In this edition:
- Mayor Siscoe presents Key to the City to Niagara’s Morning Man – Tim Denis
- Niagara College awarded $266,000 investment from Intellectual Property Ontario
- Time-of-use or tiered electricity rates? Alectra explains Summer Rate options for 2024
- When is the next Ontario gas price jump expected? Energy analyst weighs in
- Ontario moves ahead with Highway 413 project
- Service industries lead GDP growth for second month in a row as 12 of 20 sectors report gains
- Canadian businesses plan to focus more on product positioning than on cost cutting
- Focus on Finance & Economy
Mayor Siscoe presents Key to the City to Niagara’s Morning Man – Tim Denis
On April 30th, St. Catharines Mayor Mat Siscoe presented the Key to the City to Tim Denis in honour of his accomplished career on the airwaves. The presentation was made at the conclusion of the Mayor’s long-standing post-Council wrap up interview conducted with Tim, which was all part of Denis’ final day on air.
Affectionately known as Niagara’s morning man, Tim Denis has been waking up Niagara for the last 29 years on 610 CKTB. Tim recently celebrated 47 years in radio and through much change in the media landscape, Tim has been a constant and trusted source for local news, verified content, as well as open and honest conversations about some of the hot topics in Niagara.
Niagara College awarded $266,000 investment from Intellectual Property Ontario
The Southern Ontario Network for Advanced Manufacturing Innovation (SONAMI), led by Niagara College, has been awarded $266,000 from Intellectual Property Ontario (IPON) for year two of its pilot program, further augmenting the capacity of Ontario postsecondary institutions’ innovation and commercialization efforts.
This program is part of the Commercialization Mandate Policy Framework, which was first introduced by the Government of Ontario in January 2022 to help colleges and universities advance the shared goal of ensuring that “made-in-Ontario” research and innovation benefit Ontarians.
Time-of-use or tiered electricity rates? Alectra explains Summer Rate options for 2024
Under the Ontario Energy Board’s (OEB) Regulated Price Plan (RPP), Alectra is reminding customers about important changes to their electricity rates during the upcoming summer season. Starting on May 1, 2024, until October 31, 2024, customers on Time-of-Use (TOU) and Tiered pricing will experience altered price periods compared to the winter season.
There is no requirement for Alectra’s customers to change their current rate plan unless they prefer a different option.
When is the next Ontario gas price jump expected? Energy analyst weighs in
The president of Canadians for Affordable Energy, who operates the gaswizard.ca website, says we’re likely headed for increased prices at the pump in the second half of the month.
Prices traditionally rise 6 to 10 cents per litre across the country in mid-May, as the unofficial summer driving season kicks off with the long weekend in Canada and the United States. In Canada, that’s around the Victoria Day long weekend — this year the holiday falls on May 20 — and in the U.S. the long weekend is a week later with Memorial Day on May 27.
Ontario moves ahead with Highway 413 project
The Ontario government is moving ahead to get shovels in the ground on Highway 413 after having reached an agreement with the federal government for the project to proceed. The province is currently undertaking fieldwork, including borehole drilling and engineering, to evaluate soil composition and bedrock depth.
The province will be meeting with property owners to acquire land at fair market value and following the coming into force of the Get it Done Act, if passed, will begin expediting land acquisitions in the fall.
Service industries lead GDP growth for second month in a row as 12 of 20 sectors report gains
Real gross domestic product (GDP) increased 0.2% in February, following a 0.5% gain in January. Services-producing industries (+0.2%) led the growth for a second month in a row, fuelled by gains in transportation and warehousing. The goods-producing industries aggregate was essentially unchanged as the mining, quarrying, and oil and gas extraction sector expanded while the utilities and manufacturing sectors contracted in February. Overall, 12 of 20 sectors increased in the month.
Canadian businesses plan to focus more on product positioning than on cost cutting
In 2022, Canadian business strategies for the next five years showed a preference for product positioning over cost cutting, a new Statistics Canada report has found. Specifically, just over half of businesses (51.2%) chose product positioning as their key long-term strategy, while 45.2% of businesses valued both product positioning and cost leadership equally. A small portion (3.6%) prioritized cost leadership for the period from 2023 to 2027.
In 2022, over half (54.1%) of the businesses that had competitors in their main market planned to focus on product positioning as their main long-term strategy, while 44.7% of the businesses that indicated they had no competitors reported product positioning as their main long-term strategy.
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Focus on Finance & Economy
Economy loses momentum after strong start to year
The Canadian economy lost momentum after a roaring start to the year, reinforcing economists’ expectations that the Bank of Canada is on track to cut interest rates in the coming months.
Statistics Canada reported on Apr. 30 that real gross domestic product rose 0.2 per cent in February. That followed a 0.5 per cent gain in January.
“Today’s GDP report confirmed our expectations that the January surge in output was temporary, and in no way marked an inflection point for the growth backdrop in Canada that remains very weak,” said RBC economist Claire Fan in a client note.
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.
