SASKATOON —
Margaret Reddekopp who runs the Clean Shoppe in Saskatoon, a family-owned dry cleaning business that’s been around for 25 years, said she was she was forced to lay off most of her staff when the COVID-19 pandemic first hit.
She said she has only been able to hire a few back to work part-time.
“There’s not enough work to go around and we can’t pay somebody if it’s not coming in, so we’re doing everything ourselves,” Reddekopp told CTV News.
She said that’s because most people are still working from home and events like weddings, graduations and funerals have been cancelled or postponed.
Other businesses are also being forced into tough decisions.
A recent Statistics Canada report shows Saskatchewan’s unemployment rate for 2020 was 8.4 per cent – the highest since 1976, and a massive increase over the 2019 rate of 5.6 per cent.
The 2020 rate is even higher than in the mid-1980s and early 90s when Saskatchewan saw unemployment rates in the 7 to 8 per cent range.
In 1993, the rate was 8.3 per cent, according to the report.
“In the 60s when I started working, that was about where it was at. It was hard to get a job and we’re back to that,” Reddekopp said.
In a news release, the Saskatchewan government said employment in the province increased slightly in January 2021.
The unemployment rate fell to 7.2 per cent – the lowest among the provinces and well below the national average of 9.4 per cent, the province said in a release.
In a tweet, Premier Scott Moe calls it “great news.”
Great news about Saskatchewan’s economy today.
Our province recorded the lowest unemployment rate in Canada at 7.2 per cent – well below the national rate of 9.4%.
In addition, Saskatchewan led the country in export growth in 2020, with a value of over $30 billion. pic.twitter.com/foFBwIU2CC
He said Saskatchewan led the country in export growth in 2020 with a value of over $30 billion.
He also said the province has 76 per cent of small businesses fully operational, exceeding the national average of 47 per cent.
Lori Johb, president of the Saskatchewan Federation of Labour, calls the unemployment numbers “staggering.”
“I think that the spin that we’re hearing about it being better, that our numbers are in good shape is a little deceiving because I think we’ve lost thousands and thousands of jobs in our job market, in our province since the beginning of the pandemic,” she said.
Johb said the hospitality, service and events sectors have taken the largest hit. She adds that women have also been disproportionately impacted and worried that some jobs may never come back even after the pandemic ends.
Meanwhile, Reddekopp said she plans on hiring back all the staff she had to lay off when business picks back up and it is safe to do so.
“They really need to come back to work because how long can you survive on unemployment? Like really,” she said.
“They’re waiting at home, waiting for me to phone.”
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.
MONTREAL – National Bank of Canada says it has cleared a key regulatory hurdle in its proposed acquisition of Canadian Western Bank.
The Montreal-based bank says it has received the Competition Bureau’s clearance for the deal.
The transaction still requires approval by the Office of the Superintendent of Financial Institutions and the minister of finance.
Canadian Western shareholders voted to approve the deal earlier this month.
National Bank announced an all-stock deal to buy Canadian Western earlier this year in a proposal that valued the Edmonton-based bank at about $5 billion.
It has said its acquisition of Canadian Western will significantly expand its western footprint and create a stronger national competitor.
This report by The Canadian Press was first published Sept. 26, 2024.
