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Saturday, September 30, 2023

US government estimates economy grew last quarter at a 2.1% rate, unchanged from previous projection - Financial Post

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US government estimates economy grew last quarter at a 2.1% rate, unchanged from previous projection - Financial Post
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5 economic shocks are about to hit the U.S. all at the same time: ‘There are storm clouds out there forming that we’re all seeing and watching—fearfully’ - Fortune

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5 economic shocks are about to hit the U.S. all at the same time: ‘There are storm clouds out there forming that we’re all seeing and watching—fearfully’ - Fortune
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Friday, September 29, 2023

US government estimates last quarter's economic growth was 2.1%, unchanged from previous estimate - Yahoo Canada Finance

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US government estimates last quarter's economic growth was 2.1%, unchanged from previous estimate - Yahoo Canada Finance
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US Capital Area Braces for Economic Hit From Government Shutdown - BNN Bloomberg

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US Capital Area Braces for Economic Hit From Government Shutdown - BNN Bloomberg
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Powell Says Public’s Understanding Key to Fed Impact on Economy - BNN Bloomberg

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Powell Says Public’s Understanding Key to Fed Impact on Economy - BNN Bloomberg
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Thursday, September 28, 2023

Powell Says Public's Understanding Key to Fed Impact on Economy - Bloomberg

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Powell Says Public's Understanding Key to Fed Impact on Economy - Bloomberg
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Watch China Satellite Data Show Economic Uptick - Bloomberg

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Watch China Satellite Data Show Economic Uptick - Bloomberg
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PineBridge Is Bullish on Investing in China With Xi Determined to Boost Economy - Bloomberg

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PineBridge Is Bullish on Investing in China With Xi Determined to Boost Economy - Bloomberg
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China Economy Improved Further in September, Satellite Data Show - BNN Bloomberg

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China Economy Improved Further in September, Satellite Data Show - BNN Bloomberg
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Wednesday, September 27, 2023

Why the Bank of Canada wants unemployment to rise - CityNews Vancouver

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Why the Bank of Canada wants unemployment to rise - CityNews Vancouver
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Opinion: A soft landing may still be within reach for the Canadian economy - The Globe and Mail

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Opinion: A soft landing may still be within reach for the Canadian economy - The Globe and Mail
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Economy doing better than expected in face of higher interest rates, banking watchdog says - Financial Post

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Economy doing better than expected in face of higher interest rates, banking watchdog says - Financial Post
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Tuesday, September 26, 2023

Opinion: A soft landing may still be within reach for the Canadian economy - The Globe and Mail

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Opinion: A soft landing may still be within reach for the Canadian economy - The Globe and Mail
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Dan Fumano: Vancouver business community questions scrapping of Economic Commission - Vancouver Sun

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Dan Fumano: Vancouver business community questions scrapping of Economic Commission - Vancouver Sun
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How petro-nations are approaching the shift to net zero and the future of oil - CBC.ca

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How petro-nations are approaching the shift to net zero and the future of oil - CBC.ca
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Monday, September 25, 2023

Opinion: Ambition without action makes for empty economic promises - The Globe and Mail

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Opinion: Ambition without action makes for empty economic promises - The Globe and Mail
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China’s Global Travelers Pull Back as Economic Uncertainty Grows - BNN Bloomberg

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China’s Global Travelers Pull Back as Economic Uncertainty Grows - BNN Bloomberg
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EU Trade Chief Warns China Its Ukraine Stance Hurting Trade, Investment - Bloomberg

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EU Trade Chief Warns China Its Ukraine Stance Hurting Trade, Investment - Bloomberg
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Container shipments drop at Port of Vancouver along with the economy - Chilliwack Progress

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Container shipments drop at Port of Vancouver along with the economy - Chilliwack Progress
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Container shipments drop at Port of Vancouver along with the economy - Abbotsford News

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Container shipments drop at Port of Vancouver along with the economy - Abbotsford News
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Opinion: Dear booming Chinese economy of the past: Bye-bye, the West shan't miss you - The Globe and Mail

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Opinion: Dear booming Chinese economy of the past: Bye-bye, the West shan't miss you - The Globe and Mail
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Saturday, September 23, 2023

