Business Update –June 2023

Business Update –June 2023

Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy..

Rise in unemployment rate noted after nine months

After remaining constant at 5.0% for five successive months, from December 2022 to April 2023, a 0.2 percentage point increase was observed in the unemployment rate in May, reaching 5.2%. This marks the first monthly surge since August 2022. Refer to the most recent Labour Force Survey from Statistics Canada for more details.

Ex-Governor David Dodge cautions Bank of Canada about inflation

According to David Dodge, former Governor of the Bank of Canada, the bank has an 18-month window to curb inflation back to its 2% target or face the risk of reliving the turbulent period of the mid-1970s and ’80s, marked by pricing unpredictability and societal unrest.

Call for additional immigration routes for temporary foreign workers

Experts advocate for additional immigration pathways for Temporary Foreign Workers (TFWs), suggesting that the government should create more routes for TFWs to obtain permanent residency, as they contribute significantly to the Canadian workforce and economy.

Canadian clean tech companies attracted by major U.S. subsidies

The Inflation Reduction Act (IRA) introduced by U.S. President Joe Biden is enticing many Canadian clean energy startups to relocate their focus and resources to the U.S. to leverage the subsidies and the associated spike in activity.

Call2Recycle celebrates Canadians for hitting the 40-million-kilogram mark in battery recycling

Battery recycling program, Call2Recycle, applauds Canadians for recycling 40 million kilograms of used batteries nationwide. Since 1997, Call2Recycle has partnered with battery manufacturers, retailers, provincial governments, and municipalities, striving to construct an efficient collection program and bolster battery initiatives throughout Canada.

Hacks on MOVEit put millions of Americans at risk

Hacked databases of organizations using Progress Software’s MOVEit file transfer application have victimized millions of people in the U.S. states of Oregon and Louisiana. Oregon’s Department of Transportation revealed that data on 3.5 million state residents was duplicated. Consequently, individuals with active Oregon ID or driver’s licences are advised to consider their related information as compromised.

Over $2 million granted to a North Vancouver company to promote welding robots globally

The Government of Canada is backing high-tech manufacturers in British Columbia to stimulate economic growth and expand their global sales. Novarc Technologies, a full-stack robotics company based in North Vancouver, specializes in designing and marketing robots and AI systems for robotic welding applications.

U.S. Fed rate hold spells positive news for the Canadian dollar and the Bank of Canada

The U.S. Federal Reserve’s decision to maintain the status quo on interest rates, in conjunction with the Bank of Canada’s renewal of its rate-hike cycle, could bode well for the Canadian dollar and help contain inflation in Canada, suggests a BMO economist.

Creative Export Canada initiates a new export development stream

The Creative Export Canada (CEC) Program has recently been granted an additional $11 million annually to boost Canadian small business exporting projects, thus enhancing export profitability for Canada’s Creative Industries.

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