economy

Heavy machinery clears up washed-up buildings and rubble in the harbour in Burnt Island, Newfoundland and Labrador on Tuesday, Sept. 27, 2022. Fiona left a trail of destruction across much of Atlantic Canada, stretching from Nova Scotia’s eastern mainland to Cape Breton, Prince Edward Island and southwestern Newfoundland. THE CANADIAN PRESS/Frank Gunn

Newfoundland fishers face livelihood questions after Fiona storm damage

Fiona’s path of destruction through Atlantic Canada heavily damaged the fishing industry

Heavy machinery clears up washed-up buildings and rubble in the harbour in Burnt Island, Newfoundland and Labrador on Tuesday, Sept. 27, 2022. Fiona left a trail of destruction across much of Atlantic Canada, stretching from Nova Scotia’s eastern mainland to Cape Breton, Prince Edward Island and southwestern Newfoundland. THE CANADIAN PRESS/Frank Gunn
Wendy McCulloch (third from the left), Executive Director of Community Futures British Columbia, and Naina Sloan (third from the right), Vice President of programs and partners with the Pacific Economic Development Canada, with representatives of the communities receiving a portion of the funding. (Zachary Delaney)

Feds kick in $5.5 million to help B.C. mitigate economic effects of disasters

Funds given to Community Futures British Columbia to distribute to small business and non-profits

Wendy McCulloch (third from the left), Executive Director of Community Futures British Columbia, and Naina Sloan (third from the right), Vice President of programs and partners with the Pacific Economic Development Canada, with representatives of the communities receiving a portion of the funding. (Zachary Delaney)
A server brings food to a table as people dine at a restaurant in Vancouver, on Tuesday, September 21, 2021. Tipping fatigue is hitting consumers as requests for gratuities increase and spread to new businesses amid the rise of automated payment machines and preset tip suggestions. THE CANADIAN PRESS/Darryl Dyck

VIDEO: Tipping fatigue is hitting consumers as requests for gratuities increase

‘It seems like now 15 per cent is rude’

A server brings food to a table as people dine at a restaurant in Vancouver, on Tuesday, September 21, 2021. Tipping fatigue is hitting consumers as requests for gratuities increase and spread to new businesses amid the rise of automated payment machines and preset tip suggestions. THE CANADIAN PRESS/Darryl Dyck
Finance Minister Selina Robinson talks about financial aid due to inflation and the cost-of-living increases and support during a press conference at Goudy Field in Langford, B.C., on Wednesday, September 7, 2022. Robinson says preliminary financial numbers for the first three months of the current fiscal year show the province is in a strong position despite ongoing global economic risks. THE CANADIAN PRESS/Chad Hipolito

B.C. says financial outlook improving, forecasts $706 million surplus

Finance minister presented province’s first quarterly report Sept. 12

Finance Minister Selina Robinson talks about financial aid due to inflation and the cost-of-living increases and support during a press conference at Goudy Field in Langford, B.C., on Wednesday, September 7, 2022. Robinson says preliminary financial numbers for the first three months of the current fiscal year show the province is in a strong position despite ongoing global economic risks. THE CANADIAN PRESS/Chad Hipolito
The Bank of Canada is pictured in Ottawa on Tuesday Sept. 6, 2022. The Bank of Canada is expected to announce it will be raising its key interest rate today, making it the fifth consecutive increase this year. THE CANADIAN PRESS/Sean Kilpatrick

Bank of Canada raises key interest rate by 0.75%, says rates likely need to go higher

Expected lift brings the bank’s key rate target to 3.25 per cent

The Bank of Canada is pictured in Ottawa on Tuesday Sept. 6, 2022. The Bank of Canada is expected to announce it will be raising its key interest rate today, making it the fifth consecutive increase this year. THE CANADIAN PRESS/Sean Kilpatrick
Statistics Canada’s offices at Tunney’s Pasture in Ottawa are shown on March 8, 2019. THE CANADIAN PRESS/Justin Tang

Economy grew by annual rate of 3.3% in second quarter, Statistics Canada says

According to the federal agency, real GDP grew by 0.8 per cent in the second quarter

Statistics Canada’s offices at Tunney’s Pasture in Ottawa are shown on March 8, 2019. THE CANADIAN PRESS/Justin Tang
Bank buildings are photographed in Toronto’s financial district on June 27, 2018. As inflation tops eight per cent, anyone with money in the bank is seeing their savings drip away at the fastest rate on record because deposit interest rates, still largely languishing at around one per cent, haven’t kept up. THE CANADIAN PRESS/Tijana Martin

Canadians’ savings are slowly dripping away as deposit interest lags far behind inflation

“They will lose money. The value of their savings is decreasing.”

