In this edition:
- Ontario brings CUPE education workers ‘improved offer,’ Premier Doug Ford says
- $1-million donation to United Way will help community food programs
- Economic accounts confirm 2021 economic bounceback
- Port Colborne seeks citizen board and committee members
Ontario brings CUPE education workers ‘improved offer,’ Premier Doug Ford says
Ontario Premier Doug Ford says his government is bringing forward an “improved offer” for education support workers with contract negotiations resuming Tuesday as the union returned to work after a two-day walkout that forced many schools to shut their doors.
Not providing specific details to respect the bargaining process, Mr. Ford said the new four-year contract offer for the 55,000 Canadian Union of Public Employees (CUPE) workers will focus on supporting lower-income employees and those who work part-time. The premier said both sides need to “give a little” as they return to the table and work toward a deal that is acceptable to all parties.
Negotiations resume a day after the government pledged to repeal legislation, known as Bill 28, that used the notwithstanding clause to impose a contract on the workers and overrule their right to strike. The premier’s office said legislation to repeal the bill would be tabled when the house returns Monday as it isn’t sitting this week and MPPs are back in the communities they represent.
$1-million donation to United Way will help community food programs
The United Way has announced that Greg and Diane Slaight have donated one million dollars to United Way to provide immediate relief for local community food programs.
“The need is growing at an unprecedented rate,” said United Way CEO Frances Hallworth. “We hear every day about the increasing number of people, from children to seniors, seeking support from food programs and the challenges our community partners are facing in addressing the growing need. This gift will be instrumental in helping to ensure that emergency food programs will be able to better meet the increased demand over the next two years.”
With the funds, United Way will support community food programs that are struggling due to increased demand and rising food prices. Any registered charity delivering food security initiatives in Niagara is eligible to apply.
The application, now available on United Way’s website at unitedwayniagara.org/apply-for-funding, will close at 12:00pm on November 28, 2022 and funds will be distributed to successful applicants in early December.
Economic accounts confirm 2021 economic bounceback
In 2021, Canada’s real gross domestic product (GDP) rebounded 5.0%, following a 5.1% decline in 2020 due to the widespread shutdown in economic activity in the early stages of the COVID-19 pandemic. Reopening of the economy, combined with low interest rates and continued pandemic-related government support, resulted in substantial upturns in household spending, housing investment, and business investment.
Real GDP rose in 9 of the 10 provinces and in all 3 territories, with Saskatchewan (-0.9%) recording the only decline. Among the provinces, Prince Edward Island (+7.9%), Nova Scotia (+6.2%), and British Columbia (+6.1%) had the largest annual increases in real GDP.
Port Colborne seeks citizen board and committee members
The City of Port Colborne is accepting applications for positions on the following Boards/Committees:
- Committee of Adjustment
- Port Colborne Public Library Board
- Port Colborne Historical Marine and Museum Board
- Property Standards Committee
Visit the City’s Committees and Boards webpage to access the application form.
Email deputyclerk@portcolborne.ca or call the Deputy Clerk at 905-835-2900 x 115 for more information.
Niagara Economic Summit
Missed the Niagara Economic Summit? Need more information?
Over three hundred people attended today’s Niagara Economic Summit to hear plenary speakers Brock Dickinson and John Peller, and to listen to expert panels tackle topics including the future of the economy, the labour shortage, and the housing crisis.
Video footage of the event is available at gncc.ca/nes, where you can also download the slide decks of the local, provincial, and national economies presented by economic analysts Blake Landry, Ester Gerassime, and Marwa Abdou, and watch the messages of greetings from Prime Minister Trudeau and Premier Ford.
Focus on Finance & Economy
Wall Street drifts ahead of election results, inflation data
Stocks are mixed in tentative trading Tuesday as Wall Street braces for the results from the day’s midterm elections and a big update on inflation that’s due later in the week.
The S&P 500 was 0.3% lower in afternoon trading after losing an early gain of 1.4%. The Dow Jones Industrial Average was up 74 points, or 0.2%, at 32,901, as of 2:25 p.m. Eastern time, and the Nasdaq composite was 0.5% lower.
With Americans heading to the polls across the country amid high inflation and worries about a possible recession, analysts say investors appear to be making bets for Republicans to gain control of at least one house of Congress. That combined with a Democratic White House could lead to little getting done in Washington, which may be bad for society but could also keep the status quo on economic policy. And markets tend to abhor uncertainty.
U.S. stocks fall as crypto upends risk sentiment
U.S. stocks fell in volatile trading amid sharp declines in some risk assets and as investors turned broadly cautious ahead of results from midterm elections. Treasury yields fell and the dollar trimmed losses.
Both the S&P 500 and the tech-heavy Nasdaq 100 slid into the red. The sudden move lower in stocks coincided with a lurch lower in Bitcoin that rocked market sentiment. The yield on two-year Treasuries, more sensitive to Federal Reserve policy changes, shed 4 basis points, while a gauge of dollar pared declines.
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.