Opinion: Dear booming Chinese economy of the past: Bye-bye, the West shan't miss you - The Globe and Mail

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Opinion: Dear booming Chinese economy of the past: Bye-bye, the West shan't miss you - The Globe and Mail
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Germany went from envy of the world to the worst-performing major developed economy. What happened? - Euronews

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Germany went from envy of the world to the worst-performing major developed economy. What happened? - Euronews
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Decline in Korean Exports Moderates in Hopeful Sign for Economy - BNN Bloomberg

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Decline in Korean Exports Moderates in Hopeful Sign for Economy - BNN Bloomberg
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Friday, September 22, 2023

What higher-for-longer Fed policy will mean for the markets and economy - CNBC

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What higher-for-longer Fed policy will mean for the markets and economy - CNBC
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UK Economy Headed for a Rocky End of 2023 and Risk of Recession - BNN Bloomberg

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UK Economy Headed for a Rocky End of 2023 and Risk of Recession - BNN Bloomberg
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Opinion: India's vital economic status means Canada will be the loser if crisis escalates - The Globe and Mail

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Opinion: India's vital economic status means Canada will be the loser if crisis escalates - The Globe and Mail
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Thursday, September 21, 2023

NMG and Panasonic Energy Announce Progress Update on Technological and Commercial Collaboration as Canada ... - Financial Post

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NMG and Panasonic Energy Announce Progress Update on Technological and Commercial Collaboration as Canada ... - Financial Post
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Wednesday, September 20, 2023

Fed keeps rates unchanged but signals likelihood of another hike this year to fight inflation - Financial Post

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Fed keeps rates unchanged but signals likelihood of another hike this year to fight inflation - Financial Post
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Nishimura Yasutoshi: Japan, Canada must work together to strengthen economic ties - National Post

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Nishimura Yasutoshi: Japan, Canada must work together to strengthen economic ties - National Post
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Tuesday, September 19, 2023

OECD predicts weaker growth and continued inflation for 2024 - DW (English)

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OECD predicts weaker growth and continued inflation for 2024 - DW (English)
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Global Economy Poised to Slow as Higher Rates Bite, OECD Says - BNN Bloomberg

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Global Economy Poised to Slow as Higher Rates Bite, OECD Says - BNN Bloomberg
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Monday, September 18, 2023

World Economy Fractures Along New Geopolitical Lines - Bloomberg

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World Economy Fractures Along New Geopolitical Lines - Bloomberg
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Holding Apple Accountable: The Future of the Internet Economy Depends On It — Spotify - For the Record

Five years ago, I sat in a conference room with key members of our legal team, several antitrust experts and Spotify founder & CEO, Daniel Ek. The topic at hand: Apple denied Spotify’s app update and sent a new set of restrictions that would once again further limit our ability to conduct business in its app store. After careful consideration and lots of hand wringing, we decided we’d had enough. So weeks later, we took a step that seemed almost impossible but totally necessary: fight back against one of the biggest, most powerful (and beloved) companies in the world to protect the future of the internet economy. 

Of course, we did this because Apple’s practices were harming Spotify, but we also did it because we believe companies should be able to compete to the very best of their ability for the hearts and minds of consumers. And we also believe consumers should have access to all the information they need to make better, more affordable choices for them and their families. Sounds pretty reasonable to me. But sadly, these beliefs are in direct conflict with how companies, like Apple, have built their businesses to benefit their bottom lines. 

This isn’t some empty warning—the world is moving faster than ever. Every day that passes without regulatory intervention, consumers continue paying too much, many developers’ dreams die on the vine under a 30% tax they can’t afford and Apple’s monopolistic roots take an even stronger hold. 

Five years later, while we are finally seeing some momentum in Europe, there has not been enough progress worldwide. Apple has continued to enjoy—and profit from—the status quo while everything else in the world has seemingly advanced forward. In the absence of meaningful government action, Apple gets a free pass to do whatever it pleases and consumers are paying the price. 

This is incredibly frustrating—especially when I think about how many consumers around the world are being impacted. Apple denies consumers’ ability to choose for themselves, forcing them to pay more for apps, limiting their user experience and preventing them from hearing about cheaper options. 

