Category: 3. Business

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The traditional market “Santa rally” — a seasonal phenomenon in which stocks often rally through November and December — has been conspicuous by its absence this year, as fears about massive spending on infrastructure by highly valued artificial intelligence companies have weighed on investors’ minds.

“December is often synonymous with buoyant equities,” wrote analysts at Bank of America. “But this year’s backdrop is anything but ordinary. From AI-driven volatility to shifting Fed expectations . . . investors are navigating a landscape where traditional year-end patterns could be challenged.”

On average, since 1928, the S&P 500 has risen 4 per cent between October 28 and New Year’s Eve, Deutsche Bank analysis showed. This year, both the S&P 500 and the tech-heavy Nasdaq Composite are in negative territory in that period so far.

Earnings from Oracle and Broadcom, both of which fell short of analysts’ lofty expectations, were the catalysts for the most recent market wobbles. Oracle’s share price has fallen about 45 per cent from its September peak and, in a sign of contagion, Nvidia is down about 15 per cent since the start of November.

But despite the recent jitters, global equity markets have still logged double-digit gains this year.

Mislav Matejka, head of global and European equity strategy at JPMorgan, suggested that investors might “square positions and reduce directional risk into the end of the year” to lock in their 2025 gains. “You don’t have a tailwind in the very near term,” he suggested.

While a full reversal of recent losses may be off the cards, the final trading sessions of the year are unlikely to do damage to a very strong year for markets. Emily Herbert

How much did US growth slow in the third quarter?

Investors will get a final pre-Christmas reading on the health of the world’s largest economy this week, and Tuesday’s GDP data is expected to paint a buoyant picture despite growth slowing.

Economists polled by Reuters forecast that output expanded at an annualised rate of 3.2 per cent in the third quarter, easing from 3.8 per cent in the previous three months but comfortably ahead of the 2.3 per cent pace recorded a year earlier. If realised, the data would reinforce the view that the US economy continues to outperform its peers even as growth moderates.

The release has been delayed by the federal government shutdown earlier this year, which also caused the Bureau of Economic Analysis to scrap its customary advance estimate for the third quarter. Instead, it will publish a combined first and second estimate, heightening recent uncertainty about official data.

Much of the third quarter’s momentum is expected to have come from capital spending linked to the artificial intelligence boom, particularly investment in data centres and computing equipment. Matthew Martin, senior US economist at Oxford Economics, estimates that such investment has added roughly $60bn to real GDP over the past two years and said this week that “this is only likely to grow”. Investors will be keen to assess how concentrated that strength has been, and whether it reflects a broader uplift in business investment.

Household consumption will be another focal point. Consumer spending has remained resilient despite elevated interest rates and early signs of cooling in the labour market, providing a crucial buffer against slowing growth elsewhere. Investors will look closely at whether services spending continued to offset weakness in goods demand as households adjusted to tighter financial conditions.

Yet confidence in the data itself may be fragile. Restrictions placed on the Bureau of Labor Statistics during the government shutdown have already raised doubts about recent economic releases. Markets barely reacted to data this week showing a sharp slowdown in consumer price inflation, with investors discounting figures compiled amid gaps in survey collection — a scepticism that may also colour the reception of next week’s GDP report. Kate Duguid

Is Australia moving closer to a rate rise?

When the Reserve Bank of Australia decided earlier this month to leave its policy interest rate unchanged at 3.6 per cent, it also signalled a “more broadly based pick-up in inflation”, intensifying speculation that its next move would be to raise rates, after three cuts this year.

Traders are ascribing a roughly 25 per cent chance to the RBA’s first rise coming in February, according to levels implied by derivatives markets. The minutes of the December meeting, to be released on Tuesday, will be pored over by investors for anything that supports or contradicts that view.

Australia has been one example, along with Canada and others, where global rates traders have moved to call the end of the rate-cutting cycle, prompted by stubborn inflation and stronger than expected economic data.

RBA governor Michele Bullock said on the day of the December decision that the rate-setting board would “do what it thinks it needs to do” to get inflation back to the 2.5 per cent midpoint of its target range. Inflation was running at 3.8 per cent in October.

“We expect the minutes to contain information on what the board would need to see to produce a rate hike,” said analysts at Citi. The minutes will also be closely watched by rate-setters elsewhere, for whom Australia might be a sign of things to come. Ian Smith

This First Person article is the experience of Itrat Anwar, a newcomer from Bangladesh who now calls Steinbach, Man., his home. For more information about CBC’s First Person stories, please see this FAQ. You can read more First Person articles here.

