In this edition:
- Bank of Canada maintains 5% interest rate, continues quantitative tightening
- Bell issues call for mental health support on 2024 Bell Let’s Talk Day
- Niagara Falls’ new arts and culture hub set to open February 17
- St. Catharines at 1.78% tax increase after latest budget talks
- Grimsby lobbies for workforce development group at rural municipal conference
- Record growth reported for industrial construction in Canada
- Aecon partners with Metrolinx as new operations and maintenance partner for GO
- Focus on Finance & Economy
Bank of Canada maintains 5% interest rate, continues quantitative tightening
The Bank of Canada today held its target for the overnight rate at 5%, with the Bank Rate at 5¼% and the deposit rate at 5%. The Bank is continuing its policy of quantitative tightening.
Global economic growth continues to slow, the Bank reported, with inflation easing gradually across most economies. While growth in the United States has been stronger than expected, it is anticipated to slow in 2024, with weakening consumer spending and business investment. In the euro area, the economy looks to be in a mild contraction.
The Bank now forecasts global GDP growth of 2½% in 2024 and 2¾% in 2025, following 2023’s 3% pace. With softer growth this year, inflation rates in most advanced economies are expected to come down slowly, reaching central bank targets in 2025.
In its Monetary Policy Report for January, 2024, the bank projects that inflation will stay around 3% through the first half of 2024, returning to target in 2025.
Bell issues call for mental health support on 2024 Bell Let’s Talk Day
On Bell Let’s Talk Day 2024, Bell highlights the continued need for mental health. 1 in 2 people struggling aren’t getting the help they need, the firm reports, while 1 in 8 have experienced high levels of anxiety, and over 200 Canadians attempt suicide every day.
Since 2010, Bell is proud to have partnered with over 1,500 organizations providing free mental health support and services in communities big and small around the country.
Share your actions using #BellLetsTalk and help inspire others to join the movement to create real change.
Click here to find mental health resources and organizations in Niagara.
Niagara Falls’ new arts and culture hub set to open February 17
After much anticipation, the City of Niagara Falls is pleased to announce the official opening of the Niagara Falls Exchange on Saturday, February 17, 2024. Located at 5943 Sylvia Place, this multipurpose event space will serve as the epicentre of Niagara Falls Arts & Culture.
All are welcome to an Open House on Saturday, February 17, 2024 from 10am to 4pm.
St. Catharines at 1.78% tax increase after latest budget talks
St. Catharines city council narrowly said no to a zero per cent tax increase and wholeheartedly yes to keeping the forestry department in house during budget deliberations Monday.
Councillors debated seven amendments to the mayor’s multi-year operating budget, which proposed a 1.49 per cent tax increase in 2024 over 2023.
The division over adopting a zero per cent increase in 2024 came down to using reserves, which some councillors argued would mean a bigger tax hike in the future.
Grimsby lobbies for workforce development group at rural municipal conference
At the 2024 Rural Ontario Municipal Association (ROMA) Conference in Toronto, Grimsby representatives spoke to the Province about developing a Workforce Development Alliance Group (WDAG) in order to strengthen education pathways, and provide opportunities to employees and employers across Ontario.
Click here to read more.
Record growth reported for industrial construction in Canada
Industrial construction continues to be one of Canada’s most reliable building sectors with record completions in Q4 2023, balanced fundamentals and anticipation of robust demand going forward.
Two Altus Group analysts said recently industrial has remained strong despite high interest rates and continued inflationary pressures, continuing its pandemic and post-pandemic momentum.
“Many trends point to continuing growth,” said Altus Group vice-president of data solutions Ray Wong.
Aecon consortium partners with Metrolinx as new operations and maintenance partner for GO Transit service
Aecon Group Inc. announced today that ONxpress Operations Inc. (“OOI”), a member of ONxpress Transportation Partners (“ONxpress”), will serve as the new operations and maintenance partner for the GO Transit system in the Greater Golden Horseshoe Area over a 23-year term commencing January 1, 2025. This is an important milestone for ONxpress as part of the ongoing collaborative development phase for the GO Expansion On-Corridor (OnCorr) Works project.
ONxpress is a consortium comprised of Aecon, FCC Construcción S.A. (FCC), Deutsche Bahn International Operations and Alstom.
Did you know?
This year, 36 million people are projected to go on a cruise.
Focus on Finance & Economy
Tight budgets can have huge ramifications for municipalities
Tight budgets and hard times are far from unknown in the private sector, but their procurement departments play a very different role in trying to control the costs of production.
Whereas in the public sector, procurement continues along the customary path of more or less open, competitive procurement. In the private sector, purchasing managers and senior buyers are expected to play a key role in driving down prices.
Purchasing managers draw on strongly established supplier-customer relationships to secure price concessions. In contrast, the short-term competitive approach of the public sector is not able to support any such approach.
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.
