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Greater Niagara Chamber of Commerce

Daily Update: December 1, 2022

Ontario offers $500,000 to Francophone entreprenuers, Bank of Canada records first loss in history, and more.

In this edition:

Ontario offers $500,000 to Francophone entreprenuers

The Ontario government is providing $500,000 to help Francophone entrepreneurs participate in the province’s economic prosperity. The funding will support four projects and is being delivered through the Francophone Economic Development Strategy.

The Ontario government will also provide $100,000 to the Fédération des gens d’affaires francophones de l’Ontario (FGA) to ensure the continuity of its concierge services and its Quartier d’affaires and portals, as well as to support the continuation of its work connecting Francophone businesses and entrepreneurs.

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Bank of Canada records first loss in history

The Bank of Canada lost $522 million in the third quarter of this year, marking the first loss in its 87-year history.

In the central bank’s latest quarterly financial report, it says revenue from interest on its assets did not keep pace with interest charges on deposits at the bank, which have grown amid rapidly rising interest rates.

The Bank of Canada’s aggressive interest rate hikes this year have raised the cost of interest charges it pays on settlement balances deposited in the accounts of big banks.

That’s while the income the central bank receives from government bonds it holds remains fixed.

The Bank of Canada dramatically expanded its assets during the pandemic as part of its government bond purchasing program. Also known as quantitative easing, the policy was part of the central bank’s efforts to stimulate the economy.

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Grimsby CAO Harry Schlange to leave effective December 5

The Town Council of Grimsby and Harry Schlange, Chief Administrative Officer have mutually agreed on Mr. Schlange’s departure from his current position effective December 5, 2022. Harry Schlange joined the Town of Grimsby in July 2019 as the Chief Administrative Officer.

“I was very fortunate to lead a great team that has led the way for significant and major accomplishments that will have a legacy impact on Grimsby’s future. I wish Council and Staff much success this term,” stated Schlange.

Sarah Kim, currently the Director of Legislative Services/Town Clerk, will be filling the role of Acting Chief Administrative Officer in the interim while the Town of Grimsby plans to embark upon a robust candidate search in the near future to fill the key positions of Director of Planning and Chief Administrative Officer on a permanent basis.

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Niagara College ciders reap international success

The NC Teaching Winery has won two new medals at the 2022 U.S. Open Cider Championship: a gold for Cidre Fermier (farmhouse cider) in the Heritage Cider category, and a bronze for its popular Cider 101 in the Modern Cider – Sweet category.

“We’re proud of our Teaching Winery’s continued success – not only as an established leader for wine but for craft cider production,” said Steve Gill, General Manager of the College’s Learning Enterprises. “Above all, these latest international awards are a tremendous win for our students, who gain hands-on experience producing high-quality products that are recognized among the best in the world.”

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Free rapid COVID tests to be available at Ontario stores through to next June

Ontario is extending a program providing free rapid tests for COVID-19 to the end of June next year.

The program provides the rapid antigen tests through venues that include grocery stores and pharmacies.

It was previously extended this summer until Dec. 31.

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Focus on Law

Legal minds explore risks associated with technology contracts

The signing of a long-term technology agreement is certainly common enough, but according to a group of lawyers with Norton Rose Fulbright Canada LLP, there is a myriad of legal implications that need to be considered once the physical outsourcing and procurement takes place.

Exactly what those are was outlined recently at the company’s inaugural virtual technology privacy and cybersecurity summit, during an opening panel that focused on risk management in technology contracts.

According to the firm, as “businesses continue to engage in digital transformation, they are relying more and more on outsourcing and technology procurement for additional resources and expertise.”

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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.

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