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Economy

Digital citizen rights need to have teeth for Canada to succeed in data-driven economy – The Globe and Mail

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Alex Benay, Partner, Digital and Government Solutions, KPMG in Canada

Over the past decade, the world has steadily been shifting from a resource-based economy to a data-driven one. This transition is having major effects on countries all over the world.

In many jurisdictions, the digital economy represents a massive growth opportunity. But at the same time, the common thinking is that it also poses significant risks to citizens – commercialization of private data, cyberbreaches, identity theft and inequality owing to the lack of connectivity in many regions. It seems that for every digital economy opportunity, there is a digital risk to a citizen.

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Based on the online rhetoric, it appears as though one needs to choose between the two – growth or rights.

But there should be no tension between the concepts of expanding our digital economy while simultaneously creating new digital citizen rights. But for this to be true in Canada, we need action from both the private and public sector. Otherwise, the world is changing at such a rapid pace that we are at risk of being left behind as both a country and as digital citizens.

So what are basic digital rights? For starters, they are laws not policy instruments. Digital rights need to have teeth – they cannot be mere strategy documents.

First, in order to participate in the digital economy, citizens need connectivity as a basic human right. Connectivity would provide all Canadians access to digital services and the ability to participate in the new data-driven economy.

With connectivity as a basic human right in Canada, there would be no reason why one cannot have a tech unicorn in a Canadian region outside of the traditional major city centres. Hyperconnectivity would permit all ideas and all citizens to contribute to Canada’s innovation economy.

Second, citizens must retain ownership of their data in this digital economy. Citizens should not be commercialized by any platform without their consent – full stop. Otherwise, Canadians will not be able to reap the benefits of the data driven economy because they lack the control over their biggest asset – their own personal data. If we are to ever reach this goal of ownership of one’s own data, it is now time to update, and in some cases, rewrite our laws to reflect the new digital reality.

Privacy laws, for example, are not equipped to deal with digital-aged constructs, many of which were written in the industrial age. Instead of modern privacy laws that enable secure data sharing across sectors, or trusted digital wallets that would permit control of one’s online activities, we have policies and procedures based on fax machine transmissions. This prohibits secure data sharing while ensuring data multiplication and a slower economy. It means our businesses cannot build the right infrastructure required to support privacy in a digital age because our laws impede the innovation.

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A critical example in the context of this new digital economy will be the openness of those holding our data. Traditionally, we see intellectual property and openness as opposing factors. Yet, we cannot operate in a digital economy without providing openness of digital rights and economic opportunity. Too often we see companies use intellectual property as a blocker for releasing their algorithms to the public. But protecting citizen rights in the digital age and economic growth are not necessarily at odds. As the data economy grows, the companies who operate with a higher degree of openness will likely profit more.

So where does this leave us?

We need our governments to double their current efforts to address the hard items getting in the way of both digital prosperity and the rights of Canadians. Laws must be changed, regulations adjusted and policies must reflect the new digital economy – and at a much faster pace.

We must also invest one dollar in digital infrastructure for every dollar we invest in roads and bridges to ensure Canada can compete in this data-driven economy.

Looking ahead, sectors must begin to work better together in order to increase the speed of the economy in order to remain internationally competitive.

Canada should provide a model to the world highlighting that human rights are now also digital rights, and that this new reality does not need to compete with advancing economic interests.

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The country that sets the stage for digital economic growth while protecting citizen rights will win the race.

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Economy

S&P/TSX composite gains almost 100 points, U.S. stock markets also higher

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TORONTO – Strength in the base metal and technology sectors helped Canada’s main stock index gain almost 100 points on Friday, while U.S. stock markets also climbed higher.

The S&P/TSX composite index closed up 93.51 points at 23,568.65.

In New York, the Dow Jones industrial average was up 297.01 points at 41,393.78. The S&P 500 index was up 30.26 points at 5,626.02, while the Nasdaq composite was up 114.30 points at 17,683.98.

The Canadian dollar traded for 73.61 cents US compared with 73.58 cents US on Thursday.

The October crude oil contract was down 32 cents at US$68.65 per barrel and the October natural gas contract was down five cents at US$2.31 per mmBTU.

The December gold contract was up US$30.10 at US$2,610.70 an ounce and the December copper contract was up four cents US$4.24 a pound.

This report by The Canadian Press was first published Sept. 13, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

The Canadian Press. All rights reserved.

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Economy

Statistics Canada reports wholesale sales higher in July

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OTTAWA – Statistics Canada says wholesale sales, excluding petroleum, petroleum products, and other hydrocarbons and excluding oilseed and grain, rose 0.4 per cent to $82.7 billion in July.

The increase came as sales in the miscellaneous subsector gained three per cent to reach $10.5 billion in July, helped by strength in the agriculture supplies industry group, which rose 9.2 per cent.

The food, beverage and tobacco subsector added 1.7 per cent to total $15 billion in July.

The personal and household goods subsector fell 2.5 per cent to $12.1 billion.

In volume terms, overall wholesale sales rose 0.5 per cent in July.

Statistics Canada started including oilseed and grain as well as the petroleum and petroleum products subsector as part of wholesale trade last year, but is excluding the data from monthly analysis until there is enough historical data.

This report by The Canadian Press was first published Sept. 13, 2024.

The Canadian Press. All rights reserved.

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Economy

S&P/TSX composite up more than 150 points, U.S. stock markets mixed

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TORONTO – Canada’s main stock index was up more than 150 points in late-morning trading, helped by strength in the base metal and energy sectors, while U.S. stock markets were mixed.

The S&P/TSX composite index was up 172.18 points at 23,383.35.

In New York, the Dow Jones industrial average was down 34.99 points at 40,826.72. The S&P 500 index was up 10.56 points at 5,564.69, while the Nasdaq composite was up 74.84 points at 17,470.37.

The Canadian dollar traded for 73.55 cents US compared with 73.59 cents US on Wednesday.

The October crude oil contract was up $2.00 at US$69.31 per barrel and the October natural gas contract was up five cents at US$2.32 per mmBTU.

The December gold contract was up US$40.00 at US$2,582.40 an ounce and the December copper contract was up six cents at US$4.20 a pound.

This report by The Canadian Press was first published Sept. 12, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

The Canadian Press. All rights reserved.

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