Tausi Insider

European Central Bank chief economist Philip Lane speaks during a Reuters Newsmaker event in New York, on Sept. 27, 2019. GARY HE/Reuters The European Central Bank will raise interest rates again in December and next year to fight inflation but those increases may well be smaller than the most recent ones, the bank’s chief economist Philip Lane said in an interview published on Monday. With the inflation rate in double digits, the ECB has raised interest rates by 200 basis points in just three months from record low levels, and is set to mop up some of the trillion euros pumped into the financial system in recent years. Lane suggested the next rate hike would be smaller than the record 75 basis-point-increases decided at the last two ECB meetings, but won’t be the last. “One platform for considering a very large hike, such as 75 basis points, is no longer there,” MNI quoted Lane as saying. “The more you’ve already done on a cumulative basis, that changes the pros and cons of any give...

A fast-moving conveyor moves packages to delivery trucks at an Amazon fulfillment centre in Robbinsville, N.J., on Nov. 29, 2021. MIKE SEGAR/Reuters Spending on Cyber Monday, the biggest U.S. online shopping day, may hit a record $11.6 billion, according to a report, as discounts on everything from pajamas to AirPods drive shoppers to buy even under the strain of inflation. The Adobe Analytics report is predicting Cyber Monday spending of $11.2 billion to $11.6 billion, an increase of up to 8.5% from a year earlier, as inflation-weary consumers have been putting off holiday shopping for weeks in the hopes of deep post-Thanksgiving markdowns. Adobe Analytics, which measures e-commerce by analyzing transactions at websites, has access to data covering purchases at 85% of the top 100 internet retailers in the United States. Cyber Monday sales fell 1.4% last year as retailers spread out promotional deals across weeks from as early as October to better manage inventories amid widespread p...

The Calgary Real Estate Board says the city’s November home sales dipped by more than 20 per cent since the same time last year, but 2022 is still on track to set a record. The Alberta board says last month’s sales amounted to 1,648, down 22 per cent from a year ago, but 12 per cent above the 10-year average. Despite the pullback seen over the last six months, year-to-date sales remain nearly 10 per cent above last year’s record high. The year-to-date sales growth is largely attributable to a surge in condo and row house sales. November’s sales decline was coupled with a 20 per cent drop in new listings since the same time last year and an inventory level not seen since November 2005. Meanwhile, the benchmark price rose about nine per cent to $520,200 and the average price rang in at $490,134, a less than one per cent fall from a year ago. https://www.tausiinsider.com/calgary-home-sales-down-20-in-november-year-to-date-sales-on-track-for-record-real-estate-board/?feed_id=331414...

THE QUESTION I just left my abusive husband. In our last interaction, we were both charged with DUI and assault. I am looking for employment and I was wondering how I can explain this in an interview. Am I obligated to disclose these charges to every company I apply to? THE FIRST ANSWER Samantha Lamb , partner, Jewitt McLuckie & Associates, Ottawa The answer mainly depends on two factors: the type of job you are applying for and the province you live in. For example, in Ontario, some jobs ask for a type of police record check that only lists convictions, not charges; other jobs, particularly those working with children or the elderly, require a check that lists not only convictions and charges, but potentially other interactions with the police. Only the latter type would reveal to a potential employer that you have outstanding charges. There is also no consistency in what human-rights codes say across Canada regarding what employers can ask. In Ontario, an employer can ask for r...

Shoppers navigate Yorkdale Mall in Toronto on Nov. 26, 2021. Tijana Martin/The Canadian Press Canadians saw their wealth tumble and their debt obligations rise substantially during the summer, as the Bank of Canada rapidly hiked interest rates in an attempt to bring inflation under control. Households made about $57.4-billion in debt payments during the third quarter, a record quarterly increase of 6.1 per cent, Statistics Canada said in a report on Monday. The interest portion of debt payments jumped by 17.8 per cent, also a record. Meanwhile, Canada’s household net worth – the value of all assets minus liabilities – fell by around $330-billion during the third quarter, following a record quarterly decline of more than $930-billion between April and June. Despite the swoon, the country’s current household wealth, at $15.1-trillion, remains about $2.7-trillion higher than it was at the end of 2019. The Bank of Canada and other central banks have been quickly raising interest rates as...

