OTTAWA—The Bank of Canada is keeping its key interest rate target on hold at 0.25 percent, saying economic conditions still require it even if things are going better than anticipated. In a statement, the central bank says it expects economic growth in the first quarter of 2021 to be positive, as opposed to its previous…
Bank of Canada Keeps Key Interest Rate Target on Hold at 0.25 percent
PBO Says Reformed Fiscal Stabilization Program to Cost Ottawa $4.5 Billion
January 20, 2021
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CanadaCanada economyCanada's parliamentary budget officerPBOreformed fiscal stabilization programWorldYves Giroux
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OTTAWA—Reforms to a federal support program for provinces will nearly triple the cost to Ottawa next year, with the price tag projected to be about $4.5 billion, says Canada’s parliamentary budget officer. Yves Giroux says the government’s fiscal stabilization program, which transfers cash to provinces that experience steep year-over-year revenue drops, will increase by $2.9…
Air Canada Reduces First Quarter Capacity by 25 per Cent, Cuts 1,700 Jobs
MONTREAL—Air Canada says it will cut 1,700 jobs as it scales down flights for the first quarter of 2021. The 25 percent reduction in service will also affect 200 employees at Air Canada’s Express carriers, the company said Wednesday morning. With the reduction, Air Canada’s capacity in the first quarter of 2021 will be about…
Canadian Economy Lost 63,000 Jobs in December, First Decline Since April
OTTAWA—Statistics Canada says the economy lost 63,000 jobs in December in the first monthly decline since April amid tightened public health restrictions to slow a resurgence in the pandemic. The unemployment rate edged up to 8.6 percent compared with 8.5 percent in November. The result ended a streak of monthly job gains that began in…
Canada M&A Seen Picking up After Hitting 9-year Low in 2020
TORONTO—Canadian mergers and acquisitions (M&A) fell to a nine-year low in 2020 as the pandemic put brakes on companies’ growth strategies, but bankers expect the pickup in deal-making in the fourth quarter to revive activity this year. The arrival of multiple COVID-19 vaccines in 2021 are expected to improve public confidence in an economic recovery…
Small Businesses Feeling the Pinch of Credit Card Fees as E-Commerce Ramps Up
OTTAWA—Industry groups say small businesses are being hammered by high credit card fees on online purchases as the shift toward e-commerce continues. Visa and MasterCard reduced the fees they collect from businesses to an average annual rate of 1.4 percent from 1.5 percent starting last year, but trade organizations say the fees remain higher than…
CN and CP Report Higher Grain Transport Numbers Thanks to Hopper Car Additions
CALGARY—Canada’s railways are reporting continued record levels of grain shipments as they add high-capacity grain hopper cars. Canadian Pacific Railway Co. says it moved a calendar year record 31.32 million tonnes of Canadian grain and grain products in 2020. It says it moved a record 8.84 million tonnes in the fourth quarter, aided by a…
Canadian Manufacturing Activity Increases at a Record Pace in December
January 4, 2021
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CanadaCanada economyCanadian manufacturingCCP VirusPMIThe IHS Markit Canada Manufacturing Purchasing Managers' indexWorld
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TORONTO—Canadian factory activity expanded at its fastest pace on record in December as new orders and production climbed, while manufacturers grew more optimistic that output would continue to rise in 2021, data showed on Monday. The IHS Markit Canada Manufacturing Purchasing Managers’ index (PMI) rose to a seasonally adjusted 57.9 in December from 55.8 in…
Statistics Canada Reports Economy Grew 0.4 Percent in October
OTTAWA—Statistics Canada says real gross domestic product grew 0.4 percent in October, its sixth consecutive month of growth. The increase followed growth of 0.8 percent in September. Economists had expected an increase of 0.3 percent for October, according to financial data firm Refinitiv. Both goods-producing and service-producing sectors were up overall in October, but the…
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