In this edition:
- Ontario releases 2021-2022 public accounts
- Retail sales post first decline in seven months
- Niagara votes on action plan to make region more welcoming and inclusive
- Thomas Brady reappointed to Canada Industrial Relations Board
- TSX slumps as oil falls below $80 and economic gloom settles in
Ontario releases 2021-2022 public accounts
Today, the Ontario government released the 2021-22 Public Accounts, outlining the final audited financial results of the province for the fiscal year ending March 31, 2022.
The government invested $170.5 billion in 2021-22, including $9.6 billion more in base funding alone for health care, education, infrastructure and other initiatives to build a stronger Ontario.
The Public Accounts outline Ontario’s fiscal picture at the end of 2021-22, demonstrating that revenues exceeded the 2021 budget forecast, mainly due to Ontario’s resilient economy and higher-than-projected inflation. This left Ontario with a $2.1 billion surplus, temporarily eliminating the province’s deficit.
This surplus position is not indicative of the 2022-23 fiscal outlook.
Retail sales post first decline in seven months
Retail sales decreased 2.5% to $61.3 billion in July, the first decline observed in seven months. Sales were down in 9 of 11 subsectors, representing 94.5% of retail trade. The decrease was driven by lower sales at gasoline stations and clothing and clothing accessories stores.
Core retail sales—which exclude gasoline stations and motor vehicle and parts dealers—decreased 0.9%. Leading the decrease were sales at clothing and clothing accessories stores (-3.3%). The decrease was observed across all three store types in the subsector, with clothing stores (-3.3%) experiencing the largest decline.
Given the continually evolving economic situation, Statistics Canada is providing an advance estimate of retail sales, which suggests that sales increased 0.4% in August.
Niagara votes on action plan to make region more welcoming and inclusive
Niagara Regional Council has approved its first Diversity, Equity, and Inclusion Action Plan. The Plan was created with input from over 3,000 staff and community members through focus groups and survey responses, and will focus on six areas including a diverse workforce reflective of Niagara’s community, programs and services meet the needs of everyone, addressing discrimination and inclusive communication.
The GNCC publicly supported the plan, recognizing the role that a welcoming community plays in attracting the newcomers we need to grow both our workforce and the customer base for local businesses.
Two years ago, Niagara Region and the 12 local area municipalities joined the Coalition of Inclusive Municipalities (CIM). The GNCC had advocated for local municipalities to join the CIM in its 2018 election platform.
Thomas Brady reappointed to Canada Industrial Relations Board
Today, Minister of Labour Seamus O’Regan Jr. announced the reappointment of Thomas Brady to the Canada Industrial Relations Board for a term of three years, effective October 11, 2022. Mr. Brady was a full-time member of the Board from May 2017 to May 2021, and was reappointed following consultation with organizations representative of employers.
The Canada Industrial Relations Board is an independent, representational, quasi-judicial tribunal responsible for the interpretation and administration of Part I (Industrial Relations) and certain provisions of Part II (Occupational Health and Safety) and Part III (Labour Standards) of the Canada Labour Code. The Board is also responsible for the interpretation and administration of Part II (Professional Relations) of the Status of the Artist Act and appeals under the Wage Earner Protection Program Act.
TSX slumps as oil falls below $80 and economic gloom settles in
Canada’s benchmark stock index dropped heavily on Friday as prospects of a global recession cause investors to sell first and ask questions later.
The S&P/TSX Composite Index was off by more than 500 points or more than three per cent to just below 18,500 in the afternoon, dragged down by a plunge in the price of oil.
The benchmark price of crude oil in North America lost $5 to trade below $80 for the first time since January. The catalyst for oil’s decline seems to have been central banks signaling this week that they are so committed to reining in inflation that they are willing to create a recession to achieve it.
Focus on International Trade
Russia one step closer to using Bitcoin, crypto in international trade as central bank, finance ministry agree on draft bill
Nasdaq
The Russian Ministry of Finance and its central bank have agreed on a draft bill allowing bitcoin and cryptocurrency payments for international trade settlements, per a report from Russian news outlet Tass.
The bill “as a whole writes out how cryptocurrency can be purchased, what can be done with it, and how cross-border settlements can or cannot be made,” said Deputy Finance Minister Alexei Moiseev.
The agreement follows a previous report in which Moiseev stated it was impossible for Russia to conduct international trade without the use of bitcoin and cryptocurrencies due to current circumstances concerning sanctions.
3 charts that show the state of global trade in 2022 – and they might surprise you
World Economic Forum
The COVID-19 pandemic did not spell the end of globalization. That’s the view of the inaugural DHL Trade Growth Atlas, which draws on more than a million data points on the flow of goods between countries to map the state of world trade.
Global trade in goods by volume has returned to growth amid continued disruption to supply chains caused by the pandemic and the war in Ukraine, and was 10% higher than pre-pandemic levels in May 2022.
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.
