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A ‘Now Hiring’ sign is displayed on a business in Montreal.Christinne Muschi/The Canadian Press
Getting caught up on a week that got away? Here’s your weekly digest of the Globe’s most essential business and investing stories, with insights and analysis from the pros, stock tips, portfolio strategies and more.
Canada’s job growth stalls in December, while wages accelerate
Canada’s economy added far fewer jobs than expected in December as employers pulled back on hiring as part of a broader slowdown in the economy. The country added just 100 positions in December while the unemployment rate held steady at 5.8 per cent, Statistics Canada reported on Friday. Economists were expecting employers to add around 13,500 jobs last month, according to a Reuters poll. Mark Rendell also reports that wages continued to grow quickly. Permanent employees’ wages increased to 5.4 per cent from 4.8 per cent in November – the fastest pace in three years.
How economic reconciliation is tied up in Ontario’s Ring of Fire
For a First Nations community in northern Ontario, economic reconciliation is tied up in the Ring of Fire. Niall McGee reports that the effects of colonialism and isolation have made life hard for many in the remote community: Housing is scarce, poverty is widespread, and a boil-water advisory has been in effect for 18 years. The First Nations, however, hopes to move past more than 100 years of subjugation as it opens the door to critical minerals development by massive international companies and a life-changing, all-season road. Read more from the latest piece in our Mission Critical series.
Global shipping rates spike on Red Sea attacks
In recent weeks, global shipping rates have spiked drastically due to attacks by Yemen militants on commercial ships transiting the Red Sea. Mark Rendell reports that Freightos Baltic Global Container Index, which captures spot prices for 40-foot shipping containers on 12 routes, has nearly doubled in the past two weeks – from around US$1,300 in mid-December to just shy of US$2,600. Shipping companies have been rerouting their vessels, but the longer travel distance and higher fuel costs are pushing up freight rates, and stoking concerns about inflation. Get a closer look in this week’s Decoder.
CEOs don’t retire anymore – they ‘step down’ and become executive chair. Why?
More CEOs are increasingly announcing that they’re retiring or “stepping down” to become executive chairs. Why? The often vague position gives them the opportunity to continue overseeing strategy, and sometimes day-to-day operations, even though a new chief executive has been appointed. It might even be a way for a founder to retain heavy input, or to help transition a new leader for a period of time. For example, long-time Teck Resources CEO Don Lindsay became executive vice-chair for a period of time after “retiring” while Jonathan Price got comfortable in the CEO role. Tim Kiladze reports on the new trend in the corporate world.
Lightspeed founder Dax Dasilva earns degree 24 years after dropping out of UBC
Dax Dasilva, the founder of Lightspeed Commerce Inc., celebrated a milestone this week – he finally earned his university degree from the University of British Columbia after dropping out in 1999. As Sean Silcoff reports, graduating was one of Mr. Dasilva’s goals after retiring as chief executive officer in 2022 despite “school dropout” being a badge of honour among tech founders (including Bill Gates, Mark Zuckerberg, Tobi Lütke and Steve Jobs). “I felt if I finished my degree, I would jinx myself, so I kind of prescribed to the dropout thing, too. But underneath I was like, ‘Six credits, come on Dax.’ When I transitioned to chair I said, ‘This degree deserves to be completed,’” he said in an interview with The Globe and Mail.
Why some are leaving Canada for more affordable countries
Some Canadians are making the difficult decision to move to more affordable countries amid the country’s affordability crisis. The high cost of housing and other essentials such as food are among the factors prompting people to seek to live somewhere where their money goes further. Saira Peesker spoke to a couple who moved to Portugal, where the housing, food and cellphone service costs were much lower: “I am very much looking forward to being able to try new things, set different priorities, and hopefully not feel like all I’m doing, day in and day out, is working and paying bills.”
Now that you’re all caught up, test your knowledge with our weekly business and investing news quiz and prepare for the week ahead with the Globe’s investing calendar.
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