Daily Update: September 28, 2022

September 28, 2022 | Daily Update

Tourism spending posts 5>h consecutive increase, but still below 2019 levels; Ministry cancels planned update on former GM site, and more.

In this edition:

Tourism spending posts 5th consecutive increase, but still below 2019 levels

Tourism spending in Canada grew 19.8% in the second quarter, a fifth consecutive quarterly increase. Tourism gross domestic product (GDP) (+20.4%) and jobs attributable to tourism (+11.2%) also rose in the second quarter.

Travel restrictions impacting tourism activities during the first quarter of 2022 were eased effective February 28, allowing the tourism sector to continue its recovery in the second quarter. More visitors from outside of Canada were admitted, and passenger air travel expanded services. With this most recent increase, tourism spending in the second quarter was 21.7% lower than the pre-COVID-19-pandemic levels of the fourth quarter of 2019.

Click here to read more.

Ministry of Environment cancels planned update on former GM site

The Ministry of the Environment has called off a public meeting tonight in St. Catharines. The Ministry was set to give a presentation with updated testing results from the area around the old GM property on Ontario Street.

The special meeting was cancelled “at the last minute.”

In a release, Mayor Walter Sendzik called it “incredibly disappointing and frustrating.”

Council had requested the update on the work being done at the site back in February. There is no word from the ministry if or when they may provide the update to the city.

Click here to read more.

FAO: Bill 124 will save total of $9.7 billion in Ontario government salaries

In a report released today, the Financial Accountability Office of Ontario (FAO) costed the impact of Bill 124 and estimated that it will save the Province a cumulative total of $9.7 billion in salaries and wages costs for both unionized and non-unionized Ontario Public Sector employees from the introduction of Bill 124 in 2019 through to 2026-27.

The FAO estimates that 159,271 (30 per cent) unionized Ontario Public Sector employees are currently in the process of negotiating, or will soon be negotiating, collective bargaining agreements that will be subject to three years of wage restraint under Bill 124.

Click here to read more.

PenFinancial Credit Union donates to the Hurricane Fiona Relief Fund

To help support the recovery efforts, PenFinancial Credit Union has made a $5,000 donation to the Hurricane Fiona in Canada Appeal. Through this donation, the Canadian Red Cross will be able to provide emergency relief, humanitarian aid, and support recovery and resilience for those impacted by this disaster.

Canadians wishing to make a financial donation to help those impacted by Hurricane Fiona can do so online at www.redcross.ca, by calling 1-800-418-1111, by texting FIONA to 20222 to make a $10 donation.

Click here to read more (PDF link).

Expect serious delays at border due to staff shortages if travel levels rise: union

The head of a union representing Canada’s customs and immigration officers says chronic staffing shortages mean long waits at the border won’t necessarily disappear when use of the controversial ArriveCan app soon becomes optional.

Mark Weber, national president of the Customs and Immigration Union, warned Tuesday that if travel volumes start to increase substantially there will be “significant delays” at Canada’s border points.

Weber spoke at a House of Commons committee meeting looking at the ArriveCan app, which has been used for providing travel and public health information before and after people enter Canada.

Click here to read more.

Bank of Canada welcomes IMF report following transparency review

The Bank of Canada today welcomed the publication by the International Monetary Fund (IMF) of its final report summarizing its pilot review of the Bank’s transparency practices. The report contained several recommendations for how the Bank could further enhance its transparency, and the Bank published its formal response to those recommendations today.

This past spring, using the IMF’s new Central Bank Transparency Code (CBTC), an IMF Mission Team made up of independent experts reviewed the Bank’s transparency practices across five areas: governance, policies, operations, outcomes and official relations. The Mission Team met with staff and management from across the Bank as well as with a broad range of stakeholders, including academics, think tanks, parliamentarians, market participants and journalists.

Click here to read more.

St. Catharines farmers’ market seeks vendors for winter

The St. Catharines Farmers Market is looking for vendors for the one-stop-shop winter market taking place Nov. 17 to Dec. 15, 2022.

Winter at the Market will run for five weeks every Thursday starting on Nov. 17 from 4.pm. to 8 p.m. at downtown Market Square at 91 King Street. Vendors selling art, homemade items, crafts, and food and beverages are invited to apply.

Vendors can apply for a stall for all five weeks for only $71 and if applicable, an additional 15 per cent hydro fee. Vendors must be able to commit to all five Thursdays to apply. The St. Catharines Farmers’ Market also runs regular days of Thursdays from 8 a.m. to 2 p.m. and Saturdays from 7 a.m. until 2 p.m.

Submit an online application for the Winter at the Market series before 4:30 p.m. on Oct. 17 at stcatharines.ca/WinterVendorApplication.

