NEWS RELEASE SIMCOE COUNTY ************************* MIDHURST – The COVID-19 pandemic has led to substantial impacts to the airline industry. Despite these challenges, a recent report to the Lake Simcoe Regional Airport (LSRA) Board highlighted how the LSRA’s unique business model and the County of Simcoe’s significant investments have helped propel the airport forward during these uncertain times.
In January 2020, the County became the majority shareholder of the LSRA, with a 90 per cent ownership stake, and is leading key strategic investment initiatives to adapt and prepare for the future post-COVID world.
At the onset of the pandemic, LSRA shifted gears to focus on enhancing commercial-aviation to further support the regional manufacturing sector and the movement of COVID-19 supplies. County officials quickly worked with area MPPs and MPs to reopen commercial border services at the airport and expand the critical role the LSRA plays in supporting our area businesses.
Over the past year, the County has taken the lead role in implementing Phase one of its Strategic Plan to support regional economic growth and attract new job opportunities for our residents.
The County’s investment and plans to grow the airport has contributed to economic and job creation opportunities such as the Oro Station Automation Park and the MediCA Park development, an 83-acre advanced manufacturing campus which will focus on medical manufacturing facilities with an emphasis on medical, health-care and personal protective equipment in Oro-Medonte. MediCA Park, envisioned as a vertically integrated campus of medical supply, research and testing facilities, will increase the Province’s ability to respond to the pandemic and reduce reliance on external imports. Both developments are adjacent to LSRA lands and access to commercial and passenger air traffic and border services will be crucial to these two regionally significant business projects.
“County Council’s strategic decision to invest in the airport paid off immediately for local businesses who transitioned their models at the beginning of COVID to provide PPE supplies to regional, domestic and international markets,” said Warden George Cornell. “With the advancement of the MediCA Park and Oro Station Automotive Innovation Park, we are also beginning to see how the growth of the LSRA will support the needs of current businesses, while attracting new investments and ultimately helping to create more regional job opportunities.”
Since January 2020, the County has also worked with area partners to advance a critical runway expansion approval and funding process. Phase one of this two-phase runway project, the widening of the runway from 100 ft to 150 ft, proceeded in fall 2020 and consisted of installation of new infrastructure to support the lighting system and drainage requirements. Phase two will include the installation of a new high-intensity LED system, which will start in spring 2021. Phase two also includes a proposal to lengthen the runway from 6,001 ft. to 7,000 ft. The County continues to work through the approval process for the runway lengthening expansion.
The full runway expansion project, which provides significant safety enhancements particularly in adverse weather, is estimated to cost $6.1 million, with the County’s overall investment estimated at $3.5 million. This important initiative has also received a significant grant of $1.5 million through the Provincial SWODF (Southwestern Ontario Development Fund) and $345,000 from the City of Barrie. When approved and completed, the extended runway will enable the LSRA to welcome larger aircrafts and is a necessary step in helping the airport to become a premier regional commercial airport that grows both the local and regional economy, encourages investment, creates new opportunities for local businesses and improves the quality of life for residents across the region.
Additionally, since the beginning of 2020, significant infrastructure and operational investments and enhancements have been made, including:
Purchase of a Type I/IV de-icing truck for approximately $130,000, which allows the LSRA to safely support winter operations, including ability to “deice” and provide “anti-icing” measures to an aircraft as large as a 737
Complete modernization of the airport’s Automatic Weather Observation System, providing airport users with vital, real-time weather observations. The project was completed for $167,101.20, bringing the project in at $28,000 below budget
Installation of close circuit security camera in the main terminal and outside to enhance airport safety
Enhancements to the terminal area, including the addition of Da Vinci’s Gate by Cravings dining area, which currently offers take-out services to the community and airport users
“The Board is pleased with the growth and momentum that has occurred since the County increased its ownership stake in the airport,” said County Councillor and LSRA Board Chair Richard Norcross. “We have a bright future at the airport and in addition to supporting regional economic growth, the LSRA is planning to expand both international and domestic passenger flights post-COVID, so our residents can access flights to key destinations right here in Simcoe County”
“These investments since the change in ownership, have captured the attention of the corporate and commercial aviation industry, while enhancing the airport’s offering to the numerous essential service users,” said Brent Hill, LSRA Board Member and Pilot with a major Canadian carrier. “Our industry partners view these enhancements as real game changers, and continued upgrades will support in welcoming more planes, businesses and investment to the airport and region.”
Quick Facts:
The LSRA is consistently one of the top five busiest airports without control towers in Canada
Overall airport site and lands of 595 acres (owned)
Planning to increase passenger flights for domestic and international travel post-COVID
Features available commercial space and economic lands
LSRA provides support to regular tenants, including Ontario Provincial Police, Hydro One and air ambulance as well as transient support to the DND, Canadian Rangers, Search and Rescue, Canadian National Railway and Ornge air ambulance, employing more than 70 people
On-site Border Services and Commercial Port-of-Entry for passengers and freight
Member of the Southern Ontario Airport Network (SOAN)
LSRA is 90 per cent owned by the County of Simcoe and 10 per cent owned by the City of Barrie
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.