It’s even more frustrating when you realize the actual reason Apple is doing this: to protect their own bottom line. As their product sales continue to slow, their services business becomes even more critical to their financial performance. So to defend their multi-trillion dollar monopoly, they are pouring even more resources into maintaining their stranglehold over the App Store. 

We feel this acutely at Spotify. As a company that always focuses on building a simple, intuitive and seamless experience for users, Apple’s artificial constraints are stifling and we know our users deserve better. 

Recently, we launched audiobooks on Spotify and we were beyond thrilled to connect authors with millions of fans. But Apple stood in the way and our engineers were forced to create a complicated, multi-step process for audiobooks that users don’t want or deserve. It was a subpar experience, that honestly, we were embarrassed to deliver but felt bullied into. (If you want to see what we wanted to deliver vs. what we had to, check it out here.)

But that’s not all. Outside of the audiobooks issue, we can’t do the following things on Apple: 

  • Tell customers what our prices are to upgrade Premium membership options;
  • Let our customers request an email or other communication telling them about the ways they can save money; 
  • Provide our customers with different payment options beyond what Apple mandates (e.g. a credit card or PayPal, etc.); or
  • Deliver new product enhancements or introduce new features to our customers without Apple’s explicit approval. 

In many cases to get these approvals, we first have to share our proprietary strategies with Apple—our competition—and there are no restrictions on what Apple can do with that information. I don’t know about you, but I’d prefer not to be forced to share sensitive business plans with our biggest competitor, giving them insights from which they can copy, learn and gain an unfair advantage. But that’s our reality as well as many other developers who also compete with Apple. 

Apple also picks and chooses which app developers in the App Store have to pay them a 30% tax. Often, customers end up paying this extra cost. In contrast, Apple’s own apps don’t have to pay this tax (like Apple Music), and they come pre-installed on the iPhone so consumers see and pay for Apple’s apps first.

I am proud that Spotify has helped to give a voice to a growing coalition of app developers big and small who are impacted by this behavior. But when does the talking stop and action finally start?

Knowing that Apple is not just going to change on their own volition, regulators in Europe have taken up the mantle to intervene in Apple’s app store dominance. With the passing of the Digital Markets Act (DMA), Europeans may start to feel relief soon, assuming Europe delivers effective enforcement.  

In the UK, Parliament is working on the Digital Markets, Competition and Consumers bill (DMCC), which will similarly target dominant companies like Apple and ideally force them to compete more fairly. I am hopeful that it will have the impact consumers need and deserve. 

And in the US, we also see light on the horizon with Congress poised to reintroduce the Open App Markets Act – a bill that would require Apple to stop its practices that prohibit other companies from providing options for consumers to pay in a variety of ways and letting companies like Spotify talk to customers directly. The fire has also been lit in countries like Japan, South Korea, and Brazil, which are realizing that Apple has been dictating the rules for far too long. 

Someone recently asked if we could win this fight. I truly believe that regulators will make the changes needed for a better and vibrant internet. There is a lot at stake and it goes beyond music, beyond apps, beyond even the companies that exist today. This fight is about shaping the future of the internet.

This all assumes, however, that Apple will take these actions seriously and demonstrate a commitment to changing their ways and allowing for competition that they’ve long avoided. We are working closely with regulators around the world but it will take all of us to ensure real and lasting change is made. 

Visit Time To Play Fair to learn more.

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The economic roller-coaster of a small Ontario town fuelled by chocolate and cannabis - Ottawa Citizen

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Smiths Falls was once known as the province’s chocolate capital is preparing for the sweet return of Hershey’s.

“It’s like an old friend coming home after being gone for 15 years,” said Smiths Falls Mayor Shawn Pankow.

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That return is the latest in a slew of changes around a facility that has been essential to the town’s identity and economic prosperity.

For 45 years.

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Hershey’s once operated a factory in the community of around 9,000 people, which is located about 75 kilometres southwest of Ottawa.

There was an image of a chocolate bar on the water tower. School groups making field trips to the capital to see Parliament often sweetened the deal with a stop at the Hershey’s visitor centre.

The factory employed about 400 locals, including Richard Kirkwood, who worked there for 35 years.

