In this edition:
- Bank of Canada delivers interest rate cut, overnight rate now 4.5%
- Government of Ontario invests $73M to complete Gardiner Expressway construction by April 2026
- Big booze companies suing LCBO over ‘unfair’ pricing policies
- Niagara Peninsula Conservation Authority to increase fees by 3.57% for 2025
- Town of Niagara-on-the-Lake offers status update on key developments
- 2024 World Rowing Championships unveil new Aligner Hut at Royal Canadian Henley Rowing Course
- Focus on Health & Safety
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Photo credit: Bank of Canada / CC BY 2.0
Bank of Canada delivers interest rate cut, overnight rate now 4.5%
The Bank of Canada today reduced its target for the overnight rate to 4½%, with the Bank Rate at 4¾% and the deposit rate at 4½%. The Bank is continuing its policy of balance sheet normalization.
In Canada, economic growth likely picked up to about 1½% through the first half of this year. However, with robust population growth of about 3%, the economy’s potential output is still growing faster than GDP, which means excess supply has increased, the Bank said.
Click here to read the Bank of Canada’s July 24 Monetary Policy Report.
Photo credit: Jason Paris / CC BY 2.0
Government of Ontario invests $73M to complete Gardiner Expressway construction by April 2026
The Ontario government is helping to accelerate construction on the Gardiner Expressway by at least one year by providing up to $73 million to the City of Toronto on the condition that work may be allowed to proceed up to a 24/7 basis.
This accelerated timeline moves the construction completion date from April 2027 to at least April 2026, which will benefit Ontario’s economy by an estimated $273 million by getting drivers and goods out of gridlock a year faster than planned.
Photo credit: fw_gadget / CC BY-SA 2.0
Big booze companies suing LCBO over ‘unfair’ pricing policies
Some of the biggest alcohol conglomerates on the planet are taking the LCBO to court, saying the provincial liquor monopoly is unfairly fining suppliers over a contractual clause promising to charge it the lowest price in Canada.
The producers — including Diageo, Campari Group, Beam-Suntory and Brown Forman — have also reported the LCBO to the federal Competition Bureau, saying the clause is an abuse of the agency’s market dominance and is a restraint of trade.
Photo credit: Niagara Peninsula Conservation Authority
Niagara Peninsula Conservation Authority to increase fees by 3.57% for 2025
Niagara Peninsula Conservation Authority will be instituting “modest” increases to admissions and other service fees, including for wedding rentals, starting next year.
Overall, the fees for NPCA services and rentals will increase by an average of 3.57 per cent. Staff said the increase will be incorporated into the 2025 operating budget after the authority’s board approved the new fees during its July 19 meeting. The fees do not include HST.
Photo credit: Town of Niagara-on-the-Lake
Town of Niagara-on-the-Lake offers status update on key developments
The Town of Niagara-on-the-Lake reports that it has received numerous inquiries regarding the King Street development, the Rand Estate development, and on the Parliament Oak decision. In response, the Town has issued a factual update on these developments.
Photo credit: Niagara College
2024 World Rowing Championships unveil new Aligner Hut at Royal Canadian Henley Rowing Course
As the City of St. Catharines gears up to host the world’s top rowers for the 2024 World Rowing Championships August 18-25, Niagara College (NC) and the Niagara Home Builders Association (NHBA) unveiled a new addition to the Royal Canadian Henley Rowing Course that will guarantee a fair start for athletes and leave a legacy for future competitions.
The 10 by 10 enclosed structure was built and designed by students and faculty in NC’s Carpentry and Renovation Technician program, with materials donated by the NHBA.
Did you know?
Focus on Health & Safety
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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.