Focus on Climate

Italy’s plan to save Venice from sinking

BBC Future

Venice is a stunning oddity. It is a city built atop around 120 islands, crisscrossed by 177 canals, and is best explored – when on foot at least – via the use of its 391 bridges. It is a watery maze of a city, full of tiny footpaths and tucked away squares, hidden museums and secluded, centuries-old churches.

But all is not well in “La Serenissima”. Indeed, if drastic measures are not taken, the city’s days could be numbered.

This is far from hyperbole: Venice is at very real risk of being consumed by the sea. In worst-case scenario, the city could disappear beneath the waves by as early as 2100. Meanwhile, many of its building are sinking or being damaged by the wakes of boats. It is also routinely overwhelmed by tourists, while its local population is in a state of continual decline.

Click here to read more.

Adapting to climate change faster will save Canada billions, new analysis shows

CBC News

Canadians will see lower incomes and a choice between higher taxes or fewer government services if there isn’t more effort to adapt to the changing climate, a new report from The Canadian Climate Institute warns.

But according to the report released Wednesday, if governments and the private sector buckle up and start investing in making Canada more resilient to the effects of extreme weather, the economic impact of climate change can be cut by 75 per cent.

“The good news story is we have some ability to change this future,” said Ryan Ness, the director of adaptation research for the climate institute.

Click here to read more.

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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Daily Update: September 23, 2022

September 23, 2022 | Daily Update

Ontario releases 2021-2022 public accounts, retail posts first decline in seven months, Niagara votes on inclusive action plan, and more.

In this edition:

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.

Click here to read more.

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.

Click here to read more.

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.

Click here to read more.

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.

Click here to read more.

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.

Click here to read more.

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.

Click here to read more.

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.

Click here to read more.

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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Daily Update: September 20, 2022

September 20, 2022 | Daily Update

Canada will drop COVID-19 vaccine requirement, make ArriveCan optional; inflation rate continues to slow, now 7% year-on-year, and more.

In this edition:

Canada will drop COVID-19 vaccine requirement, make ArriveCan optional by Sept. 30: sources

The federal government plans to drop the COVID-19 vaccine requirement for people who enter Canada by the end of September, the same day it ends random testing of arrivals and makes optional the ArriveCan app, The Globe and Mail has learned.
The changes, for arrivals at land, air and sea ports of entry, are planned for Sept. 30, but have yet to be finalized by cabinet, according to four sources The Globe is not naming because they are not authorized to speak publicly on the matter.
The mask requirement for people on trains and planes will remain in place, at the direction of Health Minister Jean-Yves Duclos, according to two of the sources.

Click here to read more.

Disclosure: The GNCC is currently lobbying for the removal of all post-COVID border measures and the ArriveCAN app.

Inflation rate continues to slow, now 7% year-on-year

In August, the Consumer Price Index (CPI) rose 7.0% on a year-over-year basis, down from a 7.6% gain in July. This was the second consecutive slowdown in the year-over-year price growth and was largely driven by lower gasoline prices in August compared with July.

Excluding gasoline, prices rose 6.3% year over year in August, following a 6.6% increase in July. This is the first month since June 2021 that the year-over-year CPI, excluding gasoline, has slowed.

Click here to read more.

Government of Canada introduces legislation to assist with rising cost of living

Today, the government introduced its first two pieces of legislation for this Parliamentary sitting. Bill C-30, the Cost of Living Relief Act, No. 1 (Targeted Tax Relief), would double the Goods and Services Tax Credit for six months. This would provide $2.5 billion in additional targeted support to the roughly 11 million individuals and families who already receive the tax credit.

Bill C-31, the Cost of Living Relief Act, No. 2 (Targeted Support for Households), would enact two important measures: the Canada Dental Benefit and a one-time top-up to the Canada Housing Benefit.

The Canada Dental Benefit would be provided to children under 12 who do not have access to dental insurance, starting this year. Direct payments totalling up to $1,300 per child over the next two years (up to $650 per year) would be provided for dental care services.

The one-time top-up to the Canada Housing Benefit would deliver a $500 payment to 1.8 million renters who are struggling with the cost of housing.

Bill C-22, the Canada Disability Benefit Act, also today began its second reading in the House of Commons.

Click here to read more.

Number of unfilled jobs reaches record quarterly high as labour shortages continue

Employers across all sectors in Canada were actively seeking to fill nearly one million (997,000) vacant positions in the second quarter, the highest quarterly number on record. Vacancies were up 4.7% (+45,000) from the first quarter, and 42.3% (+296,500) higher than in the second quarter of 2021.

The job vacancy rate—which corresponds to the number of vacant positions as a proportion of total labour demand (the sum of filled and vacant positions)—was 5.7% in the second quarter, also an all-time high. Since the first quarter of 2020, growth in labour demand (+4.2%) has exceeded growth in payroll employment (+1.7%), resulting in record high job vacancies.

