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
- Texas-based Chord Energy Corporation and Enerplus Corporation of Calgary announced they had entered into a definitive arrangement agreement under which Chord will combine with Enerplus for a combined company enterprise value of USD $11 billion. The companies said the transaction is expected to close by mid-year 2024, subject to customary closing conditions in the United States and Canada, as well as the approvals by Chord and Enerplus' shareholders, the approval of the Court of King's Bench of Alberta, the listing of shares of Chord's stock to be issued in the transaction on NASDAQ and regulatory clearances or approvals.
Government Budgets
- On February 22nd, the Government of British Columbia presented Budget 2024, which included investments in health care, education, climate emergency mitigation, and to help families with inflation and housing affordability. The Government forecasts a $7.9 billion deficit for 2024-2025 and real GDP growth of 0.8% in 2024 and 2.3% in 2025.
- On February 29th, the Government of Nova Scotia tabled Budget 2024-25, which included plans to index income tax brackets, the basic personal amount, and certain non-refundable tax credits to Nova Scotia's inflation rate, launch a new universal lunch program for students in public schools, as well as investments in health care, in education, to grow the skilled trades workforce, and to build new public housing units. The Government forecasts a $476.4 million deficit for 2024-2025 and real GDP growth of 1.7% in 2024 and 1.9% in 2025.
- On February 29th, the Government of Prince Edward Island presented its 2024-25 operating budget, which focuses on improving healthcare, building housing, and helping with the cost of living. The Government forecasts an $85 million deficit for 2024-2025 and real GDP growth of 4.1% in 2024 and 4.0% in 2025.
- On February 29th, the Government of Alberta presented Budget 2024, which included a plan to strengthen health care and education, build safe and supportive communities, manage the province's resources, and promote job creation. The Government forecasts a $367 million surplus for 2024-2025 and real GDP growth of 2.9% in 2024 and 3.3% in 2025.
Other news
- The Government of Canada announced on February 4th its intent to extend by an additional two years, until January 1, 2027, the existing ban on foreign ownership of Canadian housing.
- The Government of Canada announced on February 6th that it had approved a Request for Federal Assistance from the Government of Nova Scotia to help community members recover across the province from a significant winter storm. The Government said that storm that hit Atlantic Canada resulted in one of the heaviest snowfalls in Nova Scotia, particularly Cape Breton, in the past 20 years.
- Montreal-based Bell Canada Enterprises (BCE) Inc. announced a workforce restructuring initiative, reducing approximately 4,800 positions, including 750 contractors, or 9% of all BCE employees in 2024. BCE said this was its largest workforce adjustment initiative in nearly 30 years.
- Calgary-based Lynx Air announced it would cease flight operations on February 26th due to the compounding financial pressures associated with inflation, fuel costs, exchange rates, cost of capital, regulatory costs, and competitive tension in the Canadian market. Lynx said it had sought and obtained an initial order for creditor protection from the Court of King's Bench of Alberta under the Companies' Creditors Arrangement Act ("CCAA").
- Kingsey Falls, Quebec-based Cascades Inc. announced an operational realignment and optimization of its Containerboard Packaging platform and that the currently idled Trenton (Ontario) corrugated medium mill will not restart operations, while the Belleville (Ontario) and Newton (Connecticut) converting plants will be permanently closed by May 31, 2024. The company said 310 employees would be impacted.
United States and other international news
- United States President Joseph R. Biden, Jr. declared that a major disaster exists in the State of California and ordered Federal assistance to supplement state, tribal, and local recovery efforts in the areas affected by a severe storm and flooding from January 21 to January 23, 2024.
- 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 Executive Board of Sweden's Riksbank left the repo rate unchanged at 4.0%. The last change in the repo rate was a 25 basis points increase in September 2023.
- The Reserve Bank of Australia (RBA) left the cash rate target unchanged at 4.35%. The last change in the cash rate target was a 25 basis points increase in November 2023.
- The Reserve Bank of New Zealand (RBNZ) left the Official Cash Rate (OCR), its main policy rate, unchanged at 5.50%. The last change in the OCR was a 25 basis points increase in May 2023.
- Virginia-based Capital One Financial Corporation and Discover Financial Services of Illinois announced they had entered into a definitive agreement under which Capital One will acquire Discover in an all-stock transaction valued at USD $35.3 billion. The companies said the transaction is expected to close in late 2024 or early 2025, subject to satisfaction of customary closing conditions, including regulatory approvals and approval by the shareholders of each company.
- Texas-based Diamondback Energy, Inc. and Endeavor Energy Resources, L.P. announced they had entered into a definitive merger agreement under which Diamondback and Endeavor will merge in a transaction valued at approximately $26 billion, inclusive of Endeavor's net debt. Diamondback said it expects the merger to close in the fourth quarter of 2024, subject to the satisfaction of customary closing conditions, including termination or expiration of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, and approval of the transaction by the company's stockholders.
- New York-based Macy's, Inc. announced it was closing approximately 150 underproductive locations through 2026. Macy's said that approximately 15 Bloomingdale's nameplate stores and at least 30 new Bluemercury stores, along with roughly 30 Bluemercury remodels are anticipated to be opened in new and existing markets over the next three years.
Financial market news
- West Texas Intermediate crude oil closed at USD $78.26 per barrel on February 29th, up from a closing value of USD $75.85 at the end of January. Western Canadian Select crude oil traded in the USD $53 to $61 per barrel range throughout February. The Canadian dollar closed at 73.69 cents U.S. on February 29th, down from 74.64 cents U.S. at the end of January. The S&P/TSX composite index closed at 21,363.61 on February 29th, up from 21,021.88 at the end of January.