Weekly Digest – 31 May 2023

Weekly Digest – 31 May 2023

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

Bank of Canada July rate hike would be a mistake: CIBC’s Benjamin Tal

The Bank of Canada is considering a rate hike in July, but economists are warning that it would be a mistake. They argue that the economy is still too fragile and that the rate hike could cause a slowdown in consumer spending and business investment.

Are Canada’s competition laws outdated? Some say it’s time for change

The federal government is conducting a review of Canada’s competition laws to ensure they are up to date and able to protect consumers from anti-competitive behaviour. The review will focus on areas such as digital markets, mergers and acquisitions, and the enforcement of existing laws. It will also consider the impact of the laws on small businesses.

Neuralink, Elon Musk’s brain implant company, says it’s received FDA approval for human trials

Neuralink, a company founded by Elon Musk, has received approval from the US Food and Drug Administration to begin human trials of its brain-computer interface technology. The trials will involve implanting tiny electrodes into the brains of volunteers. Neuralink says that the device could be used to treat a variety of conditions, including paralysis, blindness, and Alzheimer’s disease.

Unpacking Canada’s Agriculture and Agri-Food Departmental Plan for 2023-24

Canada’s Agriculture and Agri-Food Departmental Plan for 2023 outlines the government’s commitment to investing in the agriculture sector. This includes investing in research and innovation, expanding access to markets, and supporting the sector’s growth and competitiveness. It also includes initiatives to support farmers, food processors, and rural communities.

StatCan report casts clouds on claims of a widespread labour shortage in Canada

Statistics Canada’s report suggests that there is not a widespread labour shortage in Canada, as the number of unemployed people is still higher than the number of job vacancies. The report also found that the number of job vacancies has decreased since the start of the pandemic.

Canadians cutting back, considering extra work to pay down debt: survey

A survey conducted by MNP Ltd. found that Canadians are cutting back on spending and considering taking on extra work to pay off their debt. The survey also found that Canadians are feeling overwhelmed by their debt and are struggling to make ends meet.

Debt ceiling deal needs to happen by June 5 to avoid default: Yellen

U.S. Treasury Secretary Janet Yellen extended the deadline to raise the $31.4 trillion debt ceiling from June 1 to June 5, urging Congress to reach an agreement soon. The extension allows more than $130 billion in scheduled payments, including those to veterans and Social Security recipients. President Joe Biden and Republican Speaker Kevin McCarthy are working on a two-year budget deal to curb federal deficits, with Biden expressing optimism about reaching an agreement

Canada has golden opportunity to capitalize on renewed Saudi Arabia ties

Canada has a golden opportunity to capitalize on its renewed ties with Saudi Arabia. The two countries have agreed to a new trade deal, which will open up new markets for Canadian businesses and create jobs. This is a great opportunity for Canada to strengthen its economic ties with the Middle East.

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