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Greater Niagara Chamber of Commerce

Daily Update: February 6, 2023

In this edition:

Half of market participants expect recession in 6-12 months: Bank of Canada

The Bank of Canada’s market participant survey for Q4 2022, released today, found that 48.5% of respondents expected negative GDP growth in 2023, with a further 32.8% expecting growth of less than 1%. The median respondent forecast an economic contraction of -0.4%.

Participants were worried about the housing market and a tightening of financial conditions, with a majority of respondents expressing concern that these issues would jeopardize Canadian economic growth.

Half of all respondents expected the Canadian economy to be in recession within 6-12 months.

Most saw inflation slowing over the coming years, however, with the average respondent anticipating an inflationary rate of 2.9% by the end of the year, and a return to the target of 2.0% within five years.

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15.1% of Canadian assets under foreign control in 2020, majority by American enterprises

Foreign-controlled total asset values were $2.2 trillion while Canadian-controlled assets were valued at $12.6 trillion, new data from Statistics Canada has revealed today, resulting in a foreign-controlled asset share of 15.1% in 2020.

More than half of all assets under foreign control belonged to enterprises from the Americas macro region, followed by Europe at 31.7% and Asia at 14.9%.

Returns collected under the Corporations Returns Act show that enterprises in Canada are controlled by entities from over 80 countries. However, only eight countries account for 87.6% of these foreign-owned assets. Enterprises controlled from the United States maintained the largest overall share of foreign-controlled assets in Canada (50.1%), followed by the United Kingdom (11.7%) and Japan (7.6%).

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Government of Ontario establishes Hydrogen Innovation Fund

The Ontario government is establishing a Hydrogen Innovation Fund that will invest $15 million over the next three years to kickstart and develop opportunities for hydrogen to be integrated into Ontario’s clean electricity system, including hydrogen electricity storage. This launch marks another milestone in the implementation of the province’s Low-Carbon Hydrogen Strategy, positioning Ontario as a clean manufacturing hub.

The Hydrogen Innovation Fund will be administered by the Independent Electricity System Operator, which is opening applications for the fund in April 2023. Natural Resources Canada modelling shows that hydrogen could make up about 30 per cent of the country’s fuels and feedstock by 2050 and create 100,000 jobs in Ontario.

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Pelham wins gold and platinum awards for marketing and communication

The Town of Pelham has won Platinum and Gold level MarCom awards for the 2022 international creative competition for marketing and communication professionals.

Pelham was awarded at the Platinum level in the Print Media Publications – External Newsletter for the 2022 Life in Pelham inserts, including the newspaper supplement supported by social media and digital ad promotion. The Gold level award was in the Strategic Communications: Marketing/Promotion Campaign-Special event category for the Pelham Summerfest promotion which included radio, print, digital, social media and video elements. The two projects were part of over 6000 entries received by MarCom from across Canada, the United States, and 43 other countries.

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CBSA and CBP open NEXUS and FAST enrolment centre in U.S.

The Canada Border Services Agency (CBSA) and the U.S. Customs and Border Protection (CBP) announced today the opening of a NEXUS/Free and Secure Trade (FAST) enrolment centre at the Houlton, Maine port of entry.

NEXUS and FAST applicants are now able to schedule an interview at the Houlton enrolment centre ahead of its opening on February 10, 2023. CBSA and CBP officers will work together to conduct joint interviews.

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Marit Stiles officially confirmed as Ontario NDP leader by majority vote

Marit Stiles officially became the new leader of the Ontario NDP on Saturday after a majority of party members voted in favour of the lone candidate.

The party confirmed Stiles through a leadership vote at an event in downtown Toronto, making her the leader of the Official Opposition in the legislature.

“Today we start the countdown to the end of Doug Ford’s disastrous government and the beginning of a bright new future for Ontario,” Stiles said of the sitting premier in a speech to party supporters following the official declaration of her position at the party helm.

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Focus on Small Business

How an Ontario SME cookie manufacturer is navigating inflation

Hollandia cookies, from gingerbread to chocolate chip, is available at many groceries stories. Established in 1954, Hollandia Bakery began as a small corner store bakery in Chatham, Ontario. With continued growth, the family-run bakery grew to become a large-scale production facility now located in Mount Brydges, Ont. With 35,000 square feet of space, the current plant produces 3,500 pounds of cookies per hour, and up to one and half million cookies per day. Nearing 70 years in business, navigating the challenges that come over time is nothing new for the Hollandia business, including the challenge brought on by the rapid rise of food inflation in the past two years.

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6 reasons your employees aren’t reading your emails

As communication technology continues to evolve and a younger generation emerges in the current workforce, many leaders are experiencing delayed or nonexistent response times to business-related emails.

According to a Wakefield Research survey conducted in April 2021, email fatigue leads to around 38% of employees quitting their jobs. This is especially true for remote work environments where employees often manage a growing level of emails, messages, and virtual meetings – often resulting in increased levels of employee burnout and job dissatisfaction.

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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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