“Songhees Nation is pleased to support the much-needed improvements to the Royal BC Museum, which sits in our traditional homelands, unceded Lekwungen Territory, alongside the Province of British Columbia. Not only will the new site provide additional exhibit and learning space, it will create more job and economic opportunities for our people and add to the growing tourist attractions in the provincial capital. We thank the Province for its support for these exciting enhancements, and we look forward to seeing the completed work that will draw many visitors and guests to the region.”
Chief Rob Thomas, Esquimalt Nation –
“The Lekwungen people are excited to rebuild our presence in the inner harbour with this extraordinary project. We have a strong partnership with the Province and RBCM, and together we will design and build a remarkable landmark that will represent our shared history and promising future.”
Murray Rankin, Minister of Indigenous Relations and Reconciliation –
“Today’s commitment to modernize the Royal BC Museum in partnership with the Lekwungen people is a meaningful and pivotal moment in our history. For the first time, in the Royal BC Museum we will be telling our province’s authentic history in a way that includes, from the beginning, the consultation and participation of Indigenous Peoples. This is what reconciliation can look like and it represents an opportunity to reset the relationship between the museum and Indigenous communities throughout B.C.”
Brenda Baptiste, chair, Indigenous Tourism BC –
“Indigenous Tourism BC welcomes a new Royal BC Museum in a time of change, truth and reconciliation. Resetting the relationship between the Royal BC Museum and Indigenous Peoples in B.C. is an important step in having the Indigenous voices write and create our own narratives, exhibitions and learning programs. We all have a responsibility for a new approach to learn about and share the stories, know the history and the living, resilient Indigenous cultures, languages and people in B.C. The Declaration on the Rights of Indigenous Peoples Act allows us to move forward with intention, and the resetting of the Royal BC Museum function is a key change to systems and status quo. This will be a place of learning and will provide lifelong impacts through storytelling for locals and visitors. There is a dark past for Indigenous Peoples in B.C. and there is an incredibly rich and diverse history in B.C., and these stories need to be told.”
Ryan Hunt, executive director, BC Museums Association –
“The BC Museums Association commends the Province of British Columbia for investing in the modernization of the Royal BC Museum and helping to ensure that visitors and British Columbians alike have world-class access to innovative and thought-provoking arts, culture and heritage experiences. Strong museums build vibrant communities, and we urge the Province of B.C. to ensure that all museums, galleries and heritage sites across the province have the resources they need to thrive.”
Grace Lore, MLA Victoria-Beacon Hill –
“It is a great honour to represent Victoria-Beacon Hill during this exciting time – to be part of creating a true and lasting bond with the Lekwungen people of the Songhees and Esquimalt Nations and to welcome a new, modernized museum into this community. It’s an immense privilege to have a world-class museum as one of the gems in our inner harbour. Now the rest of B.C. will have greater access to even more treasures, stories and educational opportunities from the Royal BC Museum – treasures and history accessible to everyone.”
Richard Porges, president and CEO, Destination British Columbia –
“The Royal BC Museum has long been a signature attraction in British Columbia, appealing to locals and visitors alike. Now more than ever, travellers are looking to connect on a deeper level with the places they visit, actively seeking opportunities to learn and further reflect on the history, the nature and the people that are the fabric of a destination. While B.C. vies for visitors in an increasingly competitive travel marketplace, attractions like the new Royal BC Museum will help us to compete fiercely on the global stage.”
Carole James, board member, Royal BC Museum and former B.C. minister of finance –
“Growing up in Victoria, as a parent and as a grandparent, the museum has always played a large role in my life. I have seen first-hand the ability museums have to unite, to build bridges, to teach, to feed curiosity and to ignite imaginations! This great provincial commitment will open the doors to more British Columbians and is a major investment for generations to come.”
Paul Nursey, president and CEO, Destination Greater Victoria –
“The Royal BC Museum has been and will continue to be a vital and essential demand driver for the visitor economy in Greater Victoria. At Destination Greater Victoria, we are excited about this significant capital investment downtown on the inner harbour in the heart of the capital city. We believe this investment will elevate the Royal BC Museum experience to become globally competitive. We also acknowledge the years ahead during construction will have challenges to overcome, but we are also hopeful that the strategy that Royal BC Museum has put in place will help to mitigate these temporary impacts. We are a forward-looking city and organization, and we look forward to what is to come.”
