In this edition:
Walter Sendzik will not seek re-election
St. Catharines mayor Walter Sendzik revealed in an interview he is not seeking a third term as mayor in October’s municipal election.
In a statement to the St. Catharines Standard, Sendzik said he had to be sure the community was in a good space in terms of moving beyond the COVID-19 pandemic before he could leave the mayor’s office. Now, with vaccine, therapeutics and what has been learned about managing the crisis over the past two years, he said he believes the city is turning a corner on a pathway toward recovery and regaining momentum.
Niagara celebrates European Union Day
Niagara Economic Development, in partnership with the Town of Niagara-on-the-Lake, Niagara-on-the-Lake Chamber of Commerce, and Niagara College, hosted the European Union Consul General group yesterday to celebrate European Union (EU) day.
EU day takes place on May 9 every year to celebrate peace and unity in Europe. To mark the occasion, a flag raising was held in Niagara-on-the-Lake at the Old Courthouse, which signifies the EU’s motto, “United in diversity”.
Wainfleet to consider short-term rentals by-law
Wainfleet staff have prepared Community & Development Staff Report CDS-002/2022, which will be considered by Council at their regular meeting this evening. Community & Development Staff Report CDS-002/2022 reviews all of the public comments received through the public consultation process for the draft Short Term Rentals By-law.
Further changes to the draft By-law will be required prior to preparing the application packages and program for short-term rentals. Please visit the Short Term Rentals Page for further information.
Canadian stocks drop, heading toward first correction since 2020
Canadian stocks are on pace to enter correction territory for the first time since the early days of the COVID-19 pandemic as investors exit risk assets on concerns about aggressive rate hikes and economic growth.
The S&P/TSX Composite Index fell as much as 1.3 per cent on Tuesday, extending its decline for a fourth day after Federal Reserve Bank of Cleveland President Loretta Mester said 75 basis-point rate hikes cannot be ruled out forever. The selloff puts the TSX on pace to fall more than 10 per cent from its record closing price reached on March 29.
Commodity producers, financial stocks and tech were among the biggest drags on the index Tuesday. Suncor Energy Inc. and Enbridge Inc. declined 4.4 per cent and 2.2 per cent respectively, while Shopify Inc. fell 3.3 per cent. Bausch Health Cos. also weighed on the TSX, sinking 26 per cent after the company reported first-quarter earnings that largely missed analysts’ expectations.
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GNCC election platform
The GNCC asks that the next Government of Ontario financially support recovery and growth by expanding programs that support small businesses with technology and online marketplace adoption. The last two years saw a massive acceleration in e-commerce, remote work, and the uptake of technology. Ontario’s small businesses and solopreneurs will need to compete in a global and online market for sales, supplies, and workers. The Government of Ontario must enable their success.
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.