The Sault Ste. Marie Chamber of Commerce held a virtual town hall meeting to focus on the country’s recovery, renewal and rejuvination of the economy following COVID-19.
Investment
Federal government focuses on targeted investment – Sault Star
The Canadian government is focused to target investment for the middle class that will benefit the economy, the environment and protect the health of its residents, says Minister of Middle Class Prosperity and Associate Minister of Finance.
Mona Fortier and Sault MP Terry Sheehan met virtually with chamber of commerce members Tuesday to outline the federal government’s plan to recover, renew and rejuvenate the economy from the COVID-19 pandemic.
Fortier said the Liberal government will follow the four main pillars outlined in September’s Throne Speech to fight the pandemic, support Canadians, build a stronger economy and promote the country’s diversity.
“Your region has set an example of how to the flatten the curve but we can’t let our guard down,” Fortier told about two-dozen virtual participants.
For business, the plan will include breaking down inter provincial trade barriers that will allow businesses a ‘quick win’ to relaunch their businesses and get the economy moving, she said.
Breaking down inter provincial trade barriers is something the federal government has repeatedly heard from provincial premiers, Fortier said, and vows to work together to do so.
“Since March the Prime Minister has had nine meetings with the premiers to work together and this is one of the common priorities,” she said.
Regulatory barriers have already been removed for things like personal protective equipment which help with Canada’s response to the pandemic. She agrees more needs to be done, including reducing the red tape for those entering the skilled trade to allow them to move between provinces for employment.
Sheehan said the same issue has been discussed at the International Trade Committee meetings, of which he is a member.
“We need all governments, at all levels to keep working together and we need to keep the momentum up,” he said.
Sheehan wants to see more Red Seals created that will allow tradesperson to be recognized for their skills across the country, recognizing a standard of excellence with their trade.
It was also pointed out that while the oil and gas industry is particularly important to the western provinces, Ontario, including Sault Ste. Marie and Northern Ontario, have a role to play by supplying parts and equipment for that industry.
Fortier was also asked her views about a Buy Canada procurement policy.
“That’s exactly where we are going,” she said. “Businesses are stronger when we work together and innovate.”
Fortier said that Industry Minister Navdeep Bains is focusing on a made-in-Canada approach.
Such a procurement policy has recently helped Sault Ste. Marie based China Steel who was awarded a contract to supply product for Canada’s military armoured vehicles.
China Steel, an industrial fabricator and machine shop, was awarded a $1 million sub contract to manufacture components for Canada’s new armoured vehicle fleet.
For Sault Ste. Marie and many parts of Northern Ontario, tourism was also sharply hit during the pandemic.
The minister was asked how Canada will be marketed as a safe travel destination as the pandemic ends.
“That’s difficult to answer with the uncertainty we have now,” Fortier said. “We are trying to support business and non-profits.”
Border restrictions are in place to help prevent the spread of COVID-19 and the decisions have not been taken lightly, she said, adding that the border closure is under constant evaluation.
The federal government has established a number of emergency response programs also geared to help the tourist industry and support for that sector has been extended until next year, she said.
“We recognize that we have four seasons and support needed may vary from one season to another,” Sheehan said. “We understand the critical need is there.”
Fortier’s participation in the town hall meeting is the second in a series of similar events she is participating in to discuss how to build back a better economy following the pandemic.
She said working with chambers of commerce have helped the federal government better understand business needs and how best businesses can be supported through programs.
“In the long-term, as we look to recovery, we are determined to build back better by addressing the gaps in our social systems, strengthening the middle class, supporting those working hard to join it, generating clean growth and creating jobs,” Fortier said.
Economy
S&P/TSX composite down more than 200 points, U.S. stock markets also fall
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.
Economy
S&P/TSX composite up more than 150 points, U.S. stock markets also higher
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.
Investment
Crypto Market Bloodbath Amid Broader Economic Concerns
-
Sports20 hours ago
Cavaliers and free agent forward Isaac Okoro agree to 3-year, $38 million deal, AP source says
-
Sports20 hours ago
Liverpool ‘not good enough’ says Arne Slot after shock loss against Nottingham Forest
-
News20 hours ago
k.d. lang gets the band back together for Canadian country music awards show
-
Sports4 hours ago
Armstrong scores, surging Vancouver Whitecaps beat slumping San Jose Earthquakes 2-0
-
News20 hours ago
NATO military committee chair, others back Ukraine’s use of long range weapons to hit Russia
-
News20 hours ago
With a parade of athletes on Champs Elysées, France throws one last party for the Paris Olympics
-
News20 hours ago
‘Challenges every single muscle’: Champion tree climber turns work into passion
-
News4 hours ago
As plant-based milk becomes more popular, brands look for new ways to compete