economy

BC Ferries are seen leaving Horseshoe Bay near West Vancouver, B.C. Monday, March 16, 2020. The Canadian Ferry Association says BC Ferries is bleeding cash, with losses of up to $1.5 million per day as the COVID-19 pandemic continues to take a toll on ridership. THE CANADIAN PRESS/Jonathan Hayward

BC Ferries losing up to $1.5 million each day as pandemic tanks ridership

The company does not qualify for the wage subsidy

BC Ferries are seen leaving Horseshoe Bay near West Vancouver, B.C. Monday, March 16, 2020. The Canadian Ferry Association says BC Ferries is bleeding cash, with losses of up to $1.5 million per day as the COVID-19 pandemic continues to take a toll on ridership. THE CANADIAN PRESS/Jonathan Hayward
A new dashboard from the South Island Prosperity Partnership will help measure the effects of COVID-19 on Greater Victoria’s economy on a month-to-month basis. (Black Press Media file photo)

‘Depression-era’ unemployment figures could hit Greater Victoria

South Island Prosperity Project launches new dashboard to measure effects of COVID-19

A new dashboard from the South Island Prosperity Partnership will help measure the effects of COVID-19 on Greater Victoria’s economy on a month-to-month basis. (Black Press Media file photo)
The Canada Revenue Agency building is seen in Ottawa, Monday April 6, 2020. Canada Revenue Agency began accepting applications for the Canada Emergency Response Benefit earlier Monday. THE CANADIAN PRESS/Adrian Wyld
The Canada Revenue Agency building is seen in Ottawa, Monday April 6, 2020. Canada Revenue Agency began accepting applications for the Canada Emergency Response Benefit earlier Monday. THE CANADIAN PRESS/Adrian Wyld
FILE – Minister of Finance Bill Morneau responds to a question during a news conference in Ottawa, Friday, March 27, 2020. THE CANADIAN PRESS/Adrian Wyld

Feds to seek equity or cash from companies applying for new COVID-19 loan program

Terms are designed to make sure companies using the program receive bridge loans, not bailouts

FILE – Minister of Finance Bill Morneau responds to a question during a news conference in Ottawa, Friday, March 27, 2020. THE CANADIAN PRESS/Adrian Wyld
Statistics Canada building and signs are pictured in Ottawa on Wednesday, July 3, 2019. Statistics Canada is expected to report that the consumer price index decreased in April, the first full month the economy was gripped by the COVID-19 pandemic. THE CANADIAN PRESS/Sean Kilpatrick

Annual inflation rate turned negative in April, Statistics Canada reports

It was the first year-over-year decline in the CPI since September 2009

Statistics Canada building and signs are pictured in Ottawa on Wednesday, July 3, 2019. Statistics Canada is expected to report that the consumer price index decreased in April, the first full month the economy was gripped by the COVID-19 pandemic. THE CANADIAN PRESS/Sean Kilpatrick
The coronavirus has been wreaking havoc with our health and the economy. (Photo submitted)

EDITORIAL: Behaviour of virus under a microscope

Relaxing measures now could be a good thing - or not

  • May 20, 2020
The coronavirus has been wreaking havoc with our health and the economy. (Photo submitted)
$469 million federal funding for fish harvesters welcomed by MP Rachel Blaney

$469 million federal funding for fish harvesters welcomed by MP Rachel Blaney

The funding will be beneficial for commercial fishers in smaller coastal communities on Vancouver Island

$469 million federal funding for fish harvesters welcomed by MP Rachel Blaney
Ammonite Falls. (File photo)

Ammonite Falls staircase and viewing platform project gets $100,000 boost

Island Coastal Economic Trust provides funding to assist with $668,000 Nanaimo-area project

Ammonite Falls. (File photo)
(Marissa Tiel/Campbell River Mirror)

North Island MP calls for a funding program fix for local businesses

MP Rachel Blaney calls on ministers to urgently fix programs that are leaving behind local businesses in remote and rural communities

(Marissa Tiel/Campbell River Mirror)
Senior Deputy Governor Carolyn Wilkins answers a question during a press conference at the Bank Of Canada in Ottawa on Thursday, May 16, 2019. Wilkins, the second-in-command at the Bank of Canada says maintaining the independence of the central bank will be key to aiding the economy during and after the COVID-19 pandemic.THE CANADIAN PRESS/Sean Kilpatrick

Bank of Canada’s independence key to aiding post-COVID recovery, Wilkins says

The bank’s balance sheet has more than tripled from around $120 billion in early March

Senior Deputy Governor Carolyn Wilkins answers a question during a press conference at the Bank Of Canada in Ottawa on Thursday, May 16, 2019. Wilkins, the second-in-command at the Bank of Canada says maintaining the independence of the central bank will be key to aiding the economy during and after the COVID-19 pandemic.THE CANADIAN PRESS/Sean Kilpatrick
An empty Air Canada check-in counter is seen at Montreal-Trudeau International Airport in Montreal, on Wednesday, April 8, 2020. THE CANADIAN PRESS/Paul Chiasson

