TORONTO — Five things to watch for in the Canadian business world in the coming week:
May retail trade
Statistics Canada will release retail trade figures for May on Tuesday. The agency said retail sales fell by a record 26.4 per cent to $34.7 billion in April due to COVID-19 restrictions, but that early estimates suggest retail sales rose 19.1 per cent in May.
The Torstar shareholders virtual meeting to vote on proposed takeover of the company is set for Tuesday. NordStar Capital LP upped its offer on July 11 to purchase the owner of the Toronto Star and other community newspapers after Torstar received a potentially superior second offer, which it said was unsolicited.
Empire Co. Ltd. unveils its new three-year strategy on Wednesday, while rival Loblaw Companies Ltd. will hold a conference call to discuss its second-quarter results on Thursday. Representatives of both grocery chains appeared before a parliamentary committee on July 10 and denied colluding to end pandemic wage premiums for front line workers, that they announced their decision to revoke on or about the same day.
June inflation numbers
Statistics Canada is set to release its consumer price index for June on Wednesday. Statistics Canada recently said that Canadians’ buying patterns changed so much during the COVID-19 pandemic that its measure of consumer inflation went a little wobbly, as consumers spent more on items that don’t weigh as much in the CPI, which tracks inflation.
Canadian Pacific Railway Ltd. executives discuss second-quarter earnings following release of financial results on Wednesday. CP and rival Canadian National Railway announced recently that they moved record quantities of grain in the second quarter after benefiting from another strong month in June.
This report by The Canadian Press was first published July 19, 2020.
The Canadian Press