This Christmas, we hold each other close, thankful for the life we’ve built here in Canada. It’s a season of warmth, joy and togetherness, a time for family. 

But for us, Christmas brings a deep sense of longing. This will be the fourth year we’ve spent it far from our parents, separated by thousands of kilometres.

We long for them to feel the warmth of their grandchildren’s embrace, not just through a screen, but in person. There’s still an empty seat at our table. 

We’re surrounded by friends who feel like family and we remind ourselves often: We are lucky. 

But even gratitude can’t silence some kinds of longing.

We laughed, we cried, we waved at the screen and pretended we were there.– Itrat Anwar

My wife, Halyna, lost her mother the same month the Russian invasion of Ukraine began, while she was pregnant. The grief, the fear, the constant air raid alarms — it was more than any heart should have to bear. 

After days filled with uncertainty and danger, she finally escaped the war with a harrowing train journey, desperately seeking safety. 

Halyna says those days were the most terrifying of her life, and she still has nightmares. She believes only those who’ve lived through it can truly understand the depth of that fear.

It was during this difficult time that Halyna met my parents for the first time in Bangladesh. Despite the heavy sorrow she was carrying, a bond quickly formed between them.

My mother welcomed her not just as a daughter-in-law, but as a daughter who had come home. The love and warmth they showed her helped soften the grief she had been holding onto.

For the first time since losing her own mother, Halyna began to feel a sense of family again, a feeling she had thought lost forever. 

When we moved to Canada, we carried with us a simple dream: that one day, we would bring our parents here too, and be together again as a family — but life had different plans.

Just as we were searching for ways to make that dream a reality, we were blindsided by news that would change everything: my mother was diagnosed with cancer.

For months, she endured chemotherapy, surgery and radiation. Now, she’s undergoing additional treatments and continues to fight.

Her strength has always been an inspiration to us, but watching her go through this from across the ocean has left us feeling helpless. Sometimes, we believe the only reason she’s fighting so hard, staying strong, is because she wants to see her grandchildren.

The distance has never felt heavier. 

Meanwhile, our children are growing quickly. Neither of them has met their grandparents in person, not once. Their relationship with them exists only through glowing screens and grainy video calls. 

Sometimes, they hug the screen and call them “My nanu,” (grandma), kissing it as if trying to bridge the kilometres between them. It’s a bittersweet moment — sweet in its innocence, yet heartbreaking in the realization of how far apart we are. 

Recently, my only brother got married. Even though we were so far away and it was midnight here, we watched the ceremony over a video call. We laughed, we cried, we waved at the screen and pretended we were there.

Life here in Canada is good, truly good. I work to support the family, while my wife cares for our little ones at home, eagerly waiting for the day when our parents can finally be here with us. She’s also ready to return to work, so we can better manage financially. 

Some days, though, are hard. The weight of rent, bills and car payments can feel overwhelming. Flying across the world to visit our parents isn’t something we can manage right now, and bringing them here still feels like a distant dream.

We worry about their safety in Bangladesh. The year 2024 was chaotic, and the political situation is growing more unstable. The upcoming national elections could bring even more violence.

The images from this time are unsettling, and if you saw them, they would scare you. I’ve grown up amid political unrest, and it has always been volatile. I was lucky to survive several close calls myself.

We dream. We hope. And we hold our parents close, across continents.– Itrat Anwar

This fear, this uncertainty, is something we carry with us every day. And though we are safe here in Canada, the ache of being far from our loved ones only grows stronger. We know we’re not alone in this. So many immigrant families carry the same quiet pain.

Still, we imagine the day when our children will finally run into their grandparents’ arms, not through a screen, but in a real embrace — one filled with warmth, tears and all the years we’ve been waiting for this. 

Next year, we’ll celebrate together. Maybe next year, those empty spaces at our table will finally be filled. And until then, we dream. We hope. And we hold our parents close, across continents, across screens, across every mile between us.

BBC

The main job of administration is to try to save a company.

When businesses are losing money, they may borrow to pay bills, however, if a company cannot pay its debts or borrow any more cash, a team may be brought in to take over from the management and sort out the finances – the process known as administration.

If a business cannot be saved, the company’s belongings may be sold so that some of the borrowed money can be repaid, which is known as liquidation.

