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Daily Update: January 23
In this edition:
- Brock named third best employer in Canada by Forbes
- Bank of Canada expected to hold interest rate steady, but tone could offer clues on cuts to come
- Income and wealth gaps increased in the third quarter of 2023
- These fast-food jobs are going to robots
- Focus on Small Business
Brock named third best employer in Canada by Forbes
Brock University has been recognized by Forbes as one of the top employers in the country.
The University ranked third overall in the annual list of Canada’s Best Employers compiled by Forbes and market research firm Statista.
The rankings, which were released Tuesday, January 23, 2024 and include 300 organizations from across the country, are based on survey results from more than 40,000 people working for Canadian companies and institutions with at least 500 employees.
Brock followed only The Hershey Company, which ranked first, and Children’s Hospital of Eastern Ontario, which ranked second.
“Being recognized by an organization like Forbes helps to show the rest of the country what we already know: that Brock is a wonderful place to work and build a career,” says Lesley Rigg, Brock President and Vice-Chancellor. “This ranking really speaks to the community of dedicated, talented people who work here and make this institution a leader in Canadian post-secondary education and student experience.”
Bank of Canada expected to hold interest rate steady, but tone could offer clues on cuts to come
The Bank of Canada will make its first interest rate decision of 2024 tomorrow, January 24, with investors and consumers looking for clues as to when they will see relief from the high cost of borrowing. Here is what economists think the governing council of the central bank will have to say:
- “You don’t need a PhD in economics to determine that the target for the policy rate should remain on hold at five per cent,” Royce Mendes, managing director and head of macro strategy at Desjardins, said in a note on Jan. 19, adding that the bank finds itself in a mushy middle where growth and inflation are neither strong enough nor weak enough to warrant either an increase or a cut.
- The Montreal-based economics team from National Bank also expects rates to remain at five per cent – the fourth straight hold from the Bank of Canada following its last hike on July 12. “Although growth projections will likely be downgraded and all-items CPI forecasts left broadly unchanged, we don’t think Governing Council has seen enough to remove its ‘threat’ to hike more if needed,” Taylor Schleich and Warren Lovely said in note on Jan. 22.
- Tu Nguyen, economist, RSM Canada, like most economists, expects the Bank of Canada to hold interest rates at its current level of five per cent. She will also be parsing their commentary for signs of a shift in tone from governor Tiff Macklem and his deputies. “Although the tone would likely shift to neutral, acknowledging the weakening economic conditions, they might feel it too early to signal rate cuts just yet given sticky wage growth and shelter price growth,” Nguyen said in a note on Jan. 23.
Income and wealth gaps increased in the third quarter of 2023
Statistics Canada reports that income inequality increased in the third quarter as the gap in the share of disposable income between households in the two highest income quintiles (top 40 per cent of the income distribution) and two lowest income quintiles (bottom 40 per cent of the income distribution) reached 44.9 per cent, up 0.5 percentage points from the third quarter of 2022.
The lowest income households – those in the bottom 20% of the income distribution – were the only income group to reduce their average disposable income in the third quarter of 2023 relative to the same quarter of 2022.
While higher interest rates can lead to increased borrowing costs for households, they can also lead to higher yields on saving and investment accounts. The lowest income households are more likely to have a limited capacity to take advantage of these higher returns, as on average they have fewer resources available for saving and investment.
These fast-food jobs are going to robots
Fewer people want the fast-paced and demanding jobs on the restaurant sector’s front lines. In 2021, more than 250,000 restaurant workers had quit to find new careers, according to a report from the Canadian Centre for Policy Alternatives.
Amid those staff shortages, labour costs have also been rising. Companies have looked for solutions fill the gap, and many of them are designed to replace human workers on the assembly line.
Restaurants have traditionally lagged behind other sectors in introducing industrial robots, though they could potentially replace 82 per cent of jobs, according to one forecast by industry consultants Aaron Allen & Associates. Some experts suggest the workforce is on track to shrink permanently.
Dr. Robin Yap, a professor of management at George Brown College, said while the technology will boost opportunities for innovation, he cautioned that it’s crucial for employers to plan to retrain their employees. Yap suggested companies could move human workers to more customer-facing roles, or to managerial positions. They could also give employees technical training.
Did you know?
Online videos have an audience reach of around 92.3 per cent among internet users worldwide.
Focus on Small Business
5 ways grants can help grow your business in 2024
Diane Amato, RBC
With the cost of doing business rising in a challenging economy, business owners can use all the financial help they can get. And with borrowing costs high, there’s nothing better than tapping into new funding opportunities that you don’t have to pay back. If you’re looking to grow your business, learn how government funding can help you achieve your goals.
