Compiled by Glen Hallick, MarketsFarm
WINNIPEG, Nov. 4 (MarketsFarm) – The following is a glance at the news moving markets in Canada and globally.
– Canadian Minister of Finance Chrystia Freeland gave the federal government’s fall economic statement on Thursday, citing a number of measures to be taken. This included a two per cent tax on stock buybacks beginning in 2024. Among the other items were a refundable tax credit equal to 30 per cent of capital costs for green investments, making federal student and apprentice loans interest free as of April 1, as well as automatically issuing advance payments of the Canada Workers Benefit to those who qualify. Despite the cost of the measures being pegged at C$30.6 billion, Freeland said the federal deficit will drop from C$52.8 billion to C$36.4 billion.
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By Glen Hallick Glacier Farm Media | MarketsFarm – The following is a glance at the news moving markets…
– While unemployment in Canada remains at 5.2 per cent, Statistics Canada (StatCan) reported on Friday that about 108,000 jobs were added in October. The largest increases came in the manufacturing, construction, accommodation and food services sectors. Analysts predicted a much smaller uptick in new jobs at around 11,000. Also, StatCan reported that wages increased 5.6 per cent at an average of C$31.94 per hour.
– Mass layoffs began Friday at Twitter after the world’s richest person carries out plans to slash its payroll by 8,000 employees. Elon Musk ordered the cuts after taking control of the social media giant last week, claiming he’s putting it on a “healthy path” to become more profitable. After buying Twitter for US$44 billion, Musk quickly fired the board of directors and enshrined himself as the sole executive. A class action lawsuit began against Musk, alleging he failed to provide adequate notice for the layoffs.
