In this edition:
Bank of Canada increases interest rate
Competition Bureau of Canada focuses on fake reviews
Bank of Canada increases interest rate
The Bank of Canada today increased its target for the overnight rate to ½ %, with the Bank Rate at ¾ % and the deposit rate at ½ %. The Bank is continuing its reinvestment phase, keeping its overall holdings of Government of Canada bonds on its balance sheet roughly constant until such time as it becomes appropriate to allow the size of its balance sheet to decline.
The unprovoked invasion of Ukraine by Russia is a major new source of uncertainty. Prices for oil and other commodities have risen sharply. This will add to inflation around the world, and negative impacts on confidence and new supply disruptions could weigh on global growth. Financial market volatility has increased.
Economic growth in Canada was very strong in the fourth quarter of last year at 6.7%. This is stronger than the Bank’s projection and confirms its view that economic slack has been absorbed. Both exports and imports have picked up, consistent with solid global demand. In January, the recovery in Canada’s labour market suffered a setback due to the Omicron variant, with temporary layoffs in service sectors and elevated employee absenteeism. However, the rebound from Omicron now appears to be well in train: household spending is proving resilient and should strengthen further with the lifting of public health restrictions.
As the economy continues to expand and inflation pressures remain elevated, the Governing Council expects interest rates will need to rise further.
Competition Bureau of Canada launches Fraud Prevention Month, focuses on fake reviews
Online consumer reviews help both consumers and businesses – they provide a wealth of “unbiased” product information to help you shop smart, and they reward businesses that provide a great product or service.
Consumer reviews often strike at the heart of a consumer’s buying decision. Shoppers trust that these reviews are from real customers, just like them. Posting fake reviews online can damage that trust and seriously erode consumer confidence.
If your business has suffered from fake online reviews, you can report them to the Competition Bureau.
Reading Recommendations
Affordable child-care program providing relief for families amid rising cost of living
CBC News
The cost of living is rising across the country, although for many parents with young kids, the new program is providing major financial relief.
The federal government launched the $30 billion program last year and signed agreements with most provinces and territories. The goal is to drive down the cost of child care to just $10 a day, per child, nationwide.
Of all the provinces and territories, only Ontario has yet to negotiate a deal with the federal government. It’s a sizeable omission considering the province’s population. In January, Premier Doug Ford said a deal was very close, but last month his education minister Stephen Lecce said it may take some time before an agreement is reached.
Disclaimer: the GNCC is lobbying for an affordable child care system in Ontario, recognizing that the high cost of child care is driving up wages and exacerbating labour shortages.
Future infectious diseases: Recent history shows we can never again be complacent about pathogens
The Conversation
As we move into the third year of the global pandemic caused by COVID-19, it’s important to ask what we have learned and what we have done to prepare for the next infectious-disease crisis.
It could be an outbreak of Lyme disease, an epidemic of measles or another full-blown global pandemic of influenza or coronavirus. It could be a threat that emerges from the ongoing challenge of antimicrobial resistance and the steadily fading power of established antibiotics.
One thing is certain: COVID-19 will not be the last challenge of our time, and even while we are striving to tame the current pandemic, we need to prepare for the next challenge, using evidence and knowledge.
Update on Ukraine
Global brands exit Russia over Ukraine invasion
Reuters
From Canada Goose parkas and the latest iPhone to spare parts for aircraft engines and even some of the planes themselves – the list of goods, consumer and industrial, that will no longer be sold in Russia is growing longer with every day.
Some of the biggest Westerns brands, from Boeing and Exxon Mobil to Ford Motor Co, have suspended operations in Russia in an unprecedented wave of corporate action against Moscow following its invasion of Ukraine.
Winter clothing maker Canada Goose Holdings said on Wednesday it would suspend all wholesale and e-commerce sales to Russia, while Apple has said it has stopped sales of iPhones and other products.
Western nations have steadily ratcheted up sanctions on Russia since it invaded Ukraine last week, including against President Vladimir Putin and the central bank.
Niagara COVID-19 statistics tracker
Niagara COVID vaccination tracker
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Through the Daily Updates, the GNCC aims to deliver important business news in a timely manner. We disseminate all news and information we feel will be important to businesses. Inclusion in the Daily Update is not an endorsement by the GNCC.
