Latest news with #Economics
CTV News
13 hours ago
- Business
- CTV News
Federal policy bill brings hope in challenging economic times: expert
Michael Dobner, National Leader of Economics & Policy Practice at PwC Canada, joins BNN Bloomberg to discuss the outlook for M&A activity in Canada. Sorry, we're having trouble with this video. Please try again later. [5006/404] An economic and policy analyst is hopeful proposed legislation from the federal government will aid companies amidst global uncertainty and a cooling domestic outlook. Michael Dobner, national leader of economics and policy practice for PwC Canada predicts there could be a pickup in mergers and acquisition activity in 2026, particularly if Ottawa passes Bill C-5 aimed at faster project approvals. 'We are optimistic because we are hearing good signals from the federal government,' said Dobner. 'Bill C-5 is suggesting that the government is very serious about moving projects much faster.' A report from PwC Canada states Canadian companies announced 1,068 deals totaling $227 billion. However, the report notes a decline in inbound and locally sourced deals in Canada due to persistent uncertainty from U.S. President Donald Trumps tariffs. PwC's baseline projection for Canadian GDP growth in 2025 remains below one per cent. Bill C-5, the One Canadian Economy Act, establishes a statutory framework to remove federal barriers to the interprovincial trade of goods and services and to improve labour mobility within Canada. It aims to fast-track major projects deemed of national interest. 'We will see probably more investment starts to come in, especially if the signals from the government are continuing to show that it's serious and it's overcoming all the difficulties that it may face in trying to transform the Canadian government,' said Dobner. The firms note the bill is part of a suite of policy priorities shaping Canada's new vision. It states key priorities such as streamlined regulations, large-scale infrastructure projects, increased investment in defence and Arctic development, the removal of interprovincial trade barriers, fast-tracked integration of artificial intelligence and a changed immigration system to focus on attracting highly skilled individuals will address Canada's productivity and competitiveness challenges. 'The government has an agenda for housing, especially modular housing,' said Dobner. 'Let's not forget the defence sector, which is going to benefit from a big boost. So those are areas that we are seeing definitely a potential for further investments in 2026.' The report notes that if early policy actions are interpreted by market players as genuine, practical and decisive, PwC Canada suggests that meaningful improvements in Canada's economic outlook could begin as early as 2026. Dobner expects increased investment in mining, infrastructure, housing, and defence. 'We have seen critical minerals, which we think is a big catalyst for the Canadian economy, being a key central point in the G7 discussion, as well as the discussion or negotiation between the U.S. and Canada,' said Dobner. 'On the basis of the government showing seriousness and giving good signals, and the fact that our allies are coalescing around critical minerals, defence and AI, we are more optimistic about what would happen in 2026.' He acknowledged concerns that projects will be rushed. The Chiefs of Ontario are concerned it would undermine Indigenous rights and environmental protections. 'We are in an economic emergency,' said Dobner. 'I'm not putting out a political view, but from an economic standpoint, it may make sense.' While the report highlights good reason for cautious optimism, it notes that the global environment remains unpredictable. Potential global crises, financial crisis from a weakening U.S. dollar, or disruption of entire sectors by emerging technologies.
Daily Mail
2 days ago
- Business
- Daily Mail
Early Fed chief nomination could rattle markets
Published: Updated: Trump has said he will soon name the next head of the Federal Reserve chief in a move that could rattle financial markets. Such a move would be highly controversial since there is nearly a year left in current chairman Jerome Powell's term. The independence of the Fed — which sets benchmark interest rates that influence everything from mortgage costs to stock prices — is seen by Wall Street as vital for market stability. An early pick could create a 'shadow' chair alongside Powell, blurring the Fed's message and direction. 'It's coming out very soon,' Trump said of his nomination earlier this month. Confusion about what those might be could upend market Markets respond not just to official Fed decisions, but also to hints about future moves — meaning mixed signals could cause turmoil. 'You're going to have two people trying to steer the ship: One that's actually steering it, and one that's the backseat driver,' Ryan Sweet, chief US economist at Oxford Economics told Reuters. Trump has long criticized Powell for not cutting interest rates aggressively enough, even threatening to fire him during his presidency. While the president has since reneged on that threat , Wall Street has been unnerved by the President's willingness to push the boundaries of the Fed's independence from the White House. A new Fed chair seen as under Trump's influence would also concern Wall Street. 'Whomever is appointed, the key thing to monitor is whether they are perceived as being a political appointee,' Eric Winograd, chief U.S. economist at AllianceBernstein told Reuters. 'And by that, I mean someone whose views change with the whims of the president.' Callie Cox, chief market strategist at Ritholtz Wealth Management agreed that the next Fed chair will be crucial. 'Any Wall Street manager would tell you that Fed independence is the golden rule of markets,' Cox told the publication. 'To move away from that can introduce a whole host of issues.' A wildcard choice for the next chair could also discombobulate the markets. The top candidates are currently White House economic adviser Kevin Hassett; former Fed Governor Kevin Warsh; former Fed board nominee Judy Shelton and Treasury Secretary Scott Bessent, according to Polymarket. The Fed's 'dual mandate' is to keep inflation low while maintaining a healthy labor market. Economists have warned that Trump's tariffs will raise prices , something that will require interest rates to stay elevated. However, a slowdown in the job market will pressure the central bank's monetary policymaking committee to make a cut.
