Five things to watch for in Canadian businessAugust 28, 2016 5:27pm
TORONTO – Five things to watch this week in Canadian business:
Energy East: The National Energy Board resumes hearings into the proposed Energy East Pipeline on Monday in Montreal, where the project has stirred much outcry. Among the harshest critics of the pipeline is Mayor Denis Coderre, the first person scheduled to speak before the regulatory panel.
Little Trouble in Big China? Prime Minister Justin Trudeau heads to Beijing beginning Monday for a week-long visit to China, where concerns are rising that a dispute over canola could overshadow efforts to build economic ties. The Chinese government has given Canada until Thursday to cut the level of foreign material — such as other plants and weed seeds — found in canola exports to China. Canada’s canola industry says the squabble poses a threat to producers here.
Retail earnings: A smattering of retail industry earnings come out this week. Alimentation Couche-Tard, vying to become the largest convenience store operator in Canada and the U.S., reports Tuesday. Lululemon and Dollarama are out with their results Thursday.
Big Banks: The last of Canada’s big banks will release their third-quarter results next week, with Scotiabank reporting Tuesday and National Bank the following day. Profits are up for the banks that have reported so far, despite worries over bad loans to companies in the oilpatch. But one sector becoming of increasing concern? Real estate.
GDP: Statistics Canada releases GDP figures for the second quarter on Wednesday. All expectations are it will contain bad news, as the three-month period from April to June encompasses the wildfires in Fort McMurray, Alta., which forced the suspension of several oilsands operations. In May, the economy registered an economic contraction of 0.6 per cent — its worst one-month showing since the recession seven years ago.