Upcoming Highlights in the Canadian Business Scene
Here are five key events to keep an eye on in the Canadian business world this week:
1. ARC Resources Vote
On Tuesday, shareholders of ARC Resources Ltd. will cast their votes on a significant acquisition deal with Shell plc, valued at $22 billion, including debt. This merger will allow Shell to tap into ARC’s valuable assets located in the Montney shale region, which is known for its rich natural resources.
2. Bank of Canada Announcement
Wednesday will see the Bank of Canada publish its latest interest rate decision along with a monetary policy report. This announcement comes amidst rising annual inflation, which hit 3.2% in May, largely influenced by increasing gasoline prices. Experts anticipate that the central bank will maintain the current policy interest rate at 2.25%.
3. WestJet Flight Attendants’ Strike Vote
Also on Wednesday, WestJet flight attendants, represented by the Canadian Union of Public Employees, will conclude their strike vote. Voting began on July 8, as negotiations continue over essential topics like pay, scheduling, and work-life balance. If approved, the earliest a strike or employer lockout could happen is set for August 2.
4. Cogeco Financial Results
Cogeco Inc. and Cogeco Communications Inc. are expected to share their third-quarter financial results after the markets close on Wednesday. They will host a conference call with analysts on Thursday morning. Recently, the companies indicated they might face a hefty non-cash impairment charge of about $1.7 billion related to their telecommunications operations in the U.S.
5. Canadian Housing Market Data
This week will also bring important updates on the Canadian housing market. The Canadian Real Estate Association will release June’s home sales figures on Wednesday, while Canada Mortgage and Housing Corp. is set to reveal housing start statistics on Thursday.
Stay tuned for these developments, as they could have a significant impact on the Canadian economy and business environment.
