Canada

The beverage maker linked to Canada’s deadly listeria outbreak in plant-based milks last summer has filed for protection from creditors as it attempts to restructure, according to documents filed by its licensed insolvency trustee, the Globe and Mail reported. Joriki Inc., which operated a production facility in Pickering, Ont., that produced certain types of plant-based milks recalled in July, is seeking protection to restructure under the Bankruptcy and Insolvency Act.

Canadian Prime Minister Justin Trudeau has announced his resignation, telling the nation that “internal battles” mean he “cannot be the best option” in the next election, the Associated Press reported. Trudeau said Monday he has asked the president of his Liberal Party to begin the process to select a new leader. He has faced rising discontent over his leadership, and the abrupt departure of his finance minister late last year signaled growing turmoil within his government. Parliament will be suspended until March 24. It had been due to resume Jan. 27.

Business bankruptcies across Canada have risen to their highest level in 15 years, Baystreet.ca reported. The latest data from the Canadian Association of Insolvency and Restructuring Professionals shows that 1,312 companies filed for bankruptcy during the third quarter of 2024, the highest level since the 2009 financial crisis. On a yearly basis, bankruptcy filings rose in every province except New Brunswick and Newfoundland during Q3 2024. In Ontario, bankruptcy filings rose 67% year-over-year in Q3, while bankruptcy filings in Quebec increased 40%.

Canadian manufacturing activity increased at the fastest pace in nearly two years in December as inventory accumulation by U.S. clients in anticipation of trade tariffs provided a measure of support for export sales, Reuters reported. The S&P Global Canada Manufacturing Purchasing Managers' Index (PMI) rose to 52.2 in December from 52.0 in November, its highest level since February 2023 and the fourth straight month above the 50.0 no-change mark. The average for the PMI in data going back to 2010 is 52.4. A reading above 50 indicates expansion in the sector. U.S.

The Canadian economy appeared to lose its strength toward the end of this year even as the central bank cut interest rates at a rapid pace, Bloomberg News reported. Advance data suggested gross domestic product shrank 0.1% in November, the first monthly contraction this year, after 0.3% expansion a month earlier, Statistics Canada said Monday. With October’s stronger-than-expected gain and November’s decline, the industry-based data point to the economy growing at a 1.7% annualized pace in the final quarter, assuming December growth is flat.

The Canadian Parliament passed legislation last week granting priority status to produce growers and shippers for unpaid product in the event that a buyer of their fruits and vegetables files for bankruptcy, the Produce News reported. The new law, Bill C-280, is similar to the Perishable Agricultural Commodities Act trust amendment that was passed by the U.S. Congress in 1984. For the past 40 years, agricultural advocacy groups in Canada, as well as the United States, have been pushing for similar legislation with no success. In fact, in 2014 the U.S.

With year-end approaching, two iconic mountain bike brands are making big moves to stay afloat in a difficult market, SingleTracks.com reported. Yesterday, Rocky Mountain announced in a press release that it has filed for protection under the Companies’ Creditors Arrangement Act in Canada in order “to avoid business interruption as much as possible.” “Despite strong demand for its bikes during the pandemic, the Company struggled to secure supplies due to shortages and rising costs,” according to the release.

An organization that works to document what happened at a notorious residential school says it’s at risk of going bankrupt by the end of the month unless Canada makes a decision on whether it will fund the group’s work, the Canadian Press reported. The Survivors’ Secretariat, which works to uncover the truth about what happened at the Mohawk Institute, a residential school that operated in Brantford, Ont., also says the ministry of Crown-Indigenous relations is letting down survivors with the delays in processing its applications.

Price pressures in Canada unexpectedly eased in November even as core measures of consumer inflation remained sticky, leaving the door open to further interest-rate cuts in the new year but backing the central bank’s shift to a more measured approach, the Wall Street Journal reported. The consumer price index was unchanged last month, where economists expected a 0.1% advance after an acceleration to 0.4% growth the month before, Statistics Canada said Tuesday. That left annual inflation to cool slightly to 1.9% from 2% in October, where economists had expected it to remain.