Reacting to pressure in the labour market, average offered hourly wages increased 5.3% to $24.05 in the second quarter on a year-over-year basis. Across broad occupations, the highest offered wage growth rates were observed in the service representatives and other customer and personal services occupations (+12.0% to $17.75); professional occupations in natural and applied sciences (+10.6% to $42.85); and occupations in front-line public protection services (+9.7% to $30.40) (not seasonally adjusted).

Click here to read more.

Wage cap law does not infringe Charter rights, Ontario argues in Bill 124 case

Public-sector workers’ constitutional bargaining rights are not infringed by Ontario’s wage-cap law, the province told court Monday.

Groups representing hundreds of thousands of public sector employees are challenging the constitutionality of Bill 124, a law passed in 2019 that limits wage increases at one per cent per year for Ontario Public Service employees as well as broader public sector workers.

The case began last week and has heard from unions representing government workers, teachers, nurses and university faculty among others.

Click here to read more.

Focus on Finance & Economy

Bank of Canada ‘miles from being out of the woods’ even as inflation eases: BMO

BNN Bloomberg

Canadian inflation eased in August amid a decline in gasoline prices, but economists are warning there’s a long way to go to get price pressures back to the Bank of Canada’s (BoC) two per cent target.

While headline inflation came in at seven per cent year-over-year in August – below the 7.3 per cent increase economists tracked on the Bloomberg terminal expected – that remains more than triple the Bank of Canada’s target rate, squeezing consumer budgets.

While gasoline prices fell 9.6 per cent in the month, Canadians were feeling pressures on everyday staples – grocery costs surged 10.8 per cent in the month, the largest increase in 41 years.

Click here to read more.

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Posthaste: Why the Bank of Canada might not hike as high as many fear

Financial Post

A “hawkish” statement from the Bank of Canada this month and an inflation shock in the United States has pushed many investors and economists to hike their rate forecasts.

The surprise strength of the U.S. core consumer price index last week roiled markets and pushed up expectations for the U.S. Federal Reserve’s rate to hit almost 4.5 per cent by next April.

Markets are now betting the Bank of Canada will hike its policy rate to a peak of 4.1 per cent by next March, about 50 basis points higher than a month ago, said Paul Ashworth, Capital Economics’ chief North America economist.

Click here to read more.

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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Daily Update: September 8, 2022

September 8, 2022 | Daily Update

Canadian Head of State Queen Elizabeth II passes away aged 96, Prime Minister, Premier, and Regional Chair offer statements, and more.

In this edition:

Obituary: Queen Elizabeth II

The long reign of Queen Elizabeth II was marked by her strong sense of duty and her determination to dedicate her life to her throne and to her people.

She became for many the one constant point in a rapidly changing world as British influence declined, society changed beyond recognition and the role of the monarchy itself came into question.

Her success in maintaining the monarchy through such turbulent times was even more remarkable given that, at the time of her birth, no-one could have foreseen that the throne would be her destiny.

Click here to read more.

Prime Minister Trudeau, Premier Ford, and Chair Bradley offer statements on the passing of Her Majesty Queen Elizabeth II

The Prime Minister, Justin Trudeau, stated that “it is with the heaviest of hearts that we learned of the passing of Canada’s longest-reigning Sovereign, Her Majesty Queen Elizabeth II.

“For most Canadians, we have known no other Sovereign. Queen Elizabeth II was a constant presence in our lives. Time and again, Her Majesty marked Canada’s modern history. Over the course of 70 years and twenty-three Royal Tours, Queen Elizabeth II saw this country from coast to coast to coast and was there for our major, historical milestones.

“She would proclaim ‘it was good to be home’ when returning to her beloved Canada. She was indeed at home here, and Canadians never ceased to return her affection.”

Ontario Premier Doug Ford said that “on this sad day, I join everyone across our province, country and the world in commemorating the remarkable life of Her Majesty Queen Elizabeth II, the Queen of Canada. Throughout her historic reign, she taught us the true meaning of selfless service and was respected and admired for her sense of duty and commitment to charity.

“After assuming the throne in 1952, Her Majesty led the United Kingdom and the Commonwealth through decades of changes, reigning as the longest-serving Monarch in the history of her nation. Even with her many responsibilities, the Queen always held a special place in her heart for Canada, having made twenty-two official visits to our shores throughout her life.”

Niagara Regional Chair Bradley stated that “today, we join with individuals throughout the Commonwealth, and from around the world, in sharing our condolences with the Royal Family upon receiving news of Her Majesty Queen Elizabeth II’s passing.

Queen Elizabeth II was a remarkable individual who dedicated her life to public service, providing 70 years of leadership to the United Kingdom and the Commonwealth countries who recognize her as the Head of State. From the aftermath of World War II, and through the administrations of 13 different Canadian Prime Ministers, Queen Elizabeth II provided strong guidance and leadership with dignity and integrity.

