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.
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- Calgary-based Suncor Energy Inc. announced that its 2023 capital expenditures would be between $5.4 billion and $5.8 billion. Suncor had announced on November 2, 2022, that its 2022 full year outlook for capital expenditures was between $4.9 billion and $5.2 billion.
- Calgary-based Baytex Energy Corp. announced it had entered into a definitive agreement to acquire Ranger Oil Corporation of Texas for a total transaction value of approximately $3.4 billion, including net debt. Baytex said the transaction is expected to close late in the second quarter of 2023, subject to shareholder approval and the satisfaction of customary closing conditions.
- Vancouver-based B2Gold Corp. and Sabina Gold & Silver Corp. announced they had entered into a definitive agreement pursuant to which B2Gold had agreed to acquire all of the issued and outstanding shares of Sabina for a total equity value of approximately $1.1 billion. The companies said the transaction is expected to be completed in the second quarter of 2023, subject to shareholder and normal course regulatory approvals and the satisfaction of customary closing conditions.
- Toronto-based First Quantum Minerals Ltd. announced on February 23rd that its subsidiary, Minera Panamá S.A. (MPSA), had suspended ore processing operations at the Cobre Panamá mine. The company said MPSA would begin a partial demobilization of its workforce of over 8,000 employees and contractors.
Other news
- On February 3rd, the Government of Canada announced that it, its G7 partners, and Australia were moving forward with two price caps for seaborne Russian-origin petroleum products, which build on the Russia crude oil price cap announced on December 2, 2022. The Government said the price caps would be implemented on February 5, 2023, or very soon thereafter.
- On February 2nd, the Government of Canada announced that it intended on extending the temporary pre-boarding test requirements and arrival screening for most travellers arriving on flights originating from the People's Republic of China, Hong Kong, or Macao, regardless of nationality or vaccination status, until April 5, 2023.
- On February 7th, the Government of Canada announced an investment of $196.1 billion over 10 years, including $46.2 billion in new funding, for provinces and territories to improve health care services. The Government said the funding will be distributed partly through the Canada Health Transfer (CHT) and partly through bilateral agreements with provinces and territories.
- On February 8th, the Government of the Northwest Territories presented the 2023-24 Budget which proposes $187 million of increased spending from the last budget, including investments in health care, safe and healthy communities, childcare, and action on climate change. The Government projects a $178 million operating surplus in 2023-2024 and a real GDP contraction of 2.9% in 2023.
- On February 28th, the Government of Alberta presented Budget 2023, which included investments in jobs, health care, education, and childcare; lowering interest rates for student loans; and reducing government debt. The Government forecasts a $2.4 billion surplus in 2023-2024 and real GDP growth of 2.8%.
- On February 28th, the Government of British Columbia presented Budget 2023, which included investments in improving health and mental-health care, creating more affordable housing, growing a clean economy, and delivering more help with costs for those most affected by global inflation. The Government forecasts a $4.2 billion deficit for 2023-2024 and real GDP growth of 0.4% in 2023.
- The Government of Prince Edward Island announced it was freezing property tax for a second consecutive year and that the 2023 Property Tax Subsidy would be administered to owner-occupied residential properties across PEI that will offset increases to provincial taxes payable. The Government said that qualified households may receive subsidy of up to 10% this year to keep their taxes payable at 2021 levels.
- On February 13th, the Ontario Superior Court of Justice announced it had granted an Initial Order under the Companies' Creditor Arrangement Act to Bed Bath & Beyond (BBB) Canada Limited and that BBB Canada had commenced the proceedings in order to effect an orderly liquidation of its remaining inventory.
- Montreal-based Saputo Inc. announced additional capital investments and consolidation initiatives intended to further streamline and enhance its manufacturing footprint in its USA Sector, including construction of a new cut-and-wrap facility in Franklin, Wisconsin and permanent closure of its Big Stone, South Dakota; Green Bay, Wisconsin; and South Gate, California, facilities.
