Ontario Premier Doug Ford says the people “need a break” from high interest rates, a day before the Bank of Canada announcement.
“People are hurting. They need a break,” the premier said in a post shared on X, formerly Twitter. “It’s time for the Bank of Canada to start lowering interest rates tomorrow.”
On Wednesday morning, the Bank of Canada is slated to make an interest rate announcement and it is anticipated to maintain its key interest rate at five per cent, with most forecasting the first rate cut to come around June.
Some economists expect the Bank of Canada will begin cutting interest rates around the middle of the year.
“We’ve seen very little, almost no economic growth whatsoever last year,” David Macdonald, a senior economist at the Canadian Centre for Policy Alternatives, told CTV News Channel in January. “There’s no indication that we’re going to immediately see growth at the start of this year.”
Canada’s economy grew at an annualized rate of one per cent in the fourth quarter, exceeding the central bank’s most recent forecast and economists’ expectations. On a per-capita basis, the real gross domestic product dwindled in that same period.
The country’s annual inflation rate dropped to 2.9 per cent in January, falling within Bank of Canada’s one to three per cent target range. However, the central bank has made it clear its target inflation rate is two per cent.
The PBO says the economy will likely grow by 0.8 per cent this year, slightly lower than the central bank’s projection of one per cent. It also anticipates the federal deficit to grow $46.8 billion for the current fiscal year so long as no new measures are introduced – this means it would exceed the Canadian government’s fall projection of $40 billion.
This is the third time in recent months Ford pleaded with the central bank to do something about its interest rates. In September, Ford urged Tiff Macklem, the central bank’s governor, to “consider the effect higher interest rates are having on everyday people.”
Then, in October, he said, “There is simply no excuse for increasing the already crushing pressure previous interest rate hikes have placed on so many families and business.”
The Bank of Canada raised its key interest rates 10 times since March 2022 in an effort to bring inflation to its target and tighten economic activity.
The central bank is set to publish its outlook for Canada’s economy and inflation on April 10.
People are hurting. They need a break.
It’s time for the Bank of Canada to start lowering interest rates tomorrow.
ST. JOHN’S, N.L. – Suncor Energy has been fined $90,000 after pleading guilty to two charges stemming from a worker injury in 2019 aboard its production vessel in an oilfield off the coast of Newfoundland.
In a news release Thursday, the province’s offshore oil regular said the company must also give $20,000 to the College of the North Atlantic’s health and safety management program.
The Canada-Newfoundland and Labrador Offshore Petroleum Board says Calgary-based Suncor pleaded guilty on Sept. 5 for failing to ensure the safety of its employees and failing to ensure its employees wore a safety harness attached to a lifeline while inside a confined space.
The board says a worker fell 7.6 metres from a safety ladder while testing for hydrogen sulfide in a ballast tank on the floating production and storage vessel in the Terra Nova offshore oilfield.
An agreed statement of facts says two emergency response workers then went into the tank to tend to the fallen man, and they were not wearing gas masks.
Suncor Energy is the majority owner of the Terra Nova oilfield, and it reported net earnings of $1.57 billion in the second quarter of this year.
This report by The Canadian Press was first published Sept. 17, 2024.
Toronto-Dominion Bank has named new co-heads of its U.S. commercial banking business.
TD says Andy Bregenzer and Jill Gateman will jointly lead the operations.
The bank says the appointments follow the announcement earlier this year of Chris Giamo’s retirement.
Bregenzer will focus on leading all aspects of the regional commercial bank, including small business.
Gateman will lead TD’s national commercial banking effort in the U.S., including middle market, sponsor-backed finance and TD’s other specialty lending lines of business.
TD, which is working to resolve investigations into failures in its anti-money laundering program in the U.S., announced last week that chief executive Bharat Masrani would retire next year and be replaced by Raymond Chun.
This report by The Canadian Press was first published Sept. 26, 2024.
MONTREAL – Lightspeed Commerce Inc. says it is conducting a review of its business and operations including talks relating to a range of potential strategic alternatives.
The Montreal-based payments technology company made the comments after reports concerning a potential transaction involving the company.
Lightspeed says it periodically undertakes a review of its business and operations with a view of realizing its full potential.
A strategic review is often seen by investors as a prelude to a sale by a company.
Lightspeed says its board of directors is committed to acting in the best interests of the company and its stakeholders.
Company founder Dax Dasilva returned to the role of chief executive officer earlier this year and has been working to return the company to profitability.
This report by The Canadian Press was first published Sept. 26, 2024.
