Business Update – 29 May 2024

Business Update – 29 May 2024

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

Canada’s retail sales jump 0.7% in April after weak first quarter

Canadian consumer spending sharply rebounded last month, according to preliminary data, after weaker-than-expected retail sales in the first quarter. Receipts for retailers jumped 0.7 per cent in April, the fastest pace since September, according to the advance estimate from Statistics Canada released Friday

What the expansion of the Trans-Pacific Partnership means for B.C. businesses

With the U.K. set to join trade bloc, expert says the CPTPP’s importance remains severely underappreciated in Canada.

Canadian banking regulator says real estate, mortgages pose risk to financial systems

Canada’s banking regulator says real estate secured lending and mortgages are among the top risks the country’s financial system is facing, as higher interest rates pressure borrowers.

Faster Adoption of Gen AI needed to rescue Canada from its productivity emergency

The Canadian Chamber of Commerce’s Business Data Lab (BDL) released a report detailing the sluggish adoption of Generative Artificial Intelligence (Gen AI) among Canadian businesses, and how a multitude of barriers, along with a lack of trust in the new technology, could impede the adoption levels needed to improve Canada’s economic growth.

Interprovincial trade barriers continue to frustrate business and depress GDP

Canadian businesses often find it easier and more cost effective to sell internationally than into other provinces.

Government red tape strangling Canada’s economy

One does not have to look too deeply into recent headlines to see that Canada’s economic conditions are declining and consequently eroding the prosperity and living standards of Canadians. There are many reasons for Canada’s dismal economic conditions—including layer upon layer of regulation. Indeed, Canada’s regulatory load is substantial and growing. These regulations restrict business activity, impose costs on firms and reduce economic productivity.

Canadian Chamber’s new council responds to strain on Canada’s supply chains

The Canadian Chamber of Commerce recently launched its newest council in response to a long-term vulnerability in the Canadian economy. The Supply Chains Council represents a collaborative national forum of 16 organizations spanning various sectors, industries and populations working together to protect our supply chains.

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