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.

Laurentian University has come a long way to repairing damage to its reputation in the nearly two years since it exited insolvency restructuring in late 2022, said the university’s new president, Sudbury.com reported. Lynn Wells, who became Laurentian’s 12th president and vice-chancellor in April, spoke about the many daunting tasks she has ahead of her to a Greater Sudbury Chamber of Commerce audience on Sept. 17, as well as a meeting of Laurentian’s senate held the same day.

Canada Jetlines has appointed BDO Canada Limited as trustee of the bankrupt estate, the carrier announced, while Dentons Canada LLP will continue as the company's legal counsel, ch-aviation.com reported. Jetlines' creditors, who are owed a total of CAD11.8 million Canadian dollars, are set to have a teleconference meeting on October 1. “On September 11, 2024, Canada Jetlines Operations Ltd. filed an Assignment in Bankruptcy after finding that it would be unable to secure financing to continue with its Proposal under the Bankruptcy and Insolvency Act.