In this edition:
- Federal government reaches deal with Google on Online News Act
- GM scales back electric vehicle and self-driving car plans as new labour deals will cost it $10 billion
- Permanent patio program in Niagara-on-the-Lake still to be reviewed
- Hearings on the two-tiered municipal structure to take place in Niagara on January 10, 2024
- Canada announces first major investment tax credit project
- Bank of Canada publishes report on a potential digital Canadian dollar
- Focus on Climate
Federal government reaches deal with Google on Online News Act
Google and the federal government have reached an agreement in their dispute over the Online News Act, sources tell Radio-Canada and CBC News.
The agreement would see Canadian news continue to be shared on Google’s platforms in return for the company making annual payments to news companies in the range of $100 million, a source with knowledge of the negotiations told CBC News.
The federal government had estimated earlier this year that Google’s compensation should amount to about $172 million. Google estimated the value at $100 million.
GM scales back electric vehicle and self-driving car plans as new labour deals will cost it $10 billion
General Motors said it is pumping the brakes a little on its plans for electric vehicles and self-driving cars as new labour deals signed with unions in the U.S. and Canada will cost it almost $9.3 billion US.
Despite those costs, the automaker says it plans to buy back up to $10 billion US of its own shares, while also boosting its dividend by 33 per cent.
The buyback is the equivalent at Tuesday’s closing price to nearly a quarter of GM’s common stock. Its shares were down about 14 per cent this year before rising 10 per cent to $31.92 on Wednesday.
Permanent patio program in Niagara-on-the-Lake still to be reviewed
Despite widespread support of the seasonal patio program in town, councillors want a few questions answered before they have staff prepare a permanent program.
At the Tuesday (Nov. 21) council meeting, councillors discussed a report that included two recommendations. The first was to support the seasonal patio program for the urban area in principle, and the second was to direct staff to develop a permanent program for the town’s urban areas.
Councillors approved the first recommendation, turned down the second, and then added a third to direct staff to come back with a report that responded to some concerns brought up during the discussion.
Hearings on the two-tiered municipal structure to take place in Niagara on January 10, 2024
The provincial standing committee reviewing municipal governance is headed to Niagara on Jan. 10 to hear from the public.
Fred Davies, regional councillor from Port Colborne authored a motion earlier this month that asks the province to release the 2019 study by special advisers Michael Fenn and Ken Seiling on ways to improve governance and service at the regional level.
Fenn, a former deputy minister under three premiers, and Ken Seiling, a former Waterloo Region chair, toured the province and received 8,500 submissions before writing their report. However, their report and recommendations were delivered to cabinet as “confidential advice” and never released to the public.
The current review began in late 2022 with the government’s plan to tackle the housing supply crisis by having 1.5 million homes built by 2031.
Canada announces first major investment tax credit project
Today, the Honourable Chrystia Freeland, Deputy Prime Minister and Minister of Finance, announced that Canada’s major investment tax credits are enabling Dow to build the world’s first net-zero emissions ethylene cracker and derivatives site in Fort Saskatchewan, Alberta.
Dow and partner companies will invest more than C$11.5 billion to expand and retrofit its Fort Saskatchewan facility to become net-zero, which will significantly reduce Scope 1 and 2 greenhouse gas emissions from its operations and create 400 to 500 permanent Canadians jobs, as well as up to 8,000 construction jobs at peak.
To ensure Canadian workers get their fair share, labour requirements tied to Canada’s investment tax credits will require the company to pay prevailing union wages and provide apprenticeship training opportunities in order to receive the maximum tax credit rates.
Bank of Canada publishes report on a potential digital Canadian dollar
Since 2020, the Bank of Canada has engaged widely with Canadians, as well as with stakeholders in the financial sector and civil society, about a potential digital Canadian dollar. The feedback the Bank received indicates that:
- Canadians place a high value on holding cash that is backed by their central bank and want to maintain access to bank notes.
- Canadians value their right to privacy and many expressed concerns that a digital dollar could compromise that right.
- A digital dollar should be easily accessible and should neither add barriers nor worsen existing ones.
- A digital dollar should not add to financial stability risks.
The Bank will continue to engage with stakeholders on the key issues and features that matter most to Canadians, and Canadians will have more opportunities to provide input on a potential digital Canadian dollar.
Did you know?
The world’s fastest public passenger train is the Shanghai Maglev, connecting Shanghai’s Pudong airport with the Longyang Road station in the city center at 460 km/h. At that speed, a trip between Niagara Falls and Union Station in Toronto would take seventeen minutes.
Focus on Climate
‘We absolutely need to act immediately,’ says UN chief during visit to Antarctica
Isabella O’malley and Alexandre Plaza; The Associated Press
UN Secretary-General Antonio Guterres visited globally-important Antarctica, where ice that’s been frozen for millions of years is melting due to human-caused global warming, to send the message that “we absolutely need to act immediately.”
“What happens in Antarctica doesn’t stay in Antarctica,” Guterres said. In addition to reflecting lots of sunlight away from the Earth, Antarctica regulates the planet’s climate because its ice and cold waters drive major ocean currents. When massive amounts of ice melt, it raises sea levels and changes things like salinity and the habitats of ocean animals.
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.
