economy

Upgrades to the Dick and Chase roads connection are moving forward in Lake Country. (Google Maps photo)

Shopping local urged in Okanagan community

District makes economic recovery a priority

Upgrades to the Dick and Chase roads connection are moving forward in Lake Country. (Google Maps photo)
An aerial view of Kyuquot. (Photo courtesy, Walters Cove Resort)

Coastal B.C. community’s real estate predicament might be turning it into a ghost town

In Kyuquot, off treaty land, more outsiders have ‘holiday-home’ properties than locals who can’t secure financing to buy homes

An aerial view of Kyuquot. (Photo courtesy, Walters Cove Resort)
A sign on a shop window indicates the store is closed in Ottawa, Monday March 23, 2020. Companies that have laid off workers are telling the Bank of Canada they plan to refill some positions over the next year, but many hiring plans remain muted over COVID-19-related uncertainty. THE CANADIAN PRESS/Adrian Wyld

Bank of Canada survey says business hiring plans remain muted due to pandemic

About one-third say they have used a federal wage subsidy to reduce or avoid layoffs

A sign on a shop window indicates the store is closed in Ottawa, Monday March 23, 2020. Companies that have laid off workers are telling the Bank of Canada they plan to refill some positions over the next year, but many hiring plans remain muted over COVID-19-related uncertainty. THE CANADIAN PRESS/Adrian Wyld
Construction workers help build a project in downtown Vancouver, Monday, April 6, 2020. A new report has found a third of Canada’s Indigenous workers are in jobs facing a higher risk of being automated. THE CANADIAN PRESS/Jonathan Hayward

One-third of Indigenous workers in jobs facing automation threat, report says

Those at-risk industries account for approximately $2.43 billion of Indigenous wage revenue

Construction workers help build a project in downtown Vancouver, Monday, April 6, 2020. A new report has found a third of Canada’s Indigenous workers are in jobs facing a higher risk of being automated. THE CANADIAN PRESS/Jonathan Hayward
Statistics Canada says the economy saw its largest monthly drop on record in April as it came to a near standstill due to the pandemic, but early indications point to a rebound in May as businesses began to reopen. Statistics Canada’s offices at Tunny’s Pasture in Ottawa are shown on Friday, March 8, 2019. THE CANADIAN PRESS/Justin Tang

Statistics Canada says economy posted record 11.6% plunge in April

Statistics Canada said its initial flash estimate points to growth of three per cent in May

Statistics Canada says the economy saw its largest monthly drop on record in April as it came to a near standstill due to the pandemic, but early indications point to a rebound in May as businesses began to reopen. Statistics Canada’s offices at Tunny’s Pasture in Ottawa are shown on Friday, March 8, 2019. THE CANADIAN PRESS/Justin Tang
Bank of Canada Governor Tiff Macklem takes part in a photo opportunity at the Bank of Canada amid the COVID-19 pandemic in Ottawa on Monday, June 22, 2020. Macklem will deliver a speech and take part in a press conference at the Bank of Canada later today. THE CANADIAN PRESS/Sean Kilpatrick

COVID-19 to leave some lasting economic damage, Bank of Canada chief says

Canadians shouldn’t expect the short and sharp economic bounce-back expected over the coming months to last

Bank of Canada Governor Tiff Macklem takes part in a photo opportunity at the Bank of Canada amid the COVID-19 pandemic in Ottawa on Monday, June 22, 2020. Macklem will deliver a speech and take part in a press conference at the Bank of Canada later today. THE CANADIAN PRESS/Sean Kilpatrick
Canadian $100 bills are counted in Toronto, Feb. 2, 2016. The Conference Board of Canada says the economy may have already begun to recover from the deepest recession on record if the country can avoid another national COVID-related shutdown. THE CANADIAN PRESS/Graeme Roy

Forecast says Canada’s economy will grow in 2021 if there isn’t another national shutdown

Group projects Canada’s national unemployment rate will peak at 13.7 per cent

Canadian $100 bills are counted in Toronto, Feb. 2, 2016. The Conference Board of Canada says the economy may have already begun to recover from the deepest recession on record if the country can avoid another national COVID-related shutdown. THE CANADIAN PRESS/Graeme Roy
In this Jan. 9, 2019, file photo, Facebook employees sit at their stations during a tour of its new 130,000-square-foot offices in Cambridge, Mass. Facebook, Open Text and Shopify are transitioning to permanent work from home, but that will likely mean changes to compensation and salaries if you live or move somewhere not in the vicinity of your current office. THE CANADIAN PRESS/AP/Elise Amendola, File