Alternate voting options available for voters to cast their ballot

Niagara voters unable to cast their ballot on Election Day (Oct. 24, 2022), or attend an advance poll, have another options such as voting by mail (available only in participating municipalities) or assigning a voting proxy.

A voting proxy is someone who will cast a ballot on another’s behalf in their absence. The person acting as a proxy must also be an eligible elector.

A voting proxy can be appointed to multiple people if they are relatives or only one person if they are non-relatives. Relatives include spouses or sibling(s), parent(s), child(ren), or grandparent(s) and grandchild(ren).

Visit Niagara Votes, or contact your local municipal Clerk’s Office or website to learn more about alternate voting options and voting requirements.​

Ontario gives Toronto, Ottawa ‘strong mayor’ powers

Ontario’s legislature has passed a bill to give the leaders of Toronto and Ottawa so-called strong mayor powers, which the Progressive Conservative government has pitched as a way to get housing built more quickly.

It gives the mayors of Ontario’s two largest cities veto powers over bylaws that conflict with provincial priorities, such as building housing.

A council could override the mayor’s veto with a two-thirds majority vote.

Click here to read more.

Community-funded Brock research to explore Niagara’s past and potential future economic impact

The Wilson Foundation and Brock University are embarking on a multi-year partnership to map Niagara’s history and deepen the understanding of the region’s economic and social development.

Facilitated by Brock’s Niagara Community Observatory (NCO), the project will engage the University’s scholars and students, along with members of the wider community, to dive into the region’s unique sectors that have driven growth and development locally and nationally.

Click here to read more.

Focus on Business Law

Canadian Bar Association leader urges lawyers to protect trans, non-binary people, defend judicial independence

The Lawyer’s Daily

The Canadian Bar Association’s new president is calling on bar leaders and the group’s members to “defend and protect” — and learn from — the trans and non-binary community, who are among the most vulnerable, vilified and abused people in Canada.

“I believe that as the leaders of the Canadian legal community we have a duty to defend and protect the rights of the most disadvantaged people in our society,” Steeves Bujold told lawyers and judges in Montreal, after accepting the CBA’s presidential chain of office, according to a text of his speech provided to The Lawyer’s Daily.

Click here to read more.

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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Daily Update: September 1, 2022

September 1, 2022 | Daily Update

Huge drop in grape harvest leaves Ontario winemakers worried, Residential sector leads building decline in July, and more.

In this edition:

Huge drop in grape harvest after ‘superbly cold’ winter event leaves Ontario winemakers worried

Bad weather during last fall and winter, believed to be a direct result of climate change, has taken its toll on the wine-making industry in Ontario, after an alarming decrease in the grape harvest.

Hamilton-based Steve Byfield is a winemaker at the virtual winery Nyarai Cellars, which buys grapes from vineyards across the Niagara region.

He says regional climatic conditions are changing to the point where vineyards are considering developing new grape varieties.

Click here to read more.

Residential sector leads building decline in July

The total value of building permits in Canada declined 6.6% in July to $11.2 billion, mainly due to the residential sector, which fell 8.6% to $7.6 billion. The non-residential sector also dropped slightly by 2.1%.

Construction intentions in the single-family homes component declined 5.7%, as decreases in Ontario (-13.9%) more than offset the gains in six provinces. Despite the decline, this component remained 14.8% higher than the same month of 2021.

Click here to read more.

Region to redevelop stations in support of GO service

Niagara Region is playing an active role in the transformation of Niagara’s two iconic train stations to enable enhanced GO service to Niagara.

The Region has acquired the historic train stations at St. Catharines and Niagara Falls, along with the surrounding station lands, as part of a significant redevelopment of the two station sites.

The Region committed $40 million as part of its station development strategy back in 2016 to be a catalyst for GO expansion and has been advancing numerous station-enabling projects across the two station sites along with the Cities of St. Catharines and Niagara Falls.

Click here to read more.

Elizabeth May runs for co-leadership of Green Party

Elizabeth May wants to lead the Green Party of Canada again, but with a twist that would see her work with a co-leader.

That would be Jonathan Pedneault, a 32-year-old human-rights activist from Quebec who once worked on a documentary film with the Prime Minister’s brother.

“[He] is not just a dear friend but a clear, equal partner,” Ms. May said from British Columbia of Mr. Pedneault, who joined the call. “I know I can make a much bigger difference as co-leader than as former leader.”

Click here to read more.

Teachers’ unions voice concerns about lifting isolation rule days before school starts

Two of Ontario’s major teachers’ unions say they’re concerned about the province’s decision to scrap its mandatory isolation period for COVID-19 days before thousands of students and educators return to school in person.

The Elementary Teachers’ Federation of Ontario and the Ontario Secondary School Teachers’ Federation say they’re worried allowing children and educators to return to the classroom while still potentially contagious could cause the virus to spread faster in schools.