However you are planning to grow, expansion of any kind takes investment, which is often a barrier for businesses with limited cash flow.
Here are five ways government grants and incentives can help you grow your business in 2024.
4 Tips for starting an online business in 2024
Georgi Todorov, Entrepreneur
Annually, more than 5 million businesses embark on their entrepreneurial journey. However, statistics indicate that about 30 per cent of these ventures face the challenge of sustainability, leading to failure within their first two years.
To navigate these hurdles and set your business on a path to success in 2024, let’s delve into four key tips that can help your online venture not just survive, but truly thrive.
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.
Daily Update: January 22
In this edition:
- Government of Ontario announces new details of $1.2 billion Building Faster Fund
- Canada cuts international student positions by 35%
- Niagara Health receives highest-possible level of accreditation
- First containers roll through new Hamilton rail terminal
- Niagara-on-the-Lake Lord Mayor calls for focus on shared services, not amalgamation
- Focus on Human Resources
Government of Ontario announces new details of $1.2 billion Building Faster Fund
The Ontario government announced the latest steps in its plan to invest in rural communities and municipalities at the annual Rural Ontario Municipal Association (ROMA) conference. Premier Ford announced new details regarding the expansion of Ontario’s $1.2 billion Building Faster Fund (BFF) to small, rural and northern municipalities that have not been assigned housing targets by the province. Ten per cent – or $120 million – of the BFF will be reserved for these municipalities to help them build housing-enabling infrastructure.
Canada cuts international student positions by 35%
The Honourable Marc Miller, Minister of Immigration, Refugees and Citizenship announced today that the Government of Canada will set an intake cap on international student permit applications for two years. For 2024, the cap is expected to result in approximately 360,000 approved study permits, a decrease of 35% from 2023. Individual provincial and territorial caps have been established, weighted by population, which will result in much more significant decreases in provinces where the international student population has seen the most “unsustainable” growth, the Government of Canada said in a statement.
Study permit renewals will not be impacted. Those pursuing master’s and doctoral degrees, and elementary and secondary education are not included in the cap.
“This should have happened some time ago,” Mike Moffatt, an assistant professor at the Ivey Business School at Western University, said shortly before Miller’s announcement.
“The provinces should’ve acted first … But it’s good to see the federal government bring back some rationality back to the number of international students.”
Niagara Health receives highest-possible level of accreditation
Niagara Health has received the highest-possible level of accreditation for the third consecutive time.
Accreditation Canada says Niagara Health has met all of its required organizational practices in its commitment to ensure safe, quality care for patients and their families.
Officials spent a week assessing Niagara Health sites in November.
First containers roll through new Hamilton rail terminal
In a significant step forward for southern Ontario importers and exporters, Hamilton Container Terminal (HCT), in collaboration with Hamilton-Oshawa Port Authority (HOPA Ports), and Canadian National Railway (CN), proudly announces the creation of a direct intermodal rail service between Hamilton, ON and Montreal, QC. The inaugural Hamilton-Montreal intermodal freight train, carrying export-bound shipping containers, successfully completed its journey and is set to transition into a regular weekly service. The partners expect to gradually increase volumes through the new terminal, pending Canadian Border Services Agency approval for bonded movements.
Niagara-on-the-Lake Lord Mayor calls for focus on shared services, not amalgamation
In a statement made today, Niagara-on-the-Lake Lord Mayor Gary Zalepa emphasized his request to the Province to prioritize funding for shared services at the local level, advocating for municipalities to explore efficient service delivery options tailored to the community’s needs.
“I am advocating for a focus on shared services rather than amalgamation for the Niagara Region,” Lord Mayor Zalepa said in a statement, “including Niagara-on-the-Lake. While amalgamation is often viewed as a means to access a larger pool of resources, our Town’s unique identity, distinct heritage, and small-town charm must be preserved.”
Mayor Zalepa’s statement follows other statements from Regional Chair Jim Bradley and Port Colborne Mayor Bill Steele.
Did you know?
Focus on Human Resources
Employers should use skill-based hiring to find hidden talent and address labour challenges
A concerning trend known as qualification inflation has been plaguing hiring practices for years. Qualification inflation — also known as degree inflation — refers to the growing number of employers requiring degrees and extensive experience for jobs.
As highlighted in a 2017 Harvard study, job listings now often demand that applicants have degrees and experiences that were previously unnecessary, with some job requirements even surpassing the qualifications of current employees.
The origins of qualification inflation can be traced back to the rise of online application platforms and the 2008-09 financial crisis, both of which resulted in larger job applicant pools. Economic and technological shifts have also given rise to new roles that require unique skills.
