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Greater Niagara Chamber of Commerce

Daily Update: October 28, 2022

Service sector grew in August while goods-producers declined, Prime Minister announces new measures to support Ukraine, and more.

In this edition:

Service sector grew in August while goods-producers declined

Real gross domestic product (GDP) edged up 0.1% in August, following a slight (+0.1%) increase in July. Growth in services-producing industries (+0.3%) was partially offset by a decline in goods-producing industries (-0.3%), as 14 of 20 industrial sectors increased in August.

Advance information indicates that real GDP increased 0.1% in September. Increases in the oil and gas extraction subsector, the manufacturing sector and the public sector were partially offset by declines in construction. Advance information for the third quarter indicates that real GDP increased 0.4%. Owing to their preliminary nature, these estimates will be updated on November 29 with the release of the official GDP data for September and the third quarter.

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Prime Minister announces new measures to support Ukraine

The Prime Minister announced today that the Government of Canada will issue Ukraine Sovereignty Bonds, which will help the government continue operations, including providing essential services to Ukrainians, like pensions, and purchasing fuel before winter.

Canada is imposing new sanctions on individuals and entities complicit in Russia’s invasion of Ukraine. These new measures will target 35 senior officials of energy entities, and six energy sector entities involved in Russia’s ongoing violations of Ukraine’s sovereignty and territorial integrity.

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Niagara’s drive-in theatre set to reopen this weekend

After closing for the 2022 summer season, many thought the Can-View Drive-In had closed for good. However, in recent days social media rumours have been swirling regarding a potential reopening for Halloween weekend.

Today, the new owners took to social media to confirm the opening, saying they have plans to operate for the foreseeable future.

The new company, Premier Theatres, said they are doing a soft opening this weekend with limited capacity. Movies will be shown each evening from Friday, Oct. 28, to Sunday, Oct. 30.

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Staples Canada publishes Future of Work Trend Report

Staples Canada has partnered with the Angus Reid Group, to publish the Future of Work Trend Report: a summary of critical insights from Canadian employees and employers on the current and future landscape of work, equipping organizations as they navigate the new world of remote, hybrid and in-office working.

Key findings from the Future of Work Trend Report include:

  • Flexibility is key: Half of employees report they’d be much less likely to consider an employer if they didn’t offer flex hours.
  • Productivity is a top concern returning to the office: 50% of remote/hybrid employees report concerns about being distracted and losing productivity going into the office.
  • Home office set-ups are lacking: One quarter of remote/hybrid employees report their workspace as simply adequate or poor.
  • Incentives are being overlooked: Special perks, flexible in-office days and having a dedicated space free of distraction are the top three drivers bringing employees into the office.

Click here to read more.

Niagara Economic Summit

Rebekah Young to speak on building growth with inclusivity

How do we grow together? Can economic growth be broad and inclusive? How do we translate productivity into equity? At the Summit’s panel on our economic future, Scotiabank’s Rebekah Young will answer these questions and more.

Rebekah is Vice President, Head of Inclusion and Resilience Economics at Scotiabank. She provides thought leadership on inclusive economic growth that ensures higher productivity gains translate into improvements in well-being that are shared broadly across society. She also promotes resilience such that households, firms, and the broader economy, adapt and thrive in an evolving global context. Her work underpins key Scotiabank priorities including Net-Zero Pathway and ScotiaRISE commitments.

Previously, she held senior roles at the IMF, the Department of Finance, and the World Business Council for Sustainable Development.

Contact us to submit your questions for Blake.

Click here for tickets to this year’s Niagara Economic Summit.

Focus on Crypto

Crypto stocks soar as Bitcoin rallies to retake $20K

Bitcoin (BTC) has risen nearly 5% in value to above $20,000 for the first time in about three weeks, and ether (ETH) is ahead just shy of 11% to its highest price since the Merge, leading a broad rally in cryptocurrencies and related stocks.

Among names on the move are Coinbase (COIN) and MicroStrategy (MSTR), each up 10%. Many of the crypto miners are doing even better, with Hut 8 (HUT), Bitfarms (BITF), Marathon Digital (MARA) and Riot Blockchain (RIOT) higher by 11%-18%.

Click here to read more.

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.

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