Bank of Canada ‘contingency planning’ in case public digital currency becomes necessary, official says

The Bank of Canada doesn’t currently have cause to issue a digital currency, but it can envision a future where it may need to be ready to do so, an official from the central bank suggested on Friday. Deputy governor Timothy Lane said during an event at the Federal Reserve Bank of Philadelphia that the Bank of Canada has conducted research over the past few years about whether the central bank should try to create a digital currency. “I think the conclusion when we think about it is that we…

‘Backbone of the economy’: Report highlights impact of family-owned firms

Canada’s family-owned businesses are the real “backbone of the economy,” but more information about those firms is required to help keep that foundation from cracking, says a new report from the Conference Board of Canada and the Family Enterprise Xchange Foundation. Family businesses were directly responsible for about $574.6 billion in goods and services produced in 2017, or more than 35 per cent of Canada’s real gross domestic product and 48.9 per cent of its private-sector output, says the report, to be released on Tuesday. About $191.9 billion of that…

Will Dominic Barton’s experience in China help or hurt him as Canada’s new man in Beijing?

When word of Dominic Barton’s appointment as Canada’s next ambassador to China leaked out Wednesday afternoon at the Fairmont Royal York hotel, the esteemed audience at the Toronto Global Forum gave him a standing ovation. So Barton, in “good Chinese tradition,” he said, took a bow. If Barton’s audience had cared to know a bit more about the incoming ambassador’s thoughts on Asia and China, all they needed to do was pick up the September issue of the International Economic Forum of the Americas magazine, which was readily available there.…

Quebec’s ‘very resilient’ economy has more room to run: National Bank

Montreal-based National Bank of Canada plans to continue favouring Quebec in the coming year as the province’s relatively hot economy likely has more room to run, the lender’s chief executive officer said on Wednesday. Although a resurgence in exports and oil production has helped put the overall Canadian economy “back in the saddle,” National noted in its third-quarter financial filings that Quebec’s economy has expanded eight months in a row, its best streak since at least 1997. “The Quebec economy continues to be very resilient,” CEO Louis Vachon said during…

‘The fog will not clear’: Why another volley of tariffs, or tweets, could plunge the global economy into a recession

Concerns of a global recession appear to be on the rise, but economists say it may take an additional slew of bad news — or maybe a volley of bad tweets — before output and consumer sentiment fall off a cliff. Economic data over the past few weeks has added to the anxiety. On Friday alone it was reported that the British economy contracted in the second quarter, that the International Energy Agency had noted that global oil demand growth is slowing at a rate not seen since the global…