In this edition:
- Approved by planning committee, proposed NotL severance defeated at council
- Town of Lincoln receives award for 2024 Budget
- Canadian Chamber, GM welcome potential surtax on Chinese EVs
- Canadian trade balance returns to surplus driven by Asian oil exports
- Bank of Canada publishes 2025 policy rate schedule, next announcement set for Sep 4
- St. Catharines schedules special meeting to deal with proposed CIP changes
- Focus on Finance & Economy
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Photo credit: Town of Niagara-on-the-Lake
Approved by planning committee, proposed 187 Queen St. severance defeated at council
A controversial severance plan for a historic Queen Street property that was initially approved by the [Niagara-on-the-Lake] town’s planning committee two weeks ago was defeated on a tie vote Tuesday night.
Committee decisions are usually rubber-stamped at council’s monthly meeting but Coun. Sandra O’Connor asked for a recorded vote on the issue, which had been approved 5-3 on July 16.
Photo credit: Town of Lincoln
Town of Lincoln receives award for 2024 Budget
The Government Finance Officers Association of the United States and Canada (GFOA) has awarded the Town of Lincoln a Distinguished Budget Presentation Award for its 2024 Budget. This prestigious recognition marks a significant achievement for the Town, reflecting its commitment to excellence in governmental budgeting.
Photo credit: RafMaster / Adobe Stock
Canadian Chamber, GM welcome potential surtax on Chinese EVs
“Canada’s growing EV sector is at risk of being undermined by Chinese EVs entering our market,” said Matthew Holmes, Senior Vice President, Policy and Government Relations at the Canadian Chamber of Commerce, in a statement issued today.
“The U.S. and the E.U. have already taken steps to address this issue. After consulting over 20 associations and companies that are deeply engaged on this issue, the Canadian Chamber of Commerce is calling on the government to… introduce a surtax on Chinese EVs.”
“We’re encouraged by the government’s examination of these issues,” said Kristian Aquilina, president of GM Canada.
“Because on the basis of strong competition, a fair playing field, it encourages us to invest heavily, employ deeply.”
Photo credit: Pawinee / Adobe Stock
Canadian trade balance returns to surplus driven by Asian oil exports
After three consecutive monthly deficits, Statistics Canada reported today, Canada’s merchandise trade balance with the world moved from a deficit of $1.6 billion in May to a surplus of $638 million in June. The June surplus is close to the typical bounds for monthly revisions applied to imports and exports in subsequent months.
Crude oil and unwrought gold accounted for more than three-quarters of the increase in the value of total exports. While prices for crude oil exports rose in June, volumes were the largest contributor to the increase. The higher exported volumes were driven in part by higher exports of crude oil to Asian countries.
Photo credit: Bank of Canada / CC BY 2.0
Bank of Canada publishes 2025 policy rate schedule, next announcement set for Sep 4
The Bank of Canada today published its 2025 schedule for policy interest rate announcements and the release of the quarterly Monetary Policy Report. It also reconfirmed the scheduled interest rate announcement dates for the remainder of this year.
Photo credit: City of St. Catharines
St. Catharines schedules special meeting to deal with proposed CIP changes
Did you know?
Focus on Finance & Economy
What happens after the baby boomers retire?
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.
