adplus-dvertising
Connect with us

Business

'Stop sugar coating things': Experts react to Bank of Canada rate hike – BNN Bloomberg

Published

 on


The Bank of Canada hiked its benchmark overnight rate by 75 basis points to 3.25 per cent on Wednesday.

In a press release, the central bank said, “The effects of COVID-19 outbreaks, ongoing supply disruptions, and the war in Ukraine continue to dampen growth and boost prices.”

Jimmy Jean, chief economist and strategist at Desjardins, said he thinks the Bank of Canada needs to “stop sugar coating” the risk of a recession.

“I’m going to be looking to how honest the central bank is with Canadians as to what they can expect. We have the second highest private sector debt to GDP in the world so certainly our economy is more sensitive than many others to those interest rate increases,” Jean said in an interview Wednesday.

“I think it’s time for the Bank of Canada to stop sugar coating things and admit that we’re at elevated risk for a recession, and we do expect a recession, although a mild one, early in 2023.”

The BoC must stop sugar-coating, admit Canada has a higher recession risk than others: Economist

Jimmy Jean, chief economist and strategist at Desjardins, joins BNN Bloomberg to react to the latest interest rate decision out of the Bank of Canada. He says that it will take 6-8 quarters to see the full effects of rising rates, but the impact on the jobs market will start to show soon.

The central bank has two interest rate announcements scheduled before the end of the year, with the next decision set for October 26.

Stephen Brown, senior Canada economist at Capital Economics, said after Wednesday’s hike, he expects to see a smaller rate increase next month.

“The Bank of Canada remains concerned about the risk of high inflation expectations becoming entrenched, but with the economy now slowing sharply and inflation easing by more than the Bank expected, we still see scope for it to follow today’s 75 bp hike with a smaller 25 bp move in October,” Brown said in a note to clients Wednesday.

‘WILL NEED TO RISE FURTHER’

In the Bank of Canada’s release, it said “Given the outlook for inflation, the Governing Council still judges that the policy interest rate will need to rise further.”

Josh Nye, senior economist at RBC Economics, said this statement signalled the BoC pushing “back against calls for a pause after today’s hike.”

“That said, it hinted that the pace of rate hikes will slow going forward as it assess the impact of tightening thus far. Our forecast assumes one more 25 bp increase in October, though today’s meeting suggests upside risk to our call for the overnight rate to peak at 3.50 per cent,” Nye said in a note to clients Wednesday.

Benjamin Reitzes, managing director, Canadian rates and macro strategist at BMO Capital Markets, said the Bank of Canada’s tone in the statement shows it’s still “very concerned” about rising inflation.

“That leaves little doubt that further rate hikes are coming; the only question is how big will the next move be?” Reitzes said in a note to clients Wednesday.

“The door is wide open to allow the data to guide the next decision, but at this point, the tone of the statement remains very concerned about inflation.”   

Warren Lovely, chief rates strategist at National Bank of Canada, said there needs to be an “adult conversation” about getting inflation under control.

BoC warning us they’re not done yet with rate hikes: Warren Lovely

Warren Lovely, chief rates strategist with the National Bank of Canada, joins BNN Bloomberg to discuss the Bank of Canada’s fifth straight rate hike announced today. He says as other central banks are sacrificing economic activity to get inflation under control, Canadians will need to see some economic pain.

“The Bank of Canada, and I think to be clear, other central banks appear to be willing to sacrifice some economic activity to get inflation under control. Jay Powell and the U.S. Federal Reserve Board just talked about economic pain and I think the same analogy may be applied here,” Lovely said in an interview Wednesday.

“When you’re in excess demand, when you have labour markets this tight, when inflation is this strong, getting it under control is going to require some painful medicine. We’ve taken quite a few doses already. I think there’s still perhaps another dose to come.”

Adblock test (Why?)

728x90x4

Source link

Continue Reading

Business

Stop Asking Your Interviewer Cliché Questions

Published

 on

Most job search advice is cookie-cutter. The advice you’re following is almost certainly the same advice other job seekers follow, making you just another candidate following the same script.

In today’s hyper-competitive job market, standing out is critical, a challenge most job seekers struggle with. Instead of relying on generic questions recommended by self-proclaimed career coaches, which often lead to a forgettable interview, ask unique, thought-provoking questions that’ll spark engaging conversations and leave a lasting impression.

English philosopher Francis Bacon once said, “A prudent question is one half of wisdom.”

The questions you ask convey the following:

  • Your level of interest in the company and the role.
  • Contributing to your employer’s success is essential.
  • You desire a cultural fit.

Here are the top four questions experts recommend candidates ask; hence, they’ve become cliché questions you should avoid asking:

  • “What are the key responsibilities of this position?”

Most likely, the job description answers this question. Therefore, asking this question indicates you didn’t read the job description. If you require clarification, ask, “How many outbound calls will I be required to make daily?” “What will be my monthly revenue target?”

  • “What does a typical day look like?”

Although it’s important to understand day-to-day expectations, this question tends to elicit vague responses and rarely leads to a deeper conversation. Don’t focus on what your day will look like; instead, focus on being clear on the results you need to deliver. Nobody I know has ever been fired for not following a “typical day.” However, I know several people who were fired for failing to meet expectations. Before accepting a job offer, ensure you’re capable of meeting the employer’s expectations.

