Supporting innovative SMEs led by women who are committed to reducing our ecological footprint fosters inclusive economic development in Quebec’s regions. The Honourable Pascale St-Onge, Minister of Sport and Minister responsible for CED, took advantage of International Women’s Day today to announce a repayable contribution of $54,720 for Malterre (9423-9704 Québec inc.). This CED support will enable the business to acquire equipment that is better suited to the semi-industrial manufacturing of its spent grain crackers.
As such, to improve its production capacity and productivity, the family-run SME will purchase an automated rolling mill, ovens, and an automated divider. It will also be able to make leasehold improvements to its new facilities.
Malterre specializes in manufacturing traditional crackers from spent microbrewery grain. The business recovers waste malt grain from beer manufacturing, transforming it into an eco-friendly product that is high in fibre and vegetable protein. Its project will lead to the creation of two jobs and to the development of skills and a distinctive know-how in the region.
The Government of Canada recognizes and supports businesses and organizations that are a source of pride in their communities. Quebec’s economic recovery relies on the adoption of green technologies and the fight against climate change. Businesses that leverage clean technologies are major contributors to growth with a smaller ecological footprint, as well as key assets in rebuilding a greener, stronger, more resilient, and more just economy for all.
Quotes
“The ingenuity and know-how of our women entrepreneurs gradually leads to the development and marketing of greener products—I witnessed this recently when I met Malterre’s founders. On this International Women’s Day, I am delighted to highlight the contribution being made by an SME led by three women entrepreneurs who are committed to the environment and health. Our contribution will enable them to develop their innovative nutrition-focused project fostering a circular economy. There is no doubt the success and spin-offs from this business will have an impact on the Bas‑Saint‑Laurent region’s food self-sufficiency. All my congratulations to the Malterre team!”
The Honourable Pascale St-Onge, Member of Parliament for Brome–Missisquoi, Minister of Sport and Minister responsible for CED
“Making use of spent microbrewery grain is a healthy, ecological choice. It is important for us to have a business that aligns with our values. Using this co-product enables us to offer crackers that are much higher in fibre and protein than those currently on the market. In addition to fostering short channels, working with local artisans and their products makes for delicious crackers!”
Annick Bachand, Co-owner, Malterre
Quick facts
The funds have been granted under CED’s Regional Economic Growth through Innovation program. This program targets entrepreneurs leveraging innovation to grow their businesses and enhance their competitiveness, as well as regional economic stakeholders helping to create an entrepreneurial environment conducive to innovation and growth for all, across all regions.
SMEs account for 99.7% of Quebec’s businesses and contribute to 50% of the province’s GDP.
Today’s announcement is part of a series of CED announcements that have been taking place since the start of February confirming a total of nearly $40 million in investments in over 20 innovative projects by Quebec businesses and organizations that will contribute to the economy of tomorrow. These are strategic investments in projects that will make it possible to reduce Canada’s environmental impact and foster a green, resilient economy.
CED is a key federal partner in Quebec’s regional economic development. With its 12 regional business offices, CED accompanies businesses, supporting organizations and all regions across Quebec into tomorrow’s economy.
SOURCE Canada Economic Development for Quebec Regions
For further information: Media Relations, Canada Economic Development for Quebec Regions, [email protected]; Ariane Joazard-Bélizaire, Press Secretary, Office of the Minister of Sport and Minister responsible for Canada Economic Development for Quebec [email protected]
TORONTO – Canada’s main stock index was higher in late-morning trading, helped by strength in energy stocks, while U.S. stock markets also moved up.
The S&P/TSX composite index was up 34.91 points at 23,736.98.
In New York, the Dow Jones industrial average was up 178.05 points at 41,800.13. The S&P 500 index was up 28.38 points at 5,661.47, while the Nasdaq composite was up 133.17 points at 17,725.30.
The Canadian dollar traded for 73.56 cents US compared with 73.57 cents US on Monday.
The November crude oil contract was up 68 cents at US$69.70 per barrel and the October natural gas contract was up three cents at US$2.40 per mmBTU.
The December gold contract was down US$7.80 at US$2,601.10 an ounce and the December copper contract was up a penny at US$4.28 a pound.
This report by The Canadian Press was first published Sept. 17, 2024.
OTTAWA – Canada’s inflation rate fell to two per cent last month, finally hitting the Bank of Canada’s target after a tumultuous battle with skyrocketing price growth.
The annual inflation rate fell from 2.5 per cent in July to reach the lowest level since February 2021.
Statistics Canada’s consumer price index report on Tuesday attributed the slowdown in part to lower gasoline prices.
Clothing and footwear prices also decreased on a month-over-month basis, marking the first decline in the month of August since 1971 as retailers offered larger discounts to entice shoppers amid slowing demand.
The Bank of Canada’s preferred core measures of inflation, which strip out volatility in prices, also edged down in August.
The marked slowdown in price growth last month was steeper than the 2.1 per cent annual increase forecasters were expecting ahead of Tuesday’s release and will likely spark speculation of a larger interest rate cut next month from the Bank of Canada.
“Inflation remains unthreatening and the Bank of Canada should now focus on trying to stimulate the economy and halting the upward climb in the unemployment rate,” wrote CIBC senior economist Andrew Grantham.
Benjamin Reitzes, managing director of Canadian rates and macro strategist at BMO, said Tuesday’s figures “tilt the scales” slightly in favour of more aggressive cuts, though he noted the Bank of Canada will have one more inflation reading before its October rate announcement.
“If we get another big downside surprise, calls for a 50 basis-point cut will only grow louder,” wrote Reitzes in a client note.
The central bank began rapidly hiking interest rates in March 2022 in response to runaway inflation, which peaked at a whopping 8.1 per cent that summer.
The central bank increased its key lending rate to five per cent and held it at that level until June 2024, when it delivered its first rate cut in four years.
A combination of recovered global supply chains and high interest rates have helped cool price growth in Canada and around the world.
Bank of Canada governor Tiff Macklem recently signalled that the central bank is ready to increase the size of its interest rate cuts, if inflation or the economy slow by more than expected.
Its key lending rate currently stands at 4.25 per cent.
CIBC is forecasting the central bank will cut its key rate by two percentage points between now and the middle of next year.
The U.S. Federal Reserve is also expected on Wednesday to deliver its first interest rate cut in four years.
This report by The Canadian Press was first published Sept. 17, 2024.
FREDERICTON – New Brunswick‘s finance minister says the province recorded a surplus of $500.8 million for the fiscal year that ended in March.
Ernie Steeves says the amount — more than 10 times higher than the province’s original $40.3-million budget projection for the 2023-24 fiscal year — was largely the result of a strong economy and population growth.
The report of a big surplus comes as the province prepares for an election campaign, which will officially start on Thursday and end with a vote on Oct. 21.
Steeves says growth of the surplus was fed by revenue from the Harmonized Sales Tax and federal money, especially for health-care funding.
Progressive Conservative Premier Blaine Higgs has promised to reduce the HST by two percentage points to 13 per cent if the party is elected to govern next month.
Meanwhile, the province’s net debt, according to the audited consolidated financial statements, has dropped from $12.3 billion in 2022-23 to $11.8 billion in the most recent fiscal year.
Liberal critic René Legacy says having a stronger balance sheet does not eliminate issues in health care, housing and education.
This report by The Canadian Press was first published Sept. 16, 2024.
