The Bank of Canada has maintained its benchmark interest rate at a solid 5%, a peak not seen in two decades since last July. This marks the fourth time in a row the rate has remained unchanged, showing a shift away from further rate increase threats. In the U.S.
The economy outpaced expectations in the last quarter of the year, achieving a full-year growth of 2.5%. The Commerce Department’s latest report also indicates a decrease in inflationary pressures. This period has also seen new social media trends, electric vehicle advancements, and approaches to employee discipline.
International Students in Canada
Recently, the Canadian government announced a temporary cap on student visas, sparking discussions about the number of international students in Canada. The choices range from over 250,000 to more than 1 million. This decision reflects a significant policy shift, impacting numerous prospective students globally.
Business and Tech Updates
In real estate, Tricon Residential Inc., a major Toronto-based landlord, is set to be acquired for a staggering US$3.5 billion. Meanwhile, TikTok’s latest craze, “loud budgeting,” is gaining traction. This trend involves being open about financial decisions, whether it’s allocating funds for luxury items or opting for more modest spending.
Electric Vehicle Industry Challenges
The transition to electric vehicles (EVs) is facing various hurdles. Challenges include Tesla’s sales growth prediction being lower than expected for 2024, Hertz selling a significant portion of its EV fleet in favor of gas-powered cars, and both Ford and General Motors revising their EV expansion plans. Contrary to these challenges, the EV market share in the U.S. is not in decline.
Controversies in Electric Vehicle Manufacturing
Northvolt’s plan to build an EV battery factory near Montreal is facing strong opposition, with protestors resorting to tactics like planting stink bombs and driving nails into trees marked for removal. This conflict highlights the growing tensions surrounding the EV industry’s environmental impact.
Bank of Canada’s Interest Rate Decision
The Bank of Canada’s decision to keep interest rates steady is influenced by core inflation rates, which have fluctuated between 2.5% and 4.5% over the past year. This decision is a crucial factor for both businesses and consumers, reflecting the bank’s response to economic conditions.
Culinary Disputes and Workplace Policies
In India, restaurant chains are embroiled in a legal battle over the origin of popular dishes like butter chicken and samosas. Additionally, Bank of America has started sending “letters of education” to employees focusing on various workplace issues.
Investment Trends: A Mixed Bag
January has been a challenging month for investors, with only one among Bitcoin, Tesla stock, oil, and gold seeing a price increase since the start of the year. This fluctuation highlights the unpredictability of investment markets.
Canadian Stock Market Trends
Over the past three decades, various industries like big banks, technology, oil producers, and railways have shown different levels of success in the Canadian stock market. These trends offer insights into the evolving landscape of Canadian business.
Netflix’s Subscriber Surge and New Streaming Deals
Netflix’s shares surged following a significant increase in subscribers. Additionally, the streaming giant has secured deals to stream diverse sporting events, from NFL games to pro wrestling, indicating its expanding content portfolio.
Conclusion: Assessing Your Business Knowledge
This overview covers the pivotal business and economic events of the week. Readers are encouraged to gauge their understanding of these developments by answering the quiz questions provided.
