Canada’s Banking Sector Needs Increased Competition, Bank of Canada Official Says

The Bank of Canada’s No. 2 official endorsed a competition shakeup in the highly concentrated financial-services industry, saying the country’s banking sector is an oligopoly and changes could help lift Canada’s prolonged productivity slump, the Wall Street Journal reported. Carolyn Rogers, the central bank’s senior deputy governor, on Thursday said Canadian authorities have done a stellar job in regulating banks by ensuring they have enough capital to survive shocks such as the 2008-09 financial crisis and the Covid-19 pandemic.
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Canadian Premiers Remain Divided on Tariff Response as Carney Leaves U.S. Without Deal

Premiers remain at odds over how best to respond to U.S. tariffs, a day after Prime Minister Mark Carney left a meeting in Washington without announcing any breakthroughs on a deal, BNN Bloomberg reported. Speaking at a conference in Toronto hosted by BMO and Eurasia Group, Ontario Premier Doug Ford said that he remains prepared to cut off shipments of energy, minerals and other exports if the U.S. doesn’t relent on tariffs. Alberta Premier Danielle Smith, also speaking at the U.S.-Canada Summit, said she still doesn’t support halting shipments south.
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Canadians Face Tough Decisions as Financial Strain Deepens

According to the latest MNP Consumer Debt Index data, Canadians' financial vulnerability is intensifying as persistent economic uncertainty, concerns about borrowing costs, and employment anxiety weigh on household confidence. Three in ten Canadians say that they have reduced their utility consumption, while a quarter report eating less to save money. The Index dropped two points to 86 this quarter -- its lowest September reading since 2023. Read more.
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Carney to Meet Trump Next Week as New Tariffs Hit Canada’s Economy

Prime Minister Mark Carney is set to head to Washington early next week to meet with U.S. President Donald Trump – his second visit since becoming prime minister, BNN Bloomberg reported. Carney will leave for Washington on Monday evening and will meet with Trump on Tuesday, in what the Prime Minister’s Office (PMO) is describing as a “working visit and meeting.” Foreign Affairs Minister Anita Anand, Industry Minister Melanie Joly and Canada-U.S. Trade Minister Dominic LeBlanc will accompany Carney.
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A Wave of Venue Closures Fears for Canada’s Live Music Scene

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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