In this edition:
GNCC requests lifting of border restrictions
Employment Insurance Commission seeks Niagara employer input
NotL Mayor: we owe it to one another to show respect
Bank of Canada: fears of financial shock increasing
GNCC requests lifting of border restrictions
The GNCC has asked the Government of Canada to lift its remaining border restrictions.
“With the Chief Public Health Officer reporting declining COVID-19 indicators and as other pandemic-related restrictions have been removed across the country, we feel the time is right to re-evaluate Canada’s border crossings,” said GNCC CEO Mishka Balsom.
“Niagara’s tourism sector has essentially missed two seasons. Reserves are at an end. Economic recovery requires a strong 2022, and that requires a return of visitors from the United States and further afield. It is already June – a removal of onerous requirements such as the ArriveCAN app cannot come soon enough.”
The GNCC sent a letter to the Prime Minister, to the Ministers of Public Safety, Tourism, and Transport, to Premier Ford, and to Members of Parliament representing border communities. In that letter, the Chamber cited both the importance of the tourism sector to the economies of Niagara, Ontario, and Canada, and recent Statistics Canada data indicating the financial strain they are currently under.
The full letter can be downloaded here.
Employment Insurance Commission seeks Niagara employer input
On the afternoon of June 8th, the GNCC will host the Commissioner for Employers for the Canadian Employment Insurance Program. The Commissioner’s role is to be the voice of employers for the EI program, and she needs to hear from you! Join us for a free roundtable, share your thoughts, and help shape an EI system that works better for businesses. Contact hugo@gncc.ca for more details and to register.
NotL Mayor: we owe it to one another to show respect
Lord Mayor Betty Disero issued a statement regarding diversity, equity, and inclusion in Niagara-on-the-Lake.
“When the DEI Committee explained its mission,” Lord Mayor Disero said, “I realized that the DEI Committee’s mandate is not only to ensure that Council is inclusive and fair to all but also to spend time teaching community members how compassion and respect for one another are vital in our everyday lives and in the way we approach each other.
“We are kind and welcoming to visitors from all over the world – people of varied locations, races, cultures, religions, and identities. Our visitors are diverse, and the kindness we show them is part of our Town’s character and personality; it is our livelihood, and we are proud of that reputation.
“It is equally important that we are kind to each other and appreciate that everyone living in Niagara-on-the-Lake is unique. Everyone born here or who has moved here has a specialness to them. We may not always agree with each other, but we owe it to one another to listen, show respect, and appreciate that everyone has a unique contribution to make to our community.”
Bank of Canada: fears of financial shock increasing but confidence in Canadian financial system remains high
The Bank of Canada conducts a Financial System Survey (FSS) twice a year to solicit the opinions of senior experts in risk management. These experts provide their views on the risks to, and resilience of, the Canadian financial system as well as on new developments they are monitoring.
Respondents believe the risk of a shock that could impair the financial system has increased since the last survey because of concerns related to increased geopolitical risks, withdrawal of monetary policy support, and higher inflation. Nevertheless, respondents’ confidence in the resilience of the Canadian financial system is at its highest since the first FSS in 2018.
Cyber incidents remain the top risk that organizations face. Geopolitical tensions are the second most important risk. In addition to posing risks to individual organizations, these risks are relevant for the broader financial system.
Reading Recommendations
Canada’s move to bulk up antitrust muscle may miss root of problem
Reuters
Waves of industry consolidation over the decades have resulted in fewer choices for customers from telecoms to banking, with Canadians paying the world’s most expensive mobile phone bills and forking out more for everyday banking, consumer advocates say.
Now, the government says enough is enough. It wants to put some teeth in its antitrust regulations, much like the far-ranging powers wielded by authorities in the United States, the European Union and Australia.
The proposed changes to the Competition Act are coming after more than a decade. They would include giving the antitrust agency, the Competition Bureau Canada, the authority to seek remedial action in an overseas merger if that would impact competition in Canada.
But lobby groups, including the influential Canadian Bar Association (CBA), have challenged the new proposals.
Almost a quarter of Canadians report eating less than they should due to rising prices: survey
CBC News
A new survey suggests a growing number of Canadians are struggling with the rising cost of food as prices for basics like pasta, bread and meat all soar.
The poll from Food Banks Canada indicates hunger and food insecurity are increasing across the country, with lower-income Canadians hit hardest by inflation.
“It’s really hard to hear just how many people in this country are struggling,” Food Banks Canada CEO Kirstin Beardsley said in an interview Monday. “We found that nearly one in five Canadians report going hungry over the last two years.”
The survey, conducted by Mainstreet Research, found almost a quarter of Canadians reported eating less than they should because there wasn’t enough money for food — a figure that nearly doubled for those earning under $50,000 a year.
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.
