Weekly Digest – 16 November 2022

Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward.

Tiff Macklem warns us to brace ourselves

As the Bank of Canada continues to try to fight inflation, governor Tiff Macklem said last week that we should prepare for further interest rate hikes this winter. The hope is that we will achieve just a mild recession.

Homeowners choosing to renovate instead of move

Because of rising interest rates, many people looking to buy a new home are instead deciding to stay put and renovate. Although construction and materials costs are also higher, renovation is still a more budget-friendly option than taking out a mortgage at a much higher rate.

Existing mortgages have become unaffordable for new homeowners

Interest rates have shot up from 0.25 per cent to 3.75 per cent this year, and those with variable rate mortgages are feeling the pinch. With monthly expenses rising by thousands of dollars for some, downsizing will be necessary to make ends meet – even if they just moved in a year ago.

Disney is the latest big company to announce major layoffs

Following in the footsteps of Twitter and Meta, the Walt Disney Company announced this week that it will be initiating a series of layoffs and other cost-cutting measures.

Software engineer who relocated to Canada from India laid off by Meta two days after job starts

Himanshu V. shared in a LinkedIn post that, after moving to Canada to work for Meta, his brand new job was one of many impacted by the mass layoffs that saw the company cut 13% of its workforce.

Jeff Bezos announces he will give away most of his fortune worth over $124-billion US

He started by awarding Dolly Parton, who is well-known for funding worthy causes, $100 million to donate as she sees fit. A fund to fight climate change is also in the works.

No more free lunches at Twitter

Elon Musk said that the average meal cost $400 per person – a claim that the former head of the meal program refuted on Twitter. The cut comes days after Musk scrapped Twitter’s work from home policy and mandated employees to return to the office for at least 40 hours a week.

Funds vanish from crypto exchange

FTX, one of the world’s largest cryptocurrency exchanges, filed for bankruptcy on Friday. Hours later, US$477 million was missing from the exchange. A probe is underway.

Does it hurt or help to cancel old, unused credit cards?

The answer depends. Generally, it’s useful to keep them open, as the limits attached would keep your overall credit use percentage low. But there are exceptions. Learn what they are here.

Lettuce is off the menu at many restaurants this winter

Due to drought conditions and crop disease in California, the price of lettuce has gone through the roof. Restaurant owners are either swapping in alternatives, or taking fresh greens off the menu altogether in an effort to cut costs.

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