In this edition:
- Bank of Canada chief: inflation likely to tip 8% as soon as next week
- Cement shortages are putting pressure on Canada’s construction industry
- Ontario government, education union begin contract negotiations
- Fort Erie approves tougher penalties for illegal short-term rentals
Bank of Canada chief: inflation likely to tip 8% as soon as next week
The Bank of Canada expects inflation to go “a little over” 8%, as soon as next week when June’s data is released, and stay in that range for a few more months, Governor Tiff Macklem told a business group in a webcast transcript released late Friday.
Macklem, who spoke to the Canadian Federation of Independent Business the day after Wednesday’s shock 100-basis-point interest rate hike, also urged small business owners to avoid building the current pace of price increases into their contracts.
“Inflation is high sevens. It’s probably going to go a little over eight (8%). We have the next CPI next week. We know oil prices were very high in June, so I wouldn’t be surprised to see it move up,” Macklem said.
Cement shortages are putting pressure on Canada’s construction industry
The construction sector is having a boom year, as consumers and companies pour more dollars into building infrastructure. But cement, a key ingredient in making concrete, has become scarce, and the shortage — caused by a confluence of increased demand, labour shortages, inflation and issues at major plants — is creating serious problems for the construction industry across the country.
Ontario government, education union begin contract negotiations
Bargaining talks have begun between the government of Ontario and a major education union. The Canadian Union of Public Employees, which represents 55,000 Ontario education workers, says negotiations began as scheduled on Monday morning.
Education unions will be negotiating this summer as existing contracts are set to expire on Aug. 31.
The central bargaining committee for CUPE’s Ontario School Boards Council of Unions said this month that it hoped to negotiate a deal that offers more supports for students and “makes sure workers’ pay is no longer eroded.”
A July 7 statement also referenced a memo from the assistant deputy minister of education that said the province is “contemplating” four-year terms for education sector collective agreements, instead of the existing three-year terms.
Fort Erie approves tougher penalties for illegal short-term rentals
Tougher sanctions are coming to illegal short-term rentals (STR) operating in town.
Council has added several provisions to the town’s short-term rental bylaw that will result in immediate and escalating fines coupled with an increasing length of time that offenders will be barred from operating a rental.
“It’s important to make sure that people who want to rent on a short-term basis in Fort Erie know the rules,” Mayor Wayne Redekop said. “If you don’t want to follow the rules, rent properties someplace else, but don’t do it here.”
Reading Recommendations
No silos here: Supply Chain challenges impact businesses of all types
Canadian Chamber of Commerce
It is no secret that supply chains, both domestic and global, are under serious strain. We are seeing it in just about every sector of the economy, from the price of our food, to the availability of raw construction materials, and beyond. The COVID-19 pandemic has no doubt been an underlying trigger for exposing these vulnerabilities, but there are other factors at play as well, such as the ongoing war in Ukraine.
While Canada cannot fix all these problems by itself, as a country we can zero in on some and work towards solutions through partnership and dialogue between the government and private sector.
When will the NFT bubble burst?
Maclean’s
Like most people, artist Victor Mosquera had no idea what an NFT was two years ago. Mosquera, who is 32, was born in Bogota, and growing up in Colombia provided him with an unusual motivation to pursue his passion for art and music. “The economy there is really bad. There are lawyers and doctors driving Uber because they can’t get a job,” he says, sipping an iced coffee on a windy June day near his studio in Vancouver’s Yaletown. “I thought, If I study something I hate just because it’s ‘safe,’ I might still end up as an Uber driver. So I’m just going to do whatever I want.”
Through the Daily Updates, the GNCC aims to deliver important business news in a timely manner. We disseminate all news and information we feel will be important to businesses. Inclusion in the Daily Update is not an endorsement by the GNCC.