Bank buildings are photographed in Toronto’s financial district on June 27, 2018. As inflation tops eight per cent, anyone with money in the bank is seeing their savings drip away at the fastest rate on record because deposit interest rates, still largely languishing at around one per cent, haven’t kept up. THE CANADIAN PRESS/Tijana Martin
The Elkview SRF is right in the middle of Teck’s Elkview operations near Sparwood, B.C., which is fully operational. (Scott Tibballs / The Free Press)

Teck’s Elk Valley coal mines make bank in Q2

The company’s coal division accounted for $2.5 billion of Teck’s $3.2 billion in quarterly gross profits

The Elkview SRF is right in the middle of Teck’s Elkview operations near Sparwood, B.C., which is fully operational. (Scott Tibballs / The Free Press)
A man pumps gas in Montreal, Friday, March 4, 2022. Statistics Canada will release consumer price index data for June on Wednesday, a week after the Bank of Canada raised its key interest rate by a full percentage point as it continues its battle against high inflation.THE CANADIAN PRESS/Graham Hughes

Economists predict inflation climbed even higher in June amid ‘reopening effect’

Statistics Canada set to release latest inflation data on July 20

A man pumps gas in Montreal, Friday, March 4, 2022. Statistics Canada will release consumer price index data for June on Wednesday, a week after the Bank of Canada raised its key interest rate by a full percentage point as it continues its battle against high inflation.THE CANADIAN PRESS/Graham Hughes
Sumeru Chatterjee, who served as head of content and community for Vancouver-based education technology company Thinkific before he was laid off in April with about 100 others, poses for a photograph in Vancouver, on Wednesday, July 6, 2022. THE CANADIAN PRESS/Darryl Dyck

Canadian tech talent still in demand, despite layoffs and recession predictions

Some companies increasing benefits and modernizing offices to try and draw in sought-after talent

Sumeru Chatterjee, who served as head of content and community for Vancouver-based education technology company Thinkific before he was laid off in April with about 100 others, poses for a photograph in Vancouver, on Wednesday, July 6, 2022. THE CANADIAN PRESS/Darryl Dyck
The Bank of Canada building is seen on Wellington Street in Ottawa, on Tuesday, May 31, 2022. THE CANADIAN PRESS/Justin Tang

Economists expect Bank of Canada to hike key interest rate by 0.75% on Wednesday

Central bank aiming to bring soaring inflation back down to two per cent target

The Bank of Canada building is seen on Wellington Street in Ottawa, on Tuesday, May 31, 2022. THE CANADIAN PRESS/Justin Tang
People fuel up vehicles at a Shell gas station in Vancouver, on Saturday, May 14, 2022. GasBuddy’s head petroleum analyst says drivers should expect some relief at the pump heading into the end of July and start of August. THE CANADIAN PRESS/Darryl Dyck

VIDEO: B.C. gas prices expected to drop below $2/litre mark: analyst

Global prices dropping as economy slows, threatens recession

People fuel up vehicles at a Shell gas station in Vancouver, on Saturday, May 14, 2022. GasBuddy’s head petroleum analyst says drivers should expect some relief at the pump heading into the end of July and start of August. THE CANADIAN PRESS/Darryl Dyck
A shopper wipes down a handle as they select a cart at an Ikea furniture store in Ottawa, Tuesday, May 31, 2022. Canadian retailers are struggling with higher shipping costs as couriers tack hefty fuel surcharges onto shipping rates to recoup record gas prices. THE CANADIAN PRESS/Justin Tang

