Weekly Digest – 4 October 2023

Weekly Digest – 4 October 2023

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

Canada’s economy was flat in July, new GDP numbers from Statistics Canada show

Canada’s gross domestic product was essentially unchanged in July, as the service sector expanded slightly while goods-producing industries shrank. Statistics Canada reported Friday that the total value of Canada’s entire economy was essentially unchanged during the month, with zero per cent growth. Economists had been expecting a slight expansion of about 0.1 per cent.

B.C. to India business trips delayed amid ongoing national diplomatic dispute

B.C. business leaders say trade activity continues but India’s suspension of visa-processing services for Canadians has frustrated in-person relationship building.

AI to add $210B to Canada’s economy: Google report

Google’s Economic Impact Report, released Tuesday, shows generative AI could add eight per cent of gross value to the country, while saving the average Canadian worker 100 hours a year, based on a third-party poll and a sample of Canadian businesses.

Six questions to help you understand your business’ industry

Every small business owner is part of a wider industry, and is affected by that industry to some degree. To help you determine the health of your industry, do some research to answer the following six industry health questions.

Will Canada follow U.S. and go after Amazon? MPs, businesses hope so

Canadian small businesses and lawmakers are hopeful the country’s competition watchdog will follow in the footsteps of U.S. regulators and go after Amazon over its business practices.

Canada is pouring billions of dollars into the electric vehicle industry. Will it pay off?

The Canadian government has made substantial investments in the electric vehicle (EV) industry, including a significant project with Swedish battery giant, Northvolt, to build a manufacturing facility near Montreal. While some experts question the large public expenditure, others argue it’s necessary for Canada to remain competitive in the global shift towards green energy and electrification.

“Wake up, Canada!” Coveo’s Louis Têtu has a blunt message for Canadian businesses reluctant to embrace AI.

Louis Têtu, chairman and chief executive officer of Coveo, took to the stage at “ALL IN,” a two-day showcase of Canadian AI technology in Montreal on September 27 and 28, to highlight his company’s AI achievements and to deliver both an inspiring and firm message: Canadian businesses must intensify their AI adoption and utilization.

Decade of newborn child registry data stolen in MOVEit mass-hack

Ontario’s government-funded birth registry has confirmed a data breach affecting some 3.4 million people who sought pregnancy care, including the personal health data of close to two million newborns and children across the Canadian province.

Most Canadians expect a recession to hit in coming year, new survey finds

Canadians are concerned about the state of the economy, a new survey has found, with more than half expecting the country will go into a recession within the next year.

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