In this edition:
New bridge housing services officially open in Niagara Falls
Today, Niagara Region along with Niagara Regional Housing, joined Jim Bradley, Niagara Regional Chair, and Niagara Falls Mayor Jim Diodati in announcing the new bridge housing services in Niagara Falls.
This project includes the redevelopment of the historical Niagara Falls library into 25 beds to support the region’s chronically homeless clients in their journey to securing permanent housing.
It also houses a medical clinic space operated by REACH Niagara, which will support both bridge housing clients and vulnerable members of the community with health care needs.
Average non-mortgage debt tops $21,000, up 2.4 per cent from last year
The amount of non-mortgage debt owed by Canadians is rising, boosted by new lending and higher spending linked to inflation, according to a new report by Equifax Canada.
Today’s report, by the credit rating agency, said the average non-mortgage debt per consumer was $21,128 in the second quarter, up 2.4 per cent compared with a year earlier.
Rebecca Oakes, vice-president of advanced analytics at Equifax Canada, said financial stress is becoming a very real thing for many more Canadians.
Canadian dollar rises as investors await central bank’s policy decision
The Canadian dollar edged higher against its U.S. counterpart on Tuesday as some calm returned to equity markets globally after recent declines and ahead of a Bank of Canada policy decision this week.
Global equity markets steadied near their lowest levels since mid-July after they were spooked on Monday by Moscow’s latest gas supply cuts and amid lingering concern about central bank efforts to cool inflation.
Money markets expect the Bank of Canada to raise its policy rate by three-quarters of a percentage point on Wednesday.
That would move rates into restrictive territory for the first time in two decades, providing a headwind for Canada’s economy, including the housing market.
Town of Grimsby celebrating 100 years
On September 24, the Town of Grimsby is throwing a birthday party to celebrate 100 years of the official formation of the municipality, with live music performances, live mural paintings, buskers and family entertainment.
The village of Grimsby was incorporated in 1876 and became a town in 1922.
Focus on Finance and Economy
Top economist Brad DeLong speaks on student debt, NIMBYism, inflation and his new book on our economy slouching towards dystopia
It’s the best of (economic) times and the worst of (economic) times.
That’s the argument in Slouching Toward Utopia, out today by J. Bradford DeLong, a UC Berkeley economist.
DeLong describes the period from 1870 to 2010 as a time of unsurpassed economic growth. The problem, he says, is that’s been over now for more than a decade and the global economy might never recapture its momentum. Humans got closer to utopia than ever before, but we’ve been slouching toward it for too long.
Can Zombie firms survive rising interest rates?
Harvard Business Review
Companies that can’t pay their debts are supposed to turn things around or go out of business.
But across the world, a rising number of “zombie firms” are limping along, unable to pay their debts but somehow hanging on. Now, with interest rates rising, the question is whether the zombies will start dying off. If they do, it could be painful in the short run. But it might present acquisition opportunities for stronger companies, too.
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.