  • “How would you describe the company culture?”

Asking this question screams, “I read somewhere to ask this question.” There are much better ways to research a company’s culture, such as speaking to current and former employees, reading online reviews and news articles. Furthermore, since your interviewer works for the company, they’re presumably comfortable with the culture. Do you expect your interviewer to give you the brutal truth? “Be careful of Craig; get on his bad side, and he’ll make your life miserable.” “Bob is close to retirement. I give him lots of slack, which the rest of the team needs to pick up.”

Truism: No matter how much due diligence you do, only when you start working for the employer will you experience and, therefore, know their culture firsthand.

  • “What opportunities are there for professional development?”

When asked this question, I immediately think the candidate cares more about gaining than contributing, a showstopper. Managing your career is your responsibility, not your employer’s.

Cliché questions don’t impress hiring managers, nor will they differentiate you from your competition. To transform your interaction with your interviewer from a Q&A session into a dynamic discussion, ask unique, insightful questions.

Here are my four go-to questions—I have many moreto accomplish this:

  • “Describe your management style. How will you manage me?”

This question gives your interviewer the opportunity to talk about themselves, which we all love doing. As well, being in sync with my boss is extremely important to me. The management style of who’ll be my boss is a determining factor in whether or not I’ll accept the job.

  • “What is the one thing I should never do that’ll piss you off and possibly damage our working relationship beyond repair?”

This question also allows me to determine whether I and my to-be boss would be in sync. Sometimes I ask, “What are your pet peeves?”

  • “When I join the team, what would be the most important contribution you’d want to see from me in the first six months?”

Setting myself up for failure is the last thing I want. As I mentioned, focus on the results you need to produce and timelines. How realistic are the expectations? It’s never about the question; it’s about what you want to know. It’s important to know whether you’ll be able to meet or even exceed your new boss’s expectations.

  • “If I wanted to sell you on an idea or suggestion, what do you need to know?”

Years ago, a candidate asked me this question. I was impressed he wasn’t looking just to put in time; he was looking for how he could be a contributing employee. Every time I ask this question, it leads to an in-depth discussion.

Other questions I’ve asked:

 

  • “What keeps you up at night?”
  • “If you were to leave this company, who would follow?”
  • “How do you handle an employee making a mistake?”
  • “If you were to give a Ted Talk, what topic would you talk about?”
  • “What are three highly valued skills at [company] that I should master to advance?”
  • “What are the informal expectations of the role?”
  • “What is one misconception people have about you [or the company]?”

 

Your questions reveal a great deal about your motivations, drive to make a meaningful impact on the business, and a chance to morph the questioning into a conversation. Cliché questions don’t lead to meaningful discussions, whereas unique, thought-provoking questions do and, in turn, make you memorable.

_____________________________________________________________________

 

Nick Kossovan, a well-seasoned veteran of the corporate landscape, offers “unsweetened” job search advice. You can send Nick your questions to artoffindingwork@gmail.com.

Continue Reading

Business

Canadian Natural Resources reports $2.27-billion third-quarter profit

Published

 on

 

CALGARY – Canadian Natural Resources Ltd. reported a third-quarter profit of $2.27 billion, down from $2.34 billion in the same quarter last year.

The company says the profit amounted to $1.06 per diluted share for the quarter that ended Sept. 30 compared with $1.06 per diluted share a year earlier.

Product sales totalled $10.40 billion, down from $11.76 billion in the same quarter last year.

Daily production for the quarter averaged 1,363,086 barrels of oil equivalent per day, down from 1,393,614 a year ago.

On an adjusted basis, Canadian Natural says it earned 97 cents per diluted share for the quarter, down from an adjusted profit of $1.30 per diluted share in the same quarter last year.

The average analyst estimate had been for a profit of 90 cents per share, according to LSEG Data & Analytics.

This report by The Canadian Press was first published Oct. 31, 2024.

Companies in this story: (TSX:CNQ)

The Canadian Press. All rights reserved.

Source link

Continue Reading

Business

Cenovus Energy reports $820M Q3 profit, down from $1.86B a year ago

Published

 on

 

CALGARY – Cenovus Energy Inc. reported its third-quarter profit fell compared with a year as its revenue edged lower.

The company says it earned $820 million or 42 cents per diluted share for the quarter ended Sept. 30, down from $1.86 billion or 97 cents per diluted share a year earlier.

Revenue for the quarter totalled $14.25 billion, down from $14.58 billion in the same quarter last year.

Total upstream production in the quarter amounted to 771,300 barrels of oil equivalent per day, down from 797,000 a year earlier.

Total downstream throughput was 642,900 barrels per day compared with 664,300 in the same quarter last year.

On an adjusted basis, Cenovus says its funds flow amounted to $1.05 per diluted share in its latest quarter, down from adjusted funds flow of $1.81 per diluted share a year earlier.

This report by The Canadian Press was first published Oct. 31, 2024.

Companies in this story: (TSX:CVE)

The Canadian Press. All rights reserved.

Source link

Continue Reading

Trending