Getting caught up on a week that got away? Here’s your weekly digest of the Globe’s most essential business and investing stories, with insights and analysis from the pros, stock tips, portfolio strategies and more.
Canadian economy added 37,300 jobs in January; unemployment rate down
Canada’s economy has started the year off on a good note when it comes to the latest jobs numbers. Canada added 37,300 jobs in January and the unemployment rate fell a tick to 5.7 per cent, Statistics Canada said in a Friday report. The figures were decidedly mixed, but are likely to keep the Bank of Canada in a holding pattern until June despite pressure to start cutting interest rates earlier. Matt Lundy also reports that wages are continuing to grow at elevated rates. The average hourly wage rose 5.3 per cent in January. The Bank of Canada has repeatedly flagged strong wage growth as a challenge in bringing inflation back to its 2-per-cent target.
Cut your cable? You might still be able to watch sports
Cable-cutters rejoice: A new sports streaming service announced by three rival U.S. companies – Walt Disney Co., Fox Corp. and Warner Bros. Discovery Inc. – has analysts urging Canada’s two dominant sports broadcasters to follow suit, Andrew Willis reports. Rogers owns the Sportsnet network and the Toronto Blue Jays, and Bell runs the TSN network and shares a control stake with Rogers in Maple Leaf Sports & Entertainment. Together, experts say, the two could merge to create a Canadian service that would appeal to people switching from conventional TV networks to streamers such as Netflix and Amazon.
Decoder: The U.S. is buying a lot of Canadian oil
The United States is eyeing Canadian oil and buying it in record quantities. The U.S. imported 4.36 million barrels of Canadian crude a day in November, according to recent figures published by the U.S. government. But it appears the Canadian economy is getting a boost from the demand, Matt Lundy reports. Economic output in oil and gas extraction rose 1.5 per cent in November, according to figures from Statistics Canada, although this was partly owing to the completion of maintenance work in the oil sands. Get a closer look in this week’s Decoder.
How Vince Tyra ended up at the centre of Gildan’s CEO battle
One of the biggest corporate stories in Canada recently has been the CEO battle at Gildan Activewear Inc. Former CEO and co-founder David Chamandy was ousted by the board of directors after a 20-year tenure. A group of dissenting shareholders led by U.S. investment firm Browning West is now trying to push for his return. And Vince Tyra is the new CEO who was brought in as his replacement. How did he end up in the middle of the Gildan drama? Mr. Tyra speaks to Nicolas Van Praet and Andrew Willis about his former friendship with Glenn Chamandy turned sour, his experience taking over the top jobs at other companies, and his plan to prove any doubters wrong.
Google launches AI chatbot Gemini in Canada after long delay
Google Inc. has finally launched its AI chatbot Gemini in Canada after a delay tied to the company’s standoff with Ottawa over the Online News Act, Daniel Reale-Chin reports. The chatbox, formerly known as Bard, is available in both English and Québécois French. The model can transcribe speech, generate captions for photos, answer questions about articles and help with coding. Google parent company Alphabet Inc. announced its launch to test users last February, with a wider rollout in the U.S. and Britain in March. The government and Google reached an agreement over the Online News Act last November after months of tense negotiations – which also partly helped to clear a path to launch Gemini in Canada.
Be aware of the key changes that could affect your 2023 tax filings
Tax season is drawing near, and Canadian taxpayers are in for a set of changes that could affect your 2023 tax filings. Tim Cestnick takes a look at the new changes affecting everything from the first-home savings account to working from home to Canada Workers Benefit to short-term rentals.