In this edition:
- Ontario Minister of Transportation to hold press conference in St. Catharines
- Prime Minister launches $1.5 billion Canada Rental Protection Fund
- Canadian trade surplus widens to $1.4 billion
- Ford Motor Co. delays start of EV mfg. in Oakville, Ont. until 2027
- Coinbase becomes first foreign crypto exchange to be registered in Canada
- Focus on Climate
Ontario Minister of Transportation to hold press conference in St. Catharines
Prabmeet Sarkaria, Minister of Transportation, will be joined by Mat Siscoe, Mayor of St. Catharines, to provide remarks and hold a media availability tomorrow at 9:30am. The announcement will be livestreamed on the Ministry of Transportation X Account.
Click here to read more.
Prime Minister launches $1.5 billion Canada Rental Protection Fund
The Prime Minister, Justin Trudeau, today announced the launch of a new $1.5 billion Canada Rental Protection Fund to protect affordable housing and create thousands of new affordable apartments.
A key measure in the upcoming Budget 2024, the Fund will provide $1 billion in loans and $470 million in contributions to non-profit organizations and other partners so they can acquire units and preserve rent prices in the long term. Co-led and co-funded by the federal government and other partners, the Fund will mobilize investments and financing from the charitable sector and the private sector to protect and grow affordable housing in Canada.
Canadian trade surplus widens to $1.4 billion
In February, significant growth was observed in Canada’s merchandise exports and imports. Exports increased 5.8%, while imports rose 4.6%. As a result, Canada’s merchandise trade surplus with the world widened from $608 million in January to $1.4 billion in February.
Ford Motor Co. delays start of EV mfg. in Oakville, Ont. until 2027
Ford Motor Co. is delaying the start of electric vehicle production at its plant in Oakville, Ont., by two years.
The U.S. automaker had planned to start production at the Canadian plant, which employs 2,700 workers, in 2025 and is pushing that back to 2027.
Ford announced plans last year to spend $1.8 billion to transform its Oakville assembly plant into a hub for electric vehicle manufacturing including vehicle and battery pack assembly.
Coinbase becomes first foreign crypto exchange to be registered in Canada
Coinbase announced it is the first international cryptocurrency exchange to be registered as a Restricted Dealer by the Canadian Securities Administrators.
Coinbase called the news a “culmination of months of work” since expanding into Canada in March 2023 and marks Coinbase’s seventh international registration in the last year, behind France, Spain, Singapore, Italy, Ireland, and the Netherlands.
Did you know?
Scientist Marie Curie’s notebooks are too radioactive to handle over a century after she used them.
Focus on Climate
What Tesla’s troubles tell us about the EV industry
Tesla’s disastrous earnings report this week has sparked a sell-off of the world’s largest electric vehicle manufacturer and widespread skepticism about the state of the EV industry as a whole.
“This is a fork in the road, not just for Tesla, but for the entire industry,” said Wedbush Securities analyst Dan Ives in an interview on Wednesday.
Tesla’s stock sold off sharply this week after its earnings report showed the company was on track for its slowest quarter since 2022. Elon Musk’s company blamed the lower production and deliveries at least in part on what it called temporary logistical issues. Those temporary factors include shipping disruptions in the Red Sea and an arson attack on its new German battery plant.
Analysts were expecting softer numbers, but Ives called it “an unmitigated disaster.”
Fossil fuel subsidies cost Canadians a lot more money than the carbon tax
The federal carbon tax increase is now in effect, and will raise gas prices by three cents per litre in most Canadian provinces. The hike prompted complaints from seven premiers and a recent parliamentary showdown, culminating in a failed vote of non-confidence in the Liberal government.
Yet this ongoing debate overlooks a far costlier carbon tax: fossil fuel subsidies.
Every year, federal and provincial governments use taxpayer dollars to provide financial supports or tax breaks to fossil fuel companies. These subsidies cost Canadian taxpayers at least $6.03 billion, or roughly $214 per taxpayer every year. And unlike the federal carbon tax, Canadians don’t get a rebate on this tax.
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.
