This module provides a concise summary of selected Canadian economic events, as well as international and financial market developments by calendar month. It is intended to provide contextual information only to support users of the economic data published by Statistics Canada. In identifying major events or developments, Statistics Canada is not suggesting that these have a material impact on the published economic data in a particular reference month.
All information presented here is obtained from publicly available news and information sources, and does not reflect any protected information provided to Statistics Canada by survey respondents.
Resources
- Calgary-based Crescent Point Energy Corp. announced its 2024 preliminary budget, and development capital expenditures are expected to be $1.05 billion to $1.15 billion. The company said approximately 70% of its 2024 budget is expected to be allocated to its Kaybob Duvernay and Alberta Montney plays while the remaining capital budget will be allocated to its long-cycle assets in Saskatchewan.
- Calgary-based Trans Mountain Pipeline announced it had received a ruling from the Canada Energy Regulator (CER) on September 25th that approved its proposed deviation to pipeline routing within the previously agreed to right-of-way.
- Calgary-based Enbridge Inc. announced it had entered into three separate definitive agreements with Dominion Energy, Inc. of Virginia to acquire The East Ohio Gas Company, Questar Gas Company and its related Wexpro companies, and Public Service Company of North Carolina, Incorporated for an aggregate purchase price of USD $14.0 billion, including debt. Enbridge said the acquisitions are expected to close in 2024, subject to the satisfaction of customary closing conditions, including the receipt of certain required U.S. federal and state regulatory approvals.
- Montreal-based Domtar Corporation announced it would indefinitely idle the pulp and paper operations at its Espanola, Ontario, facility for an expected period greater than one year. Domtar said the decision would result in a curtailment of its annual pulp production by approximately 280,000 metric tons of kraft pulp and approximately 69,000 tons of specialty paper and will affect approximately 450 employees. The company also said that the pulp mill will shut down in early October and the paper machines will shut down by early November.
Manufacturing
- Saint-Hyacinthe, Quebec-based Olymel L.P. announced the definitive closure of its pork boning and packaging plant in Princeville, Quebec on November 10th and that 301 employees will be affected. Olymel also announced the definitive closure of its Paris, Ontario poultry processing plant and that 93 employees will be affected. Olymel said the poultry production would be transferred to its Oakville, Ontario plant.
- Volta Energy Solutions (Volta), a subsidiary of South Korea-based Solus Advanced Materials, announced it is launching a battery copper foil factory for electric vehicles in Granby, Quebec. Volta said it expects to go into mass production in 2026 and that this initial launch will produce 25,000 tons of copper foil per year.
- Sweden-based Northvolt AB announced it will establish a fully integrated lithium-ion battery gigafactory just outside Montreal that will host 60 GWh of annual cell manufacturing capacity. The company said construction of the first 30 GWh phase of the project is due to commence before the end of 2023 and the first operations are set to begin in 2026. Northvolt also said the project is expected to require a total investment of $7 billion and employ up to 3,000 people.
- On September 24th, Unifor announced that its members had voted to ratify a new three-year collective agreement with Ford of Canada and that the agreement covers more than 5,600 workers at Ford facilities in Canada.
Other news
- On September 14th, the Government of Canada announced it had extended deadlines for Canada Emergency Business Account (CEBA) loan repayments, providing an additional year for term loan repayment, and additional flexibilities for loan holders looking to benefit from partial loan forgiveness of up to 33%.
- On September 21st, the Government of Canada announced it had introduced Bill C-56, the Affordable Housing and Groceries Act, that would:
- Enhance the Goods and Services Tax (GST) Rental Rebate on new rental housing, to incentivize the construction of more apartment buildings, student housing, and senior residences; and
- Amend the Competition Act to enhance competition, particularly in the grocery sector.
- On September 26th, the Government of Canada announced that the annual limit for Canada Mortgage Bonds was being increased from $40 billion to up to $60 billion and that the new measure would help to build up to 30,000 more rental apartments per year.
- On August 31st, the Government of British Columbia announced it was extending the provincial state of emergency until September 14th due to continued fire risk in many regions and tens of thousands of people still under evacuation order and alert. On September 14th, the Government of British Columbia said the provincial state of emergency would expire at the end of the day.
- The Northwest Territories' minimum wage increased from $15.20 to $16.05 per hour on September 1st.
- The Bank of Canada held its target for the overnight rate at 5.0%. The last change in the target for the overnight rate was a 25 basis points increase in July 2023. The bank said it is also continuing its policy of quantitative tightening.
- Montreal-based Air Canada announced it had placed a firm order for 18 Boeing 787-10 Dreamliner aircraft, with deliveries scheduled to begin in the fourth quarter of 2025 and the last aircraft scheduled for delivery in the first quarter of 2027. Air Canada said the agreement also includes options for another 12 Boeing 787-10 aircraft.
- Seattle, Washington-based Amazon.com, inc. announced it was hiring 6,000 employees across Canada in full-time, seasonal, and part-time roles.
United States and other international news
- The U.S. Federal Open Market Committee (FOMC) maintained the target range for the federal funds rate at 5.25% to 5.50%. The last change in the target range was a 25 basis points increase in July 2023. The Committee also said it will continue reducing its holdings of Treasury securities and agency debt and agency mortgage-backed securities.
- The European Central Bank (ECB) raised its three key interest rates by 25 basis points to 4.50% (main refinancing operations), 4.75% (marginal lending facility), and 4.00% (deposit facility). The last change in these rates was a 25 basis points increase in July 2023.
- The Bank of England's Monetary Policy Committee (MPC) voted to maintain the Bank Rate at 5.25%. The last change in the Bank Rate was a 25 basis points increase in August 2023.
- The Monetary Policy and Financial Stability Committee of Norway's Norges Bank raised the policy rate by 25 basis points to 4.25%. The last change in the policy rate was a 25 basis points increase in August 2023.
- The Executive Board of Sweden's Riksbank raised its repo rate by 25 basis points to 4.0%. The last change in the repo rate was a 25 basis points increase in June 2023.
- The Bank of Japan (BoJ) announced it will apply a negative interest rate of -0.1% to the Policy-Rate Balances in current accounts held by financial institutions at the BoJ and that it will purchase a necessary amount of Japanese government bonds (JGBs) without setting an upper limit so that 10-year JGB yields will remain at around zero percent.
- The Reserve Bank of Australia (RBA) left the target for the cash rate unchanged at 4.10%. The last change in the target for the cash rate was a 25 basis points increase in June 2023.
- On September 15th, the United Auto Workers (UAW) announced that members at the GM Wentzville Assembly, Stellantis Toledo Assembly Complex, and Ford Michigan Assembly plant had walked off the job and begun strike action. On September 22nd, the UAW announced it was expanding its strike against General Motors and Stellantis at 38 locations across 20 states and that approximately 5,600 workers would join the approximately 13,000 who were already on strike.
- California based Cisco Systems Inc. and Splunk Inc., a provider of cybersecurity, announced a definitive agreement under which Cisco intends to acquire Splunk for approximately USD $28 billion in equity value. The companies said the transaction is expected to close by the end of the third quarter of 2024, subject to regulatory approval and other customary closing conditions including approval by Splunk shareholders.
Financial market news
- West Texas Intermediate crude oil closed at USD $90.79 per barrel on September 29th, up from a closing value of USD $83.63 at the end of August. Western Canadian Select crude oil traded in the USD $61 to $75 per barrel range throughout September. The Canadian dollar closed at 73.96 cents U.S. on September 29th, up from 73.90 cents U.S. at the end of August. The S&P/TSX composite index closed at 19,541.27 on September 29th, down from 20,292.62 at the end of August.