Investment
Downtown decay: Greater investment needed to reverse decline


|
In Part 3 of its Downtown Decay series, CTV News Toronto examines the path forward for the city’s slumping core—and what can be done to reverse the troubling trend.
It is lunch hour in Toronto’s core, and the Front Street patio tables are set. It’s midweek, it’s May, and the skies are clear—but the office crowd is scarce, and the chairs sit empty.
It’s a tell-tale sign that fewer people are downtown these days, with plenty of reasons to avoid the area.
“Transportation has been a hot mess,” said Jay Daye, who lives downtown. “It has been a struggle to get around.”
“I have never seen this much construction at a single time,” said Akash Thomas, who moved here from India three years ago.
Improving the commute into the core, and the ease with which people can move around within it, is key to revitalizing a slumping city centre, said Matti Siemiatycki, director of the Infrastructure Institute at the University of Toronto’s School of Cities.
A ‘for sale’ sign in the window of a commercial building in downtown Toronto. (CTV News Toronto)
“It’s just like a litany of transportation challenges in that area, to the point where politicians are in some cases saying ‘Don’t come into downtown,’ which is the opposite of what we need right now,” he said.
“We’re talking about a downtown core that is struggling, and needs huge numbers of people to come in and out, and be able to do that easily.”
With activity levels at just 47 per cent of what they were in the core pre-pandemic, the data suggests a downtown decline spurred by a lockdown-led drop in the nine-to-five office crowd. But with hybrid and remote work here to stay in at least some capacity, some experts suggest reorganizing the role of Toronto’s core in the city’s economy.
“If you’re not able to attract people to work, attract people for amenities,” said William Strange, who teaches urban economics at the University of Toronto. “The stronger are the amenities, the happier people are going to be to go into their office anyway.”
“What I see is a huge opportunity for downtown Toronto to remake itself,” Karen Chapple, director of the University of Toronto’s School of Cities, told CTV News Toronto.
The key, she said, would be to reinvent the area as a mixed-use community, a model other urban centres have demonstrated to be successful.
“What I just hope, though, as we’re attracting sectors back, is that they are not nine-to-five sectors, because that’s what killed some of these downtowns.”
The revitalization of the core will be a critical challenge for the city’s next mayor, Siemiatycki said, who warned service cuts could worsen an already-spiralling problem.
But investment won’t be possible without a rethink of the city’s fiscal framework, according to Matt Elliott, publisher of City Hall Watcher.
“If you look at the city’s budget hole and you say, ‘We’re just going to keep doing what we’re doing,’ and you’re not going to have a real plan to fill that budget hole, that gets into some really dicey territory,” Elliott said. “Because that’s when you start looking at really deep cuts.”
It’s not ideology, he said—it’s math.
“I don’t think we’ve realized that we’ve fallen down this ladder in terms of our prosperity,” Giles Gherson, incoming Toronto Region Board of Trade president, told CTV News Toronto.
Gherson warned that without a new financial deal for the city, which heavily supports services that should be the responsibility of Ottawa and the province, Toronto’s downtown would fall further behind.
“We’re poor,” he said. “We’re a poorer place than we used to be.”
The core, he argued, is in need of a correction, if the city is to salvage its productivity, maintain job growth, and remain competitive globally.
“We haven’t been paying attention,” he said. “We’ve been sleeping, and it’s falling off. So that’s what we need to fix—and that’s a big deal.”





Investment
Tense diplomatic relations may not impact trade, investment ties between India, Canada: Experts
|
NEW DELHI: The tense diplomatic relations between India and Canada are unlikely to impact trade and investments between the two countries as economic ties are driven by commercial considerations, according to experts. Both India and Canada trade in complementary products and do not compete on similar products.
“Hence, the trade relationship will continue to grow and not be affected by day-to-day events,” Global Trade Research Initiative (GTRI) Co-Founder Ajay Srivastava said.
Certain political developments have led to a pause in negotiations for a free trade agreement between the two countries.
On September 10, Prime Minister Narendra Modi conveyed to his Canadian counterpart Justin Trudeau India’s strong concerns about the continuing anti-India activities of extremist elements in Canada that were promoting secessionism, inciting violence against its diplomats and threatening the Indian community there.
India on Tuesday announced the expulsion of a Canadian diplomat hours after Canada asked an Indian official to leave that country, citing a “potential” Indian link to the killing of a Khalistani separatist leader in June.
Srivastava said these recent events are unlikely to affect the deep-rooted people-to-people connections, trade, and economic ties between the two nations.
Bilateral trade between India and Canada has grown significantly in recent years, reaching USD 8.16 billion in 2022-23.
India’s exports (USD 4.1 billion) to Canada include pharmaceuticals, gems and jewellery, textiles, and machinery, while Canada’s exports to India (USD 4.06 billion) include pulses, timber, pulp and paper, and mining products.
On investments, he said that Canadian pension funds will continue investing in India on grounds of India’s large market and good return on money invested.
Canadian pension funds, by the end of 2022, had invested over USD 45 billion in India, making it the fourth-largest recipient of Canadian FDI in the world.
The top sectors for Canadian pension fund investment in India include infrastructure, renewable energy, technology, and financial services.
Mumbai-based exporter and Chairman of Technocraft Industries Sharad Kumar Saraf said the present frosty relations between India and Canada are certainly a cause for concern.
“However, the bilateral trade is entirely driven by commercial considerations. Political turmoil is of a temporary nature and should not be a reason to affect trade relations,” Saraf said.
He added that even with China, India has acrimonious relations but bilateral trade continues to remain healthy.
“In fact, bilateral trade is an effective tool to improve political relations. India must make special efforts to increase our bilateral trade with Canada,” Saraf said.
India and Canada have a strong education partnership. There are over 200 educational partnerships between Indian and Canadian institutions.
In addition, over 3,19,000 Indian students are enrolled in Canadian institutions, making them the largest international student cohort in Canada, according to GTRI.
According to the Canadian Bureau for International Education (CBIE), Indian students contributed USD 4.9 billion to the Canadian economy in 2021.
Indian students are the largest international student group in Canada, accounting for 20 per cent of all international students in 2021.
Benefits of educational partnerships are mutual and hence the current situation may have no impact on the relationship, Srivastava said.





