Workers on the Honda CRV production line at the Honda manufacturing plant in Alliston, Ont., on Apr. 5, 2023.Cole Burston/The Canadian Press
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.
Honda considering multibillion-dollar EV plant in Canada
Ottawa and Japanese automaker Honda are in talks about the possibility of a multibillion-dollar electric-vehicle factory in Canada, according to reports from Steven Chase, Bill Curry and Adam Radwanski. Honda is reportedly looking at several potential sites, including next to an existing automobile factory in Ontario. Japanese news outlet Nikkei also reported that spending on the potential plant could reach $18.5-billion – which would make it the biggest by an automaker in Canadian EV production to date. The automaker expects to decide by the end of 2024, with the new facility to go on stream as early as 2028, the Japanese news group reports.
Experts predict what’s to come for housing, jobs, wages and more in 2024 – in charts
Canada’s economy is entering 2024 in an uneasy state, writes Jason Kirby, especially after a year of high interest rates. It’s almost guaranteed that rate cuts are on the horizon, but many things are still uncertain. When are rate cuts coming? Is Canada heading towards recession? What will happen to the housing market? The Globe and Mail reached out to dozens of economists, academics, investors and business leaders, and asked them to each pick a chart that highlights an issue that will be important to watch in 2024. Here are the results.
Low ice levels on the Great Lakes expose a changing winter economy
Earlier this week, European Union scientists confirmed that 2023 was the warmest year on record. The Great Lakes are feeling those effects as it experiences record low ice levels. The average ice cover at the start of 2024 was 0.4 per cent, the lowest since ice levels began to be tracked in 1973, according to the U.S. National Oceanic and Atmospheric Administration. The unseasonably warm weather has been a boon to shipping companies, but businesses that cater to winter tourism are struggling. Jason Kirby takes a closer look in the latest Decoder.
Former TD employee charged with money laundering, accepting bribes in drug-trafficking case
In the banking world, a former employee of Toronto-Dominion Bank was charged by U.S. authorities with money laundering for drug traffickers. Oscar Nunez-Flores, who worked at a TD branch in New Jersey, was charged by the U.S. Department of Justice in October with accepting bribes and helping launder the proceeds of illegal drug sales, Stefanie Marotta, Rita Trichur and Stephanie Chambers report. TD has not said whether the case is related to the U.S. anti-money-laundering investigation that the bank disclosed to shareholders in August.
Minden Gross partners work to wind down nearly 75-year-old firm as lawyers move to new jobs
As Toronto law firm Minden Gross gets ready to shut down its operations, its partners have a lot on their to-do list. Robyn Doolittle reports that the top leaders are busy contacting clients, trying to find new jobs for employees, dealing with landlords and other vendors – all while continuing to serve their clients. The decision to close the nearly 75-year-old firm was made last month after a series of high-profile departures and failed merger talks with KPMG Law.
‘Loud budgeting’ is a personal finance trend to watch
Consider “quiet luxury” out, and “loud-budgeting” in for 2024. The new personal finance trend is meant to empower people to say no to frivolous spending – no to a night out or no to an expensive trip – and think critically about their spending. “It’s not, ‘I don’t have enough,’” TikTok creator Lukas Battle says in a trending video. “It’s, ‘I don’t want to spend.’” Rob Carrick writes that it’s hard to avoid messaging that spending money brings a sense of belonging and happiness, especially in times of high inflation, so this trend reframes that idea.
@lukasbattle Replying to @operelly ♬ original sound - Lukas Battle
Now that you’re all caught up, test your knowledge with our weekly business and investing news quiz and prepare for the week ahead with the Globe’s investing calendar.