They say that could put people’s health at risk, and likely cause further disruptions to learning.

Click here to read more.

Health Canada authorizes first bivalent COVID-19 booster for adults

Today, Health Canada authorized an adapted version of the Moderna Spikevax COVID-19 vaccine. This vaccine (known as a “bivalent” vaccine) targets the original SARS-CoV-2 virus from 2019 and the Omicron (BA.1) variant, and is authorized for use as a booster dose in individuals 18 years of age or older.

This is the first bivalent COVID-19 vaccine authorized in Canada and marks a milestone in Canada’s response to COVID-19.

Click here to read more.

Focus on Markets

Bank of Canada expected to push interest rates into restrictive territory

Reuters/Yahoo! Finance

The Bank of Canada is widely expected to deliver yet another oversized interest rate hike next week, lifting its policy rate into restrictive territory for the first time in two decades, but bets are split on whether or not a pause will follow.

BoC Governor Tiff Macklem has made clear the central bank is focused on getting “to the top end or slightly above” the neutral rate, the range from 2% to 3% where monetary policy neither stimulates nor weighs on the economy. The neutral range has declined over the last 20 years.

That should happen on Sept. 7, with money markets leaning toward a hike of 75 basis points, which would take the policy rate to 3.25%. That would be the fourth oversized rate increase this year, capping 300 basis points of tightening since March.

Click here to read more.

Jeremy Grantham warns ‘super bubble’ in stocks has yet to burst

BNN Bloomberg

Famed investor Jeremy Grantham said the “super bubble” he previously warned about has yet to pop, even after this year’s turbulence in the US stock market.

The co-founder of Boston asset manager GMO, known for calling market bubbles, said in a note Wednesday that the surge in US equities from mid-June to mid-August fits the pattern of bear market rallies common after an initial sharp decline — and before the economy truly begins to deteriorate. Grantham, 83, sees more trouble ahead because of a “dangerous mix” of overvalued stocks, bonds and housing, combined with a commodity shock and hawkishness from the Federal Reserve.

Click here to read more.

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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Daily Update: August 29, 2022

August 29, 2022 | Daily Update

Canada set for ‘unprecedented’ home price drop by 2023, Brock to require masks in all instructional spaces, and more.

In this edition:

Canada set for ‘unprecedented’ home price drop by early 2023: TD Bank

A report by TD Bank suggests the average price of a home in Canada could fall 20 to 25 per cent from its peak seen earlier this year to the first quarter of 2023.

The report also estimates the number of home sales will fall 35 per cent over the same time period.

TD economist Rishi Sondhi says the projected price drop represents an “unprecedented decline” at least going as far back as the late 1980s, when the data began, but it follows an unequally unprecedented rise during the pandemic.

Click here to read more.

Brock to require masks in all instructional spaces

Brock University will implement a masking requirement in all instructional spaces this September as it prepares to welcome students back to campus for in-person learning.

Beginning Tuesday, Sept. 6, masks will be required in all instructional spaces, including classrooms, lecture halls, seminars, teaching labs and other spaces when teaching by instructors is taking place.

In an update today, Niagara Public Health reported 602 COVID-19 deaths since the beginning of the pandemic and 32 this month, on pace to be the deadliest since February of 2021. Nevertheless, Dr. Mustafa Hirji, Acting Medical Officer of Health, remarked that this “should not take away from the fact that we are absolutely in a far better place and COVID-19 is less of a concern for us.”

Click here to read more.

Ontario passes motion to skip public hearings on long-term care legislation

Ontario has passed a motion to skip public hearings for legislation that would allow hospital patients awaiting long-term care to be transferred to a home without their consent.

Long-Term Care Minister Paul Calandra has said the legislation will free up badly needed acute care beds in hospitals. It would allow hospital patients to be moved to a temporary long-term care home without their consent while they await a bed in their preferred facility.

The government moved a motion last week that would advance the bill directly to third reading, which means it will not be considered by committee or be subject to public hearings at that stage.

Click here to read more.

Extreme weather events could cost Canada $139 billion by 2050: report

Floods, droughts and major storms that wash out highways, damage buildings and affect power grids could cost Canada’s economy $139 billion over the next 30 years, a new climate-based analysis predicts.

The report, titled “Aquanomics,” is being published today by GHD, a global engineering and architecture services firm.

GHD’s Canadian water lead Don Holland said there are lots of reports that count up insured losses and physical damage after major events like last fall’s atmospheric river in British Columbia.

Click here to read more.

Federal ministers say hiring spree helping with visa, immigration delays

The federal Liberal government says hundreds of additional staff have been added in recent months to address long wait times and backlogs at Canadian airports as well as visa and immigration offices.

Yet while cabinet ministers say the additional hires have started to make a difference, they acknowledge that far more work is needed when it comes to providing Canadians with the services they deserve.

