Latest news with #LesliePreston
CTV News
3 days ago
- Business
- CTV News
Windsor's unemployment rate second highest in Canada
The Welcome to Windsor sign on Riverside Drive in Windsor, Ont., on Sunday, May 3, 2020. (Melanie Borrelli / CTV Windsor) The unemployment rate in Windsor increase last month, making it the second highest in Canada. Statistics Canada said the rate went from 10.7 per cent in April to 10.8 per cent in May. That's the second-highest rate in Canada, after Peterborough at 11.2 per cent, and well above the national average. On a national level, Canada's jobless rate rose a tenth of a point to seven per cent in May amid a gain of 8,800 jobs in the month, the agency said in its latest labour force survey. That's up from 6.6 per cent at the start of the year and marks the highest unemployment rate since 2016 outside the pandemic years, StatCan said. TD senior economist Leslie Preston said in a note to clients that the Canadian labour market was 'basically treading water' in May. A gain of 58,000 full-time positions was offset by a loss of 49,000 part-time roles in May. The wholesale and retail trade sector, which faced losses in April and March, rebounded to lead growth with 43,000 jobs added last month. Information, culture and recreation also saw gains in May. Public administration lost 32,000 jobs last month, StatCan said, leading losses by industry and offsetting gains in the sector tied to the federal election in April. The accommodation and food services sector, as well as the transportation and warehousing industry, shed jobs last month. 'Overall, there has been virtually no employment growth since January,' StatCan said in the release. That comes after gains of 211,000 net jobs from October through January. Canadians are also typically spending longer time out of work, the agency said. Unemployed people had spent an average of 21.8 weeks looking for a job in May, up from 18.4 weeks for the same month a year earlier. Average hourly wages rose 3.4 per cent annually in May, the same pace as April. StatCan said it's also looking like an increasingly tough summer jobs market for students. Roughly one in five returning students aged 15 to 24 -- those heading back to school in the fall -- were unemployed in May, the agency said. StatCan said the jobless rate for this group has trended up annually each May since 2022, when just over one in 10 returning students were unemployed in a relatively tight labour market. The last time the jobless rate for students was about this high was May 2009, outside the pandemic years. The Bank of Canada will be parsing the labour market data closely as it looks for signs of how Canada's tariff dispute with the United States is affecting the economy. The manufacturing sector, which was hard-hit in April, shed some 12,200 jobs in May. StatCan said cities in southwestern Ontario's manufacturing corridor are particularly facing an 'uncertain economic climate' as automakers contend with tariffs on motor vehicles and parts. Windsor, Oshawa and Toronto top StatCan's chart of the top 20 census metropolitan areas by unemployment rate, based on three-month moving averages. A portion of this report is by The Canadian Press and was first published June 6, 2025.