Kris Foulds, curator, The Reach –
“RBCM travelling exhibitions allow local museums like The Reach to draw on resources outside our own collections and resources and give community museum curators opportunities to present a broader view of significant historical themes. I believe travelling exhibitions are the best way for the RBCM to meet its mandate of enhanced accessibility and access to its collections, exhibitions and educational programs by situating them throughout the provincial community it serves.”
Jasmine Marshal, exhibitions, Kelowna Museums –
“The travelling exhibits from the Royal BC Museum have allowed us to share stories with our community that deepen their personal connections to the place they call home, their own histories, and to learn about both the struggles and successes of people around them.”
Alison Pascal, Squamish Lil’wat –
“Bringing the Our Living Languages exhibit in has been a huge success at the Squamish Lil’wat Cultural Centre. We’re the place in Whistler to come and learn about Indigenous Peoples and the truth and reconciliation process. We’ve had many local Sea to Sky residents visit us, along with the increasing international visitors. It’s extremely impactful to hear all the languages and learn of the work to keep them alive.”
Walt Judas, CEO, Tourism Industry Association of British Columbia –
“The Royal BC Museum has been an iconic tourism fixture in B.C. for decades, attracting visitors from all over the world. The new Royal BC Museum is poised to be an incredible attraction that draws all those people back again – and more – to experience B.C.’s whole history and make lifelong connections with our province. This is a legacy to First Nations, and indeed to all British Columbians, as well as to all those seeking a unique and meaningful visitor experience in B.C.”
Ingrid Jarrett, president and CEO, BC Hotel Association –
“Museums hold a unique power to reflect and shape our society, addressing key social issues to transform how we see the future. B.C. has a distinct and often painful history. To have a space that is a true reflection of the incredible complexity of B.C.’s landscape and its people will be foundational to education and growth, while also being a key economic driver for our hospitality and tourism community. A world-class museum that is inclusive of all British Columbians will keep B.C.’s tourism industry competitive, promoting exploration across our province.”
Grace Wong, chair, Chinese Canadian Museum –
“A new, inclusive Royal BC Museum representing all people who contributed to building this province is a magnificent step in recognizing diversity, giving the people of B.C. and all its visitors a meaningful experience to enrich their own lives. The Chinese Canadian Museum was established to share the history, culture and living heritage of Chinese Canadians and we look forward to working closely with the new RBCM.”
Lisa Helps, mayor, Victoria –
“This is a tremendously exciting day for the City of Victoria. The Royal BC Museum is a key institution in the cultural landscape of Victoria as the capital city. The significant investment the Province is making to build a new museum and the reconciliation-based approach they are taking to this project will ensure that the diversity of experiences that make up British Columbia’s history will be foregrounded and that the First Peoples of the province will be held up and honoured throughout this exciting redevelopment project.”
Rob Martin, mayor, Colwood –
“The investment by the provincial government into a modernized museum with a new Collections and Research Building in Colwood will play a vital role in deepening our understanding of B.C.’s full history. Together, these new buildings will bring people together, enhance cultural awareness, foster lifelong learning and reinforce the importance of environmental stewardship. It’s exciting to see the Province’s commitment to these shared goals, and we’re excited to see the museum continue to play an important role in enriching the lives of residents and visitors.”
Wendy King, vice-chair, Royal BC Museum board –
“The Royal BC Museum has long been recognized worldwide as an innovative, thought-leading institution offering visitors immersive experiences, thought-provoking exhibitions and inspirational programs. As the museum expands beyond the walls of the building and out into the province, there will be greater opportunities for British Columbians to access these resources and to share and learn more about their own stories. These initiatives increase inclusivity which, along with a new sustainable state-of-the art, world-class museum building and new collections and research building, is a truly progressive new era for our much-loved provincial museum.”
TORONTO – Canada’s main stock index was down more than 200 points in late-morning trading, weighed down by losses in the technology, base metal and energy sectors, while U.S. stock markets also fell.
The S&P/TSX composite index was down 239.24 points at 22,749.04.
In New York, the Dow Jones industrial average was down 312.36 points at 40,443.39. The S&P 500 index was down 80.94 points at 5,422.47, while the Nasdaq composite was down 380.17 points at 16,747.49.
