Five Canadian business stories to watch next week

Empty plaza
Statistics Canada will release its monthly estimate of business openings and closures for July on Wednesday. (Stock image for illustrative purposes only)

Cogeco earnings

Cogeco Inc. and Cogeco Communications release fourth-quarter results after markets close on Tuesday. The company announced Wednesday its plans to buy internet and cable provider DERYTelecom for $405 million, adding about 100,000 internet and cable customers in its home province of Quebec.

Business openings

Statistics Canada will release its monthly estimate of business openings and closures for July on Wednesday. The agency recorded 56,296 business closures in June, an improvement from May but still 44 per cent more than in February before the COVID-19 pandemic struck in force in Canada.

Interest rate announcement

The Bank of Canada will make its interest rate announcement and release its fall monetary policy report on Wednesday. The central bank has kept the key rate at its lower effective bound of 0.25 per cent since March when COVID-19 lockdowns plunged the economy into crisis, and said it will remain there until the economic slack is absorbed and the two-per-cent inflation target is “sustainably achieved.”

Oilpatch earnings

Oilsands producer MEG Energy will report Q3 results on Monday, followed by Suncor, Husky Energy and Cenovus later in the week. While higher oil prices are expected to bolster returns, observers say a recent stall in the crude price recovery and ongoing oil market uncertainty make any increases in production and spending plans unlikely.

August GDP figures

StatCan is set to release gross domestic product by industry figures for August on Friday. The agency previously said that real gross domestic product grew by three per cent in July, matching the agency's preliminary estimate, compared with growth of 6.5 per cent in June.