A not-for-profit association based in Nova Scotia says rural communities may need to take matters into their own hands if they want better internet service.
“You can’t count on private companies to step forward and do it,” said Terry Dalton, president and co-founder of a group called i-Valley, which describes itself as a movement to create “smart” communities.
The pandemic has highlighted deficiencies in internet service in many rural areas.
People who live in communities from Mispec to Titusville, all within 40 km east of Saint John, signed a petition that was presented to the legislature in recent days asking for fibre optic internet.
“There’s high demand for teachers, students and the general workforce to be able to work from home,” said Hampton MLA Gary Crossman, when he introduced the petition.
“The current internet service is not sufficient to be able to support these residents at this time.”
Crossman said he had added his name to the petition’s 642 other signatures.
The Canadian Internet Registration Authority provides this map of internet performance in New Brunswick. The Red areas represent unserviced areas, the blue areas have high-speed service. (CIRA)
Big telecom companies usually aren’t interested in building new broadband or wireless infrastructure in sparsely populated areas, said Dalton.
“And you can’t blame them.”
“They are a private company trying to make money.”
Shareholders are looking for investments that offer returns within three to five years, said Dalton.
“If you take a long term view — no different than a road or a water project of any flavour — then you can do it with a good return to the community in a 10, 20, 30-year period.”
Dalton said in most cases municipalities have the financial means to go it alone.
Terry Dalton is the president and co-founder of i-Valley (The Valley Regional Enterprise Network)
Once their fibre optic network is built, they can rent it out to service providers.
That’s the kind of project Dalton’s association has been working on in the municipality of Pictou County in Nova Scotia.
The municipality approved $11 million in funding earlier this year, according to its website, for the first phase of a project to set up high-speed internet in four small communities.
“The Municipality of Pictou County wants to become the first rural community in Canada to create its own high-speed network, which will generate funds for the municipality.”
It’s aiming to enable 1GB download speed for fibre connections and meet the requirements for wireless.
i-Valley says part of its role is to try to win government funding, although Pictou says it has had trouble getting any from the Nova Scotia government.
The banner photo from the Municipality of Pictou County’s rural internet project webpage. (Municipality of Pictou County)
A consortium led by Nova Communications was chosen to perform the engineering planning and network construction for Pictou.
Dalton said i-Valley works with eight different companies on aspects including design and GIS mapping.
i-Valley is looking to work with some New Brunswick communities too, including Belledune.
The village received a “cold call” from Nova Communications about it, said CAO Landen Lee.
Lee acknowledged that some parts of the village are still on dial-up, and residents have on occasion approached council asking whether anything could be done about it.
He said village council has just begun to look at the proposal.
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.