Some employers adapted to these changes by adding qualifications to job listings without removing outdated ones, leading to qualification inflation. While this has been an ongoing issue for years, it is becoming increasingly urgent as many Canadian businesses are reportedly grappling with recruitment and retention challenges.
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.
Daily Update: January 19
In this edition:
- EI claimants and unemployment tick upwards as labour crunch eases
- Retail sales down in value and volume before holiday season
- Governments invest in helping food processing businesses lower costs
- Ontario government and OEA welcome report on electrification and energy future
- Niagara Falls to offer jobs to help get single parents off Ontario Works
- Gateway to the Trades program aims to help women enter skilled trades
- Small businesses hold onto hope for CEBA forgiveness, extension
- Focus on Equity, Diversity & Inclusion
EI claimants and unemployment tick upwards as labour crunch eases
There were 460,000 Canadians receiving regular Employment Insurance (EI) benefits in November, up 7,900 (+1.7%) from October, Statistics Canada reported today. On a year-over-year basis, the total number of regular EI beneficiaries increased by 53,000 (+13.1%).
Data from the Labour Force Survey (LFS) show that the unemployment rate rose 0.1 percentage points to 5.8% in November, bringing the cumulative increase since April 2023 to 0.8 percentage points. In Ontario, the number of regular EI recipients rose by 4,000 (+3.0%) in November, the fourth consecutive monthly increase.
Retail sales down in value and volume before holiday season
New data indicates that November retail sales decreased 0.2% to $66.6 billion. Sales were down in four of nine subsectors and were led by decreases at food and beverage retailers (-1.4%). In volume terms, retail sales decreased 0.2% in November.
Core retail sales decreased 0.6% in November, led by lower sales at food and beverage retailers (-1.4%) and general merchandise retailers (-1.8%). Sales at food and beverage retailers were down on lower sales at supermarkets and other grocery retailers (except convenience retailers) (-1.6%) and beer, wine and liquor retailers (-3.3%).
Governments invest in helping food processing businesses lower costs
Investments by the governments of Canada and Ontario through the Sustainable Canadian Agricultural Partnership (Sustainable CAP) are resulting in over $16 million worth of energy cost savings projects to help food processing businesses increase energy efficiency and lower their costs.
The cost-shared funding, provided through the Agri-Food Energy Cost Savings Initiative will help 30 food processors lower their energy costs to be more competitive and sustainable. The Initiative is focused on supporting projects that prioritize energy efficiency by investing in new technology, equipment, as well as building or facility modifications.
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Ontario government and OEA welcome report on electrification and energy future
The Ontario Energy Association (OEA) says they welcome the release of Ontario’s Clean Energy Opportunity, the final report of the Electrification and Energy Transition Panel (the Panel).
The OEA commends the government of Ontario for initiating the Panel to provide advice specific to Ontario’s needs on how it should best tackle the significant transformation of its energy system required for the clean energy needs of its customers.
“The panel’s final report, Ontario’s Clean Energy Opportunity, builds on our government’s Powering Ontario’s Growth plan and provides valuable insights and recommendations for future long-term integrated planning,” said Todd Smith, Provincial Minister of Energy. “Access to reliable, affordable and clean energy continues to be a key driver for Ontario’s economic growth and electrification.”
Niagara Falls to offer jobs to help get single parents off Ontario Works
Niagara Falls city council has approved a 12- to 18-month pilot project that will provide municipal jobs to single parents on Ontario Works, aiming to stabilize families and reduce their reliance on social services.
“One of the things that I’ve concluded is that whatever we do (to support social services in the city), we don’t have enough money for it,” chief administrative officer Jason Burgess told city councillors Tuesday.
“I need to be able to create partnerships, and partnerships are going to be key to solving this on a bigger scale and I need items that can be scaled.”
Gateway to the Trades program aims to help women enter skilled trades
ApprenticeSearch.com is aiming to help women build skills and get jobs through its career exploration and employment-readiness program, Gateway to the Trades.
Funded through the Government of Ontario Skills Development Fund, 25% of Gateway to the Trades program participants are women looking to prepare for careers in the skilled trades. This number is well above the national average of women in the trades. A report by BuildForce Canada highlighted that women accounted for only 3.7% of the construction workforce in Ontario.
Small businesses hold onto hope for CEBA forgiveness, extension
Small businesses across Canada are wondering what is to become of their CEBA loans as the deadline for repayment has now come up and the federal government does not look as if it will extend the deadline.
According to a Canadian Press story from November 27, 2023, some 900,000 organizations across the country applied for and received a Canada Emergency Business Account (CEBA) loan during the COVID-19 pandemic. The program allowed businesses and organizations the chance to receive up to $60,000 in interest-free loans to assist them weather the shutdowns and slowdowns caused by the pandemic.
