Global Markets: Canada’s economy grows in January

WINNIPEG – The following is a glance at the news moving markets in Canada and globally.

– Statistics Canada released data on Wednesday showing that Canada’s gross domestic product (GDP) increased by 0.7 per cent in January, compared to 0.1 per cent growth in December. Statistics Canada had previously estimated 0.5 per cent growth in January. It is the ninth consecutive monthly increase for Canada’s economy, but still three per cent below the level reported for February 2020.

– In an interview with Bloomberg on Tuesday, Canada’s Innovation Minister Francois-Philippe Champagne said that Rogers Communications Inc.’s proposed takeover of Shaw Communications Inc. creates “very serious” competitive issues as it awaits approval from officials. “Affordability, competition and innovation are key when it comes to the telecoms sector,” Champagne said. “Obviously that proposed transaction will be reviewed with these lenses to make sure that Canadians will have access to affordable and competitive prices when it comes to telecoms, and that we also foster innovation in that sector.” The transaction was announced on March 15 and may be approved with stipulations by next year.

– Later today at an event in Pittsburgh, United States President Joe Biden will announce a US$2 trillion package investing in infrastructure, climate change mitigation and elder care. The plan would also increase the corporate tax rate from 21 to 28 per cent and close loopholes allowing American companies to shift profits to other countries.

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