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Cranbrook maps out investment attraction strategy for economic development – Cranbrook Townsman

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Cranbrook is eyeing a number of industrial sectors identified in an investment attraction strategy to bolster economic development over the next five years.

The strategy noted the city’s land-rich, regional focal point for the East Kootenay economy, identifying a number of existing and emerging sectors that are ripe for investment opportunities.

Those industries and sectors include renewable energy, defence, high tech, cyber security, aerospace, transportation and logistics, drones and unmanned vehicles (UAVs), Information Communications Technologies (ICT) including satellite and aerospace communication technologies, space exploration technologies, and artificial intelligence and machine learning (AI/ML).

Brad Robson and Lee Malleau, with WāVv Business Development Inc, delivered a presentation to mayor and council on Monday night, outlining the work being done in conjunction with the city’s economic development office to attract new industries to the region.

The strategy identified an action plan of concurrent progress on four pillars including business growth, investment and trade; investment readiness; regional development and marketing and communications.

“We make very explicit recommendation on how to go about doing that, supporting existing businesses, adding rigor and credibility around economic development and that leads to an improved investment environment along with key things like taking a look at your investment environment and making sure the city is investment-ready,” Malleau said.

Business retention, business expansion and investment attraction are key elements necessary to producing a successful deal flow, which was another important component of the investment attraction strategy.

The strategy also looked beyond Cranbrook by including nearby communities such as Kimberley and Canal Flats in order to maximize opportunities for the region as a near-shore destination for development.

Robson said he has been connecting with clients and potential investors through his network, noting the city’s rising profile as an opportune destination for growth and expansion.

Mayor Lee Pratt added WāVv Business Development Inc was brought in to help expand the city’s economic development network, as conversations that may ‘come to fruition’ are already underway.

“The idea was, we had to expand that network, and Brad is part of a very large network and some very influential people worldwide,” Pratt said. “We’ve had comments and conversations with some of these people that we never, ever would have had. So there are some things that have already happened along those lines that we haven’t really discussed yet.

“But like Brad said, he’s bringing the attention of these people to Cranbrook and they’re people with deep pockets. It’s good news, it just takes time to come to fruition.”



trevor.crawley@cranbrooktownsman.com

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Investment

Tesla shares soar more than 14% as Trump win is seen boosting Elon Musk’s electric vehicle company

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NEW YORK (AP) — Shares of Tesla soared Wednesday as investors bet that the electric vehicle maker and its CEO Elon Musk will benefit from Donald Trump’s return to the White House.

Tesla stands to make significant gains under a Trump administration with the threat of diminished subsidies for alternative energy and electric vehicles doing the most harm to smaller competitors. Trump’s plans for extensive tariffs on Chinese imports make it less likely that Chinese EVs will be sold in bulk in the U.S. anytime soon.

“Tesla has the scale and scope that is unmatched,” said Wedbush analyst Dan Ives, in a note to investors. “This dynamic could give Musk and Tesla a clear competitive advantage in a non-EV subsidy environment, coupled by likely higher China tariffs that would continue to push away cheaper Chinese EV players.”

Tesla shares jumped 14.8% Wednesday while shares of rival electric vehicle makers tumbled. Nio, based in Shanghai, fell 5.3%. Shares of electric truck maker Rivian dropped 8.3% and Lucid Group fell 5.3%.

Tesla dominates sales of electric vehicles in the U.S, with 48.9% in market share through the middle of 2024, according to the U.S. Energy Information Administration.

Subsidies for clean energy are part of the Inflation Reduction Act, signed into law by President Joe Biden in 2022. It included tax credits for manufacturing, along with tax credits for consumers of electric vehicles.

Musk was one of Trump’s biggest donors, spending at least $119 million mobilizing Trump’s supporters to back the Republican nominee. He also pledged to give away $1 million a day to voters signing a petition for his political action committee.

In some ways, it has been a rocky year for Tesla, with sales and profit declining through the first half of the year. Profit did rise 17.3% in the third quarter.

The U.S. opened an investigation into the company’s “Full Self-Driving” system after reports of crashes in low-visibility conditions, including one that killed a pedestrian. The investigation covers roughly 2.4 million Teslas from the 2016 through 2024 model years.

And investors sent company shares tumbling last month after Tesla unveiled its long-awaited robotaxi at a Hollywood studio Thursday night, seeing not much progress at Tesla on autonomous vehicles while other companies have been making notable progress.

Tesla began selling the software, which is called “Full Self-Driving,” nine years ago. But there are doubts about its reliability.

The stock is now showing a 16.1% gain for the year after rising the past two days.

The Canadian Press. All rights reserved.

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S&P/TSX composite up more than 100 points, U.S. stock markets mixed

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TORONTO – Canada’s main stock index was up more than 100 points in late-morning trading, helped by strength in base metal and utility stocks, while U.S. stock markets were mixed.

The S&P/TSX composite index was up 103.40 points at 24,542.48.

In New York, the Dow Jones industrial average was up 192.31 points at 42,932.73. The S&P 500 index was up 7.14 points at 5,822.40, while the Nasdaq composite was down 9.03 points at 18,306.56.

The Canadian dollar traded for 72.61 cents US compared with 72.44 cents US on Tuesday.

The November crude oil contract was down 71 cents at US$69.87 per barrel and the November natural gas contract was down eight cents at US$2.42 per mmBTU.

The December gold contract was up US$7.20 at US$2,686.10 an ounce and the December copper contract was up a penny at US$4.35 a pound.

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

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

The Canadian Press. All rights reserved.

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S&P/TSX up more than 200 points, U.S. markets also higher

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TORONTO – Canada’s main stock index was up more than 200 points in late-morning trading, while U.S. stock markets were also headed higher.

The S&P/TSX composite index was up 205.86 points at 24,508.12.

In New York, the Dow Jones industrial average was up 336.62 points at 42,790.74. The S&P 500 index was up 34.19 points at 5,814.24, while the Nasdaq composite was up 60.27 points at 18.342.32.

The Canadian dollar traded for 72.61 cents US compared with 72.71 cents US on Thursday.

The November crude oil contract was down 15 cents at US$75.70 per barrel and the November natural gas contract was down two cents at US$2.65 per mmBTU.

The December gold contract was down US$29.60 at US$2,668.90 an ounce and the December copper contract was up four cents at US$4.47 a pound.

This report by The Canadian Press was first published Oct. 11, 2024.

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

The Canadian Press. All rights reserved.

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