Hamilton Spectator
3 days ago
- Business
- Hamilton Spectator
Canada's jobs market ‘treading water' as unemployment rate rises to 7% in May
OTTAWA - Job growth has been virtually non-existent in the country since the start of the year, Statistics Canada said Friday. Canada's jobless rate rose a tenth of a point to seven per cent in May amid a gain of 8,800 jobs in the month, the agency said in its latest labour force survey. That's up from 6.6 per cent at the start of the year and marks the highest unemployment rate since 2016 outside the pandemic years, StatCan said. TD senior economist Leslie Preston said in a note to clients that the Canadian labour market was 'basically treading water' in May. A gain of 58,000 full-time positions was offset by a loss of 49,000 part-time roles in May. The wholesale and retail trade sector, which faced losses in April and March, rebounded to lead growth with 43,000 jobs added last month. Information, culture and recreation also saw gains in May. Public administration lost 32,000 jobs last month, StatCan said, leading losses by industry and offsetting gains in the sector tied to the federal election in April. The accommodation and food services sector, as well as the transportation and warehousing industry, shed jobs last month. 'Overall, there has been virtually no employment growth since January,' StatCan said in the release. That comes after gains of 211,000 net jobs from October through January. Canadians are also typically spending longer time out of work, the agency said. Unemployed people had spent an average of 21.8 weeks looking for a job in May, up from 18.4 weeks for the same month a year earlier. Average hourly wages rose 3.4 per cent annually in May, the same pace as April. StatCan said it's also looking like an increasingly tough summer jobs market for students. Roughly one in five returning students aged 15 to 24 – those heading back to school in the fall – were unemployed in May, the agency said. StatCan said the jobless rate for this group has trended up annually each May since 2022, when just over one in 10 returning students were unemployed in a relatively tight labour market. The last time the jobless rate for students was about this high was May 2009, outside the pandemic years. The Bank of Canada will be parsing the labour market data closely as it looks for signs of how Canada's tariff dispute with the United States is affecting the economy. The manufacturing sector, which was hard-hit in April, shed some 12,200 jobs in May. StatCan said cities in southwestern Ontario's manufacturing corridor are particularly facing an 'uncertain economic climate' as automakers contend with tariffs on motor vehicles and parts. Windsor, Oshawa and Toronto top StatCan's chart of the top 20 census metropolitan areas by unemployment rate, based on three-month moving averages. The Bank of Canada held its benchmark interest rate steady for the second time in a row on Wednesday. Its next decision is set for July 30. 'May's jobs report puts another mark in the economic weakness tally. We think this will ultimately lead to further rate cuts from the Bank of Canada,' Preston said. BMO chief economist Doug Porter said in a note that he gives the May jobs report a 'passing grade' for its strength in private sector and full-time work. 'But the persistent rise in the jobless rate is a loud warning bell,' he said. 'The main point is that slack is still growing in the labour market, suggesting that the Bank of Canada may not be done cutting rates just yet.' CIBC senior economist Andrew Grantham said in a note that he sees a return to interest rate cuts in July amid 'slack' building gradually in the labour market. He added the caveat that the central bank will get another jobs report and plenty of other economic data before its next decision. This report by The Canadian Press was first published June 6, 2025.
Business Times
28-04-2025
- Business
- Business Times
Latest NZ$2.80-per-share offer by CDL unit still ‘too low and inadequate': M&C New Zealand
[SINGAPORE] The independent directors of Millennium & Copthorne Hotels New Zealand (MCK) do not recommend shareholders of MCK to accept the increase of CDL Hotels Holdings New Zealand's (CDLHH NZ) offer price to NZ$2.80 per ordinary share. 'While the independent directors welcome the increase in the offer, we believe it is still too low and inadequate,' Leslie Preston, chair of the independent directors committee of MCK, wrote in a letter to shareholders of the company on Monday (Apr 28). The statement also noted that an independent adviser assessed a value range of NZ$4.40 to NZ$5 apiece, with a midpoint of NZ$4.70 per share – which continues to reflect a significant distance from the new offer price. Other reasons mentioned for not accepting the increase in offer include how it undervalues recent capital expenditure on key hotels, and how it continues to be at a material discount to the market value of MCK's net assets, significantly undervaluing the NZ$129.5 million (S$101.1 million) of recent acquisitions made by MCK. The group on Apr 22 gave notice that it had increased the offer price to acquire all of the shares in MCK from NZ$2.25 to NZ$2.80 apiece. The offer closes on May 8. CDLHH NZ, which is CDL's wholly owned subsidiary, said that it will not raise the offer price further under the increased offer. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up After receiving overseas investment office consent, the NZ unit of CDL waived all of the remaining conditions of the new offer, including the 90 per cent minimum acceptance condition. This means that the increased offer is now unconditional, and it will not make another takeover offer under the Takeovers Code for at least nine months from Apr 22. Earlier on Jan 20, CDL said a decision was made with a view to delist and privatise MCK, at NZ$2.25 a share. MCK rejected the offer on Feb 10, on the basis that the price was not sufficiently reflective of the value of its hotel and property net assets. MCK's largest institutional shareholder, Accident Compensation Corporation (ACC) has stated it will not be accepting the new increased offer. ACC is a large institutional fund with a long-term investment horizon, which holds approximately 4.5 per cent of the ordinary shares. 'Other holders of ordinary shares may not have the same investment horizon (too),' said Preston. Preston also flagged a number of potential consequences which could affect minority shareholders if under the increased offer the threshold necessary to acquire the remaining shares is not met. This mainly regards how liquidity for the shares of MCK would likely decrease on the New Zealand Exchange, its trading price may fall below the new offer price, and that there is no certainty that CDL's unit will make another takeover offer. 'We encourage shareholders to consider these factors in light of their own circumstances as they decide whether or not to accept the increased offer,' said Preston. Shares of CDL were trading at 1.2 per cent or S$0.06 lower at S$4.93 as at 4.20 pm on Monday.
