British Columbians can expect cooler and wetter conditions in June, which means the fire hazard is anticipated to remain low through the early summer, as shown in the BC Wildfire Service’s latest seasonal outlook.
Despite this, there are several key regions demonstrating drier-than-normal patterns, including southern Cariboo, Thompson-Okanagan and Rocky Mountain Trench. These regions will be monitored closely. The longer-range forecast indicates a shift to above seasonal temperatures for late July and August, which may bring an increased wildfire hazard.
To support wildfire prevention, preparedness and resilient communities, Budget 2022 provided $359 million in new funding to protect British Columbians from wildfires.
This is the largest investment in the history of the wildfire service and is helping transform the organization into a year-round service and shift from its current reactive model to a more proactive approach. This includes $145 million to strengthen the BC Wildfire Service and Emergency Management BC. This will enable the BC Wildfire Service to focus on all four pillars of wildfire management: prevention and mitigation; preparedness; response; and recovery.
“Last year’s devastating fire season highlighted the importance of wildfire prevention for B.C. communities and, as we saw first-hand in Logan Lake, how it can make a real difference for people’s lives,” said Katrine Conroy, Minister of Forests. “That’s why our government is more than doubling the funding available for wildfire prevention activities like FireSmart and making historic investments to transform BC Wildfire Service into a year-round, more proactive service.”
As much as $90 million in new Community Resiliency Investment program funding will also be provided to local governments and First Nations to increase wildfire protection by undertaking community-based FireSmart activities over the next three years. Since the Community Resiliency Investment program was established in 2018, 488 grants to local governments and First Nations have been approved totalling more than $50 million.
“First Nations’ Emergency Services Society of B.C. is looking forward to the opportunity to continue serving First Nation communities in B.C., working with our program partners to deliver FireSmart community funding and supports,” said Quentin Nelson, mitigation manager, First Nations’ Emergency Services Society. “These programs increase community resiliency, reduce risk from wildfire, and build capacity to support these initiatives.”
The Union of B.C. Municipalities (UBCM) administers the FireSmart Community Funding and Supports program. It processes grant applications in partnership with the Ministry of Forests and the First Nations’ Emergency Services Society of B.C. Eligible applicants facing a lower wildfire risk can apply for as much as $50,000, while applicants facing a demonstrated higher wildfire risk can apply for up to $150,000. Communities can apply for funding to cover up to 100% of the cost of their wildfire risk reduction projects.
“UBCM members have called on the Provincial government for many years to support wildfire risk reduction activities in and around their communities,” said Laurey-Anne Roodenburg, president, UBCM. “The additional $90 million will allow communities to continue their efforts to reduce wildfire risk and increase local resiliency, and we are very happy to see the Province further its commitment to supporting local and Indigenous governments.”
Funding of $98 million over three years is also provided to fund wildfire prevention work and projects and maintain forest service roads, and more than $26 million in capital funding has been provided to increase capacity, address maintenance needs, and equip firebases for future wildfire seasons.
The Province has provided ongoing funding to the First Nations’ Emergency Services Society of B.C. to support the inclusion of Traditional Knowledge, which led directly to the initiation of a Cultural and Prescribed Fire initiative. Working in partnership with First Nations to expand the use of cultural and prescribed burning is critical to mitigating the risk of wildfires. Integrating traditional practices and cultural uses of fire into wildfire prevention and supporting the reintroduction of strategized burning is also a commitment of the Declaration on the Rights of Indigenous Peoples Act Action Plan.
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.
