Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy.
People expect the economy to grow slowly.
Surveys from the Bank of Canada indicate that both businesses and consumers expect slow economic growth in the coming year, reflecting ongoing uncertainties in the economic landscape. Despite this, fewer firms are actively preparing for a recession, with only 20 percent now anticipating a significant economic downturn compared to over 27 percent last quarter.
This decline suggests a growing sense of resilience and adaptability among businesses. The Bank of Canada’s findings highlight a complex economic sentiment where cautious optimism is emerging, as businesses adjust their strategies to navigate potential challenges while remaining hopeful about gradual economic improvement.
Business leaders want Ontario to join the New West Partnership.
In an open letter to Premier Doug Ford, nine business associations have urged the Ontario government to join the New West Partnership, a coalition of Western Canadian provinces aimed at enhancing trade and economic collaboration. They argue that joining the partnership would benefit Ontario’s economy by increasing trade opportunities and strengthening economic ties with the Western provinces.
The letter also highlights the advantages of a unified economic strategy, suggesting that Ontario’s participation would foster greater competitiveness and innovation across Canada. The business associations are hopeful that Premier Ford will seriously consider their recommendations to strengthen the province’s economic prospects.
Gas prices are falling in B.C. and Atlantic Canada.
Gas prices have decreased over the past week, with notable drops in cities across British Columbia and Atlantic Canada. Data from Kalibrate shows that the average cost per litre of regular fuel in cities nationwide fell by 1.3 cents between July 11 and July 18, reflecting a trend of easing fuel prices across the country.
This decline has brought relief to consumers facing high fuel costs, with significant price decreases in both British Columbia and Atlantic Canada contributing to the overall national average drop. The reduction in gas prices is a positive development for consumers and businesses, potentially providing economic relief and helping to mitigate the impact of inflation on household budgets.
A global IT failure has put the cyber firm CrowdStrike in the spotlight.
A massive IT failure recently grounded flights, upended markets, and disrupted corporations globally, placing cybersecurity company CrowdStrike Holdings Inc. under intense scrutiny. Known for its software that protects businesses from ransomware attacks, CrowdStrike struggled on Friday to address a faulty patch that triggered system-wide failures, paralyzing various clients’ operations and highlighting the critical role of cybersecurity in business continuity.
The widespread impact affected industries from banking to global retail giants and health-care systems, underscoring vulnerabilities within even robust security frameworks. As CrowdStrike worked to resolve the issue, it faced significant pressure to restore trust and prevent similar incidents in the future, serving as a stark reminder of the importance of reliable cybersecurity measures in today’s interconnected world.
China’s Wang says China and Canada should aim for a strategic partnership.
Foreign Minister Wang Yi emphasized the need for China and Canada to work towards normalizing their relations and establishing a strategic partnership. In a recent discussion with his Canadian counterpart, he highlighted the importance of repairing the bilateral relationship, which has faced various challenges in recent years, believing that fostering better ties would benefit both nations economically and diplomatically.
Wang Yi stressed the need for cooperation in areas such as trade, technology, and environmental issues to pave the way for a more stable and prosperous partnership. According to his ministry, his remarks reflect China’s commitment to improving its relationship with Canada, encouraging both countries to take concrete steps toward achieving these goals and enhancing mutual trust.
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