Canada GDP’s slight growth, Vancouver’s grain terminal strike and Indonesia’s nickel boom: Business and investing news for Sept. 29

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Getting caught up on a week that got away? Here’s your weekly digest of the Globe’s most essential business and investing stories, with insights and analysis from the pros, stock tips, portfolio strategies and more.

Canada economy tops July growth forecast, but seen stalling in August

Canada’s gross domestic product expanded at a faster-than-expected 0.2 per cent rate in July. Early estimates, however, indicate that growth likely stalled in August, bolstering hopes for a supersized interest rate cut next month. The expected economic weakness in August is likely due to a contraction in manufacturing, transportation and warehousing, Statistics Canada said. After the latest GDP reading, several economists were suggesting a 50 basis point cut looms at the next Bank of Canada decision on Oct. 23. The central bank has cut interest rates three times since June, moving in quarter-percentage-point steps, but has said it could shift to larger cuts if the economy needs a boost.

The promise and pitfalls of Indonesia’s nickel boom

If nickel is the oil of the 21st century, then Indonesia wants to be its Saudi Arabia. Indonesia already accounts for 55 per cent of the world’s nickel production, and that output is only expected to grow. Two mining companies have acquired much of the land on the island of Sulawesi and have begun exploration work, hoping to find more sources of nickel – the key ingredient in lithium-ion battery cells, which are used in electric vehicles. But local communities have also protested the loss of agriculture jobs from the rapidly-expanding nickel business and its impact on the environment. James Griffiths, along with Indonesian journalist Dera Menra Sijabat and photographer Joshua Irwandi, drove more than 1,200 kilometres across Sulawesi, visiting nickel mines, smelters and affected communities to learn about the promise and pitfalls of Indonesia’s nickel boom.

Decoder: Canada’s population growth cools slightly

Canada’s population growth has finally started to show signs of slowing. The country’s population grew by 3 per cent in the third quarter compared to the same period the year before. It was the first quarter in which annual population growth didn’t accelerate since the start of 2021. The slowdown comes as the federal government clamps down on record inflows of non-permanent residents (NPR), including caps on foreign student visa approvals. The latest population estimates from Statistics Canada, however, show that the NPR share of Canada’s population jumped to 7.3 per cent from the year before – as of July 1. For example, NPRs now make up 9.3 per cent of the population in British Columbia. Jason Kirby takes a closer look at the figures in this week’s Decoder.

Vancouver grain terminal workers and VTEA reach tentative agreement

Earlier this week, workers at six Vancouver grain terminals went on strike. About 650 members of the Grain Workers Union Local 333 walked off the job on Tuesday morning after an impasse at the bargaining table with the Vancouver Terminal Elevators’ Association, halting trade of everything from canola and wheat to barley and oats from those terminals, Brent Jang reports. The six grain terminals affected at the Port of Vancouver are critical export sites for farm crops from the Prairies and canola exporters are notably worried about the upheaval. The strike also meant bottlenecks were growing along supply chains in Western Canada as ships were being forced to stay at anchor. On Sept. 27, the two sides reached a tentative agreement to get Canada’s harvest to market, Labour Minister Steven MacKinnon posted on X. The two sides had agreed to MacKinnon’s request to resume negotiations alongside federal mediators after the talks broke down.

Lightspeed Commerce latest Canadian tech company put up for sale

Lightspeed Commerce Inc. is officially up for sale. It is the latest in a series of Canadian tech companies to consider going private following a stock market slump after pandemic restrictions were lifted, Andrew Willis and Sean Silcoff report. The board of the Montreal-based company has hired JP Morgan Chase to run a strategic review of the point-of-sale software vendor. The review reportedly includes a potential sale to a rival tech company or private equity fund. The company is in the midst of a shift, after the board replaced chief executive officer Jean Paul Chauvet in February with founder and former chief executive officer Dax Dasilva.

How a couple guided their TFSAs to $2-million and tax-free dividends of $15,000 a month

In the latest instalment of TFSA Trouncers, a new series that profiles Canadian investors who’ve accomplished incredible feats with their tax-free savings accounts, Darcy Keith profiles two teachers who have grown their TFSAs to millions. They had accumulated surplus savings of $150,000 by 2019, opened tax-free savings accounts and invested in stocks that pay dividends. Today, their TFSAs are now worth $2-million, combined. The stocks also pay tax-free dividends of $15,000 per month. If you have grown your TFSA to half a million dollars or more, send us an e-mail at dakeith@globeandmail.com, or fill out this form.

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