WINNIPEG – The following is a glance at the news moving markets in Canada and globally.
– Statistics Canada estimated on Friday that Canadian retail sales increased by 0.5 per cent in December, compared to a 0.1 per cent decline in November. Despite the good news, economists still expect a technical recession during the first two quarters of this year.
– Google’s parent company Alphabet Inc. announced on Friday it plans to cut 12,000 jobs, or more than six per cent of its workforce. The company has been dealing with a slowdown in digital advertising and its cloud-computing division trails both Amazon.com Inc. and Microsoft Corp. Alphabet becomes the latest tech giant to lay off a part of its workforce, following Amazon, Twitter Inc. and Meta Platforms Inc., the parent company of Facebook.
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– After more than two decades, Netflix Inc. co-founder Reed Hastings is stepping down as co-chief executive officer of the company, handing the title to his two associates, co-CEO Ted Sarandos and Greg Peters. Hastings, who founded the company as a DVD-by-mail service, will still serve as executive chairman of the company. Netflix ended 2022 by adding 7.66 million subscribers in the final quarter of the year after introducing a cheaper ad-supported tier in November.
