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Greater Niagara Chamber of Commerce

Daily Update: December 9, 2022

Ontario invests in collaboration between industry and postsecondary, Welland approves transfer agreement for regionalized transit, and more.

In this edition:

Ontario invests $4 million in collaboration between industry and postsecondary sector

The Ontario government is investing $4 million to support greater collaboration between industry and the postsecondary education and research sectors to create well-paying jobs in local communities and help build a resilient economy. The investment will support the Ontario Collaborative Innovation Platform, a new online portal to match industry professionals with equipment, facilities and experts at postsecondary institutions. These partnerships will help businesses and innovators engage in world-class research, development and commercialization and provide Ontario postsecondary students with real-world, hands-on experience.

Click here to read more.

Welland approves Municipal Transfer Agreement for regionalized transit

At a special council meeting on December 8, 2022, Welland City Council approved the signing of the Municipal Transfer Agreement (MTA), effectively completing the upload of all City transit services to the Niagara Region.

Throughout discussions, Council consistently referred to keeping the best interests of Wellanders at the forefront of their decision and ensuring that there would be no disruptions in services resulting from Council’s decision.

“We have always supported the regional transit model, but it was incumbent on this Council to make sure we left no stone unturned in exploring the best possible outcome for our residents,” said Mayor Frank Campion. “At the end of the day, ensuring transit is here on time and ready for January 1 as part of the regional system is very important.”

Click here to read more (PDF link).

Canadian net foreign asset position hits lowest level since Q1 2020

Canada’s net foreign asset position, the difference between Canada’s international financial assets and international liabilities, was down by $44.9 billion to $571.5 billion at the end of the third quarter, its lowest level since the first quarter of 2020. This marked the third consecutive quarterly decline, as global equity markets continued a downward trend. In comparison, Canada’s net foreign asset position stood at $1,307.4 billion at the end of 2021.

Overall, changes in market prices led to a $159.5 billion decrease in Canada’s net foreign asset position. Canada’s international assets and liabilities are highly exposed to equity market performance, as 62.5% of Canada’s international assets and 41.3% of its liabilities were held in the form of equities at the end of the third quarter. Over the quarter, the US stock market declined 5.3%, while the Canadian stock market decreased 2.2%.

Click here to read more.

Niagara College team wins second overall at provincial marketing competition

Niagara College Business and Management students put their marketing skills to the test and rose to the challenge of a pressure-cooker provincial marketing competition, with a second-place trophy.

More than 18 NC students were part of the winning NC team at the Ontario Colleges’ Marketing Competition 2022. The annual case-based competition draws the best and brightest business students from colleges across the province to compete in case-based business challenges, a quiz bowl tournament and more.

Click here for more information and to register.

Quebec economic update: A lot of uncertainty in 2023, Girard says

Quebec Finance Minister Eric Girard said Thursday the province’s economy is facing a lot of uncertainty going into 2023 as he presented his economic update, one that included help for low-income seniors in the face of stubborn inflation.

Girard said the risk of a recession is more apparent than ever, and he anticipates an economic slowdown for the province in 2023.

“Quebec is not in isolation. We are a small, open economy. We are part of the world economy … and the world economy is slowing,” Girard said.

“What I’m saying today is Quebec will not be spared. It’s undeniable that 2023 is a year that’s going to be more difficult than 2022.”

Click here to read more.

St. Catharines city council urged to support IceDogs’ Memorial Cup bid

St. Catharines city council is being urged to waive nearly $360,000 in fees and capital upgrades in support of a bid by the Niagara IceDogs to host the Memorial Cup major-junior hockey championship in 2024.

Councillors are expected to receive a report at a council meeting Monday night.

In the report, staff point out that based on previous tournaments, the economic impact on host communities has been in the $10-million to $15-million range. Also noted in the report is the nationally televised tournament’s potential to raise the profile of St. Catharines and the Niagara region, as well as the potential to support the ongoing recovery of business impact.

If approved by council, $357,336.15 will be added to the 2024 operating and capital budgets, including $314,000 to offset lost revenue and capital improvements to Meridian Centre and $14,736.15 to cover off-site practices at Seymour-Hannah Sports and Entertainment Centre.
Click here to read more.

Focus on Technology

What are the biggest manufacturing cybersecurity risks?

Keeping a company secure from cyberattacks is an ongoing effort. However, a 2022 KPMG survey of the Canadian market found that 20% of respondents felt underprepared for attacks. That’s concerning, particularly since only 7% gave that answer in the previous year’s survey.

Another 24% said they still needed to create plans for dealing with ransomware attacks. Only 5% said that in the 2021 survey.

Those takeaways suggest things are moving in the wrong direction. Manufacturers must take cybersecurity seriously by tightening their defences, especially since they’re more at risk than those in many other industries.

Click here to read more.

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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