About 14 months after the Nova Scotia government created a new agency to oversee economic development, the advisory board for that organization still has no members.
The deputy minister of economic development cannot say when that will change for Invest Nova Scotia.
“I would say in the coming months, I couldn’t be more specific than that,” Scott Farmer said during an interview on Tuesday.
Farmer was one of five witnesses to appear before the legislature’s standing committee on natural resources and economic development to discuss the topic of support to the rural economy.
Invest N.S. CEO taps many resources
During the meeting, New Democrat MLA Gary Burrill asked Peter MacAskill, the president and CEO of Invest Nova Scotia, why the advisory board was still not in place. MacAskill said those appointments follow the legislature’s agencies, boards and commissions — or ABCs — appointment process, something he has no control over.
“I’m waiting anxiously as well,” he told MLAs on the committee.
MacAskill went on to say that despite the lack of an advisory board, he gets regular input from businesses and economic development staff around the province.
“There are a lot of people who I’ve called out and I’ve actually had that conversation directly with them and said, ‘You know, from an advisory perspective we are looking to you for your specific advice.”
Premier Tim Houston announced the creation of Invest Nova Scotia and Develop Nova Scotia in 2022 to replace Crown corporations Nova Scotia Business Inc., Innovacorp, Nova Scotia Lands and Develop Nova Scotia.
Accountability rests with cabinet ministers
Unlike the Crown corporations they replaced, the new organizations are not arm’s length from government with independent governance boards. Instead, they have CEOs who are answerable to cabinet ministers and deputy ministers, along with advisory boards.
In an interview, Burrill said he cannot understand why the advisory board for Invest Nova Scotia is still not in place.
“I think it’s unusual and odd to hear that zero members of that board have been appointed, and that the CEO of Invest Nova Scotia has no idea when that might be the case,” he said.
Liberal MLA Fred Tilley said the lack of an advisory board is a missed layer of accountability by the government.
“This is just another example of dragging their feet so that they can move things forward without that accountability.”
Farmer said the government has solicited names for consideration several times and wanted to wait until there was “a critical mass” of potential candidates to be considered.
“We want to get to the benefits of the board as soon as possible, but sometimes these processes — the ABC process — takes a little while.”
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.
