Bank of Canada rates hike nails in coffin for economy
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The Bank of Canada did exercise patience, but not enough
Published June 08, 2023 • Last updated 1 day ago • 4 minute read
The Bank of Canada’s tone on June 7 was hawkish, leaving the door open for another interest rate hike in July. Photo by Sean Kilpatrick /The Canadian Press
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The Bank of Canada pulled an RBA and hiked rates on June 7 with the market mostly (call it 60-40) priced for no move and more than 80 per cent of Bay Street economists believing the central bank would hold its fire.…
Economic growth beats expectations with 3.1% gain in Q1: StatCan – Business News
Economy beats expectations
The Canadian Press – May 31, 2023 / 5:58 am | Stories: 429444
Photo: The Canadian Press
The Canadian economy grew at an annualized rate of 3.1 per cent in the first quarter of 2023, Statistics Canada reported Wednesday.
The latest data shows growth beating out the federal agency’s own forecast of 2.5 per cent for the quarter. A preliminary estimate suggests the economy grew by 0.2 per cent in April, after remaining flat in March.
The ongoing resilience in the economy will likely spur discussions of a potential rate hike, as the Bank of Canada is…
Breaking down the snacking occasion
CHICAGO — The devil, as they say, is in the details. While most people agree that snacking is a significant food and beverage market trend, success requires understanding who the key customers are, what they prefer to snack on and when.
The market researcher 84.51º, Cincinnati, a business unit of Kroger Co., dedicated its May 2023 Consumer Digest report to better understanding the snack shopper. The report consists of responses from 450 verified Kroger shoppers who had shopped at one of the retailer’s banners during the past three months and focused on their snacking habits.
“Younger shoppers are the shoppers…
Canadians’ high mortgage debt a ‘ticking time bomb’ as renewals loom
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Variable-rate mortgage borrowers’ payments may climb above 40% in 2026 when they renew, Desjardins says
Published May 31, 2023 • 5 minute read
Household debt levels are expected to soar higher come 2025 and 2026 once homeowners renew their mortgages. Photo by Getty Images/iStockphoto
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Lenders have been offering surprising leniency to variable-rate mortgage borrowers who’ve hit their trigger rate, but that move may be creating a “ticking time bomb” of debt when the time comes to renew, economists from Desjardins Group say.
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Smith faces a slew of financial challenges in Alberta after election victory
After faltering about a decade ago in her ambitions to lead the Wildrose Party to power in Alberta, Danielle Smith found redemption on Monday night as leader of the United Conservative Party with a majority victory in the provincial election.
Smith became premier in October after winning the UCP leadership vote in the wake of Jason Kenney’s resignation, and now has a much broader mandate after a victory over the Alberta New Democratic Party.
“To paraphrase our dear friend Ralph Klein, ‘Welcome to another miracle on the Prairies,'” Smith said to cheers from the crowd in Calgary.
The election comes…
Adidas is selling Yeezy shoes again after cutting ties with Kanye West
Some of Adidas’ remaining Yeezy shoes are back on sale — months after the German sportswear company cut ties with Ye, the rapper formerly known as Kanye West.
Adidas ended its years long partnership with Ye in late October, in light of his antisemitic remarks and other harmful behavior. In the months that followed, the fate of $1.3 billion worth of unsold Yeezys remained unknown — until earlier this month, when Adidas CEO Bjørn Gulden announced the company would be selling a portion of the remaining inventory and donating some of the proceeds to social justice organizations .
The first…
Stellantis EV battery plant could cost Canada $19 billion in subsidies
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The price tag may reach as much as $19 billion over a decade, far exceeding the $13 billion promised to Volkswagen
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Brian Platt and Gabrielle Coppola
Published May 31, 2023 • Last updated 1 day ago • 3 minute read
Prime Justin Trudeau speaks at a Stellantis facility in Windsor, Ont., last year. Photo by Dan Janisse/Windsor Star
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Stellantis NV is likely to receive more in subsidies for a new electric-vehicle battery plant in Canada than the $13 billion Volkswagen AG extracted for a…
Canada’s economy grew by more than expected in the first quarter, upping the odds of the rate hike next week
The Canadian economy grew at an annualized rate of 3.1 per cent in the first quarter of 2023, Statistics Canada reported Wednesday.
The latest data shows growth beating out the federal agency’s own forecast of 2.5 per cent for the quarter. A preliminary estimate suggests the economy grew by 0.2 per cent in April, after remaining flat in March.
The ongoing resilience in the economy will likely spur discussions of a potential rate hike, as the Bank of Canada is expected to make its next interest rate announcement next week.
The relatively strong GDP showing investors had increasing the odds…
