set of stereo headphones was found to have 24 times the legal limit of lead, and five times the legal limit of cadmium.

Luxury tax shows promise, but has its share of skeptics

A new federal luxury tax came into effect last week. The tax applies to cars and personal aircraft with sale prices of over $100,000 and boats for personal use with price tags of more than $250,000. But some experts argue that it could backfire.

Wine growers worried as grape production drops

Due to an especially cold winter in Ontario, this year’s grape harvest is nearly half of what it was last year. The bad weather is attributed to climate change, and will cost grape growers millions of dollars in lost revenue.

Canadian banks aren’t pulling their weight to fight climate change

A report released by Greenpeace last week revealed that Canada’s biggest banks could be pushed out of a UN-backed, net-zero emissions coalition if they don’t boost their climate commitments.

Bank of Canada uses Twitter to squash rumours

The Bank of Canada took to Twitter last week to refute the false claim frequently made by Conservative frontrunner Pierre Poilievre that the central bank “printed money” during the pandemic. Traditionally, the Bank of Canada would reserve such announcements for official speeches, but today’s audience is younger and more engaged, so they took to Twitter instead.

Musk tries to not buy Twitter some more

Tesla CEO Elon Musk has filed new paperwork, with a new claim, to try to terminate his agreement to buy Twitter. It’s thought unlikely that the new tactic will alter the validity of the deal.

Health Canada approves Omicron-specific COVID-19 booster

The new booster shot was approved last week for Canadians ages 18 and over. While it was developed to fight the original Omicron strain, recent trials show that it also causes a strong immune response to the newer strains that are currently dominant.

You can soon edit your tweets, but only if you pay

Twitter teased the long-requested feature last week. Starting later this month, users who subscribe to the premium Twitter Blue service for $6.49/month will gain the ability to edit a tweet after it’s been posted.

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