In this edition:
- Ontario to invest $8m in agri-food research projects
- Consumer spending to soften in second half of 2023: Canadian Chamber of Commerce
- Bank of Canada market survey forecasts slower growth, reveals worries over monetary policy
- One in six Canadians a victim of fraud in past five years, StatCan survey shows
- Ontario’s “as-of-right” rules for out-of-province healthcare professionals take effect
- Inflation falls, but the BoC does not commit to ending rate hikes
- Port Cares gets $125K boost from RONA Foundation
- Reading Recommendation: Small Business
Ontario to invest $8m in agri-food research projects
The Government of Ontario is investing over $8 million in 47 Ontario-led research and innovation projects that will enhance the productivity of Ontario’s agri-food sector and position it for continued growth. Approved projects will help farmers protect animal health and welfare, enhance plant health and protection, drive economic development, and support improvements to environmental sustainability.
Consumer spending to soften in second half of 2023: Canadian Chamber of Commerce
While consumer spending remained strong in the second quarter, it turned a corner after the Bank of Canada ended its pause on interest rate hikes, the Canadian Chamber of Commerce said.
Consumer spending will likely slow noticeably in the second half of the year as people cut back on discretionary purchases, said Chamber chief economist Stephen Tapp.
Bank of Canada market survey forecasts slower growth, reveals worries over monetary policy
The Bank of Canada today released data from the Market Participants Survey, based on questionnaire responses from about 30 financial market participants.
Respondents expected GDP growth of only 0.7% to the end of 2023, with 1.2% by the end of 2024, predicting a slowdown in growth. More than a quarter believed there would be negative economic growth before the end of this year. Two successive quarters of negative growth officially characterizes a recession.
A stronger housing market was identified as the top upside risk, while the top downside risk was tighter monetary policy, with tighter financial conditions in second place, reflecting market reactions to rate hikes.
One in six Canadians a victim of fraud in past five years, StatCan survey shows
One in six (17%) people reported that they had been a victim of fraud in the previous five years, according to new data released today in Statistics Canada’s General Social Survey (GSS) on Canadians’ Safety (Victimization). The median loss due to fraud was $600. About one-quarter (24%) of victims lost $1,000, while 3% lost at least $10,000.
In total, the losses suffered by all fraud victims topped $16 billion in five years.
Ontario’s “as-of-right” rules for out-of-province healthcare professionals take effect
Starting today, new “As of Right” rules come into effect, making Ontario the first province to allow highly-trained physicians, nurses, respiratory therapists and medical laboratory technologists already registered or licensed in another Canadian jurisdiction to start work immediately when they arrive without having to first register with one of Ontario’s health regulatory colleges. These changes will help health care workers overcome bureaucratic delays that have made it difficult to practice in Ontario.
The government is also launching three new programs: the Practice Ready Ontario program for doctors that will remove the requirement to complete lengthy re-education programs for foreign-trained physicians, the Clinical Scholar Program which pairs an experienced front line nurse as a dedicated mentor with newly graduated nurses, and the Models of Care Innovation Fund, a new $40 million fund to encourage health care partners to bring forward innovative ideas to connect Ontarians to better services and care.
Inflation falls, but the BoC does not commit to ending rate hikes
Canada’s inflation rate has returned to the country’s target range after a tumultuous couple of years of soaring prices.
Statistics Canada reported on Jul. 18 that inflation fell to 2.8 per cent in June, down significantly from the eye-popping peak of 8.1 per cent reached last summer.
That’s within the country’s one to three per cent inflation target and, as Finance Minister Chrystia Freeland has boasted, the lowest inflation rate in the G7.
But despite the good news, the Bank of Canada is still in inflation-fighting mode and seems more likely to raise interest rates further than cut them anytime soon.
Port Cares gets $125K boost from RONA Foundation
Port Cares desire to get people “A Place to Call Home” has received a financial boost from the RONA Foundation.
The foundation is donating $125,000 to the agency’s A Place to Call Home campaign to raise funds for the construction of a 41-unit affordable housing development in central Port Colborne. The proposal is to build a five-storey complex with 32 one-bedroom units and nine two-bedroom apartments.
Port Cares CEO Christine Clark Lafleur called the funding from RONA “nothing less than transformative” and will help fill a need.
Did you know?
The world’s first modern oil well was drilled in what is now Poland in 1854. The world’s first commerical oil well was drilled in Oil Springs, Ontario, four years later.
Focus on Small Business
How ‘alarming’ new labelling requirements could impact Canada’s natural health products industry
New labelling requirements and cost-recovery fees for natural health products are a tough pill to swallow for the sector.
On July 6, 2022, Health Canada published amendments to the Natural Health Products (NHP) Regulations that are set to take effect in 2025. The intent is to make information on labels clear and consistent, and to make it easy for consumers and health professionals to locate, read and compare important safety information. According to Health Canada, “Poor communication of key information on health product labels can lead to incorrect purchases and preventable harms.”
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.