“It was a good place to work. It paid my mortgage for 30 years,” he said, reminiscing about family barbecues, Christmas parties and track and field days organized by the company.

But that all changed in 2007 when Hershey’s outsourced the jobs to Mexico and closed shop.

Kirkwood said he was among the last to be laid off, but the suddenness of the closure left many people in the lurch. “Now I don’t have a paycheque, I’m not buying a new car, I’m not buying a new home. I’m just buying what I have to have.”

“The town was hurting,” Kirkwood said.

“We saw decline in our population, decline in our tax base, decline in revenues coming into our town,” said Pankow, who was first elected in 2010. “It left a real gap (that) took us a while to recover from.”

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The town went through an identity crisis, too.

“It’s like, who are we now if we’re not Hershey town?” Pankow said of the time.

The legalization of recreational cannabis in 2018 brought on a brief economic high after Canopy Growth Corp. moved in to 1 Hershey Drive.

Canopy, best known for its Tweed brand, is one of Canada’s largest licensed cannabis growers. Its opening initially brought tourists from all over to see the so-called cannabis capital of Canada.

Tweed hyped up its opening, hosting an event on Aug. 25, 2018, featuring one of its most famous partners: Snoop Dogg. Sean Lawrence remembers locals looking on from their porches as the rapper smoked a blunt, months before the company started selling the cannabis-infused products it was making at the factory.

“There was an awful lot of hype in the cannabis industry,” said Lawrence, now the president of Smiths Falls chamber of commerce board. “I think people felt that it was going to take off more than it actually has.”

But he said strict government regulations on legal growers have hampered the market.

In February Canopy laid off 800 employees, around 35 per cent of its workforce, and announced it would sell the factory. Tweed will still employ just over 175 people in Smiths Falls at another facility.

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It announced last month that it would sell the 700,000-square-foot facility back to its original owner for around $53 million.

That has set the stage for a reunion, but the chocolate-maker is returning to a town that is very different from the one it left.

A growth in small businesses, population and housing has made the town less dependent on a single employer, said Lawrence.

“We’ve had a real economic boom in this town,” he said.

Smiths Falls has long endured boom-and-bust cycles, going back to the 19th century.

It was an important transportation hub in eastern Ontario after the construction of the Rideau Canal. The waterway that links Ottawa and Kingston was completed in 1832.

Smiths Falls also saw the rise and fall of steam engine railway transportation. It was chosen as the regional headquarters for the Canadian Pacific Railway’s main line in 1885, and the Canadian Northern Railway built a second line through the town in 1912.

But that good fortune came to a close with the rise of diesel engines and cars, putting the brakes on the railway repair, maintenance and service business.

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After decades of decline, the town was stabilized by the opening of a centre for developmentally disabled people in 1951, which at its peak housed around 2,500 people and employed over 800.

The facility was abandoned in 2009 and was later named in a class-action lawsuit against two Ontario psychiatric institutions accused of abusing former residents. Former residents of the Rideau Regional Centre in Smiths Falls and the Huronia Regional Centre in Orillia settled the case for $32.7 million.

On a recent sunny Wednesday, the town’s heart of Beckwith Street was busy, with people stopping in at restaurants, cafes and shops.

Some of those are among the 43 new businesses that opened in 2021 and 2022, according to the municipality’s business survey.

Between 2016 and 2021 the town’s population grew by more than five per cent, and its median household income went up by nearly eight per cent. Unemployment has also lowered.

Municipal tax revenue increased by around 50 per cent over the last eight years, while the average annual tax rate hike was approximately 1.5 per cent. Its annual budget this year stands at $20.5 million.

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Pankow said more than 500 new residential units have been developed since the 2021 census data was gathered, partially thanks to the urban exodus sparked by the COVID-19 pandemic, which saw city-dwellers from Ottawa and Toronto settle into smaller communities.

Lawrence said the sale of the old chocolate factory solidifies the recent growth, and he thinks Hershey’s is back for the long term.

Though details about the company’s reopening plans are scarce at the moment, optimism for the town’s future has never been higher.

“Let’s get the town back up and running again, and let’s get the smell of chocolate back in the air,” said Kirkwood.

The Canadian Press

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