Reviews and recommendations are unbiased and products are independently selected. Postmedia may earn an affiliate commission from purchases made through links on this page.
Economy
Posthaste: Now it’s the wealthy’s turn to worry about the economy squeezing their finances
After months of belt tightening by low- and middle-income families, it’s wealthy Canadians’ turn to worry about the economy’s impact on their pocketbooks.
People who have assets of $1 million or more say they’re more stressed out about their finances than they were this time last year, according to a new study out this morning from IG Wealth Management. More than three-quarters, or 82 per cent, say they’re worried about the economy, while 72 per cent are fretting about the cost of energy. Close to half, or 49 per cent, are concerned about rising interest rates.
“Much like other groups, high-net-worth Canadians are concerned about where the economy is going and its impact on their personal situation,” Damon Murchison, chief executive of IG Wealth Management, said in a news release.
Economic worries have become universal as inflation and climbing interest rates take a toll on most people’s budgets. Every day expenses such as grocery bills have been especially squeezed. Prices for food bought in stores rose 11 per cent in October from the same time last year, Statistics Canada data show. But the costs of some dinner staples have surged even more, with pasta prices up 44.8 per cent, lettuce up 30.2 per cent and rice up 14.7 per cent on a year-over-year basis. Meanwhile, gas prices rose 17.8 per cent in October from the same month last year. Combine that with higher debt costs from rising interest rates, and many have been forced to take an axe to their spending by cutting back on streaming services, or other discretionary purchases, to pay the bills.
And not unlike Canadians’ with lower incomes, the wealthy are also making moves to delay their retirement start dates as life grows more expensive. Close to half, or 46 per cent, say they’re changing when they’ll make the leap to full retirement. More than 50 per cent say they’ll need to keep working longer to reach their savings goals because their investments aren’t performing the way they expected.
But for high-net-worth individuals, the solution to getting through these “complicated times” financially intact is simple: get a comprehensive plan in place. That’s where a professional can step in and help, IG Wealth Management said.
Retail sales are estimated to have risen 1.5 per cent in October, Statistics Canada said Wednesday, casting doubt on just how much the economy slowed in the fourth quarter.
Sales dropped 0.5 per cent in September and fell in seven of the 11 subsectors, representing 74.9 per cent of retail trade. It was led by lower sales at gasoline stations and food and beverage stores.
___
Business
A timeline of events in the bread price-fixing scandal
Almost seven years since news broke of an alleged conspiracy to fix the price of packaged bread across Canada, the saga isn’t over: the Competition Bureau continues to investigate the companies that may have been involved, and two class-action lawsuits continue to work their way through the courts.
Here’s a timeline of key events in the bread price-fixing case.
Oct. 31, 2017: The Competition Bureau says it’s investigating allegations of bread price-fixing and that it was granted search warrants in the case. Several grocers confirm they are co-operating in the probe.
Dec. 19, 2017: Loblaw and George Weston say they participated in an “industry-wide price-fixing arrangement” to raise the price of packaged bread. The companies say they have been co-operating in the Competition Bureau’s investigation since March 2015, when they self-reported to the bureau upon discovering anti-competitive behaviour, and are receiving immunity from prosecution. They announce they are offering $25 gift cards to customers amid the ongoing investigation into alleged bread price-fixing.
Jan. 31, 2018: In court documents, the Competition Bureau says at least $1.50 was added to the price of a loaf of bread between about 2001 and 2016.
Dec. 20, 2019: A class-action lawsuit in a Quebec court against multiple grocers and food companies is certified against a number of companies allegedly involved in bread price-fixing, including Loblaw, George Weston, Metro, Sobeys, Walmart Canada, Canada Bread and Giant Tiger (which have all denied involvement, except for Loblaw and George Weston, which later settled with the plaintiffs).
Dec. 31, 2021: A class-action lawsuit in an Ontario court covering all Canadian residents except those in Quebec who bought packaged bread from a company named in the suit is certified against roughly the same group of companies.
June 21, 2023: Bakery giant Canada Bread Co. is fined $50 million after pleading guilty to four counts of price-fixing under the Competition Act as part of the Competition Bureau’s ongoing investigation.
Oct. 25 2023: Canada Bread files a statement of defence in the Ontario class action denying participating in the alleged conspiracy and saying any anti-competitive behaviour it participated in was at the direction and to the benefit of its then-majority owner Maple Leaf Foods, which is not a defendant in the case (neither is its current owner Grupo Bimbo). Maple Leaf calls Canada Bread’s accusations “baseless.”
Dec. 20, 2023: Metro files new documents in the Ontario class action accusing Loblaw and its parent company George Weston of conspiring to implicate it in the alleged scheme, denying involvement. Sobeys has made a similar claim. The two companies deny the allegations.
July 25, 2024: Loblaw and George Weston say they agreed to pay a combined $500 million to settle both the Ontario and Quebec class-action lawsuits. Loblaw’s share of the settlement includes a $96-million credit for the gift cards it gave out years earlier.
Sept. 12, 2024: Canada Bread files new documents in Ontario court as part of the class action, claiming Maple Leaf used it as a “shield” to avoid liability in the alleged scheme. Maple Leaf was a majority shareholder of Canada Bread until 2014, and the company claims it’s liable for any price-fixing activity. Maple Leaf refutes the claims.