Global coal consumption is set to rise to an all-time high in 2022 and remain at similar levels in the next few years if stronger efforts are not made to move to a low-carbon economy, a report by the International Energy Agency (IEA) said on Friday. High gas prices following Russia’s invasion of Ukraine and consequent disruptions to supply have led some countries to turn to relatively cheaper coal this year. Heatwaves and droughts in some regions have also driven up electricity demand and reduced hydropower, while nuclear generation has also been very weak, especially in Europe, where France had to shut down nuclear reactors for maintenance. The IEA’s annual report on coal forecasts global coal use is set to rise by 1.2 per cent this year, exceeding 8 billion tonnes in a single year for the first time and a previous record set in 2013. It also predicts that coal consumption will remain flat at that level to 2025 as falls in mature markets are offset by continued strong demand in emer...

Toyota Motor Corp TOYOF reported on Monday a 1.5% rise in November global vehicle output, reaching a new record of 833,104. Domestic production slid 3.3% to 266,174 vehicles, while overseas output rose 3.8% to an all-time high of 566,930 for the month. Global sales and production in November exceeded last year’s levels due to solid demand, particularly in North America, and a recovery in parts supplies that had been impacted by COVID-19 slowdowns, Toyota said. The automaker reported earlier this month it expected to produce 700,000 vehicles in January and held to a reduced goal of 9.2 million in the year through March. Toyota had previously expected to make 9.7 million autos this fiscal year, but was forced to lower the target in November as it struggles with rising materials costs and a shortage of semiconductors. That’s still ahead of last year’s production of about 8.6 million units. https://www.tausiinsider.com/toyotas-november-global-vehicle-production-rises-1-5-to-record-8...

Morgan Stanley has promoted 184 executives to the role of managing directors this year, lower than 199 a year earlier, but list included a record proportion of women, according to a person familiar with the matter. Among the newly promoted executives, 38% of the 2023 managing directors were women, which was a record high and helped boost overall women managing directors to 24% for the Wall Street bank, the person, who asked not to be identified before the formal release of names, told Reuters. Other banks have also been promoting female executive to top ranks. Citigroup Inc in 2021 became the first Wall Street bank to make Jane Fraser its first female chief executive. Citigroup promoted over 100 women to the role of managing director, the highest ever for the bank, according to a memo seen by Reuters last month. Of U.S.-based managing directors being promoted at Morgan Stanley, 5% are Black, 2% are Hispanic and 21% are Asian, the person said. Regionally, 66% of new managing directors...

Statistics Canada says November saw the lowest number of employment insurance beneficiaries on record in 25 years. The federal agency says November marked the lowest number of people receiving EI since comparable data became available in 1997, with the exception of the summer of 2020 when the Canadian Emergency Response Benefit was in place. The unemployment rate in November was 5.1 per cent. Statistics Canada says the number of people receiving regular EI benefits that month fell in eight provinces. The agency says fewer men and women in all age groups collected regular EI benefits in November. The agency’s Labour Force Survey found the number of core-aged people who left a job involuntarily in the past 12 months was down 3.2 per cent in November compared with a year before, and down 18.6 per cent compared with November 2019 before the COVID-19 pandemic. “This decline in the number of people leaving a job involuntarily could have contributed to the historic lows in the number of peo...

Global coal consumption is set to rise to an all-time high in 2022 and remain at similar levels in the next few years if stronger efforts are not made to move to a low-carbon economy, a report by the International Energy Agency (IEA) said on Friday. High gas prices following Russia’s invasion of Ukraine and consequent disruptions to supply have led some countries to turn to relatively cheaper coal this year. Heatwaves and droughts in some regions have also driven up electricity demand and reduced hydropower, while nuclear generation has also been very weak, especially in Europe, where France had to shut down nuclear reactors for maintenance. The IEA’s annual report on coal forecasts global coal use is set to rise by 1.2 per cent this year, exceeding 8 billion tonnes in a single year for the first time and a previous record set in 2013. It also predicts that coal consumption will remain flat at that level to 2025 as falls in mature markets are offset by continued strong demand in emer...