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’s economic growth fell short of expectations in the first quarter, prompting traders to boost bets on the Bank of Canada cutting interest rates as early as next week.
that the central bank trims its policy interest rate by a quarter-percentage-point, according to data as of Friday morning.Another bank earnings season is in the books as Canada’s Big Six lendersthis week. The top six banks, which together control more than 90 per cent of the country’s banking market, are emerging from a tumultuous year marked by climbing reserves for potential loan losses, mounting costs and higher capital requirements, Stefanie Marotta reports.
The months-long corporate battle at Gildan Activewear Inc. comes to end with Glenn Chamandy back as chief executive and on the board. Earlier this week, shareholders of the Canadian T-shirt makerto give Mr. Chamandy his board seat back. He’ll join seven other directors, all candidates put forward by activist investor Browning West, which has taken control of the company, Nicolas Van Praet reports. United Rentals Inc. CEO Michael Kneeland is now Gildan’s chairman.
. The proxy fight is likely to wind up costing Gildan US$65-million or more, according to preliminary estimates.Could Canada’s underused public land be the key to solving the housing crisis? Ottawa has announced an ambitious plan to transform “every possible piece” of federal land – including large armouries with empty parking lots, aging post offices, and low-rise office buildings in high-storey streetscapes – into the affordable housing for Canadians.
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