economy

(File photo)

B.C.’s minimum wage bump won’t alleviate housing or COVID-19 pressures: advocates

Of those earning minimum wage across Canada, 60 per cent are women

  • Jun 8, 2020
(File photo)
An aerial view of Gold River. (Photo/Village of Gold River)

Gold River ready to welcome visitors and restart local businesses

In contrast to single-industry remote communities, Gold River’s diversified economy might help it better survive after reopening

An aerial view of Gold River. (Photo/Village of Gold River)
The Bank of Canada building is seen in Ottawa, Wednesday, April 15, 2020. The Bank of Canada is expected to keep its key interest rate unchanged this morning on the first day of governor Tiff Macklem’s tenure. THE CANADIAN PRESS/Adrian Wyld

Bank of Canada keeps key interest rate target on hold at 0.25%

Central bank now expects GDP to decline between 10 and 20 per cent compared with the fourth quarter of 2019

The Bank of Canada building is seen in Ottawa, Wednesday, April 15, 2020. The Bank of Canada is expected to keep its key interest rate unchanged this morning on the first day of governor Tiff Macklem’s tenure. THE CANADIAN PRESS/Adrian Wyld
B.C. Labour Minister Harry Bains arrives at the start of the debate at B.C. Legislature in Victoria, B.C., on Monday, June 26, 2017. The minimum wage in B.C. is going up on Monday, rising to $14.60 per hour from $13.85. THE CANADIAN PRESS/Chad Hipolito

Minimum wage goes up June 1 in B.C. as businesses face COVID-19 challenges

The minimum wage jumps by 75 cents to $14.60 an hour on Monday

B.C. Labour Minister Harry Bains arrives at the start of the debate at B.C. Legislature in Victoria, B.C., on Monday, June 26, 2017. The minimum wage in B.C. is going up on Monday, rising to $14.60 per hour from $13.85. THE CANADIAN PRESS/Chad Hipolito
BC Ferries are seen leaving Horseshoe Bay near West Vancouver, B.C. Monday, March 16, 2020. The Canadian Ferry Association says BC Ferries is bleeding cash, with losses of up to $1.5 million per day as the COVID-19 pandemic continues to take a toll on ridership. THE CANADIAN PRESS/Jonathan Hayward
BC Ferries are seen leaving Horseshoe Bay near West Vancouver, B.C. Monday, March 16, 2020. The Canadian Ferry Association says BC Ferries is bleeding cash, with losses of up to $1.5 million per day as the COVID-19 pandemic continues to take a toll on ridership. THE CANADIAN PRESS/Jonathan Hayward
The Canada Revenue Agency building is seen in Ottawa, Monday April 6, 2020. Canada Revenue Agency began accepting applications for the Canada Emergency Response Benefit earlier Monday. THE CANADIAN PRESS/Adrian Wyld
The Canada Revenue Agency building is seen in Ottawa, Monday April 6, 2020. Canada Revenue Agency began accepting applications for the Canada Emergency Response Benefit earlier Monday. THE CANADIAN PRESS/Adrian Wyld
FILE – Minister of Finance Bill Morneau responds to a question during a news conference in Ottawa, Friday, March 27, 2020. THE CANADIAN PRESS/Adrian Wyld

Feds to seek equity or cash from companies applying for new COVID-19 loan program

Terms are designed to make sure companies using the program receive bridge loans, not bailouts

FILE – Minister of Finance Bill Morneau responds to a question during a news conference in Ottawa, Friday, March 27, 2020. THE CANADIAN PRESS/Adrian Wyld
Statistics Canada building and signs are pictured in Ottawa on Wednesday, July 3, 2019. Statistics Canada is expected to report that the consumer price index decreased in April, the first full month the economy was gripped by the COVID-19 pandemic. THE CANADIAN PRESS/Sean Kilpatrick

Annual inflation rate turned negative in April, Statistics Canada reports

It was the first year-over-year decline in the CPI since September 2009

Statistics Canada building and signs are pictured in Ottawa on Wednesday, July 3, 2019. Statistics Canada is expected to report that the consumer price index decreased in April, the first full month the economy was gripped by the COVID-19 pandemic. THE CANADIAN PRESS/Sean Kilpatrick
Ammonite Falls. (File photo)

Ammonite Falls staircase and viewing platform project gets $100,000 boost

Island Coastal Economic Trust provides funding to assist with $668,000 project

Ammonite Falls. (File photo)
Senior Deputy Governor Carolyn Wilkins answers a question during a press conference at the Bank Of Canada in Ottawa on Thursday, May 16, 2019. Wilkins, the second-in-command at the Bank of Canada says maintaining the independence of the central bank will be key to aiding the economy during and after the COVID-19 pandemic.THE CANADIAN PRESS/Sean Kilpatrick

Bank of Canada’s independence key to aiding post-COVID recovery, Wilkins says

The bank’s balance sheet has more than tripled from around $120 billion in early March

Senior Deputy Governor Carolyn Wilkins answers a question during a press conference at the Bank Of Canada in Ottawa on Thursday, May 16, 2019. Wilkins, the second-in-command at the Bank of Canada says maintaining the independence of the central bank will be key to aiding the economy during and after the COVID-19 pandemic.THE CANADIAN PRESS/Sean Kilpatrick
An empty Air Canada check-in counter is seen at Montreal-Trudeau International Airport in Montreal, on Wednesday, April 8, 2020. THE CANADIAN PRESS/Paul Chiasson

