In this edition:
CCPA: rate hikes likely to cause a recession
St. Catharines food truck and vendor applications open
Building permits surpassed $12 billion in May
GO-VAXX Bus to visit Jordan Station July 10
Fertilizer shortages could pinch 2023 food supply
United Way Niagara receives largest donation ever
CCPA: Bank of Canada’s rapid rate hikes likely to cause a recession
The Bank of Canada’s strategy of rapidly increasing its key interest rate in an effort to tackle skyrocketing inflation will likely trigger a recession, a new study from the Canadian Centre for Policy Alternatives (CCPA) says.
The research institute says if the central bank aims to bring inflation down from 7.7 per cent to its two per cent target by quickly raising rates, it could cause significant “collateral damage,” including 850,000 job losses.
It adds that the central bank has had a zero per cent success rate with this approach, noting that a 5.7 per cent drop in the inflation rate has happened three times over the last 60 years, each time after big rate hikes and accompanied by a recession.
The CCPA says it’s time for a new policy on inflation.
St. Catharines food truck and vendor applications open
On Monday, St. Catharines City Council approved a new policy allowing food trucks and mobile vending carts to establish seasonal business operations on City property. Developed in response to both resident and business requests, the policy provides businesses with the opportunity to apply for a dedicated space each year.
The City is welcoming location suggestions from businesses based on the policy criteria during the application process. Parking availability and proximity to other food services will also be considered. The application process will give preference to accessible, environmentally friendly and Niagara-based organizations.
Interested businesses can fill out an application anytime between June 28 and July 18 at stcatharines.ca/VendorPermit.
Building permits surpassed $12 billion in May
The total value of building permits in Canada rose 2.3% in May to $12.1 billion. The non-residential sector increased 7.0% to $4.3 billion, while the residential sector edged down 0.1% to $7.8 billion.
On a constant dollar basis (2012=100), the total value of building permits increased 1.8% to $7.7 billion.
Residential permits edged down 0.1% to $7.8 billion in May. Increases in Ontario and British Columbia were offset by losses in seven other provinces.
GO-VAXX Bus to visit Jordan Station July 10
The GO-VAXX bus will visit Jordan Station to hold a vaccine clinic in the parking lot at Charles Daley Park between 10am and 6pm to administer the Pfizer for 12+ (First, second, booster, and fourth) and Pediatric Pfizer 5-11 (first and second). The fourth dose will be available to all clients that meet the criteria.
Appointments are required and can be booked at Ontario.ca/bookvaccine, or by calling the Provincial Vaccine Contact Centre at 1-833-943-3900 (bookings open July 6) Walk-ins may be accommodated based on vaccine supply.
Fertilizer shortages could pinch 2023 food supply, says Ontario Federation of Agriculture
Mark Reusser, vice-president of the Ontario Federation of Agriculture and the Waterloo Federation of Agriculture, fears there may be a food shortage next year if farmers can’t get fertilizer.
Global tariffs have bumped up the price of fertilizer in Canada, making it harder for farmers to get their hands on it and affecting their ability to grow their crops and other food sources, said Reusser.
“If we can’t access fertilizer, not only us here in Ontario and Canada, but around the world, we’re in real trouble in terms of crop production and food production because we may not be able to produce enough,” said Reusser, who raises turkeys on nearly 60 hectares.
“When people don’t have food, governments become unstable, and that’s not something you want to see.”
United Way Niagara receives largest donation ever
The United Way Niagara is celebrating the biggest donation in their history.
Greg and Diane Slaight have donated $2 million to the organization.
Frances Hallworth, CEO of United Way Niagara says, “A transformative gift of this scope will greatly impact our community. We are so thankful to Greg and Diane for their trust and confidence in United Way Niagara and our ability to invest these funds in meaningful ways that will make a significant difference for those in need.”
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Natural gas soars 700%, becoming driving force in the new cold war
BNN Bloomberg
One morning in early June, a fire broke out at an obscure facility in Texas that takes natural gas from US shale basins, chills it into a liquid and ships it overseas. It was extinguished in 40 minutes or so. No one was injured.
It sounds like a story for the local press, at most — except that more than three weeks later, financial and political shockwaves are still reverberating across Europe, Asia and beyond.
That’s because natural gas is the hottest commodity in the world right now. It’s a key driver of global inflation, posting price jumps that are extreme even by the standards of today’s turbulent markets — some 700 per cent in Europe since the start of last year, pushing the continent to the brink of recession. It’s at the heart of a dawning era of confrontation between the great powers, one so intense that in capitals across the West, plans to fight climate change are getting relegated to the back-burner.
In short, natural gas now rivals oil as the fuel that shapes geopolitics. And there isn’t enough of it to go around.
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.