Convenience Store News Canada recently asked readers if they applied for and received a CEBA Loan. 95% said Yes. When asked if the were able to pay back the loan, 10% said not yet, but intended to pay back before the deadline, while 90% said they would need a further extension.
Did you know?
Focus on Equity, Diversity & Inclusion
Pushback against DEI ‘unwise’: experts
As diversity, equity, and inclusion (DEI) initiatives come under fire from prominent billionaires, experts caution that women and people of colour are still massively underrepresented in leadership roles.
DEI policies have become common at many Canadian and U.S. institutions such as businesses and universities, in an effort to bring more diversity to corporate leadership structures.
Pushback again the policies has escalated in recent weeks, following the resignation of Harvard University’s first Black woman president, with Elon Musk and Lululemon founder Chip Wilson publicly stating their opposition to the movement.
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.
Daily Update: January 18
In this edition:
- St. Catharines secures $25.7M housing investment from Government of Canada
- Competition Bureau warns businesses about potential liability from employee reviews
- St. Catharines hospital gets a new name
- Government of Ontario invests in Co-operative Housing Federation of Canada
- Welland funds temporary eight-bed shelter for February and March
- Investment in building construction increases
- Canada challenges U.S. decision to maintain softwood lumber duties
- Focus on Climate
St. Catharines secures $25.7M housing investment from Government of Canada
On Jan. 17, 2024, St. Catharines MP Chris Bittle announced an investment of $25.7 million to boost housing supply in St. Catharines. The funding is through the Canada Mortgage and Housing Corporation’s (CMHC) Housing Accelerator Fund (HAF), a $4 billion initiative that offers financial support to local governments for expediting the development of new homes.
“This is fantastic news for the City of St. Catharines. The Housing Accelerator Fund is set to support the City in implementing a range of fresh initiatives aimed at boosting the approval of housing units, ensuring that more individuals have a place to call home,” said Mayor Mat Siscoe.
Competition Bureau warns businesses about potential liability from employee reviews
The Competition Bureau is warning businesses to watch out for reviews posted by their employees that don’t properly disclose their business connection. When posting online reviews about their company or its competitors, employees must disclose all connections they have with the business, product or service they promote, even if they’re providing their honest opinion.
To stay on the right side of the law, the Bureau recommends that businesses train employees to properly disclose their business connection when posting reviews about the company or its competitors, put in place a compliance program to prevent misleading reviews by employees, and build an effective monitoring system to detect misconduct.
St. Catharines hospital gets a new name
Niagara Health has announced that the St. Catharines hospital has been renamed as the Marotta Family Hospital. The announcement followed a $15 million donation from the family.
In April of last year the family also made a $10 million donation to the South Niagara Hospital.
Lynn Guerriero, President and CEO at Niagara Health, called the gift “transformational,” adding that “the naming of the St. Catharines hospital is a fitting recognition.”
Government of Ontario invests in Co-operative Housing Federation of Canada
The Ontario government is providing the Co-operative Housing Federation (CHF) of Canada with $646,790 over three years to help their members successfully transition to a new regulatory framework under the province’s Community Housing Renewal Strategy.
After extensive consultation with the community housing sector, the government implemented a new regulatory framework in July 2022 that motivates housing providers to remain in the system and encourages new programs to better meet local housing needs. This investment will enable CHF to provide its housing co-op members with the tools and resources they need to adapt to the new regulatory framework.
Welland funds temporary eight-bed shelter for February and March
In light of the increasing demand for homeless support in Welland, City Council has taken decisive action to address the immediate needs of its unhoused residents.
Though the Niagara Region has augmented the number of available beds for homelessness support in Welland by eight beds, from November 1, 2023, to April 30, 2024, providing accommodation for approximately 50 individuals at two persons per room, a motion brought forward by Councillor Bonnie Fokkens directs staff to fund a temporary eight-bed shelter for February and March of this year.
Investment in building construction increases
Investment in building construction rose 1.7% to $19.8 billion in November, Statistics Canada data released today has shown. The residential sector grew 2.2% to $13.7 billion, while investment in the non-residential sector edged up 0.4% to $6.0 billion.
On a constant dollar basis (2017=100), investment in building construction increased by 1.3% to $12.3 billion in November.
Canada challenges U.S. decision to maintain softwood lumber duties
The Government of Canada has announced that it has filed a notice of intent to challenge the United States International Trade Commission’s (USITC’s) decision to maintain duties on Canadian softwood lumber products, under Chapter 10 of the Canada-United States-Mexico Agreement (CUSMA).
“Canada is disappointed that the United States continues to impose unwarranted and unjust duties on Canadian softwood lumber products,” said Mary Ng, Minister of Export Promotion, International Trade and Economic Development. “These duties impact our innovative Canadian softwood industry. And with the significant current challenges in housing supply and affordability, these duties also harm U.S. consumers and businesses that need Canadian lumber.”
