In this edition:
- Bank of Canada raises policy rate 25 basis points, continues quantitative tightening
- Ontario to allow used car dealerships to register sales and issue plates online
- Canada announces $450 million for the Green Climate Fund, the world’s largest dedicated climate change fund
- Labour minister asks mediator for final terms to end B.C. port strike
- Ontario and Canadian governments invest in programs to help build farm resiliency and sustainability
- Plans announced for new affordable housing in St. Catharines
- Niagara Falls commits $30 million in support of South Niagara hospital
- Niagara Region committee calls for end to state of emergency for homelessness, mental health and addiction
- West Lincoln investing in farm safety measures to protect workers
- Arterra Wines Canada finds home for Le Clos Jordanne on Beamsville Bench
- Reading Recommendations: Climate
Bank of Canada raises policy rate 25 basis points, continues quantitative tightening
The Bank of Canada today increased its target for the overnight rate to 5%, with the Bank Rate at 5¼% and the deposit rate at 5%. The Bank is also continuing its policy of quantitative tightening.
Global inflation is easing, with lower energy prices and a decline in goods price inflation. However, robust demand and tight labour markets are causing persistent inflationary pressures in services. Economic growth has been stronger than expected, especially in the United States, where consumer and business spending has been surprisingly resilient. After a surge in early 2023, China’s economic growth is softening, with slowing exports and ongoing weakness in its property sector. Growth in the euro area is effectively stalled: while the service sector continues to grow, manufacturing is contracting. Global financial conditions have tightened, with bond yields up in North America and Europe as major central banks signal further interest rate increases may be needed to combat inflation.
The Bank’s July Monetary Policy Report (MPR) projects the global economy will grow by around 2.8% this year and 2.4% in 2024, followed by 2.7% growth in 2025.
Ontario to allow used car dealerships to register sales and issue plates online
The province is expanding the online Digital Dealership Registration (DDR) system to include used cars. Now, new and used vehicle sales can be registered online by dealerships participating in DDR.
“Our government created Digital Dealership Registration to help business save time and money by making it easier to sell and purchase a vehicle in Ontario – and now used cars are included with this new, exciting expansion to the system,” said Kaleed Rasheed, Minister of Public and Business Service Delivery. “Providing self-serve vehicle registration to car dealerships is a win for businesses and a win for consumers who can drive their car right off the lot.”
Launched in March 2022, DDR was first made available for new car registrations, then for trade-ins and now, DDR enables registrations for used cars.
Canada announces $450 million for the Green Climate Fund, the world’s largest dedicated climate change fund
Today, ahead of the seventh Ministerial on Climate Action (MoCA7), the Honourable Steven Guilbeault, Minister of Environment and Climate Change, on behalf of the Honourable Harjit S. Sajjan, Minister of International Development and Minister responsible for the Pacific Economic Development Agency of Canada, announced a $450 million contribution to the second replenishment of the Green Climate Fund (GCF), the world’s largest dedicated climate change fund and a critical funding mechanism of the Paris Agreement.
This contribution is a 50 percent increase from Canada’s 2019 pledge to the GCF’s first replenishment. This funding, which is a part of Canada’s $5.3 billion climate finance commitment, will directly support developing countries’ clean energy transitions and climate-resilient sustainable development as more extreme climate impacts are being felt around the globe.
Labour minister asks mediator for final terms to end B.C. port strike
Labour Minister Seamus O’Regan has given a federal mediator 24 hours to send him recommended terms to end the British Columbia port strike that has snarled cargo in about 30 ports and spurred fears of supply chain chaos across Canada.
O’Regan said in a statement issued late on Jul. 11 that the gap between the positions of employers and the port workers union in the 11-day-old strike is “not sufficient to justify a continued work stoppage.”
He said that once he has received the terms from the mediator, he will forward them to both sides and they will have another 24 hours to decide whether to ratify the principles of the deal.
Through the Sustainable Canadian Agricultural Partnership (Sustainable CAP), the governments of Canada and Ontario are committing more than $68 million in the Ontario Agricultural Sustainability Initiative (OASI) to fund three programs designed to support farmers in making their agricultural lands more productive and resilient.
This Initiative includes the Resilient Agricultural Landscape Program (RALP) a $56.7 million, five-year program that will make funds available to eligible farmers to complete projects such as reducing tillage, creating water retention ponds and other projects to reduce greenhouse gas emissions and sequester carbon.
Plans announced for new affordable housing in St. Catharines
The City of St. Catharines, Niagara Region, and Niagara Regional Housing (NRH) are pleased to announce development plans at 320 Geneva St. in St. Catharines, with the goal of building more than 80 units of supportive and affordable housing over three phases, pending Regional Council’s final approval on July 20, 2023.
“I am excited to see this property moving forward on the goals expressed by both the last term of Council and this term of Council,” said St. Catharines Mayor Mat Siscoe.
In a three-phase project, the City-owned property that housed recreational staff and has since been demolished, will become a mixture of Bridge Housing, NRH affordable housing (townhouses) and land for private market development.
Niagara Falls commits $30 million in support of South Niagara hospital
Niagara Falls city council has committed $30 million in support of the South Niagara hospital’s local share funding portion.
Niagara Health made a formal local share request to Niagara Falls city council at the December 13, 2022 council meeting and engaged in a thorough discussion about the hospital and funding. A decision was made at the July 11 council meeting, with councillors voting in favour of the financial commitment. Terms and payment timelines are still required to be negotiated and will be presented to the City’s budget committee for final approval.
Niagara Region committee calls for end to state of emergency for homelessness, mental health and addiction
Niagara Region’s health and social services committee is recommending council transition out of its declaration of a state of emergency for homelessness, mental and addictions in February.
The motion by St. Catharines Coun. Laura Ip passed by a vote of 7-4 to change the declaration under the Emergency Management and Civil Protection Act to a “state of crisis.”
“I think this council has demonstrated several times through several budget decisions that we are all passionate about this issue in various ways and for various reasons,” Ip said. “What we have done is create work for staff that is beyond what they need to be doing, given they are already addressing these issues and frankly have been for years and continue to do so.”
Council still has to approve the motion at its next full meeting July 20 for the decision to take effect.
West Lincoln investing in farm safety measures to protect workers
Hoping to continue to support and protect farmers, West Lincoln announced its refreshed Corporate Strategic Plan on July 5, which includes a key strategy to safeguard the farming community through safety response programs.
Volunteer firefighter and farmer Einārs Zenka, owner of Rengar Farm, said campaigns and programs that promote safety in the fields are a “huge” help in medical emergencies in the field and gives first responders a better idea of where they can locate the person faster.
Arterra Wines Canada finds home for Le Clos Jordanne on Beamsville Bench
Arterra Wines Canada is proud to announce a new home for the iconic brand, Le Clos Jordanne. Le Clos will move onto the Beamsville Bench, where it will, for the first time, have an estate for wine lovers to visit, sample, and purchase its award-winning, terroir-focused, single-vineyard Burgundian-style Chardonnay and Pinot Noir portfolio.
Did you know?
Focus on Climate
Better collaboration between public and private sectors could improve urban public transportation
Cities like Toronto are struggling with growing populations, public health problems including mental illness and drug addiction, inequality, a climate emergency, biodiversity loss, pollution and decaying infrastructure.
Since the status quo isn’t working, how can we adopt better urban designs? The answer lies in more effective public-private partnerships (PPPs).
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.