Canadians working from home permanently should expect salary changes: experts

Some companies, like Facebook, have already announced changes

In this Jan. 9, 2019, file photo, Facebook employees sit at their stations during a tour of its new 130,000-square-foot offices in Cambridge, Mass. Facebook, Open Text and Shopify are transitioning to permanent work from home, but that will likely mean changes to compensation and salaries if you live or move somewhere not in the vicinity of your current office. THE CANADIAN PRESS/AP/Elise Amendola, File
Finance Minister Bill Morneau rises during Question Period in the House of Commons Tuesday May 26, 2020 in Ottawa. The Canadian Association of Petroleum Producers says if bridge loans for smaller oil and gas companies aren’t ready to flow soon some companies will have to turn to less-safe options to survive the COVID-19 slowdown.THE CANADIAN PRESS/Adrian Wyld

Federal aid for oil sector still in development, three months later

Global demand for oil plummeted by more than 16 million barrels a day this spring

Finance Minister Bill Morneau rises during Question Period in the House of Commons Tuesday May 26, 2020 in Ottawa. The Canadian Association of Petroleum Producers says if bridge loans for smaller oil and gas companies aren’t ready to flow soon some companies will have to turn to less-safe options to survive the COVID-19 slowdown.THE CANADIAN PRESS/Adrian Wyld
Prime Minister Justin Trudeau gives a COVID-19 update in front of Rideau Cottage on Wednesday, June 17, 2020. (CPAC)
Prime Minister Justin Trudeau gives a COVID-19 update in front of Rideau Cottage on Wednesday, June 17, 2020. (CPAC)
Statistics Canada says annual inflation rate drops in May for second month in a row

Statistics Canada says annual inflation rate drops in May for second month in a row

The agency says the consumer price index fell 0.4 per cent compared with a year ago

Statistics Canada says annual inflation rate drops in May for second month in a row
Prime Minister Justin Trudeau rises during a meeting of the Special Committee on the COVID-19 Pandemic in the House of Commons on Parliament Hill in Ottawa, on Tuesday, June 9, 2020. THE CANADIAN PRESS/Justin Tang

Opposition parties reject emergency COVID-19 aid bill with fines for CERB fraudsters

The bill includes a proposed expansion of the wage subsidy program to include seasonal workers

Prime Minister Justin Trudeau rises during a meeting of the Special Committee on the COVID-19 Pandemic in the House of Commons on Parliament Hill in Ottawa, on Tuesday, June 9, 2020. THE CANADIAN PRESS/Justin Tang
Parliamentary Budget Officer Yves Giroux waits to appear before the Commons Finance committee on Parliament Hill in Ottawa on March 10, 2020. Parliament’s spending watchdog will detail today possible costs associated with extending and changing the Canada Emergency Response Benefit. Budget officer Yves Giroux’s report scheduled to be released this morning comes on the same day that the House of Commons meets to discuss proposed changes to the COVID-19-related aid. Prime Minister Justin Trudeau said Tuesday that his government wanted to redo how the $2,000-a-month benefit is doled out and get more people back to work, while also cracking down on fraud. THE CANADIAN PRESS/Adrian Wyld

Extending CERB for months could double $60-billion budget, PBO report suggests

Recent figures show 8.41 million people have applied for the CERB, with $43.51 billion in payments made as of June 4

Parliamentary Budget Officer Yves Giroux waits to appear before the Commons Finance committee on Parliament Hill in Ottawa on March 10, 2020. Parliament’s spending watchdog will detail today possible costs associated with extending and changing the Canada Emergency Response Benefit. Budget officer Yves Giroux’s report scheduled to be released this morning comes on the same day that the House of Commons meets to discuss proposed changes to the COVID-19-related aid. Prime Minister Justin Trudeau said Tuesday that his government wanted to redo how the $2,000-a-month benefit is doled out and get more people back to work, while also cracking down on fraud. THE CANADIAN PRESS/Adrian Wyld
Workers board up a luxury store in downtown Vancouver, B.C., Thursday, March 26, 2020. Businesses have been forced closed by the city and the province due to the COVID-19 outbreak. THE CANADIAN PRESS/Jonathan Hayward

COVID-19: A look at how layoffs turned permanent in past Canadian recessions

Statistics Canada report finds nearly half of layoffs in past recessions became permanent

Workers board up a luxury store in downtown Vancouver, B.C., Thursday, March 26, 2020. Businesses have been forced closed by the city and the province due to the COVID-19 outbreak. THE CANADIAN PRESS/Jonathan Hayward
(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)
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