Prime Minister Justin Trudeau created the 10-minister task force in June in response to public anger and frustration over the delays, which also included problems at Canadian airports.

Click here to read more.

Niagara Peninsula Conservation Authority acquires ‘small but significant’ parcel of land in Lincoln

The NPCA has acquired a 1.12-acre piece of land next to its existing Rockway Conservation Area. It has purchased the Rockway Community Centre.

“We’ve been able to secure this small but very significant 1.12 acres,” said NPCA chief administrative officer Chandra Sharma. “I think it will be very significant from both the ecological benefits and community use benefits.”

Rockway is one of the NPCA’s most popular conservation areas, Sharma said, and acquiring the community centre property will bring a key access point to the area under the umbrella of the NPCA.

Click here to read more.

Port Colborne to offer three advance polling days

The City of Port Colborne is taking steps to make it easier to participate in the Municipal Election being held Oct. 24, 2022. To increase accessibility and convenience, the city will provide three advance voting days on Oct. 1, 12, and 14, 2022.

On Sept. 1, the Vote by Mail on Demand registration period will open and will close at 4:30 p.m. on Sept. 26. Those interested in registering for Vote by Mail on Demand are encouraged to submit their registration form well ahead of the final date for registration.

For more information about the Voters’ List, the Vote by Mail on Demand program or to confirm your information is accurately recorded for the upcoming municipal elections, visit www.portcolborne.ca/election.

GO-VAXX mobile bus and indoor clinics will return to Lincoln in September

Additional vaccine clinics are returning to Lincoln next month. The mobile bus clinics will take place in the parking lot at Charles Daley Park in Jordan Station and the Lincoln Community Centre in Beamsville and indoor clinics will take place at the Fleming Centre and Lincoln Community Center.

GO-VAXX mobile buses and indoor clinics provide:

  • the Pfizer COVID‑19 vaccine for first, second and booster doses for adults and youth ages 12 and up
  • the paediatric Pfizer COVID‑19 vaccine for children aged five to 11
  • the paediatric Moderna vaccine for children aged 6 months to 5 years of age will not be available.

Click here for details on eligibility.

Click here for times and dates.

Rogers outage is relevant to $26B Shaw takeover, special tribunal rules

Canada’s Competition Tribunal has ruled that the Rogers Communications Inc. July 8 service outage is relevant to the upcoming hearings on the telecom giant’s $26-billion takeover of Shaw Communications Inc.

The ruling was made Friday after hearing submissions from Rogers and the Commissioner of Competition on the matter.

The outage affected millions of Canadians, and to make sure it doesn’t happen again, Rogers is committing $10 billion over three years on network upgrades and will spend $150 million on customer credits.

Click here to read more.

Focus on Small Business

4 Business Growth Opportunities In A Slowing Economy

Forbes

A slowing economy impacts some companies more than others. Yet should a recession occur, most leaders and their teams will need to find ways to overcome its challenges. Despite the conventional wisdom, a recession doesn’t mean that all hope for growth is lost. A slowing economic climate can create business opportunities if leaders know how to capture them. Here are four ways to do that.

Click here to read more.

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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Daily Update: August 17, 2022

August 17, 2022 | Daily Update

In this edition:

Government of Ontario highlights Strong Mayors at AMO, Niagara mayors remain skeptical

At the 2022 Association of Municipalities of Ontario (AMO) conference in Ottawa, Steve Clark, Ontario’s Minister of Municipal Affairs and Housing, underscored the government’s introduction of the Strong Mayors, Building Homes Act, among other items. If passed, the legislation would “put trust in local leadership” by giving the mayors of Toronto and Ottawa more responsibility to deliver on shared provincial-municipal priorities, including the government’s commitment to build 1.5 million new homes over the next 10 years to address the housing supply crisis.

Niagara Mayors Frank Campion, Jim Diodati, and Walter Sendzik, representing Niagara’s three largest municipalities of Welland, Niagara Falls, and St. Catharines respectively, expressed concerns. Sendzik, who will not seek a third term this fall, said if the province wants to address housing, it should “stop focusing” on expanding the powers of mayors and instead “strengthen” its own provincial policies, which municipalities design official plans around.

“I don’t think it’s a great idea,” said Diodati. “I don’t think mayors need any more authority. Their job is to create a vision, along with council, and then try to foster it and see it through by being inclusive.”

Welland Mayor Frank Campion said he doesn’t agree with the “strong mayors” approach, “particularly for municipalities our size.”

Ontario extending $10/day child-care opt-in deadline in hopes of more operators

Ontario is extending the deadline for child-care operators to apply for the $10-a-day program and standardizing the process in an attempt to get more providers to sign up.

The Canadian Press has obtained a letter sent today to municipalities informing them that the deadline is being extended from Sept. 1 to Nov. 1, to allow operators more time to make decisions and ensure more parents can see savings.