Did you know?
More than 5 trillion pieces of plastic are floating in our oceans.
Focus on Climate
Mapping out the implications of climate transition risk for the financial system
The shift away from fossil fuels as a key source of energy will challenge the business models of some firms. How quickly and orderly this transition occurs will affect whether and how investors revise their expectations for the future profits of these firms. This, in turn, could lead to an abrupt repricing of some financial assets. Financial entities—such as banks, pension funds and investment funds—currently involved in financing these firms could be impacted by such sudden reassessments. And the financial distress in one entity can spread to others given the interconnectedness in the financial system.
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.
Daily Update: January 17
In this edition:
- Niagara firms receive $6.7m investment from Government of Ontario
- Niagara business leader Jenn Harper joins Canadian Chamber of Commerce panel
- Rand Estate by-law amendment referred to Ontario Land Tribunal
- Canada announces over $9 million for new affordable homes in Port Colborne
- Industrial product and raw material prices down 2.7% year-over-year
- CEBA repayment deadline is Thursday. What do businesses need to know?
- Canada Post announces shakeup: IT services group sold to Deloitte
- Cogeco Communications ranked among world’s 100 most sustainable corporations
- Competition Bureau launches new site to help businesses comply with laws
- Focus on Finance & Economy
Niagara firms receive $6.7m investment from Government of Ontario
The Ontario government is supporting $65 million in investments by three companies to boost local manufacturing and create 46 new, good-paying jobs in the Niagara Region. As part of these investments, the province is providing the companies with $6.7 million in support through the Regional Development Program (RDP).
Stanpac Inc. will increase the efficiency of its facility in Smithville, including creating a machine shop to service all machinery in-house.
AMSI Inc. will invest about $20 million to construct a new 67,000 square-foot manufacturing facility to improve manufacturing processes for large, complex equipment.
St. David’s Cold Storage is investing $9 million to expand its facility and double its refrigerated storage space.
Applications are now being accepted for the next intake round of RDP funding until January 25, 2024.
Niagara business leader Jenn Harper joins Canadian Chamber of Commerce panel
Small businesses are the heart of the Canadian economy, and they are continually finding new ways to navigate through a new “click-and-mortar” reality. At the Canadian Chamber’s upcoming event, a panel of leaders will dive into the insights of Canadian small business owners and experts who have not only adapted, but thrived in our ever-evolving business landscape.
Jenn Harper, the visionary Founder and CEO of Cheekbone Beauty Cosmetics INC., is a beacon of empowerment. Leading a digital direct-to-consumer brand, Jenn’s mission is to amplify Indigenous youth’s self-worth while championing sustainability through Life Cycle Thinking (LCT).
Rand Estate by-law amendment referred to Ontario Land Tribunal
In a statement issued today, the Town of Niagara-on-the-Lake reported that the Ontario Land Tribunal (OLT) will hear appeals concerning the Zoning By-law Amendment, Plan of Subdivision and Heritage Planning Applications related to 200 John Street East and 588 Charlotte Street (“the Rand Estate”).
The hearing on the Rand Estate is scheduled for an eight-week period starting on March 25, 2024. The list of issues for the OLT to consider is lengthy, the Town reports, and legal and expert witness costs will be significant.
Canada announces over $9 million for new affordable homes in Port Colborne
On Tuesday, January 16, the federal government announced over $9 million to help build 41 affordable homes in Port Colborne.
The announcement was made by Vance Badawey, Member of Parliament for Niagara Centre, and Parliamentary Secretary to the Minister of Transport — on behalf of the Honorable Sean Fraser, Minister of Housing, Infrastructure and Communities — alongside Jim Bradley, Regional Chair of Niagara Region, and Bill Steele, Mayor of the City of Port Colborne.
Industrial product and raw material prices down 2.7% year-over-year
New data released by Statistics Canada today indicates that the prices of products manufactured in Canada, as measured by the Industrial Product Price Index (IPPI), fell 1.5% month over month in December and were 2.7% lower than December 2022. This is the third consecutive monthly price decrease and the largest since August 2022, indicating that high raw material prices seen during the COVID-19 pandemic may be returning to normal.
Prices of raw materials purchased by manufacturers operating in Canada, as measured by the Raw Materials Price Index (RMPI), declined 4.9% on a monthly basis in December 2023 and decreased 7.9% year over year.
CEBA pandemic loan repayment deadline is Thursday. What Canadian businesses need to know
This Thursday is a significant date for many Canadian businesses who received assistance from the federal government at the height of the pandemic.
