Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy.
Business, consumer sentiment subdued as economy slows
The Bank of Canada says business and consumer sentiment remained subdued during the second quarter of the year even as the country saw its first interest rate cut in years.
Canadian economy to see modest growth in the second quarter
The Canadian economy continued growing modestly in Q2 2024, finds the latest Main Street Quarterly report by the Canadian Federation of Independent Business (CFIB).
Economic growth expectations remain low
Surveys from the Bank of Canada reveal that both businesses and consumers foresee slow economic growth in the coming year. Despite this, fewer firms are preparing for a recession, with only 20 percent expecting a significant economic downturn, compared to over 27 percent last quarter.
Business leaders urge Ontario to join the New West Partnership
In an open letter to Premier Doug Ford, nine business associations urge the Ontario government to join the New West Partnership.
Gas prices fall, with drops across B.C. and Atlantic Canada
Gas prices fell over the past week, with drops in cities across British Columbia and Atlantic Canada. The average cost per litre of regular fuel in cities nationwide fell 1.3 cents between July 11 and July 18, according to data from Kalibrate.
Global IT failure puts cyber firm CrowdStrike in spotlight
Behind a massive IT failure that grounded flights, upended markets and disrupted corporations around the world is one cybersecurity company: CrowdStrike Holdings Inc. Known as a dominant supplier of software that protects businesses from ransomware attacks, CrowdStrike was thrust into the spotlight on Friday as it struggled to fix a faulty patch that led to cascading, system-wide failures, paralyzing the operations of clients ranging from banks to global retail giants to health-care systems.
China, Canada should work toward strategic partnership, China’s Wang says
China and Canada should promote normalising relations and get back on track toward establishing a strategic partnership, Foreign Minister Wang Yi told his Canadian counterpart, according to his ministry.
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