In this edition:
- Toronto Power Generating Station to be redeveloped as five-star hotel in Niagara Falls
- Province committed to ‘big’ and ‘bold’ tourism vision for Niagara
- Lincoln Pelham Public Library receives $200K provincial grant
- Niagara Region recognized for stable financial outlook by major credit rating agency
- Ontario bumps up Ontario Municipal Partnership Fund to $600M
- Canadian corporations reported 2.5% drop in net income in Q3 2024
- Canadian businesses find cost-related challenges easing but remain at forefront
- Canada Post says progress ‘limited’ at negotiating table as strike continues
- Focus on Finance & Economy
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Picture credit: Niagara Parks Commission
Toronto Power Generating Station to be redeveloped as five-star hotel in Niagara Falls
The Ontario government is giving the greenlight to Niagara Parks Commission (NPC) to redevelop the Toronto Power Generating Station (TPGS) into a five-star boutique hotel near the brink of Niagara Falls. Once complete, the new attraction will accommodate the growing number of tourists visiting Niagara and will include amenities such as indoor and outdoor public viewing areas and a free museum and art gallery.
Funded entirely through a $200 million investment by Society Developments in collaboration with Pearle Hospitality, the redevelopment of the historic hydroelectric power generating station will see the site repurposed – after sitting vacant for 50 years – into Niagara Region’s first and only five-star hotel.
Picture credit: The Honourable Stan Cho M.P.P.
Province committed to ‘big’ and ‘bold’ tourism vision for Niagara
The provincial government has a “big” and “bold” vision that will unleash Niagara’s vital tourism sector to its fullest potential, says Tourism Minister Stan Cho.
“When the premier sat me down in his office about six months ago, he stressed that to me that he thinks Niagara region — and I fully agree — has not even come close to unleashing its full potential,” said Cho in a phone interview with the Niagara Falls Review during stops in Niagara Friday.
Hon. Stan Cho, Minister of Tourism, Culture and Gaming, and Sam Oosterhoff, MPP for Niagara West, Marvin Junkin, Mayor of the Town of Pelham; Shellee Niznik, Councillor of the Town of Pelham and Board Member of the Lincoln Pelham Public Library, Julie Andrews, Chief Executive Officer of the Lincoln Pelham Public Library. | Picture credit: Michael Zweip / Office of Sam Oosterhoff M.P.P.
Lincoln Pelham Public Library receives $200K provincial grant
Hon. Stan Cho, Minister of Tourism, Culture and Gaming, and Sam Oosterhoff, MPP for Niagara West, joined Marvin Junkin, Mayor of the Town of Pelham; Shellee Niznik, Councillor of the Town of Pelham and Board Member of the Lincoln Pelham Public Library, and Julie Andrews, Chief Executive Officer of the Lincoln Pelham Public Library, today, to announce $200,000 in funding received through a Capital Grant from the Ontario Trillium Foundation.
With four branches in Beamsville, Vineland, Fonthill and Fenwick, the library provides shared services – including collections, services and programs – to approximately 44,000 residents in the Town of Pelham and Town of Lincoln.
Picture credit: JHVEPhoto / Adobe Stock
Ontario bumps up Ontario Municipal Partnership Fund to $600M
As part of the provincial government’s historic increase to financial support for Ontario municipalities, the province is increasing the Ontario Municipal Partnership Fund (OMPF) by $100 million over two years, bringing the total funding envelope to $600 million by 2026. The OMPF is the province’s main general assistance grant to municipalities.
Picture credit: Andrey Popov / Adobe Stock
Canadian corporations reported 2.5% drop in net income in Q3 2024
Canadian corporations reported a decrease of $4.1 billion (-2.5%) in net income before taxes (NIBT) in the third quarter, reaching $157.4 billion. This drop impacted both the financial sector (-5.5%) and the non-financial sector (-1.3%).
The telecommunications industry was the largest contributor to the decline in NIBT for the non-financial sector, falling by $1.8 billion in the third quarter, attributable to higher impairment charges reflecting a decline in advertising demand for the television and radio markets.
Photo credit: StockPhotoPro / Adobe Stock
Canadian businesses find cost- and labour-related challenges are easing but remain at forefront
Expectations of cost- and labour-related obstacles continued to ease among businesses in the fourth quarter and nearly three-quarters of businesses are very or somewhat optimistic about their outlook over the next 12 months, Statistics Canada reported in the Canadian Survey on Business Conditions, which ran from October to early November.
While businesses anticipate a variety of obstacles over the next three months, cost-related obstacles, expected by nearly two-thirds (65.7%) of all businesses, remain at the forefront.
Photo credit: Blacqbook / Adobe Stock
Canada Post says progress ‘limited’ at negotiating table as strike continues
Canada Post says they have made “limited progress” with the union at the negotiating table 11 days after the strike began.
Did you know?
Focus on Finance & Economy
Will the Canadian dollar slip below 70 cents US?
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.
