Every week we bring you the week’s biggest business, currency, and travel stories. This week: Bitcoin splits, Brexit fears, Dow hits record high and then falls, South African airways could go bust, two Canadian passengers call 911 during delayed flight, expect a slowdown in job creation this month.
Governor of the Bank of England, Mark Carney (a Canadian), has warned that Brexit uncertainty is building. The Bank of England voted to hold interest rates and cut its growth forecast to 1.7% down from 1.9% and may cut its 2018 forecast from 1.7% to 1.6%.
Dow record and fall
The Dow broke the 22,000 points mark on Wednesday but then opened down 0.08% on Thursday at 21,998.39. The markets are awaiting the latest US job figures and quarterly reports. Shares in Tesla rose more than 5% on Thursday, while Apple’s fell 1% after a strong performance earlier in the week.
A new version of Bitcoin has been ‘mined’ for the first time. The original Bitcoin is only capable of adding 1 MB of information per every 10 minutes, the new Bitcoin Cash comes in 8MB blocks. Some wallets may have slight technical issue but proponents are confident in the crypto-currency. One prominent Bitcoin wallet has so far refused to accommodate the new version of the crypto currency. 1 Bitcoin is now worth CAD 3514.19.
South Africa Airways
South African Airways (SAA) is on the verge of bankruptcy according to a cash flow statement presented to the South African Parliament. The airline is requesting a ZAR 792 million bailout.
Passenger calls 911 for delayed flight
The Canadian Transport Authority is investigating why two Air Transat planes were stranded for hours on Monday. The unexplained delay was so significant that it prompted two passengers to call 911. Following the 8 hour flight from Brussels the planes sat on the tarmac for a further 6 hours with passengers unable to leave. This is despite rules which dictate that passengers delayed over 90 minutes must have the right to leave the aircraft.
Expect slowdown in jobs
After adding about 100,000 jobs over the last two months many economists expect the Canadian economy to add a much smaller 19,000 jobs this month – some are even predicting a slight job loss. Regardless most expect the unemployment rate to hold at 6.5%. Job creation could be a major factor in the Bank of Canada’s decision whether or not to raise interest rates this fall.
Stay informed. Stay Current.