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Council supports push for more investment in broadband – Belleville Intelligencer

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Belleville city council has added its voice to a growing group of municipalities pushing for further action on increasing broadband internet in rural Ontario.
FILE PHOTO


Luke Hendry

Belleville city council has strongly supported a letter from the Township of Amour calling for governments to make a substantial investment in high-speed internet connectivity in rural areas of Ontario.

“The letter we received from Armour Township and Coun. Roy Ward summarizes the difficulties of people in rural areas have with poor connectivity and they say, and I agree, ‘high speed connectivity cannot be seen as a luxury or nice to have anymore than hydro should be’. The wise investment is providing connectivity for every resident in the province, and with the increased demand on internet and so many people using the internet and working from home it must make it very difficult in the rural areas and it can’t get anything but worse, so I’m asking that we support this motion,” said Coun. Pat Culhane.

Thurlow Ward Councillors Paul Carr and Bill Sandison both supported the proposal, noting they have been advocating for improved service in their rural area of Belleville.

“High speed internet in rural sections of Ontario has been a screaming need for at least a decade and over the course of the last year-and-a-half, maybe even two years, we’ve had federal announcements of money, we’ve had provincial announcements of money, we most recently had the Eastern Ontario Regional Network take on the procurement of expanding internet in the rural Ontario, and specifically in our region,” said Sandison.

However, Sandison said the deployment schedule for the monies that have already been committed is needed. He said a schedule, rather than just discussion of funds, would indicate progress.

“This has been a message to the feds and the province for the last 10 to 15 years, and it seems to be no better today then it was in 2008,” said Coun. Sean Kelly.

Carr said the issue has been one for many years and recalled meeting with former MP Mike Bossio on Parliament Hill in early 2018 as well as a Connect to Innovate announcement the same year in Corbyville.

“We were told at that announcement that as far as rural Belleville goes and even rural Hastings County goes, and even rural Eastern Ontario goes that this would be the solution, and interestingly enough, the one thing that we don’t see is the timeline and we don’t see the deliverables,” Carr said.

Carr noted while he supported the motion wholeheartedly, “the more we pile on the better, but perhaps the mayor could send a letter to the Member of Parliament to get a timeline on some of these things. The announcements are great, and that Connect to Innovate announcement was supposed to solve all our broadband issues in Eastern Ontario and certainly in Belleville we would have high speed internet right to our northern border, and that hasn’t been the case, and I don’t even know how much work has been done.”

“The money has been promised, but it has not flowed yet because in our system of government we have to have contracts signed, you have to have RFPs released before the money gets released by those federal and provincial governments,” said Mayor Mitch Panciuk. “Successive governments have promised and have in some cases re-promised monies, meanwhile the Eastern Ontario Regional Network has been doing all the prep work and figuring out what the game plan is, and right now there is an RFP out for the installation of these towers and once that is received and a decision is made to award the contract only then will some of those funds move forward.”

Panciuk he has been told the project will be completed by 2025.

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Economy

S&P/TSX composite down more than 200 points, U.S. stock markets also fall

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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.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

The Canadian Press. All rights reserved.

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Economy

S&P/TSX composite up more than 150 points, U.S. stock markets also higher

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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.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

The Canadian Press. All rights reserved.

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Investment

Crypto Market Bloodbath Amid Broader Economic Concerns

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Breaking Business News Canada

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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