December 1st Newsletter

Bank of Canada records first loss in history

The Bank of Canada lost $522 million in the third quarter of this year, marking the first loss in its 87-year history.

In the central bank’s latest quarterly financial report, it says revenue from interest on its assets did not keep pace with interest charges on deposits at the bank, which have grown amid rapidly rising interest rates.

The Bank of Canada’s aggressive interest rate hikes this year have raised the cost of interest charges it pays on settlement balances deposited in the accounts of big banks.

That’s while the income the central bank receives from government bonds it holds remains fixed.

The Bank of Canada dramatically expanded its assets during the pandemic as part of its government bond purchasing program. Also known as quantitative easing, the policy was part of the central bank’s efforts to stimulate the economy.

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Ontario offers $500,000 to Francophone entreprenuers

The Ontario government is providing $500,000 to help Francophone entrepreneurs participate in the province’s economic prosperity. The funding will support four projects and is being delivered through the Francophone Economic Development Strategy.

The Ontario government will also provide $100,000 to the Fédération des gens d’affaires francophones de l’Ontario (FGA) to ensure the continuity of its concierge services and its Quartier d’affaires and inkubo.ca portals, as well as to support the continuation of its work connecting Francophone businesses and entrepreneurs.

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