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Greater Niagara Chamber of Commerce

Daily Update: November 18, 2022

Raw material price increases slow to 10.1%, Prime Minister announces measures as part of Canada’s Indo-Pacific Strategy, and more.

In this edition:

Raw material price increases slow to 10.1%

Prices of products manufactured in Canada, as measured by the Industrial Product Price Index (IPPI), rose 2.4% on a monthly basis in October and were 10.1% higher than in October 2021. Prices of raw materials purchased by manufacturers operating in Canada, as measured by the Raw Materials Price Index (RMPI), increased 1.3% on a monthly basis in October, and posted a 9.0% year-over-year increase.

The US dollar appreciated 2.9% against the Canadian dollar from September to October. As prices for some products in the IPPI are reported in US dollars, changes in the CADUSD exchange rate can influence the index.

Higher prices for refined petroleum energy products (+14.9%) led the gain in the IPPI. This was the first increase in four months, and the largest monthly increase for the category since March 2022 (+19.3%).

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Prime Minister announces measures as part of Canada’s Indo-Pacific Strategy

As part of the upcoming release of Canada’s Indo-Pacific Strategy, the Prime Minister announced the following measures to expand trade, investment, and supply chain resilience in the Indo-Pacific to benefit people in the region and Canada alike:

  • $45 million to launch a series of enhanced Minister-led trade missions to the Indo-Pacific to support exporters and regionally based Canadian Chambers of Commerce in Indo-Pacific markets to facilitate long-term trade and investment opportunities;
  • $31.8 million to establish Canada’s first agriculture office in the region to increase and diversify agriculture and agri-food exports to the Indo-Pacific, strengthening trade on both sides of the Pacific; and
  • $92.5 million to significantly expand capacity at Canada’s missions in the Indo-Pacific and within Global Affairs Canada to deepen diplomatic, trade, development, and climate ties with regional partners and defend Canadian interests in the region.

The Prime Minister also announced an investment of $13.5 million to expand natural resource ties with Indo-Pacific partners – in trade, investment, and science, technology and innovation.

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Niagara set to receive $2m in provincial healthcare funding

The Ontario government has announced $2M in health care funding for Niagara.

The funding is part of the government’s $182 million provided through the Health Infrastructure Renewal Fund and Community Infrastructure Renewal Fund to 131 hospitals and 65 community health service providers across the province.

Niagara Health will receive $1.3M, while Hotel Dieu Shaver Health and Rehabilitation Centre will receive $605,237 in provincial support for this fiscal year.

The Oak Centre in Welland will receive $41,576, Arid Recovery Homes in Fort Erie will receive $27,503 and Wayside House of St. Catharines will receive $29,103 through the Community Infrastructure Renewal Fund.

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Female leaders recognized Women in Business Awards

At today’s Women in Business Awards (WIBAs), powered by Royal Bank of Canada (RBC) and BCM Insurance, the Greater Niagara Chamber of Commerce (GNCC) announced this year’s recipients.

“Every year, the number of nominees we receive and the incredible work they do in our community never ceases to amaze us,” said Grace Eldajani, Chair of the GNCC’s Women in Niagara Council (WIN). “This year, we received a record 160 nominations and 80 entries. Niagara is home to so many brilliant, dedicated, and hard-working women, and to draw finalists and winners from among them is always incredibly difficult.”

The Women in Business Awards (WIBA) is an annual event to recognize the leadership and success of women in our business community. The WIBAs aim to encourage more women to seek out and reach for leadership roles in business, non-profits, and in their community.

“These awards are all about expressing our appreciation and admiration for women who inspire, lead, create, and solve,” said Mishka Balsom, CEO of the GNCC. “One day is not enough to showcase the ability and talent of our finalists. We hope that everyone who is proud to support female leaders will join us.”

This year’s recipients are:

Young Professional Award, sponsored by Ridley College: Stephanie Reis, Ferox Estate Winery

Emerging Business Award, sponsored by Niagara Region Economic Development: Cheryl Vanditelli, Queen Bean Café

Science and Technology Award, sponsored by Innovate Niagara: Rachael LeBlanc, Vineland Research and Innovation Centre

Health Care Hero Award, sponsored by Alectra Utilities: Jennifer Tsang, Niagara Health

Innovations in Hospitality and Tourism Award, sponsored by DDL & Co.: Heidi Fielding, Fielding Estate Winery

Excellence in the Not-for-Profit Sector, sponsored by the Brock University’s Faculty of Social Sciences: Kim Rossi, Pathstone Foundation

Excellence in Trades Award, sponsored by Kraun Electric: Catherine O’Donnell, Willow Cakes and Pastries

Cultural Arts Award, sponsored by CAA Niagara: Rima Boles, Niagara Pumphouse

Business That Gives Back Award, sponsored by Niagara Community Foundation: Two Sisters Vineyards

Community Impact Award, sponsored by Niagara College: Gynette Smith

Entrepreneurship Award, sponsored by Kane’s Distributing: Shannon Passero, Shannon Passero Design

Corporate Leadership Award, sponsored by Hatch: Faith Winter, Canadian Tire Bank

At the awards, Debbie Zimmerman was presented with a Lifetime Achievement Award. Since 2003, Debbie has been the CEO of the Grape Growers of Ontario, the official organization that represents over 500 farm families producing grapes on over 17,000 acres across the province.

For 2022, the Ruth Unrau Legacy Award has been created in the name of Women in Niagara co-founder Ruth Unrau, to be conferred upon a woman who shares Ruth’s spirit and dedication to advocacy for women in business, and who has lifted up female entrepreneurs through her work and support. The award recipient will have championed women in trade and commerce, and empowered others to achieve success. For the inaugural year, Ruth herself was the recipient.

Focus on International Trade

Non-resident investment in Canadian securities down $22.3bn

Non-resident investors reduced their exposure to Canadian securities by $22.3 billion in September, mainly in the form of federal government debt securities and Canadian shares. Meanwhile, Canadian investors acquired $9.6 billion of foreign securities, led by an unprecedented investment in foreign bonds.

As a result, international transactions in securities generated a net outflow of funds of $31.8 billion from the Canadian economy in September, the largest outflow since December 2000. Overall, international transactions in securities generated an inflow of funds of $7.3 billion for the third quarter of 2022 and of $119.9 billion from January to September 2022.

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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.

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