WINNIPEG – The following is a glance at the news moving markets in Canada and globally.
– The Bank of Canada (BoC) announced on Tuesday it lost C$522 million in the third quarter, the first loss in its 87-year history. The central bank’s financial report stated that interest from its own assets did not exceed interest charged on deposits at the bank, which had risen along with the BoC’s key interest rate. The income the bank receives from government bonds remains fixed. BoC governor Tiff Macklem said the loss will not affect monetary policy at the bank.
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– Royal Bank of Canada (RBC) reported on Wednesday a fourth-quarter profit of C$3.88 billion, mostly unchanged from the C$3.89 billion reported in the fourth quarter of 2021. The bank says it will pay a quarterly dividend of C$1.32 per share, an increase of four cents. Revenue increased by C$190 million year-by-year to C$12.57 billion. On the same day, National Bank of Canada earned C$738 million during the fourth quarter, down from C$769 million last year. Its revenue increased by C$120 million to C$2.33 billion and the bank’s quarterly payment to shareholders will increase five cents to 97 cents per share.
– The latest release from 2021 Census data from Statistics Canada (StatCan) on Wednesday showed that the country leads the G7 in having the most educated workforce. The data agency said nearly one in four Canadian workers aged 25 to 64 had a college certificate, diploma or similar credential in 2021 and almost one-third of the working-age population reported having a Bachelor’s degree or higher.
