Can Canada afford big corporate stock buybacks?
Loblaw Companies, the country\u2019s biggest grocery chain, reported its finances for 2022 on Thursday. In a year when Canadians felt the squeeze from skyrocketing grocery bills increased by inflation, the retailer posted net earnings of $2.3 billion dollars.\n\nAlso in 2022, Loblaw spent $1.3-billion on something called stock buybacks, which pulls shares off the market and tends to pump up the prices of those still held by investors and executives. \n\nLoblaw isn\u2019t alone in carrying out billion-dollar share buybacks. Today, CBC business journalist Pete Evans returns to explain why so many buybacks are happening, and why critics say they\u2019re happening at the expense of Canadian workers, customers and productivity.\n\nFor transcripts of this series, please visit: https://www.cbc.ca/radio/frontburner/transcripts