The Canadian dollar traded for 73.80 cents US compared with 74.00 cents US on Thursday.
The October crude oil contract was down US$1.07 at US$68.08 per barrel and the October natural gas contract was up less than a penny at US$2.26 per mmBTU.
The December gold contract was down US$2.10 at US$2,541.00 an ounce and the December copper contract was down four cents at US$4.10 a pound.
This report by The Canadian Press was first published Sept. 6, 2024.
TORONTO – Canada’s main stock index was up more than 150 points in late-morning trading, helped by strength in technology, financial and energy stocks, while U.S. stock markets also pushed higher.
The S&P/TSX composite index was up 171.41 points at 23,298.39.
In New York, the Dow Jones industrial average was up 278.37 points at 41,369.79. The S&P 500 index was up 38.17 points at 5,630.35, while the Nasdaq composite was up 177.15 points at 17,733.18.
The Canadian dollar traded for 74.19 cents US compared with 74.23 cents US on Wednesday.
The October crude oil contract was up US$1.75 at US$76.27 per barrel and the October natural gas contract was up less than a penny at US$2.10 per mmBTU.
The December gold contract was up US$18.70 at US$2,556.50 an ounce and the December copper contract was down less than a penny at US$4.22 a pound.
This report by The Canadian Press was first published Aug. 29, 2024.
The crypto market has recently experienced a significant downturn, mirroring broader risk asset sell-offs. Over the past week, Bitcoin’s price dropped by 24%, reaching $53,000, while Ethereum plummeted nearly a third to $2,340. Major altcoins also suffered, with Cardano down 27.7%, Solana 36.2%, Dogecoin 34.6%, XRP 23.1%, Shiba Inu 30.1%, and BNB 25.7%.
The severe downturn in the crypto market appears to be part of a broader flight to safety, triggered by disappointing economic data. A worse-than-expected unemployment report on Friday marked the beginning of a technical recession, as defined by the Sahm Rule. This rule identifies a recession when the three-month average unemployment rate rises by at least half a percentage point from its lowest point in the past year.
Friday’s figures met this threshold, signaling an abrupt economic downshift. Consequently, investors sought safer assets, leading to declines in major stock indices: the S&P 500 dropped 2%, the Nasdaq 2.5%, and the Dow 1.5%. This trend continued into Monday with further sell-offs overseas.
The crypto market’s rapid decline raises questions about its role as either a speculative asset or a hedge against inflation and recession. Despite hopes that crypto could act as a risk hedge, the recent crash suggests it remains a speculative investment.
Since the downturn, the crypto market has seen its largest three-day sell-off in nearly a year, losing over $500 billion in market value. According to CoinGlass data, this bloodbath wiped out more than $1 billion in leveraged positions within the last 24 hours, including $365 million in Bitcoin and $348 million in Ether.
Khushboo Khullar of Lightning Ventures, speaking to Bloomberg, argued that the crypto sell-off is part of a broader liquidity panic as traders rush to cover margin calls. Khullar views this as a temporary sell-off, presenting a potential buying opportunity.
Josh Gilbert, an eToro market analyst, supports Khullar’s perspective, suggesting that the expected Federal Reserve rate cuts could benefit crypto assets. “Crypto assets have sold off, but many investors will see an opportunity. We see Federal Reserve rate cuts, which are now likely to come sharper than expected, as hugely positive for crypto assets,” Gilbert told Coindesk.
Despite the recent volatility, crypto continues to make strides toward mainstream acceptance. Notably, Morgan Stanley will allow its advisors to offer Bitcoin ETFs starting Wednesday. This follows more than half a year after the introduction of the first Bitcoin ETF. The investment bank will enable over 15,000 of its financial advisors to sell BlackRock’s IBIT and Fidelity’s FBTC. This move is seen as a significant step toward the “mainstreamization” of crypto, given the lengthy regulatory and company processes in major investment banks.
The recent crypto market downturn highlights its volatility and the broader economic concerns affecting all risk assets. While some analysts see the current situation as a temporary sell-off and a buying opportunity, others caution against the speculative nature of crypto. As the market evolves, its role as a mainstream alternative asset continues to grow, marked by increasing institutional acceptance and new investment opportunities.
