In this edition:
St. Catharines opens food truck and vendor applications
Niagara Region hires permanent Commissioner of Public Works
Canadian Chamber urges independent review of Competition Act
Brock to pause COVID-19 vaccination and mask requirements effective July 4
Bank regulator beefs up rules for some types of home loans
St. Catharines opens food truck and vendor applications
On Monday, 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.
“This new initiative allows us to support businesses who have experienced incredible hardship over the past two years while also enhancing the experience of residents at our parks and facilities,” said Manager of Business Planning and Strategic Services Eric Lamothe. “It’s an excellent opportunity for businesses to connect with new customers and for residents to explore new tastes and activities as they get back out and about to enjoy amenities throughout the city.”
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.
Successful applicants will need to obtain their Hawkers and Peddlers Licence, a food truck and mobile vending cart park permit and pay an environmental fee.
Interested businesses can fill out an application anytime between June 28 and July 18 at stcatharines.ca/VendorPermit.
The operating season is expected to run until Sept. 30.
Niagara Region hires permanent Commissioner of Public Works
Regional Council has approved the appointment of Bruce Zvaniga as Niagara Region’s permanent Commissioner of Public Works. Zvaniga will continue to lead the Public Works Department on a permanent basis, after serving as interim commissioner since 2020.
Zvaniga’s appointment follows a rigorous, nationwide recruitment process that was recently endorsed by members of Regional Council.
Zvaniga has extensive experience having almost 40 years in the municipal public works field. Developing his skills in the early years of his career with the City of Toronto, then spending the last 10 years in senior leadership roles including with the City of Burlington, Regional Municipality of Halifax, and of course most recently here at Niagara Region.
Canadian Chamber urges independent review of Competition Act
The Canadian Chamber of Commerce’s Senior Vice President, Policy and Government Relations, Mark Agnew, issued the following statement regarding the upcoming review of the Competition Act.
“Strong, robust competition laws are critical for economic growth. Businesses need clear rules and a level playing field in order to innovate and grow, as well as for our country to attract investment.
The Canadian Chamber welcomes the government’s intention to review the Competition Act to ensure it includes best practice. However, this review must be well-researched and durable. We are calling on the government to appoint an arms-length expert panel to develop recommendations on potential changes to the Competition Act.
Brock to pause COVID-19 vaccination and mask requirements effective July 4
With COVID-19 cases trending downwards across the province and 93 per cent of Ontarians aged 12 years and older fully vaccinated, Brock University will pause its COVID-19 vaccination requirement effective Monday, July 4. All members of the Brock community are still strongly encouraged to become vaccinated against COVID-19 and to keep up to date on boosters.
Brock’s decision is reflective of trends in the sector and the broader community, with the Government of Ontario having lifted its vaccine mandate in March 2022. Most colleges and universities in Ontario removed their vaccine requirements earlier this year.
Bank regulator beefs up rules for some types of home loans
Canada’s top banking regulator is changing the rules that cover certain types of home loans to make sure that lenders and borrowers are able to stay on top of their obligations at a time when the country’s housing market is looking vulnerable.
The Office of the Superintendent of Financial Institutions (OFSI) is implementing new guidelines for certain types of real estate loans, including shared equity mortgages, reverse mortgages and conventional mortgages that are paired with revolving credit lines.
The biggest change targets so-called combined loans, which are conventional mortgage loans paired with revolving lines of credit known as HELOCs that home owners can dip into as they see fit, without being obligated to pay that portion back on any sort of schedule.
The new regulations will kick in once a readvanceable loan exceeds 65 per cent of the underlying home’s value. Currently, an owner can technically borrow up to 80 per cent on such a loan, but the new rules will functionally ratchet that ceiling down to 65 per cent by forcing the borrower to start paying back some of the principal if they go above that line.
Reading Recommendations
How Leaders Fight Skimpflation
Forbes
You may not be able to do anything about the devaluing of currency and inflation. And while the broader issue of stagflation – higher than usual unemployment and stagnant demand in the economy – is what all the financial gurus are focused on, there’s little that individual businesses can do to change these trends. But don’t underestimate the role of leaders in fighting “Skimpflation.”
Even if you haven’t heard of Skimpflation, I bet you’ve experienced it. Last Fall, NPR’s Planet Money coined the term. Skimpflation is when prices rise, while quality suffers. A simple example I experienced recently: we ordered takeout, and where there used to be a handful of ketchup packets in the bag, now there are none. Hold times for call centers used to be 45 minutes, and now they are 2 hours or longer. Hotels are reducing cleaning service and food options. Service providers have decreased their helpline availability or have limited customers to online interactions only. All while charging more for their products or services.
The pandemic drove a massive increase in Skimpflation by providing companies with a socially acceptable short-term reason for it, e.g. “Please excuse our [insert problem] due to the pandemic.” But quality and service issues were certainly happening before Covid-19 hit. It was the water that found the cracks in the dam. This is a slippery slope because when you increase prices while simultaneously reducing services or quality, your business is in trouble. That gives even loyal customers just the right nudge to consider alternatives to buying from you. One thing consumers universally dislike is to feel that they are spending more and getting less.
Skimpflation is a leadership issue masquerading as an economic issue. Successfully combatting it will help you preserve your brand, strengthen your differentiators, and succeed where others fail. Especially with a recession looming on the horizon.
Cancelled flights, disrupted vacations, frayed tempers: FAQs about the chaos in the airline industry
The Conversation
People around the world are anxious to travel again as pandemic restrictions are being lifted. But those planning to jump on a plane for a vacation have been frustrated by chaos in the airline industry. In both North America and Europe, thousands of flights have been cancelled and hundreds of thousands of passengers have had their trips disrupted.
Here are answers to some key questions about the current problems with air travel.
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.