Businesses that were eligible to receive a Canada Emergency Business Account loan have until Jan. 18 to repay the money, interest-free, and receive loan forgiveness for up to a third of the cost.
The CEBA program, which ran from April 2020 to June 2021, provided small businesses and non-profit organizations interest-free loans of up to $60,000 to help them cover operating costs.
Canada Post announces shakeup: IT services group sold to Deloitte
Canada Post announced that its IT shared-service provider, Innovapost, will be sold off to Deloitte Canada.
As part of the agreement, Deloitte will deliver and support Canada Post’s day-to-day IT operational services.
“Today is the start of an exciting journey to transform Canada Post’s information technology model so that we can better meet the demands of our customers, particularly in the competitive parcel market,” said Doug Ettinger, president and chief executive officer, Canada Post.
Cogeco Communications ranked among world’s 100 most sustainable corporations
Cogeco Communications is pleased to announce that, for a fifth consecutive year, it has been recognized among the world’s 100 most sustainable corporations by Corporate Knights. This year, the Company ranks 73rd in the Global 100 Most Sustainable Corporations in the World list, which is based on a rigorous assessment of 6,733 companies with more than US$1 billion in revenue.
Click here to read more.
Competition Bureau launches new site to help businesses comply with laws
The Competition Bureau of Canada has launched a new online hub with resources to help businesses comply with laws related to competition and labelling.
The federal agency announced its new Compliance Hub on Wednesday.
In a statement, the bureau and the hub will replace its Corporate Compliance Programs Bulletin, which was initially published in 2015.
Did you know?
The first Canadian post office opened in 1753 in Halifax.
Focus on Finance & Economy
What Canadian investors need to know about bitcoin ETFs
Bitcoin made headlines this week after U.S. regulatory changes made investing in the cryptocurrency more accessible – and experts say investors should be knowledgeable about the industry and understand the risks before diving in to cryptocurrency and related products.
On Wednesday, the U.S. Securities and Exchange Commission approved 11 exchange-traded funds (ETFs) that invest directly in bitcoin, with many opening trading platforms the next day.
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.
Daily Update: January 16
In this edition:
- Rate of inflation accelerated to 3.4% in December
- SucroCan Sourcing and HOPA Ports announce plan for Canada’s largest sugar refinery
- University of Niagara Falls Canada partners with ILAC for new pathway
- Why are Highway 407 ETR charges going up?
- Focus on Sustainability
Rate of inflation accelerated to 3.4% in December
The Consumer Price Index (CPI) rose 3.4% on a year-over-year basis in December, following a 3.1% increase in November, Statistics Canada reported today.
While gasoline prices fell on a monthly basis for the fourth month in a row, the headline acceleration was largely the result of higher year-over-year prices for gasoline in December (+1.4%) compared with November (-7.7%). This was the result of a base-year effect where gasoline prices fell more on a monthly basis in December 2022 than they did in December 2023. Excluding gasoline, the headline CPI slowed year over year, from 3.6% in November to 3.5% in December.
The Consumer Price Index (CPI) rose 3.9% on an annual average basis in 2023, following a 40-year high increase of 6.8% in 2022 and a 3.4% increase in 2021.
SucroCan Sourcing and HOPA Ports announce plan to build Canada’s largest sugar refinery
SucroCan Sourcing LLC, a growing integrated sugar refiner, has announced its plans to build Canada’s largest sugar refinery at the Port of Hamilton, Ontario, on lands owned by HOPA Ports (Hamilton-Oshawa Port Authority).
The new refinery will be the largest in Canada, with an expected future annual refining capacity of 1 million metric tonnes, representing an estimated investment of $135 million CAD.
University of Niagara Falls Canada partners with ILAC for new pathway
University of Niagara Falls Canada (UNF) and ILAC and have signed a pathway agreement making it easier for students to take the next step in their educational journeys. Students enrolled in ILAC’s pathway programs now have the opportunity to fulfill their English proficiency requirements for both graduate and undergraduate programs at UNF by transferring directly from the qualifying university pathway programs provided by ILAC in Toronto or Vancouver.
Why are Highway 407 ETR charges going up? What Ontario drivers need to know about the February rate increase
Drivers will have to pay more for using Hwy. 407 after new toll rates kick in next month.
Set to take effect Feb. 1, the change will mean an increase of one to 11 cents per kilometre, depending on the time of day and stretch travelled.
“The majority of 407 ETR’s personal customers can expect a monthly bill increase of less than $5,” 407 ETR, the company responsible for tolls on the privately-owned 108-kilometre stretch of roadway between Pickering and Burlington, said in a news release.
Did you know?
It would take 181 million years to download all the data from the internet.
Focus on Retail
What is happening to self-checkout?
The promise of self-checkout was alluring: Customers could avoid long lines by scanning and bagging their own items, workers could be freed of doing those monotonous tasks themselves and retailers could save on labour costs.
All that has happened since the rollout of self-checkout but so has this: Customers griping about clunky technology that spits out mysterious error codes, workers having to stand around and monitor both humans and machines, and retailers contending with theft.
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.
Daily Update: January 10
In this edition:
- Head of Hamilton’s merger transition team has advice for Niagara
- Staples Professional shares workplace trends that will prevail in 2024
- SpacesShared partners with Niagara College, University of Niagara Falls on homesharing
- Most Canadians support bringing in temporary foreign workers to fill jobs, says poll
- OSC survey reveals gaps in Canadians’ retirement experiences and preparedness
- Sam’s Club testing AI, computer vision tech to speed up exit process at stores
- Warning: A fake ‘security researcher’ is trying to trick ransomware victims
- Halting temporary resident admissions would deepen Canada’s recession: Report
- Focus on Finance & Economy
Head of Hamilton’s merger transition team has advice for Niagara
Don’t be afraid of change.
That’s one piece of advice the man who chaired the provincial transition board that oversaw the formation of an amalgamated City of Hamilton more than 20 years ago has for Niagarans presenting their views of how their region should be governed when an Ontario legislative committee stops in St. Catharines Wednesday, Jan. 10.
“When people woke up on Jan. 1, 2001, to an amalgamated City of Hamilton, Dundas didn’t look any different than it did the day before,” said Marvin Ryder, now an associate professor of marketing at McMaster University. “What made Ancaster wonderful or Dundas wonderful, it didn’t change … except the delivery of municipal services.
Staples Professional shares workplace trends that will prevail in 2024
Work continues to evolve, and with the return to work life following the holiday season, many are wondering: what will this year hold for hybrid work and workplaces throughout Canada? Staples Professional is sharing its predictions for workplace trends that will prevail this year and beyond, informed by its Evolution of Work Report, a survey conducted in collaboration with Angus Reid Group, North America’s foremost name in research.
SpacesShared partners with Niagara College, University of Niagara Falls on homesharing
SpacesShared, an innovative online home-sharing platform, is excited to announce new partnerships with Niagara College and the University of Niagara Falls Canada to help solve the growing challenge of affordable student housing in the Niagara region.
SpacesShared is a novel homesharing technology that lets students who are looking for a safe, affordable place to stay quickly and affordably connect with older adult hosts. Using a sophisticated algorithm and a team of people, SpacesShared matches compatible students and older adults interested in homesharing. SpacesShared was launched in 2023 as a response to the Canadian housing crisis with a solution that prioritizes connection, comfort, and community.
Most Canadians support bringing in temporary foreign workers to fill jobs, says poll
Most Canadians support employers bringing in temporary foreign workers to fill jobs they can’t find Canadians to do, according to a poll for The Globe and Mail, despite growing numbers opposed to increased immigration.
The survey also found that more than eight in 10 Canadians feel that temporary foreign workers are important to the country’s economy.
And over two-thirds show support for temporary foreign workers who wish to remain in Canada becoming citizens, according to the Nanos Research poll.
Click here to read the letter.
OSC survey reveals gaps in Canadians’ retirement experiences and preparedness
The Ontario Securities Commission (OSC) today released Profiles of Retirement, an investor research survey that looked at the financial lives of Canadians 50 years of age and older.
This survey sheds light on the attitudes and expectations of retirees and pre-retirees — the fastest growing demographic in Ontario — and builds on the OSC’s vision of a stronger and more secure financial future for all Ontario seniors. The survey showed that while the majority of Canadians 50+ are investing and earning an income, a significant proportion are in a financially vulnerable position.
Sam’s Club testing AI, computer vision tech to speed up exit process at stores
To speed up the time it takes shoppers to have their carts full of purchased items checked at Sam’s Club the retailer is testing out an application of artificial intelligence and computer vision technology.
Pilots are currently underway at 10 Sam’s Club locations and involves a combination of computer vision and digital technology which captures images of carts and verifies payment for all the items in the shopper’s possession.
Warning: A fake ‘security researcher’ is trying to trick ransomware victims
Beware of so-called security researchers emailing firms that have been victimized by ransomware and claiming to be able to recover their stolen data.
That’s the warning from researchers at Arctic Wolf, who have found at least two examples of what are being described as follow-on extortion attacks.
The fake researcher offers to hack into the server infrastructure of the original ransomware group to either recover or delete exfiltrated data. This is a scam whose goal is to get the victim organization to pay bitcoin for supposed assistance.