Air Canada reports $1.05B first-quarter loss due to impact of COVID-19 pandemic

The airline has reduced its second quarter capacity by 85 to 90 per cent

An empty Air Canada check-in counter is seen at Montreal-Trudeau International Airport in Montreal, on Wednesday, April 8, 2020. THE CANADIAN PRESS/Paul Chiasson
FILE – The Toronto Stock Exchange Broadcast Centre is shown in Toronto on June 28, 2013. THE CANADIAN PRESS/Aaron Vincent Elkaim

Toronto stock market soars to near eight-week high on surging energy sector

Stock markets also rose in the U.S. even though its economy slipped into recession

FILE – The Toronto Stock Exchange Broadcast Centre is shown in Toronto on June 28, 2013. THE CANADIAN PRESS/Aaron Vincent Elkaim
A pedestrian walks past an empty store front in Montreal, Wednesday, Jan. 29, 2020. THE CANADIAN PRESS/Ryan Remiorz

More than half of Canadian companies seeing sales drop at least 20%: StatCan

Survey suggests nearly one in five businesses have laid off 80 per cent or more of their workforce

A pedestrian walks past an empty store front in Montreal, Wednesday, Jan. 29, 2020. THE CANADIAN PRESS/Ryan Remiorz
A man walks through a near deserted Convention Centre in Montreal on Thursday, March 19, 2020. The cancellation of business conferences and conventions across the country is costing cities hundreds of millions of dollars in lost revenues as the COVID-19 pandemic craters the broader tourism industry. THE CANADIAN PRESS/Paul Chiasson

Plummeting business tourism costing cities hundreds of millions in lost revenues

Vancouver has 84 business bookings cancelled through December amid border shutdowns and bans on gatherings

A man walks through a near deserted Convention Centre in Montreal on Thursday, March 19, 2020. The cancellation of business conferences and conventions across the country is costing cities hundreds of millions of dollars in lost revenues as the COVID-19 pandemic craters the broader tourism industry. THE CANADIAN PRESS/Paul Chiasson
Two men wearing protective face masks as they walk past boarded up shops in downtown Vancouver, Monday, April 6, 2020. THE CANADIAN PRESS/Jonathan Hayward

Businesses must be part of the re-opening plan when COVID-19 rules relax: Dr. Henry

Staying home when sick will be key, B.C.’s top doctor says

Two men wearing protective face masks as they walk past boarded up shops in downtown Vancouver, Monday, April 6, 2020. THE CANADIAN PRESS/Jonathan Hayward
People wearing face masks walk past a bank electronic board showing the Hong Kong share index at Hong Kong Stock Exchange Monday, April 20, 2020. Shares were mixed in Asia on Monday, while oil prices have fallen back. (AP Photo/Vincent Yu)

Oil price goes negative as demand collapses; stocks dip

Brent crude, the international standard, was down $1.78 to $26.30 per barrel

People wearing face masks walk past a bank electronic board showing the Hong Kong share index at Hong Kong Stock Exchange Monday, April 20, 2020. Shares were mixed in Asia on Monday, while oil prices have fallen back. (AP Photo/Vincent Yu)
The Ottawa headquarters of Canadian e-commerce company Shopify are pictured on Wednesday, May 29, 2019. Shopify Inc. is offering merchants interest-free, cash advances to help businesses using its e-commerce products cope with the impacts of COVID-19. THE CANADIAN PRESS/Justin Tang

E-commerce giants offer cash advances, waive fees and more amid COVID-19

The moves come as companies across Canada are struggling to stay afloat

The Ottawa headquarters of Canadian e-commerce company Shopify are pictured on Wednesday, May 29, 2019. Shopify Inc. is offering merchants interest-free, cash advances to help businesses using its e-commerce products cope with the impacts of COVID-19. THE CANADIAN PRESS/Justin Tang
A Jimi Hendrix-inspired sand sculpture by Peter Vogelaar pictured at the Quality Foods Sand Sculpting Competition and Exhibition. The competition will now return in 2021, after the 2020 Parksville Beach Festival has been cancelled due to the ongoing COVID-19 pandemic. (File photo)

Castles in the sand: Parksville Beach Festival latest big Island event sunk by the pandemic

International sand sculpting competition among events sidelined

A Jimi Hendrix-inspired sand sculpture by Peter Vogelaar pictured at the Quality Foods Sand Sculpting Competition and Exhibition. The competition will now return in 2021, after the 2020 Parksville Beach Festival has been cancelled due to the ongoing COVID-19 pandemic. (File photo)
Bank of Canada keeps key interest rate target at 0.25%, early data shows economy plunged

Bank of Canada keeps key interest rate target at 0.25%, early data shows economy plunged

The central bank says the downturn tied to COVID-19 will be the worst on record

Bank of Canada keeps key interest rate target at 0.25%, early data shows economy plunged
A person wearing protective equipment looks out of a window at the Herron seniors residence Monday April 13, 2020 in Dorval near Montreal’s Trudeau airport. Thirty-one residents are confirmed to have died in the past month.THE CANADIAN PRESS/Ryan Remiorz

More older Canadians die as COVID-19 toll passes 800; economy could shrink 6.2%

Ninety per cent of the deaths so far have been among those aged 60 and above

A person wearing protective equipment looks out of a window at the Herron seniors residence Monday April 13, 2020 in Dorval near Montreal’s Trudeau airport. Thirty-one residents are confirmed to have died in the past month.THE CANADIAN PRESS/Ryan Remiorz