In this edition:
New agreement brings rail service back to Thorold multimodal hub
Bioveld Canada and HOPA Ports have signed an industrial switch agreement with Canadian rail services provider, GIO Railways Corporation, to enable the use of existing CN Rail infrastructure at the Thorold Multimodal Hub to transload cargo. A switching agreement allows a short line operator (GIO Rail) to use the track owned by CN to provide first- and last-mile delivery and transload services.
New rail capabilities will help attract a range of industrial users who are looking to move goods through Southern Ontario, or into the Northeastern United States.
The Thorold Multimodal Hub is a 200+ acre multimodal industrial complex in Niagara, adjacent to the Welland Canal. Unique to Niagara, it features marine, rail and highway access, as well as over 500,000 square feet of indoor warehouse and outdoor storage space, which can be configured to a wide variety of industrial, cargo handling and ancillary operations.
Canadian Tire Corporation newest naming sponsor at Canada Games Park
Canada Games Park (CGP) partners have announced that Canadian Tire Financial Services (CTFS) is the facility’s newest naming sponsor. As the home of the Niagara 2022 Canada Summer Games, the state-of-the-art complex is gearing up to welcome 5,000 of the nation’s top athletes this August.
CTFS, the financial arm of Canadian Tire Corporation (CTC), is the naming sponsor of CGP’s reception and gymnasium, both named after the bank’s Triangle Credit Cards.
Bank of Canada publishes 2023 schedule for interest rate announcements
The Bank of Canada today published its 2023 schedule for the release of its policy interest rate decisions and quarterly Monetary Policy Report.
The dates are as follows:
- Wednesday, January 25
- Wednesday, March 8
- Wednesday, April 12
- Wednesday, June 7
- Wednesday, July 12
- Wednesday, September 6
- Wednesday, October 25
- Wednesday, December 6
The Bank also reconfirmed the scheduled rate announcement dates for the remainder of 2022:
- Wednesday, September 7
- Wednesday, October 26
- Wednesday, December 7
Andrea Horwath announces bid for Hamilton mayor
Former Ontario NDP leader Andrea Horwath says she will run for Hamilton mayor in the October municipal election.
Horwath stepped down as NDP leader after 13 years at the helm following the provincial election that saw her party returned to official opposition status in the legislature. Since then, she had hinted she may be considering a bid to run for the mayor’s seat in her city, where she was re-elected as the MPP for Hamilton Centre.
Hamilton Mayor Fred Eisenberger has said he will not seek re-election in the fall after three terms in office.
Focus on Finance & Economy
TSX recap: Retail stocks drop after Shopify spooks investors
BNN Bloomberg
Shopify Inc.’s stock decline weighed heavily on the S&P/TSX Composite Index on Tuesday as a round of layoffs at the Canadian tech giant added to investor worries about the economy.
The Canadian benchmark index closed 131.80 points lower, or 0.69 per cent, to 18,972.68. The worst-performing stock and biggest drag on the index was Shopify, which closed with a 13.63 per cent loss at $40.69 in Toronto.
Grim news from Walmart sends U.S. markets tumbling
CTV News
Stocks are lower on Wall Street in early afternoon trading Tuesday after Walmart warned that inflation was negatively impacting American consumers’ spending power.
The S&P 500 was down 1% as of 1:02 p.m. Eastern, wiping out modest gains from a day earlier. The Dow Jones Industrial Average was down 108 points, or 0.3%, at 31,883 and the Nasdaq Composite slid 1.6%.
Walmart shares dropped nearly 8% after the retail giant cut its profit outlook for the second quarter and the full year, saying rising prices for food and gas are forcing shoppers to cut back on discretionary items, particularly clothing, that carry higher profit margins.
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.