Business Times
28-04-2025
- Business
- Business Times
Latest NZ$2.80-per-share offer by CDL Kiwi unit still ‘too low and inadequate': M&C New Zealand
[SINGAPORE] The independent directors of Millennium and Copthorne Hotels New Zealand (MCK) do not recommend shareholders of MCK to accept the increase of CDL Hotels Holdings New Zealand's (CDLHH NZ) offer price to NZ$2.80 per ordinary share. 'While the independent directors welcome the increase in the offer, we believe it is still too low and inadequate,' Leslie Preston, chair of the independent directors committee of MCK, wrote in a letter to shareholders of the company on Monday (Apr 28). The statement also noted that an independent adviser assessed a value range of NZ$4.40 to NZ$5 apiece, with a midpoint of NZ$4.70 per share – which continues to reflect a significant distance from the new offer price. Other reasons mentioned for not accepting the increase in offer include how it undervalues recent capital expenditure on key hotels, and how it continues to be at a material discount to the market value of MCK's net assets, significantly undervaluing the NZ$129.5 million (S$101.1 million) of recent acquisitions made by MCK. The group on Apr 22 gave notice that it had increased the offer price to acquire all of the shares in MCK from NZ$2.25 to NZ$2.80 apiece. The offer closes on May 8. CDLHH NZ, which is CDL's wholly owned subsidiary, said that it will not raise the offer price further under the increased offer. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up After receiving overseas investment office consent, the Kiwi unit of CDL waived all of the remaining conditions of the new offer, including the 90 per cent minimum acceptance condition. This means that the increased offer is now unconditional, and it will not make another takeover offer under the Takeovers Code for at least nine months from Apr 22. Earlier on Jan 20, CDL said a decision was made with a view to delist and privatise MCK, at NZ$2.25 a share. MCK rejected the offer on Feb 10, on the basis that the price was not sufficiently reflective of the value of its hotel and property net assets. MCK's largest institutional shareholder, Accident Compensation Corporation (ACC) has stated it will not be accepting the new increased offer. ACC is a large institutional fund with a long-term investment horizon, which holds approximately 4.5 per cent of the ordinary shares. 'Other holders of ordinary shares may not have the same investment horizon (too),' said Preston. Preston also flagged a number of potential consequences which could affect minority shareholders if under the increased offer the threshold necessary to acquire the remaining shares is not met. This mainly regards how liquidity for the shares of MCK would likely decrease on the New Zealand Exchange, its trading price may fall below the new offer price, and that there is no certainty that CDL's Kiwi unit will make another takeover offer. 'We encourage shareholders to consider these factors in light of their own circumstances as they decide whether or not to accept the increased offer,' said Preston. Shares of CDL were trading at 1.2 per cent or S$0.06 lower at S$4.93 as at 4.20 pm on Monday.