Wall Street Journal
2 days ago
- Business
- Wall Street Journal
How to Watch Fed Chair Jerome Powell's Press Conference
The Federal Reserve's interest-rate decision is due at the top of the hour. Chair Jerome Powell will hold a news conference at 2:30 p.m. You can watch it live here:
Bloomberg
2 days ago
- Business
- Bloomberg
Dartmouth's Blanchflower on Rate Cuts, US-UK Deal
Dartmouth College Professor: Economics David Blanchflower discusses whether the Fed will cut rates, discussess the meeting between President Trump and British Prime Minister Keir Starmer, and the US trade deal was a win for the UK. He speaks with Scarlet Fu on "Bloomberg Markets." (Source: Bloomberg)
Malaysian Reserve
13-06-2025
- Business
- Malaysian Reserve
Chicago Economy Infused with Record $683 Million Impact from 2024 Bank of America Chicago Marathon
Independent Study Shows Marathon's Impact Increased 22%; Surge in Tourism and Job Creation CHICAGO, June 12, 2025 /PRNewswire/ — The 2024 Bank of America Chicago Marathon contributed a record-breaking $683 million (PDF) to the Chicago Metropolitan Area economy, according to an independent study conducted by Jones & Associates Economics. The race continues to grow year-over-year and drives economic success for the city, with a 22% increase in total economic impact over 2023. The increased national and global prominence of the race boosted economic impact, as nearly 53,000 participants toed the start line on race day. Out of state participation to race and cheer on runners more than doubled in 2024, with a 130% increase in participants and visitors from the United States outside of Illinois and the Midwest since 2023. More visitors in town led to greater spending on accommodations, food, retail and transportation. The tourism industry saw more than $177 million in economic activity as a direct result of the 2024 race. 'Reaching nearly $700 million in impact in 2024, the Bank of America Chicago Marathon is one of Chicago's most vital events to bolster tourism and showcase our great city to the world,' said Kristen Reynolds, President and CEO of Choose Chicago. 'The marathon brings together the Chicago community in a powerful and unique way, combining incredible economic impact with an unmatched energy that reaches all neighborhoods along the race route. We look forward to the opportunity to continue to support this great race each fall.' In 2024, the race supported 4,589 full-time jobs, a 24% increase over the employment impact of the 2023 marathon. These jobs created $229 million in wages and salary income, further highlighting the significance of the race for the people of Chicagoland. 'Each year, we are amazed by all the visitors and residents who pour into our community to generate impact for Chicago,' said Rita Cook, President, Bank of America Chicago. 'On behalf of BofA, we'd like to thank the dedicated runners who raised a record-breaking $36 million to support worldwide charities close to their hearts, the selfless volunteers who managed the event, the millions of spectators who cheered along the race route, and the countless residents, businesses and organizations who created a welcoming and cordial environment for all to enjoy.' 'From elite runners setting world records to a global community of enthusiastic spectators in one of our country's most vibrant cities, the Bank of America Chicago Marathon continues to raise the bar in endurance competition,' said Carey Pinkowski, Executive Race Director, Bank of America Chicago Marathon. 'While the economic benefits of race weekend are immense, the true essence of the marathon lies in the enduring community and competitive atmosphere it creates. We are grateful for the tireless dedication of countless teammates who brought last year's race to life, and we are eager to witness athletes push themselves to new limits this year.' Global partnerships and events, including the Chicago and Boston Marathons, provide opportunities for Bank of America to connect with endurance athletes and millions of sports fans, raise meaningful funds, and bring significant economic benefits to the communities in which we live, work and support. This economic success is felt across the country, as the iconic races in Chicago and Boston totaled nearly $1.2 billion in combined economic impact in 2024. The 47th Bank of America Chicago Marathon kicks off Sunday, October 12, at Grant Park. For more information about race details and how to get involved, please visit Bank of America Chicago MarathonIn its 47th year on Sunday, October 12, 2025, the Bank of America Chicago Marathon will welcome thousands of participants from more than 100 countries and all 50 states, including a world-class professional athlete field, top regional and Masters runners, race veterans, debut marathoners and charity participants. The race's iconic course takes participants through 29 vibrant neighborhoods on an architectural and cultural tour of Chicago. Annually, more than a million spectators line the streets cheering on tens of thousands of participants from the start line to the final stretch down Columbus Drive. As a result of the race's national and international draw, the Chicago Marathon assists in raising millions of dollars for a variety of charitable causes while generating over $683 million in annual economic impact to its host city. The 2025 Bank of America Chicago Marathon, a member of the Abbott World Marathon Majors, will start and finish in Grant Park beginning at 7:30 a.m. on Sunday, October 12. In advance of the race, a three-day Abbott Health & Fitness Expo will be held at McCormick Place Convention Center on Thursday, October 9, Friday, October 10, and Saturday, October 11. For more information about the event and how to get involved, go to Bank of AmericaBank of America is one of the world's leading financial institutions, serving individual consumers, small and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving approximately 69 million consumer and small business clients with approximately 3,700 retail financial centers, approximately 15,000 ATMs (automated teller machines) and award-winning digital banking with approximately 59 million verified digital users. Bank of America is a global leader in wealth management, corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to approximately 4 million small business households through a suite of innovative, easy-to-use online products and services. The company serves clients through operations across the United States, its territories and more than 35 countries. Bank of America Corporation stock is listed on the New York Stock Exchange (NYSE: BAC). For more Bank of America news, including dividend announcements and other important information, visit the Bank of America newsroom and register for news email alerts. Reporters May Contact: Diane Wagner, Bank of AmericaPhone:
