In this edition:
- Niagara Health Foundation celebrates $1m donation
- Developer says it’s moving to build 5,000 rental units because of Liberals’ GST break
- Niagara-on-the-Lake food bank among winners of Meridian inaugural Eco-Upgrade contest
- Canada’s manufacturing sector seeks to reduce ‘repetitive labour’ through AI
- Annual limit for Canada Mortgage Bonds raised to $60bn
- FTC sues Amazon, says the ecommerce giant is a monopoly
- Reading Recommendations: Finance & Economy
Niagara Health Foundation celebrates $1m donation
The Niagara Health Foundation is celebrating a $1-million donation made by Michael and Jana Katz to the It’s Our Future campaign.
In recognition of the gift, the new CT scanner in the diagnostic imaging department of the new south Niagara hospital will be named “The Katz Scanner.”
“We are profoundly grateful to Michael and Jana Katz for their incredible generosity,” Andrea Scott, President and CEO of the Niagara Health Foundation said. “Their visionary gift will have a lasting impact on the future of healthcare in our region. It reflects their deep commitment to ensuring that Niagara has a world-class health system, capable of attracting top talent, equipped with cutting-edge technology, and housed in state-of-the-art facilities.”
Developer says it’s moving to build 5,000 rental units because of Liberals’ GST break
A Toronto-based real estate company says it is planning to build 5,000 new rental units in urban centres across the country as a result of the federal government’s decision to eliminate GST charges on rental developments.
The CEO of Dream Unlimited Corp., Michael Cooper, says high interest rates and construction costs had put many projects on pause.
“A lot of projects that we had hoped to be able to start haven’t pencilled out,” Cooper said.
Niagara-on-the-Lake food bank among winners of Meridian inaugural Eco-Upgrade contest
Small businesses across Ontario submitted proposals to Meridian’s inaugural Eco-Upgrade Contest for a grant to help them go green, with the first and third place winners hailing from London, ON. Trends that emerged from among the grant submissions to reduce emissions include transitioning a business’ delivery system from cars and vans to E-bikes, upgrading to more energy efficient equipment, or swapping out single use plastic for more sustainable options. These seemingly small changes can have big impact on a business’ emissions.
Second place went to NFP Newark Neighbours Food Bank, which received a $4,405.87 grant to purchase a new commercial refrigerator and freezer to better serve the needs of their food bank clients and lower their energy use.
Canada’s manufacturing sector seeks to reduce ‘repetitive labour’ through AI
Artificial intelligence and increased automation can help lessen the load for workers at a time when Canada faces a labour shortage in the manufacturing and construction sector.
That’s one of the messages being shared at this year’s Canadian Manufacturing Technology Show taking place in Toronto from September 25 to 28. The annual event is put on by SME, formerly the Society of Manufacturing Engineers, which represents various players in North America’s manufacturing industry.
Combatting misconceptions about AI is one of the challenges facing the industry, especially as new technology becomes increasingly necessary, said Julie Pike, senior director of event strategy for SME.
Annual limit for Canada Mortgage Bonds raised to $60bn
Today, the Honourable Chrystia Freeland, Deputy Prime Minister and Minister of Finance, announced that the annual limit for Canada Mortgage Bonds is being increased from $40 billion to up to $60 billion. This change is the next step in the government’s plan to build more homes, faster, and will unlock low-cost financing for multi-unit rental construction. The government intends this measure to help to build up to 30,000 more rental apartments per year.
The government has found significant currently unmet demand from developers and builders to access low-cost financing, which is preventing them from building much-needed rental apartments. With the federal government removing the Goods and Services Tax on new rental housing, as proposed in the Affordable Housing and Groceries Act, the demand for financing is expected to further increase.
Amazon is being sued by the Federal Trade Commission and 17 state attorney generals for “acting like a monopoly” and preventing businesses from emerging and succeeding.
The FTC says the delivery giant uses “a set of interlocking anticompetitive and unfair strategies to illegally maintain its monopoly power.”
The agency and a group of state attorney generals are accusing Amazon of preventing competitors from lowering prices, degrading the quality of products in the marketplace, overcharging customers, and powering down innovation.
Truth and Reconciliation around Niagara
Each year, September 30 marks the National Day for Truth and Reconciliation.
The day honours the children who never returned home and Survivors of residential schools, as well as their families and communities. Public commemoration of the tragic and painful history and ongoing impacts of residential schools is a vital component of the reconciliation process.
This federal statutory holiday was created through legislative amendments made by Parliament.
Did you know?
Focus on Finance & Economy
Bank of Canada hikes likely won’t continue into 2024: expert
One markets expert thinks the Bank of Canada will hike interest rates at least once more in 2023, but won’t raise them again next year.
Earl Davis, head of fixed income and money markets at BMO Global Asset Management, told BNN Bloomberg that he believes “2023 is the end of hikes,” but stubborn inflation will keep rates higher for longer.
“Rates are going higher because (the Bank of Canada) said they need to fight inflation and ensure inflation stays down,” Davis said in a Tuesday television interview.
“Unfortunately, the only tool that they have to do that is interest rates.”
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.