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B.C. welcomes back its outdoor events economy – Business in Vancouver

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Powell Street Festival Society executive director Emiko Morita with Daruma, the unofficial mascot of the festival, which is set to return after a forced two-year absence because of the global pandemic  | Chung Chow

After a two-year pandemic-driven hiatus for large public gatherings, organizers for Vancouver’s top cultural festivals are crossing their fingers as summer approaches with the promise of a return of pre-COVID crowds.

For TaiwanFest, Bard on the Beach and some of the city’s other major cultural festivals, the responses from organizers about the return to traditional gatherings, parades and crowds are unsurprisingly upbeat.

“I would say cautious relief and irrepressible excitement,” said Emiko Morita, Powell Street Festival Society executive director, with her words followed by a quick laugh revealing a sense of anticipation shared by other festival organizers.

For Vancouver Pride Society executive director Lee Keple, the anticipation is doubled because her organization had to scrap its Winter Pride – originally scheduled two months ago in February – at the last minute because of changing health regulations.

“We had hoped we would be out of the pandemic this spring and had a whole bunch of great programming,” Keple said. “And then, at the 11th hour, we had to let that go because we had to adhere to the public health orders. It was demoralizing for the staff … So believe you me, we are all as excited as the rest of Vancouver.

“Pride is back.”

As of now, all four of the aforementioned festival are planning for a return to full in-person festivals after two years of “hybrid programming” using online platforms and smaller exhibits that did not attract crowds to a single location.

Bard on the Beach, the outdoor Shakespearean theatre festival, will launch first with the opening of its BMO Mainstage on June 8 for its presentation of A Midsummer Night’s Dream at Vanier Park. Romeo and Juliet is scheduled to start Aug. 3, and an Othello-inspired play, Harlem Duet, will run June 15 to July 17.

Pride, Vancouver’s iconic parade and festival celebrating the LGBTQ+ community, and Powell Street – one of the longest-running Canadian festivals celebrating the Japanese Canadian community – will fall on the same weekend this year.

Powell Street Festival will take place on July 30 and 31 at Oppenheimer Park (and the historic Japanese Canadian neighbourhood of Paueru Gai), while the Pride Parade will wind along Robson and Denman streets before ending at its Sunset Beach festival site on July 31.

TaiwanFest – one of Vancouver’s biggest street festivals with a theme surrounding Taiwanese food and culture – has not announced its official dates. But the festival historically takes place downtown on Granville Street and at the Vancouver Art Gallery plaza on Labour Day weekend (slated for Sept. 3-5 this year).

For TaiwanFest lead organizer Charlie Wu, while the last two years have been trying, the festival has learned how to leverage online platforms to reach new audiences – something TaiwanFest will continue this year with its “Conversation with Indonesia/Malaysia” theme and in subsequent years as the festival expands its scope by engaging with cultures around the world, starting with the Netherlands in 2023.

“We’re definitely very happy that we can go back to the in-person format,” said Wu, managing director at the Asian Canadian Special Events Association. “And for the past couple of years, we also have an opportunity to kind of revisit some of the things that we weren’t able to kind of evaluate, because we only had one year to prepare for any new thing.

“What we’re going to be doing is to be able to do both in-person and online; we will create programming where people that come could have a great time. And then, for the people that didn’t come, they still will be impacted by what the festival was.”

For Bard on the Beach executive director Claire Sakaki, the financial implications of the return of crowds is as critical as the social/cultural impact of Vancouver’s return to normalcy this summer.

“Oh, my gosh, it is an understatement to say we are excited,” Sakaki said. “We are so thrilled to be back in the park this summer. Our business model is such that we rely very heavily on ticket sales: two-thirds of our almost $9 million budget comes from ticket sales. So you can imagine the financial difficulty we face when we can’t produce the season … and it’s vitally important we get back to live theatre and in-person programming.”

She noted that Bard has been lucky. A combination of government and community pandemic funding, along with running programs online (including the festival’s first feature film) meant the group was able to keep its entire year-round team of 26 staff members employed through the two years without live theatre revenue.

But officials added that the pandemic interruption of the live-attendance economy “shone a light on the need to protect the livelihoods of people at the core” of industries like theatre that depend on seasonal, gate-driven interactions.

And it isn’t just about the financial bottom-line, Sakaki said, it’s about the intrinsic nature of what live performance is.

“We have all been creating art and important work over the last two years, but they’ve all been digital,” she said. “One of the things that is the most exciting … is the fact we are bringing people back together, to experience it live and to experience a live audience.”

Pride’s Keple agreed.

She said the “Together Again” theme of this year’s Pride Parade will reflect the same notion of cherishing the return of gathering with others.

“That was the rallying call. We asked folks for their ideas for this year, and we got a lot of different suggestions, but they were really all variants on this theme: We get to be together. We are still finalizing some of our activities and events, but they’re all very much about ways for us to come together and enjoy each other’s company in some structured and unstructured ways.”

 Keple added that attendance is expected to be strong, as pent-up demand for people to attend festivals can already be seen in other ticketed events like sports games and concerts.

Similarly, Powell Street Festival’s Morita said she is optimistic about the attendance this year based on the seeing the turnout at other events so far in the spring.

