Global events determine global exchange rates. That’s why every week at theCurrent we bring you the world’s biggest business stories. This week: Pokemon Go, house prices, Krispy Kreme, May’s day, and a potential trade deal between the English and Australians.
Gotta Catch em all!
Pokemon is back and better than ever. Pokemon Go is a smartphone game that allows you to interact with the real world. To catch the pokemon you have to travel to different locations, and when a pokemon is nearby your phone vibrates and you attempt to capture it. The new pokemon craze has matched or surpassed the pokemon craze of the 90s. Pokemon Go is free to play, and is the first major success in ‘augmented reality’ gaming (because it blends the real world with the video game), which many experts believe will grow in the coming years.
House Prices up
The average price of a home in Canada is up 11.2% year on year in June. Prices across the country are rising at the fastest pace since 2006. Factoring out Toronto and Vancouver, the average house price is just $374,760, but that figure still represents an 8.4% increase. Although prices are rising, the number of sales is not, possibly because more and more people are being priced out of the market. Sales are down 0.9% in June.
Kan Krispy Kreme Krack Kanada?
Krispy Kreme is looking to make inroads in Canada again after failing to break into the market in their last Canadian foray over a decade ago. CEO Chris Lindsay has said that the company is looking at opening 50 or more locations. In 2001 the first Krispy Kreme opened in Canada, but the company filed for bankruptcy protection in 2005.
Air Miles Restrictions
At the end of 2011, Air Miles imposed a 5 year expiry date on reward miles, meaning that any miles collected before 2012 will expire on New Year’s Day 2017. Consumers have been rushing to use their miles, but there have been a number of complaints suggesting the company is not responding quickly enough. Some customers have complained about phone wait times of over 2 hours. Moral of the story? If you have unused air miles then plan to call Air Miles soon, and settle in for a long wait.
May be a good thing
Following the Brexit vote the UK has a new Prime Minister. Former Prime Minister David Cameron promised to resign following the vote, and this triggered an election within the Tory party. Michael Gove, who campaigned alongside Boris Johnson (who did not run, despite much speculation) and Andrea Leadsom lost out to Theresa May. May won the leadership of her party, and, as the Conservatives have a majority in parliament, became the Prime Minister. May is Britain’s second female PM, following the controversial tenureship of Thatcher from 1979 to 1990.
UK and AUS trade deal?
Following Brexit one word has dominated the political and business discourse: uncertainty. It is unlikely for fears to be completely dissipated anytime soon, but a potential trade deal between England and Australia could boost outlooks. New PM Theresa May called the proposed free trade talks “very encouraging”. Unfortunately the UK can not make any formal arrangements until the country is no longer a formal member of the EU which will take a minimum of 2 years – supporters suggest this is plenty of time to negotiate with countries like Australia, the US and Canada.
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