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Cornwall chamber executive director thrilled about government investment – Standard Freeholder

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A recent investment from both the provincial and federal governments that will assist businesses in enhancing their online presence has the Cornwall and Area Chamber of Commerce executive director quite happy.

“We were thrilled when we heard the news,” said Greg Pietersma. “The chamber identified quite early on in the COVID-19 pandemic that a lot of local businesses didn’t have a digital presence and that to give them resilience, it’s very important that they do create such a presence. Investing in a website is far more than just throwing something on the web. You want to make sure you do it right.”

The $57-million investment to the Digital Main Street platform was officially announced on Thursday and will help up to 22,900 Ontario businesses create and enhance their online presence and generate jobs for more than 1,400 students. Of the $57 million, $9.3 million will be invested in the Ottawa SouthEastern portion of Ontario.

Through the contribution, businesses will be able to take advantage of three programs within the platform — shopHERE powered by Google, Digital Main Street Grant and Future-Proofing Main Street.

According to Pietersma, there exists a need in the local business community for such assistance. A survey undertaken by the chamber earlier this year revealed that of 200 businesses quizzed, nearly 40 per cent of them did not have an online presence.

“We know that the need is there,” said Pietersma. “Every company should have an online presence of some sort, whether it’s a one-page description of what they do, or a full blown e-commerce site.”

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The executive director told the Standard-Freeholder that about four in five Canadians begin their shopping experience online and that stores lacking a website usually are not even considered by shoppers. Pietersma said he hopes that local business owners take advantage of the many grants available to them.

“There’s a lot of funding available to help businesses, such as the Digital Main Street Grant of $2,500,” he said. “I just hope that business owners take a moment to put a little bit of energy in these programs. I know a lot of them are scrambling to reopen and follow proper measures.”

The ShopHERE program will leverage Ontario’s strengths by hiring highly skilled and trained students to build and support the launch of online stores for businesses that previously did not have the capacity to do so themselves.

The Digital Main Street Grant will help main street small businesses be digitally more effective. Through a $2,500 grant administered by the Ontario BIA Association, small businesses will be able to adopt new technologies and embrace digital marketing.

The Future-Proofing Main Street program will provide specialized and in-depth digital transformation services and support that helps existing mainstreet firms adapt to changes in their sector and thrive in the new economy.

“Ontario’s small businesses are the backbone of our economy, and their recovery is critical to Ontario’s recovery,” said Prabmeet Sarkaria, Associate Minister of Small Business and Red Tape Reduction. “As thousands of small businesses across the province closed their doors and halted business during the COVID-19 outbreak, many struggled to shift sales or services online.”

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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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