Weekly Digest – 30 November 2022
Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward.
Financial analysts anticipate quarterly earnings this week
Analysts predict that big Canadian banks will downgrade their economic forecasts, but won’t yet confirm a recession, when they report their quarterly earnings this week.
Protests in China agitate the global economy
Protests erupted in the Chinese city of Urumqi after a fire killed at least 10 people this week. The protests, spurred on by China’s strict Covid-19 policies, sent global oil prices lower and the US dollar higher.
Black Friday sales continue in an effort to clear excess inventory
High inflation has caused Canadians to tighten our belts, and it’s harder than ever for retailers to convince us to spend this holiday season. After carrying high inventory levels during the pandemic, stores are offering deep discounts for longer than usual.
MyMoney program paused just weeks after launch
A new program offering loans at Canada Post locations through a partnership with TD has been put on hold due to unspecified “processing issues”. The program was aimed at remote communities that lack full-service bank branches.
Learn more about the new Tax-Free FHSA
The Tax-Free First Home Savings Account (FHSA) was first proposed in Budget 2022 and will enter into force on April 1, 2023. Find a summary of the new savings account here.
BlockFi files for bankruptcy as the crypto crash continues
Troubled cryptocurrency firm BlockFi is the latest domino to fall after the spectacular crash of FTX earlier this month. They currently owe money to more than 100,000 creditors.
US bans the sale and import of new Huawei devices
For the first time, the US has banned the sale and import of new communications equipment from five Chinese companies, including Huawei and ZTE. The move is the latest against Chinese tech firms due to spying concerns.
Greener flying is possible with hydrogen-fueled aircraft
Rolls-Royce and easyJet are currently testing an aircraft that runs on hydrogen and say that it’s a “major step” towards proving that zero-carbon aviation fuel is possible.
Protect your investments with a balanced portfolio
As inflation its highest level in nearly four decades, it makes sense to consider protective investments to get the balance right in your portfolio. Find some tips on how to do that here.
Get in touch
Contact us if you have any questions or want to discuss the next steps for your business.