WINNIPEG – The following is a glance at the news moving markets in Canada and globally.
– On Wednesday, the Bank of Canada (BoC) released the deliberation notes behind its last key interest rate hike last month. The bank’s six-person Governing Council, which includes BoC Governor Tiff Macklem, met five times starting on Jan. 18 before deciding to raise the key interest rate 25 basis points to 4.5 per cent. The summary showed that the council considered holding the rate steady to see what the effect would be, but instead decided on the rate hike due to a tight labour market and stronger-than-expected economic growth in the third and fourth quarters of 2022. The notes’ release is an effort to increase transparency towards Canadians, according to the BoC.
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– North Korean leader Kim Jong Un hosted a military parade in the capital of Pyongyang on Wednesday with his 10-year-old daughter Kim Ju Ae in tow, showing off some of his country’s nuclear arsenal. One of the dozen intercontinental ballistic missiles (ICBMs) in the parade was new and could be tested in the coming months. The parade marked the 75th anniversary of the founding of North Korea’s army.
– The Walt Disney Company announced a restructuring on Wednesday, cutting 7,000 jobs in an effort to save US$5.5 billion in costs. The layoffs represent approximately 3.6 per cent of the company’s workforce. Disney earlier reported its first quarterly decrease in subscribers for its Disney+ streaming service, which lost more than US$1 billion. The company said it plans to cut US$2.5 billion from sales and general administrative expenses and save another US$3 billion by reducing non-sports content.
