In this edition:
- Bank of Canada expected to raise interest rate for fifth time
- Science table members disagree with scrapping 5-day COVID-19 isolation
- Canada approves first COVID vaccine specifically targeting Omicron
- Many Americans still aren’t coming to Canada. Is the ArriveCAN app to blame?
- St. Catharines seeking public input on New Parkland Dedication By-law
Bank of Canada expected to raise interest rate for fifth time
Inflation appears to have peaked but it’s still running hot and a supersized rate hike from the Bank of Canada next week is widely expected.
Some economists think Wednesday’s hike could be the last for a while.
“We think that by the time October comes around, we might be in a good enough position for the bank to take a pause and look at how the economy is reacting,” said Karyne Charbonneau, CIBC’s executive director of economics.
The September rate call comes at a crucial time for Canada’s economy.
Science table members disagree with scrapping 5-day COVID-19 isolation
Members of Ontario’s outgoing science table say they would have advised against the province’s decision to scrap COVID-19 isolation requirements if they were consulted on the move.
Chief medical officer of health Dr. Kieran Moore said this week that those who test positive for COVID-19 no longer need to isolate for five days.
Under new guidelines, people should stay home until their fever clears and their symptoms have improved for at least 24 hours, but they should wear a mask “in any setting” for 10 full days.
Dr. Fahad Razak, the scientific director for the table that’s set to be dissolved next week, says he disagrees with the province’s scrapping of isolation requirements.
Canada approves first COVID vaccine specifically targeting Omicron, 780,000 doses to be delivered Friday
Many Americans still aren’t coming to Canada. Is the ArriveCAN app to blame?
Post-pandemic, tourists have returned to Niagara Falls.
But something’s missing — a lot of Americans, even though the popular Ontario tourist destination sits right next to the U.S. border.
“It’s devastating,” said Anna Pierce, vice president of Niagara Helicopters, which offers rides over the falls.
Pierce says bookings are down 35 per cent this summer compared to the summer of 2019, largely due to the lack of American tourists.
Disclosure: The GNCC is currently lobbying for all remaining COVID-related border restrictions to be lifted and the ArriveCAN app to be abolished.
St. Catharines seeking public input on New Parkland Dedication By-law
The City of St. Catharines is seeking public input as it establishes a new Parkland Dedication By-law which is set to replace the existing by-law passed in 1974.
The by-law is a growth-funding tool available to municipalities under the Planning Act, allowing land for parks purposes to be acquired or improved.
The Planning Act allows for municipalities to set percentage or alternative rate requirements for Parkland Dedication and to impose conditions on development and redevelopment to receive parkland or payment-in-lieu of parkland.
Residents and stakeholders are encouraged to visit stcatharines.ca/ParklandDedication to learn more about the consultant analysis and offer feedback via an online survey before Sept. 13.
Focus on Crypto
Bitcoin Dips Below $20,000 for a Sixth Session as ‘Fear’ Sets In
Bloomberg
Bitcoin fell below $20,000 for a sixth consecutive trading session, the longest stretch of days that it has dipped under that closely-watch level since the crypto market was rocked by turmoil in July.
The largest cryptocurrency by market value declined as much as 3.1% to $19,577 on Thursday. Most other digital tokens were also lower, with Ether dropping 1%, Avalanche off 3.9% and Solana down 4.3% as of 1:58 p.m. in New York.
Beyond the Silk Road: Crypto Needs a Regulatory Course Correction
Coindesk
For all the hype of recent years, the crypto-asset sector does not have a history of showing itself in the best light.
From its genesis in 2009, bitcoin (BTC) was quickly appropriated by criminals intent on making it their currency of choice for prohibited goods. While public-facing responses by governments telegraphed an air of unconcern, internal reactions were quite different. In the early 2010s, I sat in meetings with intelligence professionals muttering about darknet markets using invisible funds that were impossible to trace. This sort of thing tends to put law enforcement on edge, and so it remains.
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.
