Weekly Digest – 7 June 2023

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

Canadian economy surges, rate hike expected

Canada’s economy exceeded expectations, growing 3.1% annually in Q1 due to increased household spending and favorable international trade. This may pressure the Bank of Canada to consider raising interest rates.

AI stocks like Nvidia are surging. Should you buy into the hype?

Nvidia, a tech company specializing in AI and graphics processing, has seen a surge in stock prices due to increased investments from Wall Street. This is largely attributed to the company’s success in the gaming industry, as well as its potential for growth in the AI and autonomous vehicle markets.

Housing affordability in Canada just saw the biggest improvement in almost 4 years

In the first quarter of 2023, Canada’s housing affordability has improved slightly, according to the National Bank of Canada. The bank’s Housing Affordability Monitor showed that the ratio of the median household’s pre-tax income to the cost of owning a home decreased by 0.2 percentage points from the previous quarter.

Oil tanker breaks down in Egypt’s Suez Canal, briefly disrupting traffic in the global waterway

An oil tanker broke down in Egypt’s Suez Canal, briefly disrupting traffic in the global waterway. The vessel was towed to a nearby anchorage for repairs, and the canal was reopened shortly after. The incident caused delays for ships travelling through the canal, which is a major shipping route connecting Europe and Asia.

Canada’s Big Five banks join Facebook advertising boycott

Canada’s Big Five banks have joined the Facebook advertising boycott, joining hundreds of other companies in a stand against the social media giant’s failure to address hate speech and misinformation. The boycott is part of the #StopHateForProfit campaign, which is calling for Facebook to take stronger action against hate speech.

‘It has a lot of us concerned’: June means trouble for B.C. wildfires with hot, dry forecast

BC is facing a wildfire season that is expected to be worse than usual due to hot and dry weather. Firefighters are preparing for the worst and are urging people to be aware of the risks and take precautions. The province is also taking steps to reduce the risk of wildfires, such as increasing firefighting resources and implementing a ban on open burning.

Énergir accused of misleading customers about renewable gas

Energir, a natural gas distributor in Quebec, has rejected accusations that it is misleading customers about the renewable nature of its gas. The company claims that its gas is 100% renewable and that it is committed to reducing its environmental impact.

Meta to test blocking of news in Canada

Meta will test limiting news content on Facebook and Instagram in Canada, affecting 5% of users, as a response to the government’s Bill C-18. Heritage Minister Pablo Rodriguez criticized Meta’s move, stating Canadians won’t be intimidated by these tactics.

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