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Canada’s live music scene is shrinking, and with it, the stages where Canada’s next generation of artists make their debut, BNN Bloomberg reported. The latest loss is Velvet Underground, a 350-person capacity venue on Queen Street West in Toronto that announced earlier this month it will permanently close at the end of October. It joins a growing list of closures across the country, including the Dakota Tavern in Toronto, 648 Kingsway in Vancouver, Blue Dog Bar in Montreal and the Dream Cafe in St. John’s.
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Canada's government is to provide C$400 million ($287.13 million) in financial support for Algoma Steel under its large enterprise tariff relief scheme, Jobs Minister Patty Hajdu said on Monday, Reuters reported. The company has been one of the large steel enterprises worst hit by the 25% tariffs U.S. President Donald Trump slapped on Canadian imported steel, a duty he later cranked up to 50%.
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Canada's monthly gross domestic product rebounded from three months of contraction to grow by 0.2% in July as mining, manufacturing and wholesale trade boosted growth, data showed on Friday, Reuters reported. Canada's GDP had shrunk in the second quarter by 1.6% annualized and economists were closely tracking the July GDP growth figure to get an indication of whether there will be a contraction in the third quarter. Two consecutive quarters of contraction are considered a technical recession.
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Factory activity in Canada looks to have stalled, with an early estimate of sales showing a pullback in August following a recovery the previous two months, the Wall Street Journal reported. Manufacturing sales fell an estimated 1.5% from a month prior, Statistics Canada said on Wednesday. The largest declines were seen in transportation equipment and food, the data agency said. There have been signs of stability for Canadian manufacturers that have been hit hard by the sharp shift in the U.S.’s approach to trade and frequently changing import tariffs.
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