Business Update – 24 May 2023
Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy.
Small businesses are getting a break on credit card fees starting next year
Small businesses in Canada will no longer have to pay credit card fees starting in 2024. This is due to a new federal government initiative that will require credit card companies to lower their fees. This will help small businesses save money and make it easier for them to accept credit card payments.
Employers are posting fewer summer jobs, another signal the economy is slowing
Employers are offering fewer summer jobs this year due to the slowing economy. This is causing concern for young people who rely on summer jobs to gain experience and make money. The lack of summer jobs could have a long-term impact on the economy
Why rethinking retirement might help solve Canada’s demographic crunch
The CBC’s Checkup program discussed how Canadians are rethinking retirement due to the pandemic. Many are delaying retirement, while others are considering working part-time or starting a business. Financial advisors suggest creating a plan and budgeting to ensure a secure retirement.
Bank of Canada launches public consultations on a digital dollar
The Bank of Canada has launched public consultations to explore the potential of a digital dollar. The consultations will focus on the benefits and risks of a digital currency, as well as the design and implementation of a digital dollar. The Bank of Canada is seeking input from Canadians and stakeholders.
Has AI already become sentient? You might be surprised. Hashtag Trending, the Weekend Edition
This article discusses the importance of digital transformation in the Canadian business landscape. It explains how digital transformation can help businesses become more efficient, increase customer satisfaction, and reduce costs. It also outlines the challenges that businesses face when implementing digital transformation, such as the need for new skills and the need to invest in technology.
Canada’s a paragon of safe banking
Canada has had no bank failures since 2001, while the US has had hundreds. This is due to Canada’s strong banking regulations, which have been in place since the 1980s. These regulations have allowed Canada to remain a paragon of safe banking.
Inflation picks up steam again in Canada
Inflation in Canada has increased again in April, with mortgage and rent costs rising significantly. This is the second consecutive month of rising inflation, and the highest rate since October 2018. The Bank of Canada is expected to keep interest rates steady.
Release of the Financial System Review
The Bank of Canada Governor, Tiff Macklem, discussed the current economic situation and the Bank’s response to it. He noted that the economy is recovering, but that the recovery is uneven and fragile. He also discussed the Bank’s commitment to keeping inflation low and stable, and to providing support to the economy.
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