Hackers release corporate data stolen from London Drugs
Retailer London Drugs says cybercriminals who stole files from its corporate head office last month have released some of the data after it refused to pay a ransom.
The Bank of Canada is set to publish its first summary of deliberations Wednesday, giving Canadians a peek into the governing council's reasoning behind its decision to raise interest rates last month.
Following a recommendation from the International Monetary Fund, the central bank announced in September that it would begin releasing summaries about two weeks after an interest rate decision starting in 2023 in an effort to improve transparency.
"I think it's a good idea. Most major central banks do release some kind of minutes or meeting summaries," said Douglas Porter, BMO's chief economist.
The Bank of Canada raised its key interest rate for the eighth consecutive time since March on Jan. 25, bringing it to 4.5 per cent. At the time, the central bank signalled it would be taking a pause on any further hikes to let the impact of its aggressive hiking cycle sink in.
Wednesday's summary is expected to shed light on what the governing council discussed while making that decision.
Giving insight into the deliberations is already common practice at the U.S. Federal Reserve, where meeting minutes are released three weeks following an interest rate decision.
Although the minutes can be insightful, Porter said they typically aren't market-moving and instead serve as historical record.
The Bank of Canada hasn't said much about what the summaries will look like, leaving the depth and format of the summaries to be discovered on Wednesday.
But Porter said he isn't expecting them to match up with the detail offered by the Federal Reserve's meeting minutes.
The Bank of Canada's governing council is responsible for the central bank's monetary policy and consists of the governor, senior deputy governor and four deputy governors. Unlike the Federal Reserve, where the 12 members vote on interest rate decision, the governing council's decisions are consensus-driven.
That means all members of the governing council come to the same decision at the end of deliberations.
Faced with higher borrowing costs, Canadians and businesses are expected to continue to pull back on spending in 2023, thereby slowing the economy and inflation.
Price growth has slowed in recent months, however, inflation is still well above the Bank of Canada's two per cent target. In December, the annual inflation rate was 6.3 per cent.
After its quarter of a percentage point hike last month, the Bank of Canada made it clear that the pause on future rate hikes was conditional, keeping the door open to more increases if inflation isn't tamed.
According to its latest monetary policy report, the central bank expects inflation to slow faster than it had previously anticipated. It's forecasting the annual inflation rate will fall to three per cent by mid-2023 and to its two per cent target in 2024.
Central banks around the world have also been raising rates as countries struggle with high inflation.
Last week, the Federal Reserve hiked its key interest rate by a quarter percentage point and signalled more rate hikes should be expected. Meanwhile, the European Central Bank announced a half percentage point rate hike and said it will raise rates at least one more time.
Porter said the main question he's hoping to see answered in the summary is whether the Bank of Canada is pausing interest rate hikes, or if they're planning on jumping back in.
"It'll be interesting to see whether they're really set on staying on the sidelines, or whether this truly is just sort of a temporary waystation."
"Maybe this summary could could help answer that question a little."
This report by The Canadian Press was first published Feb. 6, 2023.
Retailer London Drugs says cybercriminals who stole files from its corporate head office last month have released some of the data after it refused to pay a ransom.
A Toronto man who won $70 million in a recent Lotto Max draw literally fell off his chair when he saw the funds in his bank account.
Approximately 50 Montreal-area students — the vast majority of them female — were suspended Wednesday after their school deemed the shorts they were wearing were too short. On Thursday, several students staged a walk-out to protest what they believe is a "sexist" dress code that unfairly targets girls.
Something shifted in the pretty little village of Lumby, B.C., after Tatjana Stefanski vanished. It used to be the sort of place where parents let their kids roam free or play in the local creek, but everything has changed.
Despite its rough name, experts say most cases of 'slapped cheek disease' are mild and not a cause for concern.
Canadian soldiers and government officials arrived in northeastern France this week for a historic mission: returning an unknown Newfoundland soldier back home.
American Airlines has distanced itself from a court filing in which the carrier said a nine-year-old girl should have noticed there was a camera taped to the seat of an airplane lavatory.
WestJet is asking the federal government to put measures in place to lower ticket costs for travellers, but questions remain on who would foot the bill.
A SWAT team raided rapper Sean Kingston's rented South Florida mansion on Thursday and arrested his mother on fraud and theft charges that an attorney says stem partly from the installation of a massive TV at the home.
The proprietors of Regina's sole discount theatre are aware they're carrying on a significant legacy.
When Jujhar Mann said he wanted to be a pastry chef on a grade school career project, he didn't imagine that pursuing his dream would land him on a popular Netflix baking competition.
A city known for its history, ties to outer space and southern barbecue, is also home to a Winnipeg chef dishing out dozens of perogies.
A Montreal photographer captured the moment a Canada goose defended itself from a fox at the Botanical Garden.
Public libraries in Atlantic Canada are now lending a broader range of items.
Flashes of purple darting across the sky mixed with the serenading sound of songs will be noticed more with spring in full force in Manitoba.
Catching 'em all with impressive speed, a 7-year-old boy from Windsor, Ont. who only started his competitive Pokémon journey seven months ago has already levelled up to compete at a world championship level.
A sanctuary dedicated to animals with disabilities is celebrating the third birthday of one of its most popular residents.
2b Theatre recently moved into the old Video Difference building, seeking to transform it into an artistic hub, meeting space, and temporary housing unit for visiting performers in Halifax.