In this edition:
- Huge drop in grape harvest after ‘superbly cold’ winter event leaves Ontario winemakers worried
- Residential sector leads building decline in July
- Region to redevelop stations in support of GO service
- Elizabeth May runs for co-leadership of Green Party
- Teachers’ unions voice concerns about lifting isolation rule days before school starts
- Health Canada authorizes first bivalent COVID-19 booster for adults
Huge drop in grape harvest after ‘superbly cold’ winter event leaves Ontario winemakers worried
Bad weather during last fall and winter, believed to be a direct result of climate change, has taken its toll on the wine-making industry in Ontario, after an alarming decrease in the grape harvest.
Hamilton-based Steve Byfield is a winemaker at the virtual winery Nyarai Cellars, which buys grapes from vineyards across the Niagara region.
He says regional climatic conditions are changing to the point where vineyards are considering developing new grape varieties.
Residential sector leads building decline in July
The total value of building permits in Canada declined 6.6% in July to $11.2 billion, mainly due to the residential sector, which fell 8.6% to $7.6 billion. The non-residential sector also dropped slightly by 2.1%.
Construction intentions in the single-family homes component declined 5.7%, as decreases in Ontario (-13.9%) more than offset the gains in six provinces. Despite the decline, this component remained 14.8% higher than the same month of 2021.
Region to redevelop stations in support of GO service
Niagara Region is playing an active role in the transformation of Niagara’s two iconic train stations to enable enhanced GO service to Niagara.
The Region has acquired the historic train stations at St. Catharines and Niagara Falls, along with the surrounding station lands, as part of a significant redevelopment of the two station sites.
The Region committed $40 million as part of its station development strategy back in 2016 to be a catalyst for GO expansion and has been advancing numerous station-enabling projects across the two station sites along with the Cities of St. Catharines and Niagara Falls.
Elizabeth May runs for co-leadership of Green Party
Elizabeth May wants to lead the Green Party of Canada again, but with a twist that would see her work with a co-leader.
That would be Jonathan Pedneault, a 32-year-old human-rights activist from Quebec who once worked on a documentary film with the Prime Minister’s brother.
“[He] is not just a dear friend but a clear, equal partner,” Ms. May said from British Columbia of Mr. Pedneault, who joined the call. “I know I can make a much bigger difference as co-leader than as former leader.”
Teachers’ unions voice concerns about lifting isolation rule days before school starts
Two of Ontario’s major teachers’ unions say they’re concerned about the province’s decision to scrap its mandatory isolation period for COVID-19 days before thousands of students and educators return to school in person.
The Elementary Teachers’ Federation of Ontario and the Ontario Secondary School Teachers’ Federation say they’re worried allowing children and educators to return to the classroom while still potentially contagious could cause the virus to spread faster in schools.
They say that could put people’s health at risk, and likely cause further disruptions to learning.
Health Canada authorizes first bivalent COVID-19 booster for adults
Today, Health Canada authorized an adapted version of the Moderna Spikevax COVID-19 vaccine. This vaccine (known as a “bivalent” vaccine) targets the original SARS-CoV-2 virus from 2019 and the Omicron (BA.1) variant, and is authorized for use as a booster dose in individuals 18 years of age or older.
This is the first bivalent COVID-19 vaccine authorized in Canada and marks a milestone in Canada’s response to COVID-19.
Focus on Markets
Bank of Canada expected to push interest rates into restrictive territory
Reuters/Yahoo! Finance
The Bank of Canada is widely expected to deliver yet another oversized interest rate hike next week, lifting its policy rate into restrictive territory for the first time in two decades, but bets are split on whether or not a pause will follow.
BoC Governor Tiff Macklem has made clear the central bank is focused on getting “to the top end or slightly above” the neutral rate, the range from 2% to 3% where monetary policy neither stimulates nor weighs on the economy. The neutral range has declined over the last 20 years.
That should happen on Sept. 7, with money markets leaning toward a hike of 75 basis points, which would take the policy rate to 3.25%. That would be the fourth oversized rate increase this year, capping 300 basis points of tightening since March.
Jeremy Grantham warns ‘super bubble’ in stocks has yet to burst
BNN Bloomberg
Famed investor Jeremy Grantham said the “super bubble” he previously warned about has yet to pop, even after this year’s turbulence in the US stock market.
The co-founder of Boston asset manager GMO, known for calling market bubbles, said in a note Wednesday that the surge in US equities from mid-June to mid-August fits the pattern of bear market rallies common after an initial sharp decline — and before the economy truly begins to deteriorate. Grantham, 83, sees more trouble ahead because of a “dangerous mix” of overvalued stocks, bonds and housing, combined with a commodity shock and hawkishness from the Federal Reserve.
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.
