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‘It’s a good investment’ — Hemsworth

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New MaxiMetal fire truck will keep residents safe, home insurance costs low, chief says

Prince Township’s new firet ruck – flawless and shiny from bumper to bumper. Marguerite La Haye

PRINCE TOWNSHIP — For many small communities, a brand-new fire truck with a $400,000 price tag might seem like a budget-busting extravagance.

But Steve Hemsworth, fire chief at the Prince Township Volunteer Fire Department, believes the township’s new pumper/tanker truck will prove a solid long-term investment.

“We should get 30 years of life out of this truck, Hemsworth said during a recent interview at the fire hall. “We’re going to run it the first 15 as a pumper … (and) 15 years as a tanker.

“The nice part about us having a new truck now is that we get the best years out of a truck for once, to enjoy the minimal repairs and having a dependable unit.”

The 2019 truck was manufactured by the Quebec-based MaxiMetal Inc., which supplies emergency vehicles to the Montreal Fire Department. Before it’s arrival in Prince, it was used only as a demonstrator.

At 27-foot long, the vehicle is compact, but its tank holds 1,800 Imperial gallon of water, and its on-board pump can deliver 1,000 gal. of water a minute through 4” diameter hoses.  It also carries an on-board system to deliver fire retardant foam at the flip of a couple of switches.

The truck is also equipped with a large porta tank, which firefighters can quickly set up at a fire scene as an emergency water supply. The porta tank can hold the contents of the truck’s tank with room to spare.

“If we have a call where we don’t have a hydrant, (the porta tank) is our hydrant,” Hemsworth explained. “The tanker crew would take the porta tank off the truck, set it up, and dump the truck’s water into it. Then the truck can go to a hydrant or a lake to be refilled with water.”

With its multiple storage compartments, the truck can carry all the equipment firefighters are likely to need in any rural firefighting scenario: a medical kit, cutting tools, four self-contained breathing apparatus units, hoses, and several portable pumps, including those needed to battle a wildland blaze.

The pumps and hoses designed for wildland firefighting are compatible with those used by the Ministry of Natural Resources, Hemsworth noted.

The compatibility means that township firefighters can battle a wildland fire unassisted until MNR firefighters reach the scene then work seamlessly with them once they arrive.

The cab includes new safety features the department’s second-hand vehicles lacked, including a warning system that alerts the driver when a door or compartment is open and a backup camera.

“Everything on this vehicle meets the safety standards that are current now,” Hemsworth said.

The MaxiMetal truck has now replaced the township’s 24-year-old pumper truck as the department’s front-run, or primary, firefighting vehicle. Over the next five years, the old pumper truck will serve as a backup vehicle,  but its main use will be for medical first response calls.

Once it reaches age 30, Hemsworth wants to see it decommissioned and replaced, but he added that the decision will be up to “the council of the day.”

Two other fire department vehicles have already been decommissioned and will shortly be sold: the 24-year-old medical rescue van, and the 34-year-old tanker truck.

What’s most important to Hemsworth is that the purchase of the new truck k  brings the fire department into compliance with the standards required by Underwriters’ Laboratories of Canada (ULC), which sets the fire insurance rates for residential and commercial properties in all Canadian municipalities that have fire departments.

ULC standards require a municipality with more than 1,000 residents to have at least one front-run firefighting vehicle that is no more than 15 years old.

The standards permit fire trucks more than 15 years old may to be used as backup, or support, vehicles and kept up to the age of  30.

In his report to council last November, Hemsworth cautioned that the township would risk liability for any damages that might result if the fire department sent its 24-year old pumper truck as the front-run vehicle on a fire call and the truck or its pump broke down.

The arrival of the new  truck eliminates that risk.

“It’s a good investment, because we now have a dependable truck that’s in good repair.  We have a truck that meets all the insurance standards and will keep taxpayers’ insurance rates low,” Hemsworth said.

“We’ll get the first 15 years of good service and keep repair costs low, because (the truck) is under warrantee.”

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Economy

S&P/TSX composite down more than 200 points, U.S. stock markets also fall

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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.

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S&P/TSX composite up more than 150 points, U.S. stock markets also higher

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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.

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Investment

Crypto Market Bloodbath Amid Broader Economic Concerns

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Breaking Business News Canada

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.

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