Weekly Digest – May 11 2022

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

Formal opposition to Rogers acquisition of Shaw

Rogers and Shaw released a statement early Saturday stating that Canada’s commissioner of competition intends to file an application to the Competition Tribunal aimed at preventing the planned merger of the two companies.

Fewer bids on homes as Canadian sales drop

Real estate brokers are seeing fewer bids on properties than they did before the interest rate hike a couple of months ago, but so far the slowing of the market has not led to significant price drops.

Outgoing Bank of Canada Deputy Director talks reconciliation

In his final speech before retiring from the Bank of Canada, Deputy Governor Lawrence Schembri highlighted the Bank’s contribution to advancing economic inclusion and opportunity for Indigenous peoples and its future role in economic reconciliation.

Canada’s jobless rate reaches record low

Canada’s economy added 15,300 jobs in April, making it the third monthly increase in a row. The jobless rate now sits at an all-time record low of 5.2% after taking a hit due to the Omicron wave earlier this year.

Supply crunch could push gas prices well over $2 per litre

Analyst Dan McTeague at Canadians for Affordable Energy cites global supply issues, government levies, weak Canadian dollar, and the war in Ukraine as drivers for sky-high prices at the pumps.

BOC Independence and accountability key to earning trust

In her first speech with the Bank of Canada, Senior Deputy Governor Carolyn Rogers talks about how independence and accountability help the Bank build and maintain trust with Canadians, especially in uncertain times.

As Shopify shares plunge, president asks for patience

The president of Shopify Inc. appealed to investors to focus on the company’s growing customer base as shares dropped to a two-year low. After disclosing a disappointing first-quarter profit, the company says it is navigating a “rebalancing” in retail as shoppers head back to physical stores.

Saskatoon-based Nutrien Ltd., world’s largest producer of fertilizer, significantly hikes its earnings forecast for the year. The company had a record-breaking first quarter driven by surging commodity prices and concerns around food security due to the war in Ukraine.

CRA will refund tax returns stuck in limbo following complaints

The CRA says it will release the tax returns of 50,000 teachers whose refunds were being held due to their claiming a tax credit that has not yet been passed into legislation, but only for teachers who are “experiencing extreme financial hardship.”

What the end of the penny can teach us about cryptocurrency

Policymakers openly talk about all physical currency going the way of the copper coin. How lessons learned during the penny’s demise could smooth Canada’s transition to digital currency.

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