Canadian retailers grapple with soaring fuel surcharges to ship online orders

Extra charge topping 40 per cent for some carriers

A shopper wipes down a handle as they select a cart at an Ikea furniture store in Ottawa, Tuesday, May 31, 2022. Canadian retailers are struggling with higher shipping costs as couriers tack hefty fuel surcharges onto shipping rates to recoup record gas prices. THE CANADIAN PRESS/Justin Tang
Bank of Canada analyst Farid Salji speaks to business owners about counterfeit bills at Kelowna RCMP headquarters. (Photo/Kelowna Cap News)

Education urged for B.C. businesses in battling bogus bills

‘We have materials designed for everybody, and everything is absolutely free’

Bank of Canada analyst Farid Salji speaks to business owners about counterfeit bills at Kelowna RCMP headquarters. (Photo/Kelowna Cap News)
Gas hit the listed price of $2.19.9 at one Vernon service station on 25th Avenue at 43rd Street Thursday, June 2. (Roger Knox/Morning Star).

Strategic support for B.C. residents needed as central bank works on inflation: experts

Economist says to expect food prices to stay high for another year

Gas hit the listed price of $2.19.9 at one Vernon service station on 25th Avenue at 43rd Street Thursday, June 2. (Roger Knox/Morning Star).
Milk and dairy products are displayed for sale at a grocery store in Aylmer, Que., on Thursday, May 26, 2022. Dairy Farmers of Canada has asked the Canadian Dairy Commission for a mid-year milk price hike due to the current inflationary environment. THE CANADIAN PRESS/Sean Kilpatrick

Canadian dairy farmers seek second milk price hike this year, citing rising costs

Dairy commission says it will issue its decision around June 17

Milk and dairy products are displayed for sale at a grocery store in Aylmer, Que., on Thursday, May 26, 2022. Dairy Farmers of Canada has asked the Canadian Dairy Commission for a mid-year milk price hike due to the current inflationary environment. THE CANADIAN PRESS/Sean Kilpatrick
Heavy equipment is shown at the Cheetah Resources Nechalacho Project near Yellowknife, Northwest Territories in an undated handout image. The country’s first rare earth mine has started delivering concentrated ore. THE CANADIAN PRESS/ BILLBRADENPHOTO / HO-CHEETAH RESOURCES

First Canadian rare earth mine starts shipping concentrate from N.W.T.

Minerals critical for computers, wind turbines and electric cars

Heavy equipment is shown at the Cheetah Resources Nechalacho Project near Yellowknife, Northwest Territories in an undated handout image. The country’s first rare earth mine has started delivering concentrated ore. THE CANADIAN PRESS/ BILLBRADENPHOTO / HO-CHEETAH RESOURCES
B.C. announced a new Mass Timber Action Plan April 7, with an initial invesment of $1.2 million into four structures. (Black Press Media file photo)

B.C. investing in future of mass timber with 4 new structures, long-term action plan

Province looks to be leading producer in carbon-capturing material

B.C. announced a new Mass Timber Action Plan April 7, with an initial invesment of $1.2 million into four structures. (Black Press Media file photo)
Shipping containers are shown at the Port of Montreal, Sunday, April 25, 2021.Statistics Canada says the country’s merchandise trade surplus narrowed in February as imports rose at a faster pace than exports. THE CANADIAN PRESS/Graham Hughes

Canada posted smaller merchandise trade surplus in February, StatCan reports

By country, imports from China had the strongest growth by far, up 26.9 per cent

Shipping containers are shown at the Port of Montreal, Sunday, April 25, 2021.Statistics Canada says the country’s merchandise trade surplus narrowed in February as imports rose at a faster pace than exports. THE CANADIAN PRESS/Graham Hughes
Temporary foreign workers from Mexico plant strawberries on a farm in Mirabel, Que., on May 6, 2020, as the COVID-19 pandemic continues in Canada and around the world. THE CANADIAN PRESS/Graham Hughes

Facing labour shortages, Liberals loosen rules on foreign workers ahead of budget

Changes announced Monday will allow employers to hire foreign workers for more low-wage jobs

Temporary foreign workers from Mexico plant strawberries on a farm in Mirabel, Que., on May 6, 2020, as the COVID-19 pandemic continues in Canada and around the world. THE CANADIAN PRESS/Graham Hughes