Weekly Digest – 10 August 2022

Weekly Digest – 10 August 2022

Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward.

Canada loses 30,600 jobs in July

For the second month in a row, the Canadian economy shrank. The result was a surprise as economists predicted that there would actually be a small gain last month.

Telus net income soars after Rogers outage

Telus saw its net income soar to $498 million in its most recent quarter, with many customers migrating from Rogers recently. When asked about last month’s widespread Rogers outage, Telus CEO Darren Entwistle declined to comment.

“Green banks” meant to spur green economy while reducing inflation

The Biden administration hopes to pass the Inflation Reduction Act in the US next week, allocating $370 billion US to put towards clean-energy projects. The money is meant to attract private investors to accelerate the adoption of solar, wind, geothermal, and other forms of renewable energy.

What’s happening in Canadian tech?

Hiring freezes, job cuts and rescinded offers have become all-too-common in the tech sector, and Canadian companies are not immune. Canadian Business breaks down how we got here.

How rising prices and inflation are affecting households

Housing, food, vacations, and childcare are more expensive than ever. CBC rounds up some stories from around the country about how people are noticing inflation and tips for how to cope here.

Nationwide rental shortage drives up prices

As rising interest rates cool the housing market, the strain is being transferred to rentals. Many Canadians are finding it harder than ever to find housing that fits their budget.

Amazon buys Roomba for $1.7 billion USD

The all-cash deal was approved last week. There is speculation that Alexa will be able to control the robot vacuums, in Amazon’s latest move to expand its offering of smart home devices.

Twitter skewers Musk for trying to kill deal

A new court filing from Twitter dismisses every complaint Elon Musk has made about Twitter since backing out of his botched $44 billion offer to purchase the company, saying they are “factually inaccurate, legally insufficient, and commercially irrelevant.”

COVID benefits were too stringent with workers

Economists claim that financial supports rolled out to businesses at the beginning of the pandemic were excessive. They say that the imbalance between what individuals and businesses received highlights the outsized influence of business groups on public policy.

Where Canada stands with gas prices

Canadians are spending the highest proportion of their income on gas compared with other G7 nations, but prices here aren’t the highest overall.

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