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Bank of Canada deputy warns of long lasting pandemic ‘scars’ on economy

The second-in-command at the Bank of Canada is warning that economic “scars” from the coronavirus pandemic could become permanent without concerted effort from all Canadians. The pandemic remains an important day-to-day concern for governments and policy-makers, but more discussion and preparation for the post-pandemic recovery needs to take place, said senior deputy governor Carolyn Wilkins, […]

  • November 16, 2020 January 19, 2021
  • 08:40

Former Bank of Canada governor Mark Carney joins PIMCO global advisory board

Former Bank of Canada governor Mark Carney is joining an advisory board for the Pacific Investment Management Co. PIMCO chief executive Emmanuel Roman says the California-based investment manager sought Carney for its global advisory board because of his extensive experience as an economist and central banker. The board he joins is comprised of seven members […]

  • September 17, 2020 January 20, 2021
  • 07:41

Great-West Lifeco subsidiary buys MassMutual retirement services business

Great-West Lifeco Inc. subsidiary Empower Retirement has signed an agreement to buy the retirement services business of Massachusetts Mutual Life Insurance Co. in a transaction valued at about $4.4 billion. The company says the deal will strengthen Empower’s position as the second largest player in the U.S. retirement market. The deal follows an announcement in […]

  • September 8, 2020 December 6, 2020
  • 08:52

Mark Carney to head ESG, impact investing at Brookfield

Brookfield Asset Management Inc. is appointing Mark Carney as vice-chair and head of environmental, social and governance and impact fund investing. Carney is currently the United Nations’ special envoy for climate action and finance, and was formerly governor of the Bank of Canada and the Bank of England. He has long advocated for action on climate change. Read: CPPIB and Brookfield compete […]

  • August 26, 2020 November 12, 2020
  • 15:15

Budget watchdog says wage subsidy program may cost less than predicted

Canada’s official fiscal watchdog says the federal wage subsidy program may cost $14 billion less than the government predicted. A new report by Parliamentary Budget Office analyst Ben Segel-Brown estimated subsidizing wages for companies during the COVID-19 pandemic will cost $67.9 billion through the end of December. Finance Minister Bill Morneau estimated in his July […]

  • August 14, 2020 November 11, 2020
  • 09:05

Former Starbucks Canada employee suing for unpaid OT on behalf of store managers

A former Starbucks Canada employee is suing the company for unpaid overtime for himself and other store managers. Trevor Hopman is the lead plaintiff in a proposed class action that claims Starbucks was wrong to class store managers as exempt from overtime pay for work in excess of 44 hours per week. He worked for […]

  • August 12, 2020 December 2, 2020
  • 15:24

Caisse de dépôt posts negative 2.3 per cent return in first six months of 2020

The Caisse de dépôt et placement du Québec says the economic impacts of the coronavirus pandemic resulted in posting a negative return of 2.3 per cent during the first six months of 2020. The pension fund manager’s net assets stood at $333 billion as of June 30, down from $340.1 billion as of Dec. 31, […]

  • August 10, 2020 December 6, 2020
  • 07:37

Ontario pledges help for ‘overworked,’ ‘underpaid’ personal support workers

Ontario’s overworked and underpaid personal support workers will soon be receiving government assistance, the province’s premier said Thursday as he heaped praise on a group who have been on the front lines of the fight against COVID-19 in long-term care homes. Doug Ford said recent conversations with PSWs at his mother-in-law’s long-term care home in […]

  • August 6, 2020 November 12, 2020
  • 09:00

Trudeau says feds will create EI like benefit for gig, contract workers

Prime Minister Justin Trudeau says the government plans to move out-of-work Canadians into the employment insurance system and provide parallel support for millions set to exhaust emergency pandemic aid who don’t have EI to fall back on. The $80-billion Canada Emergency Response Benefit is set to wind down over the coming weeks, with those who […]

  • July 31, 2020 November 12, 2020
  • 15:15

Most RBC, TD employees to work from home until at least 2021

Royal Bank of Canada and TD Bank Group say most of their staff will work from home until next year to further stop the spread of the coronavirus. Helena Gottschling, RBC’s chief human resources officer, said in a memo to bank staff that most employees will work from home until at least 2021. She said a very […]

  • July 30, 2020 November 12, 2020
  • 15:00