In this edition:
- Town of Lincoln fund aims to boost tourism
- Project Arrow on target for adoption of electric vehicles
- Algoma to hold 2024 AGM and Special Meeting of Shareholders
- Canadian income gap widens to highest rate since 2015
- Employment inventory an asset to Niagara’s economic growth, committee hears
- Ontario gas prices expected to go up 14 cents a litre Thursday, Dan McTeague says
- Focus on Finance & Economy
Town of Lincoln fund aims to boost tourism
It was a welcomed deposit into the bank account for five Lincoln wineries during a traditionally slow period in December. Advertised as the Winter Wine Trail, the weekend wine tour paired a sparkling wine at each winery with food from a local restaurant. Sue-Ann Staff, president of Sue-Ann Staff Estate Winery in Jordan and one of the wine trail participants, said the event held last December was sold out.
“We ended up selling 266 tickets,” Staff said. “It was neat to see for a first-time event coming out of nowhere.”
The event was made possible thanks, in part, to $5,000 from the Town of Lincoln’s Niagara Benchlands Destination Development Fund, which began in 2022 in a bid to revive local tourism following the height of the COVID-19 pandemic. Back for a third year, the town has made available $25,000 to boost tourism in the community. The deadline to apply for funding is May 6.
Project Arrow on target for adoption of electric vehicles
The City of Welland’s economic development office, in collaborative partnership with the Automotive Parts Manufacturers’ Association (APMA) of Canada, hosted an information session at Welland City Hall to launch Project Arrow 2.0.
Poised to address challenges within the electric vehicle sector, including supply chain disruptions and mineral production capacity constraints, Project Arrow 2.0 is a beacon of innovation. One of the project’s cornerstones is its emphasis on multi-sector collaboration. The initiative intends to become a dynamic hub where industries, academic institutions, and municipalities converge to propel advancements in the area of electric vehicles.
Algoma to hold 2024 AGM and Special Meeting of Shareholders
Algoma Central Corporation (TSX: ALC) is pleased to announce that the 2024 Annual General and Special Meeting (the “Meeting”) of Shareholders will be held in person on Wednesday May 1, 2024 at Vantage Venues, 27th floor, 150 King Street West, Toronto, Ontario M5H 1J9 at 11:30 a.m. (EDT).
The Company’s Management Information Circular and Notice of Meeting as well as its 2023 Annual Report is available to shareholders in the Investor Relations section of Algoma’s website.
Canadian income gap widens to highest rate since 2015
Income inequality increased in 2023 as the gap in the share of disposable income between households in the two highest income quintiles and two lowest income quintiles was the largest since 2015, new Statistics Canada data revealed today.
While higher interest rates can lead to increased borrowing costs for households, they can also lead to higher yields on saving and investment accounts. Lower income households are more likely to have a limited capacity to take advantage of these higher returns, as on average they have fewer resources available for saving and investment.
Employment inventory an asset to Niagara’s economic growth, committee hears
Every spring and summer, a small team of post-secondary students fan out across Niagara, collecting primary data on its types and sizes of businesses as part of an exercise that helps monitor the region’s economic health and informs decision- and policy-making at the highest local levels.
“Our focus is to visit all signed, publicly accessible businesses in Niagara to capture key details in 2023,” said Cynthia Tia, a growth strategy planner in Niagara Region’s economic development department. “Our team inventoried over 13,000 businesses and captured several data points using mapping technology.”
Ontario gas prices expected to go up 14 cents a litre Thursday, Dan McTeague says
Gas price watcher and Canadians for Affordable Energy president Dan McTeague says the switchover to summer gas will cost Ontario drivers an additional 14 cents per litre, starting Thursday, April 18.
This increase will raise southern Ontario prices, from Windsor to Ottawa, to an average of 179.9 cents per litre for regular fuel from Wednesday’s 165.9 cents per litre, McTeague says. The increase will also raise premium prices to 209.9 cents per litre.
Did you know?
30,000 websites are hacked every single day.
Focus on Finance & Economy
Reactions to Budget 2024
Policy experts from the Canadian Chamber of Commerce have reviewed the Budget in detail, and their perspective on its implications for Canadian business can be found here.
The Government of Ontario called the budget “a missed opportunity to scrap the costly federal carbon tax.”
The Residential Construction Council of Ontario “commend[ed] the federal government for seriously trying” but said that “there is no relief for first-time buyers who have been pushed out of the market. They are being taxed on new housing at rates which would have crushed their parents and grandparents.”
The Canadian Renewable Energy Association welcomed the 2024 budget, commenting that it “represents positive steps for Canada’s renewable energy and energy storage industry regarding the Investment Tax Credits (ITCs), the Indigenous Loan Guarantee Program and the Green Choice Program.”
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.