This report by The Canadian Press was first published Sept. 19, 2024.
Companies in this story: (TSX:L, TSX:MFI, TSX:MRU, TSX:EMP.A, TSX:WN)
The Canadian Press. All rights reserved.
Economy
S&P/TSX composite up more than 250 points, U.S. stock markets also higher
TORONTO – Canada’s main stock index was up more than 250 points in late-morning trading, led by strength in the base metal and technology sectors, while U.S. stock markets also charged higher.
The S&P/TSX composite index was up 254.62 points at 23,847.22.
In New York, the Dow Jones industrial average was up 432.77 points at 41,935.87. The S&P 500 index was up 96.38 points at 5,714.64, while the Nasdaq composite was up 486.12 points at 18,059.42.
The Canadian dollar traded for 73.68 cents US compared with 73.58 cents US on Thursday.
The November crude oil contract was up 89 cents at US$70.77 per barrel and the October natural gas contract was down a penny at US2.27 per mmBTU.
The December gold contract was up US$9.40 at US$2,608.00 an ounce and the December copper contract was up four cents at US$4.33 a pound.
This report by The Canadian Press was first published Sept. 19, 2024.
Companies in this story: (TSX:GSPTSE, TSX:CADUSD)
The Canadian Press. All rights reserved.
Economy
Construction wraps on indoor supervised site for people who inhale drugs in Vancouver
VANCOUVER – Supervised injection sites are saving the lives of drug users everyday, but the same support is not being offered to people who inhale illicit drugs, the head of the BC Centre for Excellence in HIV/AIDS says.
Dr. Julio Montaner said the construction of Vancouver’s first indoor supervised site for people who inhale drugs comes as the percentage of people who die from smoking drugs continues to climb.
The location in the Downtown Eastside at the Hope to Health Research and Innovation Centre was unveiled Wednesday after construction was complete, and Montaner said people could start using the specialized rooms in a matter of weeks after final approvals from the city and federal government.
“If we don’t create mechanisms for these individuals to be able to use safely and engage with the medical system, and generate points of entry into the medical system, we will never be able to solve the problem,” he said.
“Now, I’m not here to tell you that we will fix it tomorrow, but denying it or ignoring it, or throw it under the bus, or under the carpet is no way to fix it, so we need to take proactive action.”
Nearly two-thirds of overdose deaths in British Columbia in 2023 came after smoking illicit drugs, yet only 40 per cent of supervised consumption sites in the province offer a safe place to smoke, often outdoors, in a tent.
The centre has been running a supervised injection site for years which sees more than a thousand people monthly and last month resuscitated five people who were overdosing.
The new facilities offer indoor, individual, negative-pressure rooms that allow fresh air to circulate and can clear out smoke in 30 to 60 seconds while users are monitored by trained nurses.
Advocates calling for more supervised inhalation sites have previously said the rules for setting up sites are overly complicated at a time when the province is facing an overdose crisis.
More than 15,000 people have died of overdoses since the public health emergency was declared in B.C. in April 2016.
Kate Salters, a senior researcher at the centre, said they worked with mechanical and chemical engineers to make sure the site is up to code and abidies by the highest standard of occupational health and safety.
“This is just another tool in our tool box to make sure that we’re offering life-saving services to those who are using drugs,” she said.
Montaner acknowledged the process to get the site up and running took “an inordinate amount of time,” but said the centre worked hard to follow all regulations.
“We feel that doing this right, with appropriate scientific background, in a medically supervised environment, etc, etc, allows us to derive the data that ultimately will be sufficiently convincing for not just our leaders, but also the leaders across the country and across the world, to embrace the strategies that we are trying to develop.” he said.
Montaner said building the facility was possible thanks to a single $4-million donation from a longtime supporter.
Construction finished with less than a week before the launch of the next provincial election campaign and within a year of the next federal election.
Montaner said he is concerned about “some of the things that have been said publicly by some of the political leaders in the province and in the country.”
“We want to bring awareness to the people that this is a serious undertaking. This is a very massive investment, and we need to protect it for the benefit of people who are unfortunately drug dependent.” he said.
This report by The Canadian Press was first published Sept. 18, 2024.
The Canadian Press. All rights reserved.
-
Politics10 hours ago
New Brunswick Premier Blaine Higgs expected to call provincial election today
-
Media10 hours ago
Sutherland House Experts Book Publishing Launches To Empower Quiet Experts
-
Sports5 hours ago
Arch Manning to get first start for No. 1 Texas as Ewers continues recovery from abdomen strain
-
News22 hours ago
Alberta Premier Smith aims to help fund private school construction
-
Investment9 hours ago
Canada’s Probate Laws: What You Need to Know about Estate Planning in 2024
-
Politics9 hours ago
New Brunswick Premier Blaine Higgs kicks off provincial election campaign
-
News10 hours ago
Quebec won’t fund graphite mine project tied to Pentagon; locals claim ‘victory’
-
Sports5 hours ago
Former Canada captain Atiba Hutchinson tells his story in ‘The Beautiful Dream”