Former Rogers Communications CEO Joe Natale speaks to shareholders during the Rogers annual general meeting in Toronto on April 20, 2018.Nathan Denette/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.
Former Rogers CEO Joe Natale suing for wrongful dismissal, breach of contract
The plot of Rogers’ infamous power struggle continues to thicken. Former CEO Joe Natale is suing the telecom company for at least $24-million for wrongful dismissal and breach of contract, Alexandra Posadzki reports. Mr. Natale is also claiming that the company’s chairman and controlling shareholder, Edward Rogers, and his wife Suzanne Rogers “intentionally disparaged Natale and took steps to tarnish his reputation,” according to a statement of claim. He was ousted in 2021 and replaced by the company’s former chief financial officer, Tony Staffieri, in November of the same year.
LCBO customer data hacked for a second time this year
Earlier this week, the Liquor Control Board of Ontario (LCBO) said the personal data of its customers had been compromised in the second hacking incident to strike the Crown corporation this year. The breach likely involved names, e-mail addresses, dates of birth, postal codes and Aeroplan loyalty program numbers from customers who signed up to receive promotional communications. According to Temur Durrani, LCBO is placing the blame on marketing agency Conversion Digital who say “stolen login credentials” were used to obtain the customer data.
Population growth is propping up consumer spending numbers
The resilience of Canadian consumers has surprised economists and confounded central bankers. Their ability to keep spending, despite higher interest rates, forced the Bank of Canada to resume hiking rates in June. But is population growth propping up those consumer spending numbers? The country is growing at historically strong rates – by more than 1.2 million people over the past year alone. But according to The Globe’s calculations, the average person spent $1,775 on retail goods in May – the same as two summers ago. Matt Lundy takes a closer look in this week’s Decoder.
Canada’s inflation rate ticks up to 3.3 per cent in July
Canada’s annual inflation rate rose to 3.3 per cent in July, moving back above the Bank of Canada’s target range of 1 and 3 per cent. Food costs continue to push higher, but at a slower pace than before. Meanwhile, both rent and mortgage-interest costs are on the rise. Mark Rendell reports that July inflation numbers come at a crucial point for the central bank and economists have upped their bets on another quarter-point rate hike on Sept. 6.
Inside Quebec’s crumbling pork empire
Quebec produces 31 per cent of the pork in Canada, the most of any province. The industry is currently facing a financial crisis as global demand for pork is down and production prices are up. In fact, Canadian pork producers are being compelled to initiate a industrial overhaul and kick off a new chapter. Kate Helmore visited Quebec’s pork country, and spoke to pork farmers who face bankruptcy and personal breakdowns as their entire livelihoods dissolve.
Sorry to spoil the party, Swifties. Can you really afford that Eras Tour ticket?
How much are you willing to splurge on a concert ticket to see Taylor Swift? Rob Carrick says that we need a new way to talk about extravagances, and The Eras Tour is the perfect venue. First, you should have a basic financial plan in place. Second, dedicate a “splurge budget” for spending beyond your weekly and monthly costs for restaurants, bars, clubs, movies, etc. Lastly, “some degree of restraint is important,” he writes, but we all deserve to go over the top once in a while.
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.
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Abigale Subdhan