In this edition:
- PenFinancial CEO Theresa Bird retires, Shari Sekel announced as successor
- Tepperman’s opens 44,000-square-foot furniture store in St. Catharines
- Thorold Tunnel construction enters next phase
- Niagara-on-the-Lake receives another Canadian award for financial reporting
- Ontario invests $1.5M in assisting young people starting and growing businesses
- Province will double fines for ESA violations, making penalties highest in Canada
- Bank of Canada forecasts transition to net-zero will drive inflation up and slow economic growth
- Focus on Technology
PenFinancial CEO Theresa Bird retires, Shari Sekel announced as successor
PenFinancial’s CEO Theresa Bird has announced her retirement, effective April 30, 2024. Theresa joined PenFinancial in early 2021 as the Chief Retail Officer, where she focused on creating synergies and simplifying processes for the retail teams. She moved into the role of Chief Operating Officer in early 2022, and then the CEO role in September 2022.
Following this announcement, the Board of Directors appointed Shari Sekel as the new CEO for PenFinancial. Shari’s professional journey with PenFinancial began in 2017 as the Chief Financial Officer, and her mandate grew to include Compliance in 2022. In mid-October 2023, Shari assumed the role of Acting CEO.
Tepperman’s opens 44,000-square-foot furniture store in St. Catharines
Tepperman’s, a Canadian family-owned furniture retailer, has opened a 44,000-square-foot store in St. Catharines.
This is the company’s seventh store, with the other six in cities and towns between Hamilton and Windsor.
“We are honoured to bring Tepperman’s to St. Catharines,” said company president Andrew Tepperman in a news release.
Thorold Tunnel construction enters next phase
After the closure of the East-bound lanes for the past few weeks, construction on the South tube has now been completed, effectively opening the lanes to traffic again.
As construction on the North tube has now commenced, the West-bound lanes will be closed every evening, from 7:30 p.m. until 5:30 a.m.
Niagara-on-the-Lake receives another Canadian award for financial reporting
The Government Finance Officers Association of the United States and Canada (GFOA) has awarded the Town of Niagara-on-the-Lake the Canadian Award for Financial Reporting (CAnFR) for its annual financial report for the eleventh consecutive year.
“I am proud to serve as the Lord Mayor of a community that prioritizes financial sustainability and prosperity,” stated Lord Mayor Gary Zalepa. “I appreciate the hard work and dedication of Town Staff, who have played a vital role in ensuring that Niagara-on-the-Lake remains a thriving municipality.”
Ontario invests $1.5M in assisting young people starting and growing businesses
The Ontario government is providing an additional investment of $1.5 million to bolster its Summer Company program, helping an additional 250 young people start and grow a business. The investment will increase total funding for the program to more than $4.7 million over the next two years.
The Summer Company program provides students between the ages of 15 and 29 with at least 12 hours of business training, one‐on‐one mentoring and grants up to $3,000 to start a full-time business.
The program is administered through Small Business Enterprise Centres. Click here to find your nearest centre.
Province will double fines for ESA violations, making penalties highest in Canada
The Ontario government is proposing legislative changes that will, if passed, double the maximum fine for individuals convicted of violating the ESA from $50,000 to $100,000, which would be the highest fine in Canada. The government will also make regulatory changes to increase the penalty for repeat offenders who have contravened the same provision of the ESA three or more times from $1,000 to $5,000, one of the highest penalties in Canada.
Bank of Canada forecasts transition to net-zero will drive inflation up and slow economic growth
The transition to net-zero emissions is likely to create upward pressures on inflation and downward pressures on economic activity, the Bank of Canada reported today in its second annual climate-related risk report.
The results suggest that inflation in Canada could experience mild upward pressures until 2050, and that economic activity could face modest downward pressures until 2030 and then strengthen to achieve net-zero emissions.
Did you know?
The first YMCA in North America started in Montreal on November 25, 1851.
Focus on Technology
Why are Canadian companies slow to adopt AI tools?
Artificial intelligence (AI) tools can boost productivity, save time and keep costs down for a business — but a recent Conference Board of Canada (CBoC) report reveals a reluctance among Canadian companies to embrace the cutting edge technology. Anne Gaviola has more on what’s at stake and what’s really behind Canada’s lagging adoption of AI in the workplace.
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.