Air Canada reports $1.05B first-quarter loss due to impact of COVID-19 pandemic

The airline has reduced its second quarter capacity by 85 to 90 per cent

An empty Air Canada check-in counter is seen at Montreal-Trudeau International Airport in Montreal, on Wednesday, April 8, 2020. THE CANADIAN PRESS/Paul Chiasson
FILE – The Toronto Stock Exchange Broadcast Centre is shown in Toronto on June 28, 2013. THE CANADIAN PRESS/Aaron Vincent Elkaim

Toronto stock market soars to near eight-week high on surging energy sector

Stock markets also rose in the U.S. even though its economy slipped into recession

FILE – The Toronto Stock Exchange Broadcast Centre is shown in Toronto on June 28, 2013. THE CANADIAN PRESS/Aaron Vincent Elkaim
A pedestrian walks past an empty store front in Montreal, Wednesday, Jan. 29, 2020. THE CANADIAN PRESS/Ryan Remiorz

More than half of Canadian companies seeing sales drop at least 20%: StatCan

Survey suggests nearly one in five businesses have laid off 80 per cent or more of their workforce

A pedestrian walks past an empty store front in Montreal, Wednesday, Jan. 29, 2020. THE CANADIAN PRESS/Ryan Remiorz
A man walks through a near deserted Convention Centre in Montreal on Thursday, March 19, 2020. The cancellation of business conferences and conventions across the country is costing cities hundreds of millions of dollars in lost revenues as the COVID-19 pandemic craters the broader tourism industry. THE CANADIAN PRESS/Paul Chiasson

Plummeting business tourism costing cities hundreds of millions in lost revenues

Vancouver has 84 business bookings cancelled through December amid border shutdowns and bans on gatherings

A man walks through a near deserted Convention Centre in Montreal on Thursday, March 19, 2020. The cancellation of business conferences and conventions across the country is costing cities hundreds of millions of dollars in lost revenues as the COVID-19 pandemic craters the broader tourism industry. THE CANADIAN PRESS/Paul Chiasson
Two men wearing protective face masks as they walk past boarded up shops in downtown Vancouver, Monday, April 6, 2020. THE CANADIAN PRESS/Jonathan Hayward

Businesses must be part of the re-opening plan when COVID-19 rules relax: Dr. Henry

Staying home when sick will be key, B.C.’s top doctor says

Two men wearing protective face masks as they walk past boarded up shops in downtown Vancouver, Monday, April 6, 2020. THE CANADIAN PRESS/Jonathan Hayward
People wearing face masks walk past a bank electronic board showing the Hong Kong share index at Hong Kong Stock Exchange Monday, April 20, 2020. Shares were mixed in Asia on Monday, while oil prices have fallen back. (AP Photo/Vincent Yu)

Oil price goes negative as demand collapses; stocks dip

Brent crude, the international standard, was down $1.78 to $26.30 per barrel

People wearing face masks walk past a bank electronic board showing the Hong Kong share index at Hong Kong Stock Exchange Monday, April 20, 2020. Shares were mixed in Asia on Monday, while oil prices have fallen back. (AP Photo/Vincent Yu)
The Ottawa headquarters of Canadian e-commerce company Shopify are pictured on Wednesday, May 29, 2019. Shopify Inc. is offering merchants interest-free, cash advances to help businesses using its e-commerce products cope with the impacts of COVID-19. THE CANADIAN PRESS/Justin Tang

E-commerce giants offer cash advances, waive fees and more amid COVID-19

The moves come as companies across Canada are struggling to stay afloat

The Ottawa headquarters of Canadian e-commerce company Shopify are pictured on Wednesday, May 29, 2019. Shopify Inc. is offering merchants interest-free, cash advances to help businesses using its e-commerce products cope with the impacts of COVID-19. THE CANADIAN PRESS/Justin Tang
March 25, 2020: The streets of downtown Victoria are quieter than usual in the wake of physical isolation mandates from the provincial and federal governments due to COVID-19. (Arnold Lim / Black Press Media)

South Island leaders form taskforce to address economic crisis amidst COVID-19

Rising Economy Taskforce to address economic crisis and resiliency

March 25, 2020: The streets of downtown Victoria are quieter than usual in the wake of physical isolation mandates from the provincial and federal governments due to COVID-19. (Arnold Lim / Black Press Media)
A Jimi Hendrix-inspired sand sculpture by Peter Vogelaar pictured at the Quality Foods Sand Sculpting Competition and Exhibition. The competition will now return in 2021, after the 2020 Parksville Beach Festival has been cancelled due to the ongoing COVID-19 pandemic. (File photo)

COVID-19: 2020 Parksville Beach Festival cancelled due to ongoing pandemic

International sand sculpting competition among events sidelined

A Jimi Hendrix-inspired sand sculpture by Peter Vogelaar pictured at the Quality Foods Sand Sculpting Competition and Exhibition. The competition will now return in 2021, after the 2020 Parksville Beach Festival has been cancelled due to the ongoing COVID-19 pandemic. (File photo)
Bank of Canada keeps key interest rate target at 0.25%, early data shows economy plunged

Bank of Canada keeps key interest rate target at 0.25%, early data shows economy plunged

The central bank says the downturn tied to COVID-19 will be the worst on record

Bank of Canada keeps key interest rate target at 0.25%, early data shows economy plunged