Yahoo
18-03-2025
- Business
- Yahoo
Canada's annual inflation rate leaps to 2.6%, complicating path for BoC as tariff bite still looms
Canada's annual inflation rate jumped to 2.6 per cent in February, according to the latest data from Statistics Canada, sharply exceeding analysts' expectations and adding to the challenges faced by the Bank of Canada (BoC). The pronounced rise in inflation comes before a projected spike caused by U.S. tariffs and Canadian countermeasures. The BoC must also factor in weakened economic growth expected as a consequence of the trade war. Tuesday's data "put the BoC in a difficult place," TD Bank economist Leslie Preston said in a note, writing that "Canadians' inflation expectations have risen" even as tariffs and related uncertainty are slowing demand. Analysts had expected a rise in February's inflation figures due to the end of a temporary tax break on GST and HST on some goods, but the increase in prices came in steeper than an analyst consensus of 2.2 per cent, as reported by Reuters. Statistics Canada's core measures of inflation, CPI-trim and CPI-median — which strip out tax impacts and which are closely watched by the BoC— each jumped 2.9 per cent from a year ago, a faster rate of increase than the 2.7 per cent seen in January. "Overall, the unexpected pickup in core measures isn't good news as this doesn't yet reflect the impact of tariffs, which will see headline CPI exceed 3 per cent year-over-year in the coming months," CIBC economist Katherine Judge said in a note. The core measures "are simply too hot and have been too hot in a long stretch back to last May," Scotiabank economist Derek Holt wrote. That longer-term trend, Holt argues, raises questions about "why the BoC—an inflation-targeting central bank—has been in such a rush to cut to 2.75 per cent for 275 basis points of easing to date." On a monthly basis, the Consumer Price Index (CPI) rose 1.1 per cent in February, while on a seasonally adjusted monthly basis, the CPI rose 0.7 per cent. February's rise came after the CPI inched up to 1.9 per cent in January. The complexity of the situation for the central bank is reflected in the market's uncertain expectations for the next rate announcement. Currency swaps put odds of a pause on interest rate cuts at 59 per cent, according to Reuters, while economists' forecasts are mixed. TD now expects the BoC "to provide some further cushion" with two more consecutive 25-basis-point cuts, Preston says, while noting that "how tariffs play out remains highly uncertain." Given the latest data, write National Bank of Canada economists Matthieu Arseneau and Kyle Dahms, "there is a strong chance that the rate cut we were expecting in April will not materialize unless the economy deteriorates very rapidly in a context of tariff uncertainty." Royce Mendes, economist at Desjardins Group, says the BoC should now "take a hawkish detour." "Given the tariff-related rise in inflation expectations and the recent momentum in actual price growth, it now seems likely that the Bank of Canada will pause its rate cutting cycle in April, at least temporarily," Mendes wrote. BMO's Benjamin Reitzes also expects a pause, though he points out several "complicating" factors for the central bank. "Note that the coming end of the carbon tax will pull inflation down sharply in April, but March could see more upside as the rest of the tax holiday impact reverses," he writes. In a preview note, economists at RBC had predicted a 2.5 per cent increase, pointing to the end of prices "mechanically depressed" by the GST/HST break. In a report accompanying today's data, Statistics Canada says the end of the tax break "contributed notable upward pressure to prices for eligible products" — which it says represent around 10 per cent of items in the CPI basket. Slower price growth for gasoline versus January helped keep the headline inflation from rising higher, the report says. The CPI data come less than a week after the BoC cut its overnight rate a further 25 basis points. Economists noted a more hawkish tone from BoC governor Tiff Macklem around inflation, with the U.S.–Canada trade war expected to put upward pressure on prices even as it weakens the Canadian economy. A new OECD report models a 1.1-percentage-point spike in inflation in Canada in 2025 should a broad tariff and counter-tariff situation persist. John MacFarlane is a senior reporter at Yahoo Finance Canada. Follow him on Twitter @jmacf. Download the Yahoo Finance app, available for Apple and Android. Sign in to access your portfolio