She added that, while the festival focuses on the Japanese Canadian community returning to its historic neighbourhood on Powell Street, the importance of the festival as a catalyst to bring economic and social benefit to the Downtown Eastside – one of the areas hardest hit by the pandemic economy in Metro Vancouver – is not lost on organizers.

“Yes, when we gather there, it’s a return to the historic Japanese Canadian community,” Morita said. “But when we arrive, we are arriving as guests … and one of the special things about Powell Street Festival is how the Japanese Canadian community at-large joins shoulder to shoulder with Downtown Eastside residents to stage the festival. It’s a magical ingredient, and I think this year will be particularly emotional to have that physical coming-together.

“This will be an opportunity for people to come together and really, really celebrate the resilience that everybody has demonstrated over the last trying while.” •

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Energy stocks help lift S&P/TSX composite, U.S. stock markets also up

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TORONTO – Canada’s main stock index was higher in late-morning trading, helped by strength in energy stocks, while U.S. stock markets also moved up.

The S&P/TSX composite index was up 34.91 points at 23,736.98.

In New York, the Dow Jones industrial average was up 178.05 points at 41,800.13. The S&P 500 index was up 28.38 points at 5,661.47, while the Nasdaq composite was up 133.17 points at 17,725.30.

The Canadian dollar traded for 73.56 cents US compared with 73.57 cents US on Monday.

The November crude oil contract was up 68 cents at US$69.70 per barrel and the October natural gas contract was up three cents at US$2.40 per mmBTU.

The December gold contract was down US$7.80 at US$2,601.10 an ounce and the December copper contract was up a penny at US$4.28 a pound.

This report by The Canadian Press was first published Sept. 17, 2024.

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

The Canadian Press. All rights reserved.

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Canada’s inflation rate hits 2% target, reaches lowest level in more than three years

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OTTAWA – Canada’s inflation rate fell to two per cent last month, finally hitting the Bank of Canada’s target after a tumultuous battle with skyrocketing price growth.

The annual inflation rate fell from 2.5 per cent in July to reach the lowest level since February 2021.

Statistics Canada’s consumer price index report on Tuesday attributed the slowdown in part to lower gasoline prices.

Clothing and footwear prices also decreased on a month-over-month basis, marking the first decline in the month of August since 1971 as retailers offered larger discounts to entice shoppers amid slowing demand.

The Bank of Canada’s preferred core measures of inflation, which strip out volatility in prices, also edged down in August.

The marked slowdown in price growth last month was steeper than the 2.1 per cent annual increase forecasters were expecting ahead of Tuesday’s release and will likely spark speculation of a larger interest rate cut next month from the Bank of Canada.

“Inflation remains unthreatening and the Bank of Canada should now focus on trying to stimulate the economy and halting the upward climb in the unemployment rate,” wrote CIBC senior economist Andrew Grantham.

Benjamin Reitzes, managing director of Canadian rates and macro strategist at BMO, said Tuesday’s figures “tilt the scales” slightly in favour of more aggressive cuts, though he noted the Bank of Canada will have one more inflation reading before its October rate announcement.

“If we get another big downside surprise, calls for a 50 basis-point cut will only grow louder,” wrote Reitzes in a client note.

The central bank began rapidly hiking interest rates in March 2022 in response to runaway inflation, which peaked at a whopping 8.1 per cent that summer.

The central bank increased its key lending rate to five per cent and held it at that level until June 2024, when it delivered its first rate cut in four years.

A combination of recovered global supply chains and high interest rates have helped cool price growth in Canada and around the world.

Bank of Canada governor Tiff Macklem recently signalled that the central bank is ready to increase the size of its interest rate cuts, if inflation or the economy slow by more than expected.

Its key lending rate currently stands at 4.25 per cent.

CIBC is forecasting the central bank will cut its key rate by two percentage points between now and the middle of next year.

The U.S. Federal Reserve is also expected on Wednesday to deliver its first interest rate cut in four years.

This report by The Canadian Press was first published Sept. 17, 2024.

The Canadian Press. All rights reserved.

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Federal money and sales taxes help pump up New Brunswick budget surplus

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FREDERICTON – New Brunswick‘s finance minister says the province recorded a surplus of $500.8 million for the fiscal year that ended in March.

Ernie Steeves says the amount — more than 10 times higher than the province’s original $40.3-million budget projection for the 2023-24 fiscal year — was largely the result of a strong economy and population growth.

The report of a big surplus comes as the province prepares for an election campaign, which will officially start on Thursday and end with a vote on Oct. 21.

Steeves says growth of the surplus was fed by revenue from the Harmonized Sales Tax and federal money, especially for health-care funding.

Progressive Conservative Premier Blaine Higgs has promised to reduce the HST by two percentage points to 13 per cent if the party is elected to govern next month.

Meanwhile, the province’s net debt, according to the audited consolidated financial statements, has dropped from $12.3 billion in 2022-23 to $11.8 billion in the most recent fiscal year.

Liberal critic René Legacy says having a stronger balance sheet does not eliminate issues in health care, housing and education.

This report by The Canadian Press was first published Sept. 16, 2024.

The Canadian Press. All rights reserved.

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