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Greater Niagara Chamber of Commerce

Daily Update: January 12, 2023

Canada, Mexico win auto rules trade dispute with U.S., Air Canada’s Executive Vice-President and Chief Commercial Officer retires, and more.

In this edition:

Canada, Mexico win auto rules trade dispute with U.S.

Canada and Mexico have won their challenge to the U.S. interpretation of content rules for autos under the new North American trade pact, a dispute panel ruled on Wednesday, a decision that favors parts makers north and south of the U.S. border.

A year ago Canada and Mexico filed a complaint against the United States over how to apply automotive-sector content requirements under the United States-Mexico-Canada (USMCA) free trade agreement, which came into effect in 2020.

The U.S. interpretation of the rules is “inconsistent” with the USMCA, the panel said in its ruling.

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Air Canada’s Executive Vice-President and Chief Commercial Officer retires

Air Canada announced the retirement of Lucie Guillemette, Executive Vice-President and Chief Commercial Officer. Guillemette, who is responsible for the airline’s commercial strategies, will retire at the end of April 2023, ending a five decade career at Canada’s flag carrier.

Air Canada also announced a realigned senior management structure taking effect with Guillemette’s departure. Mark Nasr, Senior Vice-President, Products, Marketing and eCommerce, will become Executive Vice-President Marketing and Digital, and President of Aeroplan. Mark Galardo, Senior Vice-President, Network Planning and Revenue Management, will become Executive Vice-President, Revenue and Network Planning, including responsibility for Air Canada Vacations. The new appointments will be effective May 1, 2023.

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Pathstone makes Pen Centre location permanent

Overwhelming demand means Pathstone’s clinic at the Pen Centre is now set to be a permanent location.

Pathstone Mental Health will re-open at the Pen Centre, offering walk-in clinic services to the Niagara community starting Monday, January 16th.

They will be offering a Monday for a walk-in clinic from 10:00am-7:30pm, and also Friday’s from 10:30am until 6:30pm.

“The space at the Pen Centre will remain to be safe and supportive for all, offering mental health support to children and youth up to their 18th birthday as well as their families.”

The space at the Pen Centre becomes Pathstone’s 10th in-person walk-in clinic in Niagara.

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Canada appoints First Nations member to Bank of Canada board

The Canadian government filled three Bank of Canada board vacancies on Thursday with finance veterans including Ernie Daniels, likely the first First Nations member on the central bank’s board, a bank spokesperson said.

The Bank of Canada’s board selects its governor and provides general oversight of the management and administration of the institution. The board’s 12 independent directors are appointed by the government for three-year terms.

Daniels and the other two appointees – David Dominy and Shelley Williams – “bring many years of accounting, capital markets, and financial management from across industries and sectors,” Canada’s finance ministry said in a statement.
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Focus on Real Estate

Canada’s real estate market still ‘really overvalued,’ warns economist

An economic expert believes that the possibility of a more severe crisis in Canada’s housing market remains a possibility because real estate remains “really overvalued.”

Moshe Lander, an economist from Montreal’s Concordia University, told CTV News Channel on Tuesday that years of record-low interest rates enticed many Canadian homeowners into over-indebting themselves and buying properties “they couldn’t afford.”

The warning came shortly after the CEO of Scotiabank warned that tens of thousands of mortgage holders could be at risk of defaulting and Canada’s banking regulator considers new constraints on mortgage lending.

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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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