Halting temporary resident admissions would deepen Canada’s recession: Report
With Canada’s economic prospects increasingly dependent on population growth, a new analysis by Desjardins says cutting the number of non-permanent residents (NPRs) allowed into the country could deepen the expected recession and subsequent recovery.
Canada’s population has surged, with the most recent gain of 430,000 people in the third quarter of the year, marking the fastest pace of population growth in any quarter since 1957. As of Oct. 1, Canada’s population was estimated to be 40.5 million. Population growth in the first nine months of the year has already surpassed the record set in the full year 2022.
Did you know?
Focus on Finance & Economy
‘Catalyst for the industry’: Stakeholders on U.S. Bitcoin decision
Cryptocurrency stakeholders say a pending decision in the U.S. regarding Bitcoin investments would open the doors to more traditional investors.
Wednesday marks the deadline for the U.S. Securities and Exchange Commission (SEC) to decide whether to approve a series of spot Bitcoin ETF applications, which would allow investors to have exposure to Bitcoin, without actually owning the currency.
Dean Skurka, president and CEO of WonderFi, the parent company of crypto trading platforms Bitbuy, Coinsquare and SmartPay, said the changes would open crypto investments to a wider array of investors, including those without access to the products or those with skepticism.
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.
Protecting employee health: 5 ways to reduce the risk of solvents in the workplace
From solvent-based paints and glues to nail polish remover, solvents are fairly common in our lives. At work, solvents are often used as industrial cleaners, degreasers, or paint thinners. Those who work with solvents may become used to their strong smells, but may not have thought about the negative health effects solvents can have on their bodies.
“Short-term exposure to select solvents affects your nervous system, and at higher concentrations, potential symptoms include headache, nausea, dizziness, and drowsiness. Some of these effects are similar to the effects of alcohol consumption,” says Warren Clements WSPS Specialized Consultant (Occupational Hygiene). Some people, if exposed at higher concentrations, could feel as if they are working impaired. Acute effects usually subside when exposure stops. But, depending on the solvent, there is a risk of long-term effects—such as cognitive deficits, kidney and liver damage, and some cancers—when workers are exposed regularly over long periods of time. “Solvents are used every day in industrial workplaces, so it’s important to be aware of them and limit exposure as much as possible,” he says.
When it comes to solvents, the most common exposure for workers is either through inhalation or absorption. “As soon as you open a can of paint or degreaser, you can smell it. You are breathing in those vapours,” says Warren. “People are usually aware of this type of exposure and control it with work practices, local exhaust ventilation, and possibly by using respirators.”
Warren explains that ventilation and respirators may limit what you breathe in, but they do not control absorption. When you use your hand to dip a rag into a solvent and then use that rag to clean a piece of equipment, the skin on your hand absorbs the liquid. If you do this multiple times a day, your exposure could be higher than you would expect. “Even in a well-ventilated room,” Warren points out. “Workers have to be aware that absorbing a solvent through your skin can defat the skin, which may cause dryness and cracking.”
5 tips to reduce the risk when working with solvents
If you can eliminate the use of solvents in your work, do it. But, since that might not be practical in some cases, it’s best to focus on limiting exposure. Warren offers these tips to reduce the risk when working with solvents.
- Check the Safety Data Sheet (SDS). All chemicals that are used in the workplace, including solvents, should have an SDS available. Start by reviewing the SDS for the specific solvent you are working with. It will outline recommendations for safe use and personal protective equipment (e.g., type of gloves or respirator filter required).
- Keep containers closed as much as possible. Warren recommends asking your safety supplier about flip lids that can be purchased for solvent containers. “These flip lids can replace the original lid and make it much easier to quickly flip open when needed and then close up again, rather than leaving a container open for hours at a time,” he says.
- Use gloves. “If you are dipping a tool, piece of equipment, or a cloth in a solvent, protect your skin with gloves,” he Waren emphasizes. Speak with your safety supplier to ensure you purchase the type of gloves that will offer the best protection for the chemical you are using.
- Ensure the work area is properly ventilated. If the nature of your work means that your workers are exposed to solvents, in addition to requiring them to wear gloves, ensure that the area is properly ventilated to reduce or dilute the vapours.
- Educate your employees. The more they know about the health effects of solvent exposure, the more likely they will be to follow safe handling procedures.
How WSPS can help
Consulting
Connect with a WSPS occupational hygienist for help with developing procedures and controls to work with chemicals safely.
Training
- WHMIS 2015 for workers (3.5 hours, classroom)
- WHMIS 2015 online training for workers (1 hour, eCourse)
Resources
- Safety in 60 Seconds: Safety tips on WHMIS in the workplace
- Beyond generic WHMIS. Is your workplace compliant? (article)
- What are the employer’s duties under WHMIS? (video)