Business Briefs News

MBI Business Brief – June 3, 2022

The Government of Manitoba introduces new minimum wage legislation

The provincial government is introducing new legislation that will allow larger increases to the minimum wage. Bill 44 would allow cabinet to mandate increases to the wage when the inflation rate exceeds five per cent in the first quarter of a calendar year.

“Our government is committed to making life more affordable for Manitobans,” said Labour, Consumer Protection and Government Services Minister Reg Helwer said on May 30. “This legislation would make critical changes to the Employment Standards Code to permit larger increases to the provincial minimum wage under certain economic conditions.”

The provincial minimum wage is due to rise to $12.35 per hour on October 1, 2022.

Manitoba to see GDP growth in 2022

On May 31, The Conference Board of Canada released its new report on GDP growth among Canada’s provinces and for the country. The organization predicts Manitoba’s real GDP to improve over the next two years, reaching 5.4 per cent growth in 2022 and 2.9 per cent in 2023.

“The growth in consumer spending will begin to slow as interest costs impact borrowers’ wallets but continuing high employment and a strong tailwind for wage growth will keep Canada’s economy moving forward,” said Ted Mallett, director, economic forecasting, The Conference Board of Canada. “Trade disruptions brought by the Russian invasion of Ukraine and COVID’s resurgence in China has sent prices soaring, creating a domino effect on consumer inflation.”

The Conference Board also sees Canada’s GDP rising 4.0 per cent this year and 3.3 per cent in 2023.

IG Wealth Management partners on climate action portfolios

IG Wealth Management announced that it is collaborating with Carbon Streaming Corporation on IG’s Climate Action Portfolios. The partnership will add the purchase and retirement of carbon credits to offset asset emissions to the investment products.

IG’s Climate Action Portfolios, four global diversified managed investment solutions, provide investors the opportunity support the transition to net-zero emissions and related growth opportunities. Throught Carbon Streaming, the “Portfolios’ estimated emissions will be compensated for by the purchase and retirement of carbon credits, which improves the environmental impact of the Portfolios.”

“We are thrilled to work with Carbon Streaming to offer Canadians a truly impactful way to support climate action while planning for their financial future,” said Damon Murchison, President and CEO, IG Wealth Management. “By leveraging Carbon Streaming’s expertise, we are able to advance our goal of transitioning the IG Climate Action Portfolios to net-zero emissions and provide our clients with the opportunity to have a positive impact on our planet.”

StoneRidge expands into province

June 3 saw news that Ontario-based insurance firm SIB Corp., known as StoneRidge Insurance Brokers, has partnered with K5 Insurance Inc. to expand its footprint in Manitoba and Saskatchewan. K5 Insurance Inc. is an insurance brokerage with three locations – Selkirk, Man., North Battleford, Sask., and Cut Knife, Sask.

“We are excited to be a part of the StoneRidge family – this new beginning for K5 will provide us access to additional markets, products and resources. We believe being part of StoneRidge will allow us to meet our customers’ needs and offer competitive premiums to achieve the right solution,” said Mike Klassen, president of K5.

This is one of a series of acquisitions by StoneRidge, who are seeking to build their firm’s national presence.

“We are extremely lucky to have Mike and K5 as part of the SIB family. This transaction demonstrates our continued focus on becoming a national broker. SIB has completed three transactions so far in 2022, with another three transactions expected to close in the next 60 days,” said Ted Puccini, SIB’s CEO and president.

Next week: Paul Mahon, president and CEO, Great-West Lifeco, speaks at the “Executive Perspectives: Views from Life Insurance CEOs” panel discussion at the S&P Global Ratings 38th Annual Conference on Wednesday, June 8.

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