Weekly Digest – 25 October 2023

Weekly Digest – 25 October 2023

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

Retail sales slowdown shows rate hikes ‘seem to be working’: economist

Some experts say retail has always been a tough business, as the sector continues to face the perfect storm of challenges — including high interest rates and supply shortages. Statistics Canada says retail sales fell 0.1 per cent to $66.1 billion in August as sales at new and used car dealers fell for the month.

Simmering tensions between India and Canada not to imperil trade, investments, sources say

India is not planning to impose any measures to curb imports or investments from Canada, despite simmering diplomatic tensions between the two countries, two senior government sources in New Delhi said.

Business gloom deepens as sales moderate, Bank of Canada survey finds

Canadian business sentiment continued to weaken in the third quarter, according to the Bank of Canada’s latest business outlook survey, as companies said they expect sales growth to slow over the coming year.

‘Shocking’ cybersecurity numbers in survey of Canadian small businesses, says Mastercard

Few Canadian small business owners believe their cybersecurity defences are up to stopping a cyber attack, a new survey suggests. Only one-third of Canadian small business owners recently questioned were confident in their firm’s cybersecurity tools, according to a Mastercard online survey.

Canada’s economy has less competition than it used to, new report says

The federal agency in charge of ensuring there’s healthy competition between companies in Canada says there’s less of it than there used to be. That’s the main takeaway from a new report by Canada’s Competition Bureau, published Thursday, which tracked competition in various parts of Canada’s economy and how it changed between the years 2000 and 2020.

How a complicated big-tech tax could cause a major headache for Canada-U.S. relations

Cross-border economy experts are warning that Canada’s decision to strike out alone on a digital services tax could put it offside with its allies — and risk retaliation from the United States.

Customer satisfaction falls at largest banks as Canadians feel worse off

As Canadians feel worse off financially amid higher interest rates and persistent inflation, they are also becoming increasingly dissatisfied with the country’s five largest banks. According to J.D. Power’s 2023 Retail Banking Satisfaction Study, overall customer satisfaction at Canada’s five biggest banks has fallen from last year.

Economics prof on how interest rates affect age groups differently

A University of Calgary economics professor says decades-high interest rates have disproportionate affects on different demographics, with younger Canadians hurt the most.

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