In this edition:
- Ontario announces raft of red tape reduction measures projected to save 1.5 million hours per year
- Bank of Canada maintains policy rate, expects “bumpy progress” in inflation reduction
- NiagaraOpenData.ca relaunches to better serve Niagara’s open data community
- Ontario Chamber launches new Artificial Intelligence hub
- Non-residential building construction surges in Ontario
- Brock business prof named among top global researchers making an impact
- Seniors retirement complex gets green light from St. Catharines council
- Restaurant transactions increased 404% in Niagara Falls on solar eclipse day, Square finds
- Focus on Finance & Economy
Ontario announces raft of red tape reduction measures projected to save 1.5 million hours per year
Today, the Ontario government introduced the Cutting Red Tape to Build More Homes Act, 2024, as part of its ongoing commitment to cut red tape, speed up government processes and build at least 1.5 million homes by 2031.
This spring 2024 red tape reduction package includes a variety of measures that would improve service delivery while saving people and businesses time and money. These targeted steps would build on the actions Ontario has taken to cut red tape to date, which are expected to save people and businesses over 1.5 million hours and $1.2 billion every year.
Bank of Canada maintains policy rate, expects “bumpy progress” in inflation reduction
The Bank of Canada today held its target for the overnight rate at 5%, with the Bank Rate at 5¼% and the deposit rate at 5%. The Bank is continuing its policy of quantitative tightening.
The Bank expects the global economy to continue growing at a rate of about 3%, with inflation in most advanced economies easing gradually. The Bank has revised up its forecast for global GDP growth to 2¾% in 2024 and about 3% in 2025 and 2026. Inflation continues to slow across most advanced economies, although progress will likely be bumpy. Inflation rates are projected to reach central bank targets in 2025.
NiagaraOpenData.ca relaunches to better serve Niagara’s open data community
Entering its eighth year of providing a single point of access to Niagara’s open data, today the Niagara Open Data Community Consortium marks another milestone with the relaunch of NiagaraOpenData.ca, a community data catalogue where users can access data from across the region.
Open data is data that can be freely used, re-used and redistributed by anyone with very few restrictions. The data is provided to support transparency and accountability of organizations or to drive innovation and innovative approaches to address challenges faced in our community.
Ontario Chamber launches new Artificial Intelligence hub
Today, the Ontario Chamber of Commerce (OCC) announced the launch of its Artificial Intelligence (AI) Hub, an industry-academic collaboration to drive AI adoption among Ontario businesses – and evidence-based policymaking from government.
“The Ontario Chamber of Commerce aims to maintain Ontario’s global leadership in AI and emerging technologies,” said Daniel Tisch, President and CEO of the OCC. “By bringing together industry, academia, and policymakers, the OCC’s AI Hub will advance dialogue and action to maximize the benefits of AI for businesses, workers and communities across the province.”
The GNCC will host Nick Romano, CEO of Deeplite.ai, on April 24th at a Niagara Business Leadership Series event. Business and community leaders interested in learning more about the business applications of AI can sign up here.
Non-residential building construction surges in Ontario
Month over month, the total value of building permits in Canada increased 9.3% to $11.8 billion in February, new data released today by Statistics Canada shows. The non-residential sector grew 12.3% to $4.7 billion due to the issuance of several major construction permits. Ontario (+21.7% to $5.0 billion) led the growth, with gains occurring across all components.
The total monthly value of residential permits increased 7.4% to $7.1 billion in February. Ontario (+14.2% to $2.8 billion) contributed the most to the rise in value of both single-family and multi-family dwelling permits.
Brock business prof named among top global researchers making an impact
Brock University Professor Samir Trabelsi is one of 22 business school faculty members from around the world named to AACSB International’s 2024 Class of Influential Leaders.
AACSB (Association to Advance Collegiate Schools of Business) is the longest-serving accrediting body for business schools, accrediting less than six per cent of business schools globally. Their annual Class of Influential Leaders highlights faculty at accredited institutions who are advancing new knowledge and creating impact in business and society through their research.
Trabelsi is the CPA Ontario Distinguished Scholar and a Professor of Accounting and Governance at Brock’s Goodman School of Business. His research bridges the gap between academic insights and real-world applications, promoting better governance and sustainability reporting in the corporate world.
Seniors retirement complex gets green light from St. Catharines council
City council has cleared the way for a new seniors retirement complex with 430 units on a vacant field in west St. Catharines.
Councillors unanimously approved zoning bylaw amendments for 1298 Fourth Ave. where Shannex Inc. wants to build a facility in two phases west of St. Catharines hospital.
The first phase will consist of a total 255 units in an eight- and 10-storey tower. The units will offer a mix of 105 lifestyle suites for independent living, 72 all-inclusive suites for people who want light to moderate assistance and 78 supportive suites for those who require assisted living, memory care or enriched care services.
Restaurant transactions increased 404% in Niagara Falls on solar eclipse day, Square finds
Square, a point-of-sale system provider, says restaurants along the path of totality saw a spike in business activity on the day of the solar eclipse.
In Niagara Falls, sales revenue at restaurants that use Square’s tools and services increased by 404 per cent on Monday, compared to the average Monday in 2024. The data doesn’t account for sales at restaurants using other POS providers or cash sales. The company didn’t say how many businesses in Niagara Falls use its tools.
Elsewhere in Canada, Hamilton saw an increase of 67 per cent and Montreal saw a 55 per cent increase, Square said.
Did you know?
The lowest-grossing movie in history is officially 2006’s Zyzzyx Road, which made $30.
Focus on Finance & Economy
Economists react to Bank of Canada interest rate decision
The Bank of Canada’s latest interest rate announcement came as no surprise to experts who say the move highlights incoming cuts this summer.
On Wednesday, the central bank held rates at five per cent for the sixth consecutive announcement, although Governor Tiff Macklem noted that he is now seeing the necessary conditions for a cut, but wants to see sustained progress before lowering rates.
The decision to hold fell in line with unanimous expectations from economists tracked by Bloomberg, including Warren Lovely, chief rates strategist and managing director at National Bank Financial, who called the announcement “pretty appropriate.”
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.
