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Greater Niagara Chamber of Commerce

Daily Update: September 7, 2022

Bank of Canada increases interest rate by 75 basis points, Rogers outage sparks deal in Canada between major telecoms, and more.

In this edition:

Bank of Canada increases interest rate by 75 basis points

The Bank of Canada today increased its target for the overnight rate to 3¼%, with the Bank Rate at 3½% and the deposit rate at 3¼%. The Bank is also continuing its policy of quantitative tightening.

In Canada, inflation eased in July to 7.6% from 8.1% because of a drop in gasoline prices.  However, inflation excluding gasoline increased and data indicate a further broadening of price pressures, particularly in services. The Bank’s core measures of inflation continued to move up, ranging from 5% to 5.5% in July. Surveys suggest that short-term inflation expectations remain high. The longer this continues, the greater the risk that elevated inflation becomes entrenched.

The Bank has reiterated its intent to achieve a 2% inflation target, and the Bank’s governing council believes that it will need to raise rates further.

The next scheduled date for announcing the overnight rate target is October 26, 2022

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Rogers outage sparks deal in Canada between major telecoms

The federal industry minister says Canada’s major telecom companies have reached a formal agreement to “ensure and guarantee” emergency roaming and other mutual assistance in the case of a major outage.

The deal comes after a massive Rogers Communications Inc. service disruption on July 8 that affected millions of Canadians.

In the days after the outage, Minister of Innovation, Science and Industry Francois-Philippe Champagne directed the CEOs of Rogers and other telecom companies to develop a backup plan to prevent a similar scenario, giving them 60 days to do so.

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Ontario Chamber urges implementing career exploration earlier for children

In a statement made as classes resume this week, the Ontario Chamber of Commerce President and CEO Rocco Rossi encouraged the Ontario government to consider introducing career options to children at a younger age.

“For example,” he said, “the Primary Futures Program based in the United Kingdom offers career exploration programs, mentorship opportunities, and career studies in partnership with employers. These are a meaningful way to introduce children, parents, and educators to a wide range of career options.”

The Ontario Chamber supports the government emphasis on skilled trades, and asks for consideration of further means to align the workforce with the labour market needs of the economy.

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The most expensive degrees in Canada: MBA, medical, and legal

In 2022/2023, Canadian graduate students will pay the highest tuition fees for executive Master of Business Administration (MBA) ($53,227) and regular MBA ($30,464) programs. During the same period, Canadian undergraduate students in the following six professional degree programs will pay the highest average tuition fees: dentistry ($23,963), medicine ($15,182), veterinary medicine ($14,838), law ($13,222), pharmacy ($12,291), and optometry ($10,389).

New data from the Tuition and Living Accommodation Costs (TLAC) survey show that, in constant dollars to adjust for inflation, average tuition fees have been decreasing for Canadian students from 2018/2019 to 2022/2023. However, for international students, average tuition fees in constant dollars have continued to increase over time, especially for undergraduates.

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Focus on Climate

Is the Paris Agreement Working?

Inside Climate News

Promising climate action is one thing, but it’s not always easy for countries to deliver on the pledges they’ve made to reduce greenhouse gas emissions under the Paris Agreement. New research published Thursday in Nature Climate Change now shows that countries with the most ambitious climate plans also are the most likely to follow through.

One important question the study helps answer is whether the mechanisms of the Paris Agreement are working, said co-author Astrid Dannenberg, an environmental and behavioral economist at the University of Kassel in Germany. The 2015 climate pact is unique because it’s completely voluntary, leaving it up to governments and countries to “offer what they think is appropriate and feasible,” she said.

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Pakistan’s ‘monsoon on steroids’ shows world that extreme weather is never far away

CTV News

In Pakistan, a flooding crisis of unimaginable proportions is unfolding in real time. The water came so fast and with such ferocity that entire communities have been engulfed by water. Helicopters are still racing to pluck stranded residents to safety. Others were hoisted from their homes using makeshift pulley systems and bedframes.

Though it may seem like another natural disaster half a world away, climate experts fear the extreme weather that has ravaged Pakistan can happen anywhere. In fact, it already has in the form of last year’s summer heat dome and fall floods in B.C., to say nothing of this summer’s heat emergency across Europe.

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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.

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