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Canada’s unemployment rate jumped to 6.1% in March, according to Statistics Canada.Ryan Ramuge/The Canadian Press
Caught for a week that got away? Here’s your weekly roundup of the most essential business and investment stories around the globe, with insight and analysis from the pros, stock tips, portfolio strategies and more.
The unemployment rate in Canada jumps to 6.1%.
Canada’s unemployment rate jumped to 6.1% in March – the latest sign of a weakening economy. Statistics Canada’s labor force survey shows the figure rose from 5.8 per cent in February, marking the largest increase in the unemployment rate for the first time in more than two years. The unemployment rate rose in March by a rise of 60,000 people who were looking for work or on temporary layoffs, Statscan noted. The Canadian numbers were in stark contrast to the U.S., which on Friday reported a gain of 303,000 jobs in March, a result that topped expectations, Matt Landy reports. The Bank of Canada will make its next monetary policy decision on Wednesday, April 10.
Ottawa launches $1.5 billion fund to protect existing rental housing
Earlier this week, Prime Minister Justin Trudeau announced the creation of a $1.5 billion rental protection fund that will provide a combination of loans and grants to help nonprofits buy affordable rental apartments when they go up for sale. The Canada Rental Protection Fund announcement is the latest in a series of housing promises from the Trudeau government, which is under pressure to address the country’s shortage of affordable housing. The typical price of a home across the country is more than $700,000 and the market average monthly salary for a one bedroom is about $2,000. Erin Andersen, Rachel Yanglai and Chen Wang spoke with affordable housing groups who say the fund is overdue because the state is losing lower-cost rental properties — to renovations, tenant turnover and demolition — much faster than it can build them.
Canada’s other export powerhouse: gold
According to Statistics Canada, gold exports have soared in recent years and are close to becoming Canada’s second largest export commodity. The agency said exports of unprocessed gold in the form of high-value shipments of refined gold, as well as transfers of gold assets in the banking sector, drove about half of the increase in total exports in February. The increase was due to an increase in gold shipments to Switzerland and the United Kingdom, when gold prices soared in February. Jason Kirby takes a closer look at this week’s decoder.
Ford is delaying the start of EV production at its Oakville, Ont., plant until 2027
Ford Motor Co. announced this week that it will delay the launch of electric vehicles at its Oakville, Ont., plant by two years to 2027. The plant west of Toronto will still close in May for a $1.8 billion EV revamp, which will mean extended layoffs for most of its 2,700 workers. The decision comes as Ottawa and Ontario are giving billions of dollars in incentives to electric car and battery manufacturers to transform the sector and move away from making gas-powered vehicles, Eric Atkins reports. Ford announced plans last year to spend $1.8 billion to turn the Oakville plant into a hub for electric vehicle production, including battery packs. The investment includes 580 million dollars of taxpayers’ money.
Loblaw paid the bank’s new CEO $22 million in 2023
Loblaw Cos. Ltd. paid its new chief executive Per Bank $22.1 million last year. Mr. Bank assumed the top job at Canada’s largest grocer on Nov. 1 — replacing Galen Weston, who remains chairman of the board and the controlling shareholder of Lubbock. His package includes an annual salary of $1.315 million, a target annual bonus of nearly $2 million and a target of $7.2 million in annual long-term incentives for the current year. Mr. Bank’s 2023 salary also included a one-time $18 million award to replace compensation he forfeited upon resigning from his former employer, Susan Krashinski Robertson and David Milstead report. Loblaw has recently faced some criticism – backtracking on its decision to eliminate 50 percent discounts on perishable food. Some shoppers also took to social media to call for the boycott of Lublav-owned stores.
RBC’s purchase of HSBC Bank Canada accompanied by a complex technological achievement
What does it take to pull off the biggest domestic bank takeover on record? Royal Bank of Canada completed its acquisition of HSBC Bank Canada on March 29, and had to move billions of dollars of customer money and data from HSBC’s platforms to its own in one weekend — an extraordinary technological feat that helped it win $13.5 billion. Billions auction for the most coveted business. Stephanie Marotta spoke with RBC executives about the process and how RBC prepared for the complex closing: “There was no other choice. If you wanted to buy the bank, you had to close and convert,” RBC CEO Dave McKay said in an interview.
Now that you’re all up to speed, test your knowledge on our weekly business and investment news quiz and prepare for next week with the Globe’s investment calendar.
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The post Canada’s unemployment rate soars, RBC completes takeover of HSBC and Ottawa’s $1.5 billion Tenancy Defense Fund: Must-read business and investment stories – The Globe and Mail appeared first on Canada News Media.
