A film production company called North Star Studios has acquired a property in North Bay’s West Ferris industrial park that will house the region’s largest film and studio space.
The company’s president said its $26-million investment will create a foothold for the local film and television industry for years to come.
Mitch Ouimette said when looking at the facilities and services to be provided to production teams “there is no place that is going to match what is going to come out of North Bay. This city will become the desire of Toronto; we’re going to aim to compete with the likes of Atlanta and the likes of London. Toronto will become a passing thought by the time we’re done building our infrastructure here.”
The initial construction will see five film and television stages take up 68,000 of the 100,000 square feet available in the former Epiroc building on Ferris Drive.
The facility will also include office space for the production companies to use. The project will immediately create 25 to 30 permanent positions, plus associated construction jobs.
“We’ve become the victim of our own success before we can even open the door and take the [Epiroc] name off,” said Ouimette. “We already have to start looking at expansion.”
Canadore College will continue to provide trained individuals to support the television and film industry.
Canadore president George Burton said the college is pleased that North Star Studios is establishing a presence in North Bay. The school looks forward to developing a relationship with the studio and production companies to meet their needs and provide training and mentorship opportunities for students.
North Star has also struck a 24-month, $150-million film and television production deal with an ORWO Family production company that it estimates will result in $60 million in direct spending into the local economy and the potential to eventually create up to 1,000 new full-time jobs.
According to ORWO Family vice-chairman Jake SeaI, one of the draws to North Bay for his United Kingdom-based company was the strong, decade-long relationship with Burton and Canadore — and the various tax benefits to filming in Northern Ontario.
Several times Seal credited the geographical beauty of the local area as desirable for filming productions that require a seasonal touch of weather.
“I love it. There is such a wide range of backgrounds,” he said.
“It is so beautiful and simple and pure. That’s something that can’t be underestimated. You go to certain popular film jurisdictions and they don’t have that sort of geography, and yet, you drive three hours north of Toronto, and as soon as you’re out of that traffic, it’s beautiful the whole way, like a picture-perfect postcard. That’s what we call production value in the business and that’s what we want to put on screen.”
“This is stage one of a multi-stage process that will see a lot of new facilities in town,” Ouimette advised.
North Star plans to expand its studio footprint in North Bay by adding 500,000 square feet of support space over the next five to seven years.
“This isn’t a pipe dream down the road,” said Ouimette. “The first production will start here this summer. We’ve got a full slate already planned out until the end of the year, and next year is already planned out, as well.”
Seal would only tease this summer’s production as featuring “two well-known actors, a male and a female.” Stay tuned.
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.
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