In this edition:
- Bank of Canada holds policy rate at 2.75% as economy shows resilience
- Niagara Falls to honour Rob Nicholson
- Ontario government agrees to fee to formally rip up $100M contract with Starlink
- Stellantis CEO hoping for North American profitability despite hit from tariffs
- Specsavers to open 111 new optical locations in Loblaw stores
- Alectra Utilities receives $900K investment from emissions reduction program
- Government of Ontario spending slightly below revised plan
- Focus on Finance & Economy
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Bank of Canada Governor Tiff Macklem | Photo credit: Bank of Canada / CC BY 2.0
Bank of Canada holds policy rate at 2.75% as economy shows resilience to tariff threat
The Bank of Canada today maintained its target for the overnight rate at 2.75%, with the Bank Rate at 3% and the deposit rate at 2.70%.
In its monetary policy report, the Bank noted that while Canadian economic activity has slowed considerably because of the trade conflict, it is showing signs of resilience. While inflation is close to 2%, underlying inflation has risen to about 2½%.
Picture credit: Rob Nicholson
Niagara Falls to honour Rob Nicholson
During Tuesday’s council meeting, Mayor Jim Diodati said the municipality has been working on a way to recognize the longtime Conservative MP for Niagara Falls. Diodati’s comments came after the city received a letter from Niagara Falls MPP Wayne Gates, asking the municipality to honour Nicholson.
Picture credit: King’s Printer for Ontario, 2025
Ontario government agrees to fee to formally rip up $100M contract with Elon Musk’s Starlink
The Doug Ford government has agreed to a fee to formally cancel its $100-million contract with Elon Musk’s Starlink amid an ongoing trade war with the United States.
The Tories first announced plans to rip up the contract for satellite internet service after U.S. President Donald Trump imposed sweeping tariffs on Canadian goods in January.
Picture credit: Tada Images / Adobe Stock
Stellantis CEO hoping for North American profitability despite hit from tariffs
Stellantis hopes to counteract some of the expected 1.5 billion-euro ($1.7 billion) cost of tariffs this year by boosting North American profitability with new model launches like the discontinued Jeep Cherokee, the carmaker’s new CEO said on Jul. 29.
The world’s fourth-largest carmaker, created 4 1/2 years ago from the merger of Fiat Chrysler and PSA Peugeot, is in talks with U.S. officials on how to mitigate the impact of tariffs, in particular on cars produced in neighbouring Canada and Mexico.
Picture credit: Brad Demers / GNCC
Specsavers to open 111 new optical locations in Loblaw stores
Specsavers Canada and Loblaw Companies Limited have announced a collaboration that will see 111 new Specsavers optical locations open within Loblaw grocery stores across the country.
The new locations will replace the Theodore & Pringle brand in select Loblaw-owned stores, including Loblaws, Real Canadian Superstores and Zehrs.
Image credit: Alectra Utilities
Alectra Utilities receives $900K investment from federal fleet emissions reduction program
Alectra Utilities Corporation received $900,000 from the Government of Canada for its Energizing the Future With V2X program, which will use bi-directional charging of light- and medium-duty vehicles and V2X applications to dispatch vehicle fleets strategically, reducing electricity demand in congested areas.
The funding was part of a $21M federal package for emissions reduction.
Picture credit: JHVEPhoto / Adobe Stock
Financial Accountability Office reports Government of Ontario spending slightly below revised plan
As presented in the 2024 Ontario Budget, the Province began the fiscal year with a spending plan of $217.0 billion; by the end of the fiscal year, the Province’s revised spending plan was up $10.7 billion to $227.7 billion. Based on available information, the Financial Accountability Office of Ontario (FAO) estimates that unaudited spending by the Province in 2024-25 was $226.7 billion. Compared to the revised spending plan of $227.7 billion, unaudited spending was $1.0 billion (-0.5 per cent) less than planned.
Focus on Finance & Economy
Stable rates, unstable futures: the growing debt crisis facing young Canadians
Credit Counselling Society of BC
The Bank of Canada announced today it will hold its key policy rate steady. But for many young Canadians, the pressure hasn’t eased. In fact, it’s rising.
New data from the Credit Counselling Society (CCS) shows that Canadians aged 18 to 34 are trying to manage rising costs in a variety of ways—but for many, it’s still not enough. They’re not just borrowing; they are increasingly turning to high-cost lenders and short-term financing tools to make ends meet when cutting back, budgeting, and other solutions aren’t enough. And while the central rate remains unchanged, wage instability, rising housing costs, and inflation continue to push many young adults deeper into debt—and into crisis.
“A steady interest rate doesn’t undo years of financial strain,” states Peta Wales, President & CEO of CCS. “Many young Canadians are already deep in debt. They’re borrowing small amounts just to cover essentials, and over time, those borrowing decisions stack up.”
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.
