Canada

The number of Canadians filing for personal insolvency keeps on rising, another sign that high interest rates are still taking a big bite out of household finances, experts say, the Toronto Star reported. A total of 34,588 people across Canada filed for insolvency in the third quarter, a jump of 13.5 per cent over the same period a year ago, according to statistics from the Office of the Superintendent of Bankruptcy. In Ontario, there were 13,140 filings, a jump of 20.2 per cent. Business insolvencies rose 16.2 per cent over the last year nationally, and by 40.2 per cent in Ontario.

The Bank of Canada on Wednesday reduced its key benchmark rate by 50 basis points to 3.75%, its first bigger-than-usual move in more than four years, and hailed signs the country has returned to an era of low inflation, Reuters reported. The central bank, which hiked rates to a 20-year high to fight soaring prices, has now cut four times in a row since June. Inflation in September sank to 1.6%, below the 2% target. "Canadians can breathe a sigh of relief. It's a good news story," Governor Tiff Macklem said during a press conference after the rate announcement.

Laurentian University has reported a $37.9-million surplus for the financial year 2023-2024, which ended April 30, Sudbury.com reported. The university’s board of governors approved LU’s 2023-24 financial statements, audited by the financial firm BDO, at the Oct. 18 meeting. You can view these financial statements in the board package. Laurentian’s financial report for the year 2023-2024, which provides commentary on Laurentian’s financial situation, is also included.

Canadian consumer prices grew at the slowest pace in more than three years, tilting the odds in favor of a half percentage point cut by the Bank of Canada next week, Bloomberg News reported. The consumer price index rose 1.6% in September from a year ago, following a 2% increase a month earlier, Statistics Canada reported Tuesday in Ottawa. That’s slower than the median estimate of 1.8% in a Bloomberg survey of economists.

The Bank of Canada’s business and consumer surveys showed inflation expectations normalizing and few firms planning to hire or invest in the face of weak demand, Bloomberg News reported. The central bank’s business outlook indicator rose slightly to minus 2.3 in the third quarter, from minus 2.9 previously. Firms’ outlook for future sales also improved as fewer saw their orders, advanced bookings and sales inquiries decrease.

Governor Tiff Macklem announced plans to reorganize the Bank of Canada’s governance structure by adding a second outsider to its main policy-making body, expanding the number of officials involved in setting interest rates, Bloomberg News reported. The Ottawa-based central bank plans to increase the size of its governing council to seven from six by creating another external deputy governor position. Nicolas Vincent — who was the first to take one of these part-time, shorter-duration contracts — will also have his term extended to March 2026.

Bank of Canada Governor Tiff Macklem said he’s pleased inflation is back to the central bank’s 2% target but he wants to see more easing in core measures and shelter prices, Bloomberg News reported.