Many child-care operators, particularly for-profit ones, have said they want to sign up in order to issue rebates to parents, but are hesitant about the implications to their business, and have expressed concern that each municipality has a different process.

Click here to read more.

One in four Canadians now have mother tongues other than English or French

English and French remain by far the most commonly spoken languages in Canada. More than 9 in 10 Canadians speak one of the two official languages at home at least on a regular basis.

The 2021 Census also found that 4.6 million Canadians speak predominantly a language other than English or French at home (in other words, they speak this language most often at home, without speaking other languages equally often). These individuals represent 12.7% of the Canadian population, a proportion that has been increasing for 30 years. By comparison, the proportion was 7.7% in 1991, when immigration levels were rising.

In addition, one in four Canadians in 2021—or 9 million people—had a mother tongue other than English or French. This is a record high since the 1901 Census, when a question on mother tongue was first added.

The growing diversity of Canadians illustrates the need for businesses to embrace diversity and inclusion themselves to tap into new markets and new workforces. The GNCC offers advice on equity, diversity, and inclusion policies – click here to contact us.

Click here to read more.

Canada supports Ukrainians with $450m loan

Today, the Honourable Chrystia Freeland, Deputy Prime Minister and Minister of Finance, announced the disbursement of $450 million in loans to Ukraine to support the purchase of necessary heating fuel before winter. With today’s disbursement, Canada has now disbursed the complete $1.95 billion in loans it has committed so far this year to support Ukraine in the face of Russia’s brutal invasion.

Click here to read more.

Canada Summer Games continue

Click here for a list of events, times, and locations.

Focus on Climate

Biden signs climate, tax and health bill into law

BBC

US President Joe Biden has signed a $700bn (£579bn) bill that aims to fight climate change and healthcare costs while raising taxes mainly on the rich.

The act includes measures to make good on decades of congressional promises to curb the price of prescription drugs.

The final version is more modest in scope than the $3.5tn package first envisaged by Democrats.

Click here to read more.

Canada eyes cash for critical minerals in Biden’s big new climate bill

CBC News

A historic climate bill just passed by the U.S. Congress could have implications in entrenching Canada’s role in the shift toward clean transportation.

The legislation that passed last week established preferential tax treatment for electric vehicles assembled anywhere in North America.

That made-in-North-America approach generated some news headlines by bringing an amicable resolution to a months-long Canada-U.S. irritant.

Less noticed in the bill was a pot of money containing hundreds of millions of dollars to jump-start a new domestic industry in components for electric-vehicle batteries.

Click here to read more.

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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Daily Update: August 10, 2022

August 10, 2022 | Daily Update

Ontario introduces “Strong Mayors” legislation for Toronto and Ottawa, Unifor membership elects Lana Payne as new leader, and more.

In this edition:

Ontario introduces “Strong Mayors” legislation for Toronto and Ottawa

The Ontario government has introduced legislation that would give the mayors of Toronto and Ottawa more responsibility to deliver on shared provincial-municipal priorities, including building 1.5 million new homes over the next 10 years.

If passed, the Strong Mayors, Building Homes Act, would give the mayors of Toronto and Ottawa the ability to move priority projects forward and get more homes built faster. Proposed changes include:

  • hiring the Chief Administrative Officer and municipal department heads, and create and re-organize departments
  • appointing chairs/vice-chairs for identified committees and local boards, and establish new identified committees
  • bringing matters for council consideration related to provincial priorities
  • vetoing bylaws approved by council if they relate to matters of provincial priority
  • proposing the municipal budget.

Click here to read more.

Tickets still available for Niagara College carnival-themed Project Brew

Nearly two dozen beers will be on tap, August 13, for Niagara College’s next Project Brew competition in the courtyard at the Daniel J. Patterson campus.

Dubbed CarnivALE, the event will showcase the unique craft beer creations the graduating students in the Brewmaster and Brewery Operations Management program have come up with as part of their final term project. It will also serve as a fundraiser for the Matt Soos Memorial Scholarship.

Click here to read more.

Unifor membership elects Lana Payne as new leader

In its first contested election in almost 10 years, Canada’s largest private-sector union has elected Lana Payne as the new national president of Unifor.

She is the first woman to hold the position.

“We can bring our union to more and more workers because we know every worker deserves to have our union,” Payne said in a speech to delegates after she was elected.

Payne was previously national secretary-treasurer of Unifor. She defeated executive assistant to the president Scott Doherty and Unifor Local 444 president Dave Cassidy.

Click here to read more.

Ontario health minister won’t rule out privatization as option to help ER crisis

Ontario’s health minister is not ruling out privatization as the government looks at ways to deal with a major staff shortage straining hospitals across the province.

Sylvia Jones said the government is considering many ideas in an effort to keep emergency departments from closing.

When asked if further privatization of the health system could occur, Jones said “all options are on the table.”

