Glacier FarmMedia MarketsFarm – The following is a glance at the news moving markets in Canada and globally.
– Defying economists’ expectations, Canada’s annual inflation rate slowed down to 2.8 per cent in February, compared to 2.9 per cent in January, according to Statistics Canada on Tuesday. Many had expected the rate to surpass three per cent due to rising gasoline prices. However, prices for wireless services and internet access dropped 26.5 per cent and 13.2 per cent from last year, respectively. Grocery prices went up 2.4 per cent, marking the first time since October 2021 that they rose more slowly than the inflation rate.
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Glacier FarmMedia | MarketsFarm – The following is a glance at the news moving markets in Canada and globally. – Canadian…
– The House of Commons passed a heavily-revised motion on Monday night which previously would have recognized Palestinian statehood. The motion, brought forward by the New Democrats, had its vote delayed by two hours while amendments were made by the Liberals. Instead, the non-binding motion called for “the establishment of the State of Palestine as part of a negotiated two-state solution” with Israel. It also called for the ceasing of further transfer of arms to Israel and to stop the illegal trade of arms to Hamas. Immediate recognition of an independent Palestine would have made Canada the first G7 nation to do so. Every Conservative MP and three Liberal MPs voted against the motion.
– A new report from Equifax Canada found business insolvencies increased by 41.4 per cent in the fourth quarter of 2023 compared to the same period last year, while the number of businesses that missed a credit payment went up 14.3 per cent. The report pointed out that the repayment of Canada Emergency Business Account (CEBA) loans have placed immense pressure on businesses. In January, the federal government reported that 25 per cent of the nearly 900,000 recipients missed their deadline.
