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Greater Niagara Chamber of Commerce

Daily Update: April 13, 2022

Rapid testing kits now available again from GNCC, Bank of Canada increases policy interest rate by 50 basis points, and more.

In this edition:

Rapid testing kits now available again from GNCC
Bank of Canada increases policy interest rate by 50 basis points
Canadian building investment hits unprecedented $20bn high
GO-VAXX Bus coming to Beamsville
Niagara Health will permit one visitor starting April 14

Rapid testing kits now available again from GNCC

The GNCC is pleased to announce that it has received new stock of rapid testing kits from the Government of Ontario, and is able to resume taking orders for rapid antigen testing kits. Businesses and non-profits with fewer than 150 employees can obtain free tests for their workforce under this program.

Demand for kits remains extremely high, and if you need tests for your organization, we recommend booking as quickly as possible.

Click here for more information and to reserve testing kits.

Bank of Canada increases policy interest rate by 50 basis points, begins quantitative tightening

The Bank of Canada today increased its target for the overnight rate to 1%, with the Bank Rate at 1¼% and the deposit rate at 1%. The Bank is also ending reinvestment and will begin quantitative tightening (QT), effective April 25. Maturing Government of Canada bonds on the Bank’s balance sheet will no longer be replaced and, as a result, the size of the balance sheet will decline over time.

Russia’s ongoing invasion of Ukraine is causing unimaginable human suffering and new economic uncertainty. Price spikes in oil, natural gas and other commodities are adding to inflation around the world. Supply disruptions resulting from the war are also exacerbating ongoing supply constraints and weighing on activity. These factors are the primary drivers of a substantial upward revision to the Bank’s outlook for inflation in Canada.

Click here to read more.

Canadian building investment hits unprecedented $20bn high

Investment in building construction increased 4.0% in February, reaching $20.0 billion for the first time recorded. Most provinces reported gains, with Quebec accounting for over 50% of the increase.

On a constant dollar basis (2012=100), investment in building construction increased 3.9% to $12.7 billion. Investment in single family homes rose 4.9% to $8.0 billion in February. Increases were posted in seven provinces, led by Ontario (+5.3%) and Quebec (+8.2%).

Multi-unit construction increased 5.1% to $6.9 billion, driven primarily by strong gains in Quebec (+16.8%).

Click here to read more.

GO-VAXX Bus coming to Beamsville

A GO-VAXX clinic will be available at the Lincoln Community Centre in Beamsville to administer Pfizer for ages 12+ (first, second, booster, and fourth) and Pediatric Pfizer for ages 5-11 (first and second).  The fourth dose will be available to all clients that meet the criteria.

Date: Monday, April 18, 2022

Time: 10 a.m. to 6 p.m.

Location: Lincoln Community Centre, 4361 Central Avenue, Beamsville, ON (Parking Lot)

Click here for more information.

Niagara Health will permit one visitor starting April 14

Starting Thursday, April 14, only one visitor or Essential Care Partner (ECP) will be permitted at the bedside for inpatient units, including Labour and Delivery and NICU. There is no change for outpatient, Emergency Department (ED) and Urgent Care Centres (UCC), where patients can continue to bring one person to support them.

Click here to read more.

Reading Recommendations

U.S. inflation rate keeps heading higher, now up to 8.5%

CBC News

The U.S. inflation rate is soaring at its fastest pace in more than 40 years, with costs for food, gasoline, housing and other necessities squeezing consumers and wiping out the pay raises that many people have received.

The Labour Department said Tuesday that its consumer price index jumped 8.5 per cent in March from 12 months earlier — the biggest year-over-year increase since December 1981.

Prices have been driven up by bottlenecked supply chains, robust consumer demand and disruptions to global food and energy markets worsened by Russia’s war against Ukraine.

Click here to read more.

Canada’s big banks swiftly pass on Bank of Canada hike to borrowers

BNN Bloomberg

Royal Bank of Canada didn’t waste much time following the Bank of Canada’s lead, announcing early Wednesday afternoon it will raise its prime rate half a percentage point to 3.2 per cent, effective Thursday. Soon after RBC’s announcement, TD Canada Trust, Bank of Montreal, and Bank of Nova Scotia matched with equal-sized prime-rate hikes.

Prime is the key rate that underpins a slate of lending products, including variable-rate mortgages and lines of credit.

The move comes on the heels of the central bank’s first supersized rate increase in 22 years, as the Bank of Canada increased its benchmark rate by half a percentage point Wednesday to one per cent. The central bank has been grappling with how to quell sky-high inflation, which is currently running at its highest level in three decades.

Click here to read more.

Update on Ukraine

Russia bans Canadian senators in latest ‘counter’ sanctions

CTV News

Russia has banned most Canadian senators from entering the country, in its latest volley of counter sanctions.

According to a statement posted on the Russian foreign ministry’s website, 87 senators are now on the “stop list” or “black list” of foreigners that will be denied entry to the Russian Federation.

The embassy’s statement indicates sanctioning the vast majority of the Senate’s representatives is being done “on the basis of reciprocity,” over Canada’s “hostile” Russian sanctions.

The Canadian government has been imposing sanctions on an ongoing basis on a wide list of top Russian government and military officials as well as on wealthy and influential oligarchs in an effort to pressure Russian President Vladimir Putin to end his attacks on Ukraine.

Click here to read more.

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.

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