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 Suncor Energy Inc. announced it had agreed to purchase France-based TotalEnergies' Canadian operations through the acquisition of TotalEnergies EP Canada Ltd. for cash consideration of $5.5 billion. Suncor said the transaction is anticipated to close in the third quarter of 2023, subject to waiver of the right of first refusal on the Surmont working interest and other customary closing conditions, including receipt of all regulatory approvals.
- West Fraser Timber Co. Ltd. announced in February a planned curtailment of operations for a month beginning in mid-April at Cariboo Pulp & Paper located in Quesnel, British Columbia. West Fraser said the decision is the result of the decline in availability of sawmill residuals.
Manufacturing
- Germany-based Volkswagen Group announced that its battery company PowerCo SE's planned investment of up to $7.0 billion until 2030 to build a gigafactory in St. Thomas, Ontario planned to begin construction in 2024 with production projected to begin in 2027. The company said the factory will potentially create up to 3,000 skilled jobs and thousands more indirect jobs in the region.
- Kingsey Falls, Quebec-based Cascades Inc. announced a repositioning of its Tissue Papers platform and that beginning in July 2023 it will progressively close its plants in Barnwell, South Carolina, and Scappoose, Oregon, as well as the virgin paper tissue machine at its St. Helens plant in Oregon. The company said about 300 employees will be affected.
Minimum wage
- The federal minimum wage increased from $15.55 to $16.65 per hour on April 1st.
- Newfoundland and Labrador's minimum wage increased from $13.70 to $14.50 per hour on April 1st.
- Nova Scotia's minimum wage increased from $13.60 to $14.50 per hour on April 1st.
- New Brunswick's minimum wage increased from $13.75 to $14.75 per hour on April 1st.
- Manitoba's minimum wage increased from $13.50 to $14.15 per hour on April 1st.
- Yukon's minimum wage increased from $15.70 to $16.77 per hour on April 1st.
Other news
- The Bank of Canada held its target for the overnight rate at 4.50%. The last change in the target for the overnight rate was a 25 basis points increase in January 2023. The bank said it is also continuing its policy of quantitative tightening.
- The Government of Canada announced it had decided that the Roberts Bank Terminal 2 Project, a port expansion project proposed by the Vancouver Fraser Port Authority, can proceed subject to 370 legally binding conditions to protect the environment, including to prevent harm to local species.
- The Public Service Alliance of Canada (PSAC) announced on April 18th that more than 155,000 members working for Treasury Board and Canada Revenue Agency would begin strike action effective April 19th. On May 1st, PSAC announced it had reached tentative agreements for more than 120,000 Treasury Board workers.
- Toronto-based Brookfield Infrastructure Partners L.P., through its subsidiary Brookfield Infrastructure Corporation, and Triton International Limited of Bermuda, an owner and lessor of intermodal containers, announced a definitive agreement for Triton to be acquired in a cash and stock transaction for a total enterprise value of approximately USD $13.3 billion. Brookfield said the transaction is expected to close in the fourth quarter of 2023, subject to customary closing conditions, including approval by Triton's shareholders and receipt of required regulatory approvals.
- Toronto-based Rogers Communications Inc. announced it had completed its merger with Shaw Communications Inc. of Calgary.
- United Kingdom-based GSK plc and BELLUS Health Inc. of Laval, Quebec announced they had entered into an agreement under which GSK will acquire BELLUS for an approximate total equity value of USD $2.0 billion. The companies said the transaction is expected to close in the third quarter of 2023 or earlier, subject to shareholder and regulatory approvals.
United States and other international news
- 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 3.60%. The last change in the target for the cash rate was a 25 basis points increase in March 2023.
- The Reserve Bank of New Zealand (RBNZ) increased the Official Cash Rate (OCR), its main policy rate, by 50 basis points to 5.25%. The last change in the OCR was a 50 basis points increase in February 2023.
- The Executive Board of Sweden's Riksbank raised its repo rate by 50 basis points to 3.5%. The last change in the repo rate was a 50 basis points increase in February 2023.
- The Organization of the Petroleum Exporting Countries (OPEC) announced on April 3rd that voluntary production adjustments by select members, in addition to the announced voluntary adjustment by the Russian Federation, will bring total production adjustments to 1.66 million barrels of oil per day starting in May until the end of 2023.
- New Jersey-based Merck & Co. and Prometheus Biosciences, Inc. of California announced they had entered into a definitive agreement under which Merck, through a subsidiary, had agreed to acquire Prometheus for a total equity value of approximately USD $10.8 billion. The companies said the transaction is expected to close in the third quarter of 2023, subject to Prometheus shareholder approval, the expiration of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act, and other customary conditions.
- New Jersey-based Bed Bath & Beyond Inc. announced that it and certain of its subsidiaries had filed voluntary petitions for relief under Chapter 11 of the U.S. Bankruptcy Code to implement an orderly wind down of its businesses while conducting a limited marketing process to solicit interest in one or more sales of some or all of its assets. The Company said it had received a commitment of approximately USD $240 million in debtor-in-possession financing and that its 360 Bed Bath & Beyond and 120 buybuy BABY stores and websites will remain open and continue serving customers as the company begins its efforts to effectuate the closure of its retail locations.
- Minnesota-based 3M announced it was taking restructuring actions that will impact approximately 6,000 positions globally, in addition to the reduction of 2,500 global manufacturing roles announced in January 2023. 3M said it expects total pre-tax charges of USD $700 million to USD $900 million inclusive of previous actions announced in January 2023.
Financial market news
- West Texas Intermediate crude oil closed at USD $76.78 per barrel on April 28th, up from a closing value of USD $75.67 at the end of March. Western Canadian Select crude oil traded in the USD $53 to $63 per barrel range throughout April. The Canadian dollar closed at 73.65 cents U.S. on April 28th, down from 73.89 cents U.S. at the end of March. The S&P/TSX composite index closed at 20,636.54 on April 28th, up from 20,099.89 at the end of March.