Click here to read more.

Canada Summer Games continue

Tomorrow’s Games include basketball, volleyball, wrestling, soccer, swimming, tennis, triathlon, softball, and box lacrosse. Click here for a list of events, times, and locations.

Focus on Climate

Revealed: how climate breakdown is supercharging toll of extreme weather

The Guardian

The devastating intensification of extreme weather is laid bare today in a Guardian analysis that shows how people across the world are losing their lives and livelihoods due to more deadly and more frequent heatwaves, floods, wildfires and droughts brought by the climate crisis.

The analysis of hundreds of scientific studies – the most comprehensive compilation to date – demonstrates beyond any doubt how humanity’s vast carbon emissions are forcing the climate to disastrous new extremes. At least a dozen of the most serious events, from killer heatwaves to broiling seas, would have been all but impossible without human-caused global heating, the analysis found.

Click here to read more.

US Senate passes sweeping climate, tax and healthcare package

BBC News

The US Senate has approved a sweeping $700bn (£577bn) economic package that includes major legislation on healthcare, tax and climate change. The bill seeks to lower the cost of some medicines, increase corporate taxes and reduce carbon emissions.

The passing of the bill – a flagship part of President Joe Biden’s agenda – is a boost ahead of mid-term elections. But it is a significantly scaled-back version of the $3.5tn package that was first proposed by his administration.

Click here to read more.

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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Daily Update: August 5, 2022

August 5, 2022 | Daily Update

Niagara employment drops by almost 10,000, “serious shortage” of healthcare workers, Canada Summer Games begin this weekend, and more.

In this edition:

Niagara employment drops by almost 10,000

The latest data from Statistics Canada showed that Niagara’s employment continued to drop in July to 218,500, down from 228,200 the month before and a peak of 232,600 in April. The size of the labour force fell by 9,200 to 229,700. The labour force is defined as persons aged 15-64 who are either working or actively seeking work.

The unemployment rate climbed slightly to 4.9% from last month’s 4.5%, but still well below March’s 6.2%. Participation and employment rates also dropped, indicating some people choosing to leave the workforce.

At the national level, employment was little changed (-31,000) in July, and the unemployment rate was unchanged at 4.9%. Employment declined among older and core-aged women, while it was up among older men.

At the industry level, a decline in the services-producing sector was offset by an increase in the goods-producing sector. A decrease in the number of employees working in the public sector was tempered by a gain among self-employed workers.

Click here to read more.

Niagara Health reports “serious shortage” of healthcare workers

Niagara Health is experiencing a serious shortage of healthcare workers, on a daily basis, across all five sites and in all areas of the hospital. Staff and physicians are working full out to maintain service levels – including taking extra shifts and postponing their scheduled vacations and the regular time off they need to rest and recover after maintaining a gruelling pace since the pandemic began.

“There is no fast fix,” said Niagara Health President Lynn Guerriero, “no one answer to address the cause, effect or solution to the challenges that have emerged from, or been exacerbated by, the pandemic.”

Niagara Health asks for understanding and patience as they work through these challenges. Please use the healthcare system wisely. Members of the public can help by visiting the ED for medical emergencies only. Health services are also obtainable through primary healthcare providers, Health Connect Ontario, urgent care centres in Fort Erie and Port Colborne, and by virtual appointment.

Click here to read more.

Canada Summer Games begin this weekend

The first competitions in the Canada Summer Games will begin Sunday, August 7, with tennis, baseball, softball, swimming, box lacrosse, and soccer events. Monday will include basketball, volleyball, triathlon and rugby sevens events.

Click here for a list of events, times, and locations.

Focus on Crypto

BlackRock Teams Up With Coinbase in Crypto Market Expansion

Bloomberg

BlackRock Inc. is partnering with Coinbase Global Inc. to make it easier for institutional investors to manage and trade Bitcoin, taking the world’s largest asset manager into a cryptocurrency market hammered by plunging prices and government investigations.

Coinbase surged 15% to $92.61 at 1:20 p.m. in New York. The partnership with BlackRock provides some relief for the biggest US crypto-trading platform, whose stock had lost more than two-thirds of its value this year through Wednesday.

Click here to read more.

Lessons From the Turkish Government’s Hasty Attempt to Regulate Cryptocurrencies

Coindesk

The Turkish government’s ambitious plan to restrict the use of cryptocurrencies to protect the local currency, the Turkish lira, faced a strong challenge from the crypto communities in the country. It’s a rare example of grassroots action effectively pressuring the government, and may provide a valuable lesson for lawmakers and organizers in other countries.

Despite President Recep Tayyip Erdogan expressing urgency in December about regulating cryptocurrencies, a bill has not been introduced yet. In late December a draft version of a crypto bill supposedly backed by the ruling party in the country, the Justice and Development Party (AKP), was leaked and circulated on social media.

Click here to read more.

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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