In this edition:
- Ontario to create 65 supportive housing units in St. Catharines
- Rail companies, union to resume talks as lockout shuts down both major railways
- ‘No choice’: CN and CPKC rail lockout is on in Ontario, here’s what you need to know
- Number of EI claimants rises for second consecutive month as labour market eases
- Loblaw to test ultra-discount No Name store in St. Catharines amid rising food costs
- Bank of Canada reports net loss of $1.8B in first half of 2024
- Focus on Equity, Diversity & Inclusion
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Ontario to create 65 supportive housing units in St. Catharines
The Ontario government is providing more than $6.1 million to help create 65 units in St. Catharines that will support individuals experiencing homelessness. The investment includes $2.6 million to help create 50 modular, trailer units for emergency shelter at 29 Riordan Street and more than $3.5 million to help create 15 supportive housing units at 320 Geneva Street.
“Our government has made the largest investment in homelessness prevention in Ontario’s history because every Ontarian deserves a home that meets their needs,” said Paul Calandra, Minister of Municipal Affairs and Housing.
Photo credit: Jerome / Adobe Stock
Rail companies, union to resume talks as lockout shuts down both major railways
Bargaining between workers and the country’s two largest railways is set to resume on Aug. 22 after breaking off shortly before midnight — a deadline that left workers locked out by Canadian National Railway and Canadian Pacific Kansas City in their first-ever simultaneous work stoppage.
Following months of increasingly bitter negotiations, traffic on the freight railways ground to a halt in the wee hours after contract talks broke off on Aug. 21, threatening to upend supply chains trying to move forward from pandemic-related disruptions and a port strike last year.
The Canadian and Ontario Chambers of Commerce have both called for immediate intervention from the Government of Canada.
Photo credit: Reimar / Adobe Stock
‘No choice’: CN and CPKC rail lockout is on in Ontario, here’s what you need to know
Canadian National Railway Co. (CN) and Canadian Pacific Kansas City Ltd. (CPKC) notified members of the Teamsters Canada Rail Conference union that it was locking out employees starting today. It is the first time both rail companies have faced a lockout at the same time.
The Teamsters union represents close to 10,000 workers at both CN and CPKC.
Here’s what it means.
Photo credit: stokkete / Adobe Stock
Number of EI claimants rises for second consecutive month as labour market eases
In June, the number of Canadians receiving regular Employment Insurance (EI) benefits totalled 474,000, up 1.3% (+6,000) from a month earlier. This was the second consecutive monthly increase. Prior to the increases in May and June, the number of regular EI beneficiaries had held relatively steady since September 2023.
In Niagara, the number of EI claimants has climbed from 4,400 to 5,520 over the last year – a hike of 26.4% – but only increased by 0.7% in the last month.
Photo credit: Loblaw Companies Limited / YouTube screenshot
Loblaw to test ultra-discount No Name store in St. Catharines amid rising food costs
Loblaw is piloting a new type of discount store in Ontario as Canadians increasingly turn to discount banners and brands to manage high food costs.
The company plans to open three No Name stores in September in Windsor, St. Catharines and Brockville.
Photo credit: JHVEPhoto / Adobe Stock
Bank of Canada reports net loss of $1.8B in first half of 2024
The Bank of Canada reported that it had incurred net losses of $910 million and $1,844 million for the three- and six-month periods ended June 30, 2024, respectively, in its Q2 2024 financial report. These losses occurred primarily because the interest expense incurred on deposits was greater than the interest earned on investments.
This net interest expense was a result of the Bank increasing its policy rate from 0.25% in the first quarter of 2022 to a peak of 5.00% in the third quarter of 2023 before reducing it to 4.75% in the second quarter of 2024. In time, the Bank stated, it will resume generating net income.
The Bank reassured markets and industry that the net losses do not affect the Bank’s ability to carry out its mandate.
Did you know?
Focus on Equity, Diversity & Inclusion
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.