- Japan-based Mitsubishi Chemical Group announced it had determined not to make further investments in Medicago, a developer of plant-based vaccines and therapeutics, and to proceed with an orderly wind-up of its business and operations in Canada and in the United States.
- Netherlands-based Airbus announced plans to recruit more than 800 new employees in Canada in 2023, including approximately 500 for the creation of new positions. Airbus said the hires will include about 700 in Quebec.
- Smiths Falls, Ontario-based Canopy Growth Corporation announced it was exiting cannabis flower cultivation in the Company's Smiths Falls facility, ceasing the sourcing of cannabis flower from the Mirabel, Quebec facility, and moving to a third-party sourcing model for cannabis beverages. Canopy said these changes come in addition to the divestiture of Canopy Growth's Canadian retail operations, the organizational restructuring of certain corporate functions, and the closure of the Scarborough, Ontario research facility. Canopy also said it intends to close its facility in Smiths Falls in addition to reducing headcount across the business by approximately 60%.
- Boucherville, Quebec-based Uni-Select Inc., a distributor of automotive refinish and industrial coatings, and LKQ Corporation of Illinois announced they had entered into a definitive agreement for LKQ to acquire all of Uni-Select's issued and outstanding shares representing a total enterprise value of approximately $2.8 billion. The companies said the transaction is expected to close in the second half of 2023, subject to customary conditions, including the receipt of anti-trust clearances in Canada, the U.S. and the U.K., approval under the Investment Canada Act, Uni-Select shareholder approval, and court approval.
United States and other international news
- The U.S. Federal Open Market Committee (FOMC) raised the target range for the federal funds rate by 25 basis points to 4.50% to 4.75% and said it anticipates that ongoing increases in the target range will be appropriate. The last change in the target range was a 50 basis points increase in December 2022. 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 the three key ECB interest rates by 50 basis points to 3.00% (main refinancing operations), 3.25% (marginal lending facility), and 2.50% (deposit facility). The last change in these rates was a 50 basis points increase in December 2022. The ECB also said it intends to continue reinvesting, in full, the principal payments from maturing securities purchased under the Asset Purchase Program (APP) until the end of February 2023 and that subsequently, the APP portfolio will decline at €15 billion per month on average until the end of June 2023 and its subsequent pace will be determined over time.
- The Bank of England's Monetary Policy Committee (MPC) voted to increase the Bank Rate by 50 basis points to 4.0%. The last change in the Bank Rate was a 50 basis points increase in December 2022.
- The Executive Board of Sweden's Riksbank raised its repo rate by 50 basis points to 3.0%. The last change in the repo rate was a 75 basis points increase in November 2022. The Executive Board also said it had decided that the Riksbank will, with effect from April, sell government bonds to reduce asset holdings at a faster pace.
- The Reserve Bank of Australia (RBA) increased the target for the cash rate by 25 basis points to 3.35%. The last change in the target for the cash rate was a 25 basis points increase in December 2022.
- The Reserve Bank of New Zealand (RBNZ) increased the Official Cash Rate (OCR), its main policy rate, by 50 basis points to 4.75%. The last change in the OCR was a 75 basis points increase in November 2022.
- California-based Alphabet Inc. confirmed a reduction of its workforce of approximately 12,000 roles and that it expects to incur employee severance and related charges of USD $1.9 billion to USD $2.3 billion.
- California-based Meta Platforms, Inc. confirmed a layoff of approximately 11,000 employees.
Financial market news
- West Texas Intermediate crude oil closed at USD $77.05 per barrel on February 28th, down from a closing value of USD $78.87 at the end of January. Western Canadian Select crude oil traded in the USD $52 to $59 per barrel range throughout February. The Canadian dollar closed at 73.48 cents U.S. on February 28th, down from 74.91 cents U.S. at the end of January. The S&P/TSX composite index closed at 20,221.19 on February 28th, down from 20,767.38 at the end of January.