The hospitality industry has raised concerns in recent times over higher costs facing firms, including business rates and minimum wages, arguing it could lead to jobs losses and businesses folding.

Mr Wright said Sixes had “built a strong brand in the social entertainment space with its unique venues proving very popular with customers”.

“While some locations have struggled in an increasingly competitive market, the business has significant potential, and we’re encouraged by the early interest we’ve received from parties interested in acquiring the brand and its strongest-performing sites,” he added.

“We’re confident that with the right investment and focus, Sixes can build on its core strengths.”

Our Mission

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Updates from IAB Artificial Intelligence

Nestled in fluffy snow, trees dusted and a snowman standing near, Memorial University’s Queen Elizabeth II Library in St. John’s looks picture perfect for the holidays.

But this scene can fit in the palm of your hand. It was 3D printed and dressed up by Gordon Little, the manager of library IT services.

Since 2011, Little has been making artwork inspired by the library and turning it into Christmas cards for colleagues.

“It’s a very special building. It doesn’t look like anything else. It’s not just a little block. It’s a very inspirational shape,” Little told CBC News.

He began working on his most recent project in November. Printing the QEII took a few hours, before sanding it down and painting it, with some help at home.

“I had the kids help me because they’re good at painting little things. And we sponged on little snow and everything. And I made the trees and I made the little snowman,” said Little.

“I’ve never tried to paint something so tiny that I had a toothpick to put the little eyes on it.”

Some fake snow was added, and because the library is hollow, he put some fairy lights on the inside.

He then set the library against a green screen and began taking photos that he’d use for the Christmas cards.

‘As a lark’

Little started the tradition in 2011, when he first started working at the library.

“It just happens to be that I love doing art and graphic design and making things in my spare time. So as a lark, I just made a little Christmas card which had the QEII library inside of this little snow globe,” he said.

He then sent it around to his colleagues and people loved it, so he’s been doing it ever since, he said.

But Little likes to shake-up what medium he uses. There have been drawings, watercolours, photography, models and even a cross stitch. There’s also “a whole lot of Photoshop silliness in between.”

This year he made a 3D printed library because he was given the printer for Father’s Day.

“Some years it’s only a week or two before December and I have no idea what to do,” said Little.

“I’m going to keep making cards until I retire.”

Little shares his creations on social media, but his new 3D library is on display in the real library’s lobby.

“We’ve got this great little display for the holiday season,” Little said.

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A farewell event for commuter trains which are being phased out in Surrey is taking place to benefit three charities.

South West Railway’s (SWR) red Class 455 fleet has been in service for 42 years and is being replaced by new Arterio trains.

Tickets for Sunday’s event, which passes through places including Epsom, Guildford and Haslemere, sold out in 15 seconds, the company said.

In response to the “unprecedented demand”, SWR and the Branch Line Society said they would run a second train.

Christmastime’s a-comin’, which means a slew of changes to shops, services and more.

This is a broad overview and it rarely hurts to check specific hours beforehand.

There will be a separate guide to changes around New Year’s Day.

Wednesday, Dec. 24

Shopping and attractions

Many grocery stores, pharmacies and alcohol outlets close early.

The Bayshore, Place d’Orléans, Rideau Centre, St. Laurent and Tanger malls each close at 5 p.m. Bayshore opens early at 8 a.m.

The science museum is open on regular hours.

The national gallery and agriculture, aviation, history and war museums close at 2 p.m., while the Ottawa Art Gallery closes at 4 p.m. until Jan. 2.

The nature museum is closed.

Services

Waste collection is on a normal schedule.

OC Transpo is on a “reduced weekday schedule” starting Monday, Dec. 22, until Friday, Jan. 2, with further changes on holidays. School routes won’t be running.

Its winter schedule also begins Sunday Dec. 21.

Bank branches across the city are generally open with regular hours.

Free parking will be available at Ottawa city hall starting at 4 p.m. on Dec. 24 and running until 7 a.m. on Dec. 26.

The ByWard Market garage will offer free parking over the same time period.

The city’s sexual health clinic and dental clinics will work modified holiday hours.

All Ottawa Public Library branches that do not normally close on Wednesdays are open from 10 a.m. to 3 p.m.

Thursday, Dec. 25

Businesses, attractions, banks and services are generally closed. Some pharmacies, grocery stores and restaurants are open.

OC Transpo is on a Sunday schedule. Para Transpo is offering holiday service.

