BC Chapter Update:

In December, the BC Chapter hosted its third annual Dragon’s Den IR Style, a crowd favorite that provides an opportunity for today’s busy IR professionals to learn about innovative solutions to challenges they face. Sponsors for this edition were Broadridge Financial Solutions, Marketwired and Chorus Call. BC members had a chance to hear about Broadridge’s latest proxy services, Marketwired’s offerings for social media monitoring and management, and Chorus Call’s tools to simplify internal and external conference calls. The evening’s dragons were Meghan Brown from Endeavour Silver Corp., Darren Seed from Westport Technologies and Jamie Kokoska from Ritchie Bros. Auctioneers, whose witty and sharp comments and questions kept the audience engaged and entertained with a dose of experience and humour. The evening included a special appearance by none other than Santa, who brought a sleigh-full of presents directly from way up North. Cocktails and light food provided an additional opportunity to network and toast the holidays with fellow IR professionals.

The markets may have had a rough start to the year, but CIRI BC kicked off 2016 on a high note with a very informative and timely session.

In January, we welcomed Ben Homsy, Associate Portfolio Manager, Fixed Income at investment firm Leith Wheeler Investment Counsel.

Homsy’s extensive overview of the current economic climate from a global and national perspective was both insightful and at times sobering. He conceded that his firm is not as pessimistic as others regarding the future. His views are based on the following observations:

• The recent downturn can be traced to China’s recent economic woes and a strengthening U.S. dollar;

• Although global growth is below trend, the world is not in a general recession;
• Low oil prices, while bad for resource-based economies, are good news for U.S. consumers, who benefit from cheap oil;
• The U.S. job market seems to have recovered, with unemployment rates about 5% and a tight market for high-skilled labour;
• A strong U.S. dollar can benefit Canada as the U.S. is its largest trade partner; however, low oil prices, if sustained, could push Canada into a ‘real’ recession;
• There is a high likelihood the Federal Reserve System will raise interest rates three or four times in 2016; and
• Future interest rate hikes in Canada are a major concern, given household indebtedness.

The session was praised for the appropriateness of the topic and the content delivery, which was highly relevant to IROs’ day-to-day activities.

Ontario Chapter Update:

CIRI Ontario kicked off the New Year with a sold-out event that attracted more than 80 attendees. The session, entitled An Economist’s View of the Year Ahead, was presented in partnership with Women in Capital Markets and featured an acclaimed panel of speakers including: Craig Alexander, Vice President, Economic Analysis, C.D. Howe Institute; Laura Cooper, Economist, Royal Bank of Canada; and Leslie Preston, Senior Economist, TD Bank Group. The event was moderated by Ungad Chadda, Senior Vice President, Toronto Stock Exchange.

The speakers provided their economic outlooks for 2016 and beyond for Canada, the U.S. and the world. They agreed that emerging markets will generally face considerable headwinds in the coming year while the U.S. is a bright spot, as economic recovery is expected to continue, with consumer demand driving growth. Canada, although hard hit by the slump in oil prices, is expected to benefit from the growth in U.S. consumer demand – and the weak Canadian dollar – through increased exports to our largest trading partner. 

Quebec Chapter Update:

In January, CIRI Québec welcomed Stéfane Marion, Chief Economist and Strategist for National Bank. His presentation was very interesting and kept the attention of the audience. When asked how he compares 2008-2009 with the current situation, he said the two periods are completely different. While 2008-2009 was essentially a financial crisis, followed by an economic crisis, the world now has to deal with political and geopolitical issues and a technological revolution, in addition to economic challenges. Moreover, we are in a new era with respect to oil production, and in March China will embark on a five-year plan involving transition to a service economy and a realignment of growth expectations. Marion also believes that the Canadian dollar is undervalued (at $1.45 versus the U.S. dollar on the day of his presentation).