Five things you should know before you start your work day on Sept. 14 -

Five things you should know before you start your work day on Sept. 14

Credit: financialpost.com

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Good morning! Editor Nicole MacAdam (@nicole_mac1) here. Statscan says median income growth has barely budged in 10 years, Transat wants Ottawa to take back a change to its airline joint venture rules and Amazon hints at what it might take to win its new US$5 billion headquarters — and it’s not cheap.

Median income growth has been sluggish

Incomes grew at a real rate of 10.8 per cent between 2005 and 2015, modest gains that economists say were held back by the financial crisis, recession and more recent collapse in oil prices. According to a Statistics Canada release based on census data, the median household income increased from the inflation-adjusted equivalent of $63,457 in 2005 to $70,336 in 2015, reports Claire Brownell. That’s real wage growth of a little more than one per cent per year. “That’s not a booming pace of income growth,” said Craig Alexander, chief economist at the Conference Board of Canada. The 2008 financial crisis and subsequent recession were mostly to blame, Alexander said. “If we hadn’t had the recession, family income would be up significantly more.”

Transat opposes airline joint venture change

Transat A.T. is calling on the government to remove a joint venture provision from proposed legislation amending the Transportation Act, saying it is unnecessary and detrimental to competition among airlines in a market dominated by one carrier. The proposed Bill C-49, which is being discussed at a committee hearing in Ottawa this week, would allow the Transport Minister to approve applications for joint ventures between two or more airlines, writes Alicja Siekierska. Under the current regime, joint ventures are reviewed under the Competition Act. In a brief that is expected to be submitted to the transportation committee, the Montreal-based operator of Air Transat said the proposed approval process is not necessary as Canada is well served by the Competition Act. 

What will it take for Canada to win Amazon’s HQ?

If history is any indication, Canadian governments — and their taxpayers — may have to empty their pockets if they want to win the sweepstakes for Amazon.com’s new North American home, writes Geoff Zochodne. Amazon announced last week it will open a second corporate headquarters on the continent, with the e-commerce giant expecting to spend more than US$5 billion on the project and provide up to 50,000 “high-paying jobs” for the lucky city. Amazon laid out some of its demands in a request for proposal document, voicing a preference for a metropolitan area with a population of more than one million people, and “incentives” a government may wish to offer, including free land costs, grants and tax credits.

Canadian oil output to hit key milestone

Canadian oil production could edge closer to the five million barrel-per-day milestone in 2018, with supplies expected to grow the second fastest among major producers in coming years, a new report says. The Paris-based International Energy Agency said Canadian oil output is expected to rise by 290,000 bpd this year, reports Jesse Snyder, and by another 200,000 bpd in 2018 to reach 4.95 million bpd. The IEA’s estimates for Canadian oil output were revised upward due to “robust production” across the sector, particularly in the oilsands. The IEA report also estimated U.S. oil production will grow 470,000 bpd in 2017, and as much as 1.1 million bpd in 2018. The country remains the fastest-growing non-OPEC producer in the world, just ahead of Canada.

Dimon says he’ll fire anyone trading Bitcoin

JPMorgan Chase & Co. chief executive Jamie Dimon said he would fire any employee trading bitcoin for being “stupid.” The cryptocurrency “won’t end well,” he told an investor conference in New York on Tuesday, predicting it will eventually blow up. “It’s a fraud” and “worse than tulip bulbs.” If a JPMorgan trader began trading in bitcoin, he said, “I’d fire them in a second. For two reasons: It’s against our rules, and they’re stupid. And both are dangerous.” Bitcoin has soared in recent months, spurred by greater acceptance of the blockchain technology that underpins the exchange method and optimism that faster transaction times will encourage broader use of the cryptocurrency.

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