In this edition:
- Bank of Canada maintains policy rate, continues quantitative tightening
- Chambers call on Government of Canada to engage with Seaway bargaining process
- GNCC speaks out on Seaway strike, calls for quick end to supply chain disruption
- Niagara seeking applicants for Niagara Transit Commission Public Advisory Committee
- Region retains ‘AA+’ credit rating and ‘stable’ outlook
- Niagara Health recognized for outstanding contributions to organ and tissue donation
- Celebration to mark opening of Brock’s Black Student Success Centre Thursday
- Focus on Climate
Bank of Canada maintains policy rate, continues quantitative tightening
The Bank of Canada today held its target for the overnight rate at 5%, with the Bank Rate at 5¼% and the deposit rate at 5%. The Bank is continuing its policy of quantitative tightening.
The global economy is slowing and growth is forecast to moderate further as past increases in policy rates and the recent surge in global bond yields weigh on demand. The Bank projects global GDP growth of 2.9% this year, 2.3% in 2024 and 2.6% in 2025. Inflation has been easing in most economies, the Bank reported, as supply bottlenecks resolve and weaker demand relieves price pressures.
However, with underlying inflation persisting, central banks continue to be vigilant. Oil prices are higher than was assumed in July, and the war in Israel and Gaza is a new source of geopolitical uncertainty.
Chambers call on Government of Canada to engage with Seaway bargaining process
On behalf of forty-two business organizations across the country, the Canadian Chamber of Commerce has written to Minister O’Regan and Minister Rodriguez to formally request the government’s active engagement with this bargaining process and that it work to end this latest labour disruption. It is imperative that the federal government work with the parties to secure an affordable, stable, and efficient supply chain, the letter stressed.
GNCC speaks out on Seaway strike, calls for quick end to supply chain disruption
The Director of Policy for the GNCC, Hugo Chesshire, joined Walter Sendzik on CKTB yesterday to speak on the impacts of the Seaway strike.
“A lot of people don’t realize just how much traffic moves through the Seaway,” Chesshire said. “It’s $16.5B worth of goods last year, mainly grain, or iron ore that supplies all the industries in Hamilton.”
He said it is already hard enough to buy a new vehicle, and this may make the situation worse. Food prices would also be impact if grain is not allowed through.
The Union and the workers aren’t slated to bargain again until Friday, possibly leaving ships docked until a deal is reached.
The strike has forced the closure of the entire Welland Canal in Niagara.
Niagara seeking applicants for Niagara Transit Commission Public Advisory Committee
Niagara Region currently has an opportunity for community members interested in participating in the Niagara Transit Commission Public Advisory Committee. The Committee is looking to fill a variety of roles including:
- One resident from each city/town nominated by that city/town from the submitted applications. The resident must be representative of the diversity of transit users and transit interested parties within that community.
- Two members from various community groups within Niagara representing persons with disabilities or other accessibility interested parties
- Two post-secondary representatives (one member from Brock University and one member from Niagara College)
- One member representing the Chambers of Commerce
- One member representing the senior sector
- One member representing the youth sector
Region retains ‘AA+’ credit rating and ‘stable’ outlook
Standard & Poor’s (S&P) Global Ratings has reaffirmed Niagara Region’s credit rating as AA+ with a stable outlook.
In a report released Oct. 19, the rating agency praises the Region’s financial management practices and lists its strong institutional framework as being key to the rating.
S&P also highlights the amalgamation of regional transit and corresponding upload under a new transit commission as a success for Niagara.
Niagara Health recognized for outstanding contributions to organ and tissue donation
For the fourth time, Niagara Health has received the Hospital Achievement Award – Provincial Conversion Rate for reaching a conversion rate exceeding the target of 63 per-cent set by Ontario Health (TGLN). The conversion rate is the percentage of potential organ donors who went on to become actual donors.
In 2022/2023, Niagara Health supported 16 organ donors, which led to 41 organs donated for transplant, saving 37 lives. Additionally, there were 97 tissue donors, enhancing the lives of many others.
Celebration to mark opening of Brock’s Black Student Success Centre Thursday
A new space dedicated to advancing and celebrating the achievements of Brock’s Black, African and Caribbean students is set to open its doors this week.
Located off Market Hall in TH 131, the University’s Black Student Success Centre (BSSC) strives to support the academic, personal and professional growth and development of Brock’s Black students.
The Brock community is invited to visit the space to learn more about its programming and meet its staff during a grand opening event Thursday, Oct. 26 from 2 to 3:30 p.m.
Did you know?
Focus on Climate
This Graphic Maps the Greenest Modes of Transportation
What’s the most energy efficient way to go from New York City to Toronto? You might be surprised.
The mode of transportation we choose can have a big impact. It can affect time, comfort, cost, and other factors. But how we travel can also have a big impact on the planet.
In the U.S., the transportation sector is responsible for about 28 percent of total greenhouse gases, according to the EPA. That’s the largest contributor, just edging out the energy sector.
And although cleaner alternatives are coming on board, such as electric cars and biofuels, over 90 percent of the fuel used for transportation in the U.S. remains derived from petroleum.
In this graphic, we break down the most efficient ways to travel on a typical trip.
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.