Weekly Digest – 27 September 2023

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

B.C. port strike affected 17% of retailers with auto sector hit hardest

Statistics Canada said the on-and-off strikes at BC ports in July affected 17 per cent of retailers. Sales at motor vehicle and parts dealers were the hardest hit, the agency said.

Alberta to debate Canada Pension Plan, says it deserves half of fund if it leaves

Alberta’s premier fired the starter’s pistol Thursday for a provincewide consultation on whether to quit the Canada Pension Plan while releasing a report that estimates the province deserves more than half CPP’s assets. The third-party report says Alberta should get $334 billion, or 53 per cent of the national retirement savings program, if it leaves in 2027 following the required three-year notification period.

Canadian autoworkers ratify deal between Ford, Unifor

Canadian autoworkers have narrowly approved a new three-year contract with automaker Ford, according to Unifor. The union said that 54 per cent of their members voted in favour of a new deal that sees wage increases, signing bonuses and reactivates a cost-of-living allowance.

The bad economic times have only just started

Tiago Figueiredo, a macro strategy associate with Desjardins, said “The path forward looks bleak”. The Canadian economy is headed for a rough patch. Growth has already slowed considerably. Job growth has moderated. Inflation remains stubbornly high. But the pain households are feeling today is only going to get worse.

India stops new visas for Canadians, asks Ottawa to downsize missions as spat worsens

India on Thursday suspended new visas for Canadians and asked Ottawa to reduce its diplomatic presence in the country, sharply escalating a spat triggered by Prime Minister Justin Trudeau’s accusations linking New Delhi to a Sikh separatist’s murder.

Oil companies can only decarbonize as fast as the rest of the economy says Shell Canada president

The fossil fuel industry is increasingly under the microscope for its contribution to climate change, but the president of British oil giant Shell’s Canadian subsidiary says oil and gas companies can’t be held solely responsible for the pace of the global energy transition.

Canada’s inflation rate jumps to 4 per cent, making the BoC’s next rate decision harder

Canada’s inflation rate jumped to four per cent last month, as economists warn the latest consumer price index report spells bad news for the Bank of Canada.

Canadian lithium miners in ‘prime position’ as EV battery race accelerates

Two Canadian lithium producers are top prospects as mining and automotive giants hunt for deals to supply the silvery-white metal for electric vehicle (EV) batteries, according to a CIBC Capital Markets analyst.

Ramp up in U.S. auto strike expected to affect Canadian parts producers

Autoworkers in the U.S. ramped up their strike Friday in a move that’s expected to have knock-on effects for Canadian parts producers.

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