The city will not offer curbside or multi-residential garbage, green bin, recycling or bulky item collection on Christmas. Pick-up will take place the following day. The Trail Waste Facility will also be closed.

The Site program mobile van will work from 5 p.m. to 11:30 p.m.

The city’s sexual health clinic and dental clinics will be closed, as will all four of the city’s employment and social services offices.

All Ottawa Public Library branches are closed.

Friday, Dec. 26

Shopping and attractions

Some grocery stores may tweak their hours, but many are back to normal.

Pharmacies and alcohol outlets may be closed or open under different hours. Check with specific locations.

The Bayshore, Rideau Centre and St. Laurent malls each open early: Bayshore and St. Laurent at 8 a.m. and the Rideau Centre at 9 a.m.

Place d’Orléans is keeping its regular hours.

The aviation, history, science and war museums are open on regular hours, as is the national gallery.

The agriculture museum and Ottawa Art Gallery are closed. The nature museum is open an hour later until 5 p.m.

Services

OC Transpo is on a Saturday schedule. Para Transpo is offering holiday service.

Bank hours may vary. Royal Bank says all branches are closed, for example.

The Trail Waste Facility is open from 7 a.m. to 6 p.m.

The Site program mobile van will work from 5 p.m. to 11:30 p.m.

The city’s sexual health clinic and dental clinics will be closed, as will all four of the city’s employment and social services offices.

All Ottawa Public Library branches are closed.

A public health nutritionist at the Windsor-Essex County Health Unit is encouraging people who can afford to entertain this holiday season to invite people over for dinner who might otherwise miss out.

Food insecurity can cause social isolation, Karen Bellmore said.

And that leads to worsening physical and mental health.   

“Many individuals who have full-time jobs who are minimum wage earners are still struggling with food insecurity,” Bellemore said. 

“Usually people withdraw, and there’s a lot of shame and embarrassment with not being able to feed yourself. But this is really a system-level problem.”

Statistics Canada reported on Dec. 15 that grocery inflation in November had reached its highest point since the end of December: 4.7 per cent year over year.

People on social assistance struggling to pay for food

The health unit released its own annual food affordability report in late November, documenting the cost of 61 food items that are essential to helping people at different ages and stages of life meet their nutritional needs. 

It found that a family of four would spend about $1,181.08 per month on those food items, while a single person would spend $413.18. 

When combining those numbers with average rents in the region, it estimated that a family of four on Ontario Works would have just $546 leftover for additional expenses after paying for food and housing, while a single person would be in the hole by an estimated $420.

Those additional expenses include utilities, insurance, laundry, vehicle expenses, child care, school supplies and other essentials, including other groceries.

“Even in our nutritious food basket cost, we aren’t really looking at those extra hygiene items like toilet paper,” Bellmore said. 

It doesn’t even track the cost of coffee.

Hunger tends to be hard to see, Bellmore said, because nobody gets evicted from their home or has their utilities cut off when they don’t feed themselves.

Food tends to be seen as a “flexible expense” that people will sacrifice in order to avoid losing those other essentials, she said.

“But it really isn’t,” she said, “because it harms our physical and mental health when we’re not able to nourish ourselves.”

One man who launched an annual community Christmas dinner four years ago says people have been struggling more with their mental health for the past several years, and the holiday season just makes things worse for some people.

Shared meal became annual community gathering

“Being around people helps that person out, even if it’s just sitting there talking to somebody for five minutes,” John Hanchar said.

Hanchar launched Not Alone for Christmas during his first year of recovery from addiction by bringing together six people from Narcotics Anonymous. 

“I know what it’s like to be alone ’cause I’ve been there before, and I just thought, ‘You know, let’s just do it,” he said.

“The first one was just a simple thing. … I just went and bought … some food and some games and played cards, and we had some snacks.”

The following year he made posters for the event and got media coverage, and it blew up.

“People were telling me, like, no one does a Christmas dinner on Christmas Day,” he said.

Last year, he served 180 people, thanks to donations from people and businesses in the community. 

The event is now listed in 211 Windsor’s Holiday Sharing Guide, and Hanchar said his phone has been ringing off the hook.

“What I get out of this is gratitude,” he said.

Everyone is welcome to the free event. And Hanchar tries to provide a present for everyone. 

The event is alcohol free, and the leftover food and gifts are donated to other charities. 

This year’s event takes place Christmas Day at Peace Lutheran Church. Doors open at 1 p.m., and dinner starts at 2:30.