Investment
Apple supplier Foxconn aims to double India jobs and investment


|
Apple supplier Foxconn aims to double its workforce and investment in India by next year, a company executive said on Sunday.
Taiwan-based Foxconn, the world’s largest contract manufacturer of electronics, has rapidly expanded its presence in India by investing in manufacturing facilities in the south of the country as the company seeks to move away from China.
V Lee, Foxconn’s representative in India, in a LinkedIn post to mark Indian Prime Minister Narendra Modi’s 73rd birthday, said the company was “aiming for another doubling of employment, FDI (foreign direct investment), and business size in India” by this time next year.
He did not give more details.
Foxconn already has an iPhone factory employing 40,000 people in the state of Tamil Nadu.
In August, the state of Karnataka said the firm will invest US$600 million for two projects to make casing components for iPhones and chip-making equipment.
Advertisement
The company’s Chairman Liu Young-way said in an earnings briefing last month that he sees a lot of potential in India, adding: “several billion dollars in investment is only a beginning”.
Taiwan election: Foxconn’s Terry Gou taps star-powered running mate
Last month, Foxconn’s billionaire founder Terry Gou said he would run for the Taiwanese presidency in next year’s election, as an independent candidate.
He said the ruling and independence-leaning Democratic Progressive Party (DPP) was unable to offer a bright future for the island and left Foxconn’s board following his decision to run.
The firm operates the world’s largest iPhone plant, in the city of Zhengzhou in Henan province.





Investment
Foxconn to double workforce, investment in India by ‘this time next year’

|
Foxconn, Taiwan-based Apple supplier, has said that they are planning to double their investment and workforce in India within the next twelve months, according to V Lee’s LinkedIn post on the occasion of Prime Minister Narendra Modi’s 73rd birthday.
Taiwan-based Foxconn, the world’s largest contract manufacturer of electronics, has rapidly expanded its presence in India by investing in manufacturing facilities in the south of the country as the company seeks to move away from China.
Notably, Foxconn already has an iPhone factory in the state of Tamil Nadu, which employs 40,000 people.
V Lee, Foxconn‘s representative in India, in a LinkedIn post to mark Indian Prime Minister Narendra Modi’s 73rd birthday, said the company was “aiming for another doubling of employment, FDI (foreign direct investment), and business size in India” by this time next year.
In August this year, Karnataka governments had said that Foxconn has planned to invest $600 million for two projects in the state to make casing components for iPhones and chip-making equipment.
Earlier this month, Young Liu, Chairman and CEO of Hon Hai Technology Group (Foxconn) had said, ‘India will be an important country in terms of manufacturing in future’.
In the past, it took 30 years to build the entire supply chain ecosystem in China, he noted, adding that while it will take an “appropriate amount of time in India” and the process will be shorter given the experience. The environment too is not quite the same, he said pointing to the advent of new technologies like AI and generative AI.
Meanwhile, Apple Inc. has announced plans to make the India-built iPhone 15 available in the South Asian country and some other regions on the global sales debut day, according to a Bloomberg report.
While the vast majority of iPhone 15s will come from China, that would be the first time a latest generation, India-assembled device is available on the first day of sale, they said, asking not to be identified as the matter is private.
Apple introduced the iPhone 15, updated watches and AirPods at a gala event at its US headquarters. Sales of new products begin typically around 10 days after the unveiling.





-
Business23 hours ago
The bad economic times have only just started
-
Media24 hours ago
Big media rallies on signs of end to Hollywood writers’ strike
-
Business24 hours ago
Routine bank visit devolved into ‘dehumanization,’ says Black customer
-
News22 hours ago
Black RCMP Officers Speak Out on Systemic Racism
-
Media18 hours ago
Media.Monks applies AI to generate highlights, new media content for Gen Z
-
Business10 hours ago
Narrow support for Unifor-Ford deal may leave GM, Stellantis workers wanting more
-
News16 hours ago
India Canada News Live Updates: Barriers placed outside Indian Consulate in Vancouver ahead of planned protest of Khalistan supporters
-
News14 hours ago
Unpacking India-Canada tensions amid Trudeau’s bombshell allegations