In this edition:
- OLG’s Q2 casino hosting payment to Niagara Falls will total almost $5M
- Former St. Catharines police station could become site of two new highrises
- Tepperman’s announces Masoud Negad as new CEO
- Town of Grimsby announces pilot Heritage Property Grant
- Drop in international students leads Ontario universities to project $1B loss in revenues
- Bank of Canada most likely to cut rates by 50 bps next week
- Virgil Starbucks closes permanently
- Ontario Craft Brewers launch campaign calling for beer tax fairness to save local craft beer
- Canada announces tariff remission process for businesses importing Chinese goods
- Focus on Finance & Economy
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Photo credit: JHVEPhoto / Adobe Stock
OLG’s Q2 casino hosting payment to Niagara Falls will total almost $5M
The Ontario Lottery and Gaming Corporation (OLG) is issuing its second quarter payment to the City of Niagara Falls, which runs from Canada Day until Sept. 30th, totalling $4,589,559. The payments are made under an agreement for the hosting of the Fallsview Casino Resort and Casino Niagara.
Since the first casino opened in December 1996, Niagara Falls has received $224,922,073.
Image credit: Macdonald Zuberec Ensslen Architects Inc.
Former St. Catharines police station could become site of two new highrises
A proposal to build two highrises with 305 apartments on the site of the former Niagara Regional Police station in downtown St. Catharines is coming before city council on Monday.
Niagara Region, which owns the property at 68 Church St., is asking for official plan and zoning bylaw amendments to permit construction of mixed use buildings of 27 and 12 storeys.
Photo credit: Tepperman’s / supplied
Tepperman’s announces Masoud Negad as new CEO
Leading Canadian home furnishings retailer Tepperman’s has announced the promotion of Masoud Negad to Chief Executive Officer, the first non-family member to lead the company since its founding in 1925.
“I am confident that Masoud’s leadership will take Tepperman’s to new heights” said Andrew Tepperman, 3rd generation Executive Chair “while staying true to the values that have defined us as a great place to work and shop for nearly a century.”
Photo credit: Town of Grimsby
Town of Grimsby announces pilot Heritage Property Grant
Photo credit: mnirat / Adobe Stock
Drop in international students leads Ontario universities to project $1B loss in revenues over 2 years
Ontario universities say the federal government’s cap on international students is going to cost them almost $1 billion over two years — and the estimate has not even factored in the extra 10 per cent cut to new study permits Ottawa recently announced.
On Friday, the Council of Ontario Universities released its financial impact projection, which sheds light on the extent to which the reduced international enrolment is expected to hurt the finances of the province’s university sector.
Image credit: AddMeshCube / Adobe Stock
Bank of Canada most likely to cut rates by 50 bps next week
The Bank of Canada is widely expected to reduce its key policy rate by 50 basis points on Wednesday, its fourth cut in a row and what would be the first super-sized reduction in more than 15 years outside of the pandemic era.
A jumbo cut next week, as most economists and analysts are predicting, would bring down the benchmark rate to 3.75% from 4.25% as the bank seeks to boost economic growth amid falling prices and stifled spending by consumers and businesses.
Photo credit: Mike Balsom / Niagara-on-the-Lake Local
Virgil Starbucks closes permanently
Photo credit: romaset / Adobe Stock
Ontario Craft Brewers launch new campaign calling for beer tax fairness to save local craft beer
Today the Ontario Craft Brewers, the voice of craft beer in Ontario, launched the Save Local Craft Beer campaign. The goal of the campaign, which builds on last year’s successful Keep Craft Beer Local campaign, is to highlight that high craft beer taxes are putting the future of Ontario’s locally-owned breweries at risk and to call on government to immediately lower the tax burden on local breweries so they can compete in the new expanded alcohol retail marketplace.
Click here to read more.
Photo credit: RafMaster / Adobe Stock
Canada announces tariff remission process for Canadian businesses importing certain Chinese goods
Today, the federal government launched the process for Canadian businesses to request remission of surtaxes on electric vehicles (EVs) and steel and aluminum imported from China. Remission would also be available for potential surtaxes on critical manufacturing sector products.
Did you know?
Focus on Finance & Economy
From progress to a ‘winter storm:’ How Canada’s rising tensions with India might impact trade
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.
