Weekly Digest – 5 October 2022

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

Minimum wage increases are too little too late

Six provinces hiked their minimum wages last week, but labour advocates say not only is it long overdue, but it’s now also not nearly enough.

If oil is down, why is the price of gas so high?

Gas reached record highs in B.C. last week. With the price of a barrel of oil down 20 per cent last month, many are wondering how this could be. The answer is a matter of unbalanced supply and demand.

Brazil markets surge

Brazilian markets did well on Monday, after President Jair Bolsonaro did better than expected in the first round of elections. The possibility of Bolsonaro getting re-elected boosted shares in state-controlled companies in expectation they could be privatised should he secure another four-year term.

Gas shortages may lead to electricity disruptions this winter in Europe

Energy regulator Ofgem said this week that Europe and the UK are at significant risk of gas shortages this winter due to Russia’s war with Ukraine. It’s not clear if this could result in electricity blackouts or energy rationing.

“Golden handcuffs” are stalling the housing market

Those hoping for the housing market to crater in hopes of finding a way in may have to wait. With many homeowners locked in to rates they would no longer be able to get today, they’re putting off selling indefinitely.

Tesla shares drop after missing the mark on vehicles delivered

While total production numbers did increase from last quarter, the electric vehicle maker fell short of its estimates – causing share prices to tumble on Monday.

Inflation rate in Turkey is above 83%

Inflation in Turkey hit a 24-year high this week, reaching 83.45% in September. The central bank has been cutting interest rates despite soaring prices, in order for President Tayyip Erdogan to make good on a promise to reach single-digit interest rates by the end of the year.

Google Translate no longer available in China

The tech giant announced over the weekend that it was pulling back on one of the few digital services it offers in China, citing low usage. Google has struggled for nearly two decades to meet the demands of China’s censorship policies.

Tax relief for those affected by Hurricane Fiona

The CRA is offering tax relief support for Canadians affected by Hurricane Fiona. Details can be found here.

The staff meeting will be held in the donut room

Canadian Business got a peek at the new Pinterest offices in Toronto. Design elements were inspired by all things Canadiana – including donuts, plaid, maple syrup and poutine.

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