Supporting Canada’s economic recovery by providing in-demand tech skills to Canadians
Vancouver, British Columbia [January 28, 2021] – Canada’s Digital Technology Supercluster (‘Digital Supercluster’) is proud to announce its largest investment to date in developing in-demand digital talent through its Capacity Building Program. The Canadian Tech Talent Accelerator project is a total investment of $8.7 million, with $7.3 million invested by industry and other partners and $1.4 million of co-investment by the Government of Canada’s Innovation, Science and Industry through the Digital Supercluster. This project supports Canada’s future by providing in-demand technology skills to young Canadians underrepresented in our economy, preparing them for the digital workforce and supporting Canada’s economic recovery.
NPower Canada is collaborating with Microsoft Canada and Blueprint to launch the Canadian Tech Talent Accelerator: a 15-week online skills training and job placement program that will equip 2,500 underrepresented youth (18 to 29 years old) for in-demand digital careers across Canada. This project also further supports the scaling of NPower Canada as a pan-Canadian workforce development initiative, expanding to British Columbia in mid-2021 while growing its impact in Calgary, Halifax and the Greater Toronto Area.
The COVID-19 pandemic has dramatically altered Canada’s economy and labour market. The increase in the need for digital skills has widened the ‘digital divide’ and skills gap, contributing to higher unemployment – especially for more vulnerable Canadians. In response, through this project, the Digital Supercluster is making a strategic investment in re-skilling Canada’s workforce. “By partnering with industry players like Microsoft we better understand the challenges they face in identifying skilled talent as we continue to drive technology adoption across our economy. Through this project we continue to support scaling digital companies and saving and creating jobs for all Canadians” said Sue Paish, CEO of Canada’s Digital Technology Supercluster.
“The pandemic has accelerated the world’s digital transformation creating an even greater need for people to learn new skills”, said Microsoft President Brad Smith. “We are committed to providing tools and resources to ensure those currently in the workforce, jobseekers and future leaders have the opportunity to acquire in-demand digital skills. Our collaboration with the Digital Technology Supercluster and NPower Canada will help ensure Canadians, particularly those in underserved communities, have access to these opportunities.”
This project also follows the launch of the Government of Canada’s 50-30 Challenge, focused on increasing representation and inclusion of diverse groups in the workplace, and a $1.5 billion investment in the Workforce Development Agreements that will help Canadians in underrepresented groups quickly access supports to re-enter the workforce. “Canada’s Digital Technology Supercluster is taking action to foster a digital-savvy workforce through the Canadian Tech Talent Accelerator. This project is designed to deliver digital job training to underrepresented communities across Canada. This innovative approach will ensure a wider range of Canadians have the necessary skills to match the demands of our growing digital economy,” says the Honourable François-Philippe Champagne, Minister of Innovation, Science and Industry.
The project’s curriculum will adapt to employer’s skill requirements and once completed, students will earn industry certification and receive support to find a technology position.
“This program aligns with the work being done under B.C.’s Economic Recovery Plan to ensure that British Columbians have every opportunity to get good jobs,” said Ravi Kahlon, Minister of Jobs, Economic Recovery and Innovation, Government of British Columbia. “Connecting youth to programs that will prepare them for future work is vital. This training provides a platform for young people to gain the skills and confidence needed to participate in our digital economy.”
More information about the project can be found here. Information about the Capacity Building Program can be found here.
Media Inquiries: For more information, please contact Elysa Darling at [email protected] or 587-890-9833. For media assets, click here. Interview opportunities with Sue Paish, CEO, Digital Technology Supercluster, are available upon request.
About Digital Technology Supercluster:
The Digital Technology Supercluster solves some of industry and society’s biggest problems through Canadian-made technologies. We bring together private and public sector organizations of all sizes to address challenges facing Canada’s economic sectors including healthcare, natural resources, manufacturing, and transportation. Through this ‘collaborative innovation,’ the Supercluster helps to drive solutions better than any single organization could on its own. The Digital Technology Supercluster is led by industry leaders such as D-Wave, LifeLabs, LlamaZOO, Lululemon, MDA, Microsoft, Mosaic Forest Management, Sanctuary AI, Teck Resources Limited, TELUS, Terramera, and 1Qbit. Together, we work to position Canada as a global hub for digital innovation. A full list of Members can be found here.
About the Capacity Building Program:
The Capacity Building Program invests in innovative projects to help Canadian enterprises build job ready, world-class, digital talent and teams. By investing in rapid skilling systems, leadership development and the growth of regional talent pools, Canadians can secure well-paying digital jobs. This includes the creation of opportunities for Indigenous Peoples, women, and citizens in remote and rural communities to become part of the digital workforce. In addition to funding from the Government of Canada’s Ministry of Innovation, Science and Industry, the B.C. government is a key partner in the Capacity Building Program.
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.
