Fisherman’s Bar and Grill serves up traditional Haíɫzaqv foods like canned salmon and rice, alongside Canadian pub favourites. (Photo: Shearwater Facebook page)
With the purchase finalized, the Heiltsuk Tribal Council is adapting Shearwater’s business model, incorporating Haíɫzaqv traditions, stewardship values, and hospitality.
Jaimie Teagle, a Haíɫzaqv member, was recently hired as the Chief Operations Officer at Shearwater and is building on the work begun by Clifton, a council member who served as COO for the first year following the acquisition.
Drawing on her experience in business management and the support of her community, Teagle is working to create a new kind of tourism experience at Shearwater – one that highlights the strength of the Haíɫzaqv people and their intricate relationships with the lands, waters, and wildlife in their territory.
Through the summer and fall of 2022, Teagle and her team are working to launch new eco-cultural tourism packages, replacing the sport fishing offerings Shearwater was once known for, and attracting visitors who want a more authentic experience of the coast. In the short term, changing the way the resort conducts fishing is needed, as the community works to build a tourism model that can sustain the Haíɫzaqv way of life, and the ecosystems the community relies on.
We want to have visitors come to see us, be curious, have open minds, and talk to us about who we are as Haíɫzaqv.
“We’re sharing our story and welcoming visitors to our beautiful home on the central coast,” says Teagle. “And while they’re here, we’re making sure that every guest enjoys a good Haíɫzaqv hospitality experience.”
Through their eco-cultural tour packages, Shearwater guides will bring guests out on the water to view wildlife in a respectful way, and onto the land to learn about Haíɫzaqv history, hear from local storytellers, and see petroglyphs and pictographs in culturally-safe areas.
Through newly launched eco-cultural tours, Shearwater guides are bringing resort guests out on the land and water to view whales and bears, see ancient petroglyphs and pictographs, and learn about Haíɫzaqv people and stewardship traditions. (Photo: Shearwater Facebook page)
“[Clients are] interested in seeing whales, sea lions, killer whales, grizzly bears, and learning about the local areas,” says Brown. “There’s a lot of interest already [and we’re] making sure we find the people interested in that and making sure they come to us.”
Teagle and her team are working with BC Ferries, Indigenous Tourism BC, and other tourism agencies to attract visitors from British Columbia and Washington state, as well as travellers from further afield in North America and Europe.
“We want to have visitors come to see us, be curious, have open minds, and talk to us about who we are as Haíɫzaqv,” says Humchitt. “This place offers a connection that’s rooted in Haíɫzaqv [people and culture], and in the lands, waters, and animals in this territory.”
Prior to the COVID-19 pandemic, Indigenous tourism was the fastest-growing sector of the tourism industry, generating $705 million a year and employing more than 7,400 people, according to Indigenous Tourism BC.
With travellers eager to explore after two years of lockdowns and travel restrictions, Teagle has assembled a team to support the operation of the resort, marina, and all of the other businesses acquired through the Shearwater purchase, including an RV park and campground, fuel stations for boats and seaplanes, a shipyard and machine shop, a pub and restaurant, charter boats and water taxis, as well as a grocery store, liquor store, post office, laundromat, and hardware store. Importantly, the shops and lodgings at Shearwater are powered with renewable energy: 97 per cent of Denny Island’s electricity comes from the Ocean Falls hydropower facility.
“As we were putting the deal together, we were thinking about the number of jobs we could acquire and the training we could do to get people into positions [at Shearwater],” says Brown. Acquiring Shearwater and expanding its eco-cultural tourism programming created several job opportunities in hospitality, tourism, marine service, and in operations.
“I’m so happy with the team we have,” says Teagle. “We’re learning from long time Shearwater staff members that have seen the highs and lows that come with a tourism business, while creating opportunities for our community members to take that leap of faith and move into new roles.”
With so many Haíɫzaqv members and others coming to work on Denny Island, the Heiltsuk Tribal Council needed to increase housing options for staff. With financing through the Coast Funds economic development fund, the Tribal Council is looking into purchasing a floating accommodation barge which, once renovated, will provide safe, clean housing for staff members.
Shearwater now offers eco-cultural tours, giving guests an opportunity to learn from Haíɫzaqv guides. (Photo: Shearwater Facebook page)
To support community members in taking on these new roles, the Tribal Council is partnering with Vancouver Community College, Quadrant Marine Institute, and the Mid Coast First Nations Training Society to offer on-site training and a $2,000 stipend for Haíɫzaqv members who want to earn trades certifications and apply their skills to a career at Shearwater.
It’s much more than buying a company…it’s employment, it’s economy, it’s tourism through a Haíɫzaqv lens.
“Even if they don’t work at Shearwater, those skills can be used anywhere in the community,” says Teagle. Marine training will help community members who want to support the Nation’s Guardians, start their own businesses, or even to maintain their family’s boats.
Through their partnership with Vancouver Community College, the Haíɫzaqv are co-creating a Haíɫzaqv Culinary Arts course to share knowledge on gathering, harvesting, and traditional food preparation. It’s one example of how the programs are “community-led and community-based,” says Humchitt. Another benefit? By offering training at Shearwater, “members don’t have to leave [the territory] and can be home at night.”
Through these opportunities and partnerships, Humchitt says the Heiltsuk Tribal Council is helping to close the socio-economic gap in a safe way that welcomes community members, honours Haíɫzaqv traditions, and builds capacity for the community to succeed as a whole.
“Our community is super excited about this acquisition,” said Chief Councillor Slett at the celebration for the acquisition. “It’s much more than buying a company…it’s employment, it’s economy, it’s tourism through a Haíɫzaqv lens and helping to share our story.”
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.
