Stories we’re watching: Greek banks teeter on economic collapse, loonie and oil hit 3-month lows
Plus: Toronto considers emergency debate on Uber, and economists brace for weaker jobs numbers
by Elizabeth Hames
ATB to release Alberta economic outlook
ATB will release its economic outlook for Alberta Tuesday morning. The document will include a full report on the state of oil, construction, real estate and retail in the third quarter of 2015.
Toronto considers emergency debate on Uber
Toronto city councilors are preparing for a possible emergency debate on whether to amend the city’s taxi bylaws to accommodate ride-sharing service Uber. This, after an Ontario court denied the city’s petition to ban Uber from operating in Toronto. Councillors could debate the issue as early as Tuesday. Meanwhile, the taxi industry has threatened to cease operations during the upcoming Pan Am Games in protest of the ride-sharing company.
Loonie, oil hit three-month lows
Both the price of oil and the Canadian dollar have fallen to three-month lows. West Texas Intermediate fell to $55/bbl, and the loonie was down 0.46 cents to 79.16 cents US. Speculation about what’s behind the drop varies. Some blame plunging Chinese stock markets and the possibility of an influx of Iranian oil on the market, while others blame Greek voters resounding rejection of a bailout deal.
Economists anticipate weaker jobs numbers
Economists are expecting flat or declining jobs numbers for June, following strong figures in May. That could prompt calls for the Bank of Canada to cut interest rates once again. Statistics Canada will release its jobs figures for June on Friday.
Greece teeters on brink of economic collapse
The world is watching Greece today as it teeters on the edge of economic collapse. Time is running out for the euro zone nation to reach a deal with creditors, after Greek citizens rejected a deal Sunday that would see the country introduce greater austerity measures in exchange for aid. Meanwhile, Greek banks are quickly running out of cash. If they do, Greece could be forced to leave the euro zone and return to the drachma.