Bay of Quinte riding MPP Todd Smith announced that the Ontario government will be providing $394,046 to All Season Fencing Ltd.
The funding comes from the Eastern Ontario Development Fund (EODF) and is part of a general $4.165 million investment from the company.
All Season Fencing Ltd. has taken over the former Sonoco paper mill on Trenton-Frankford Road in Quinte West and renovated the space to produce PVC vinyl fencing, decks and railings.
The company has been in operation since 2001 and uses recycled plastics to minimize waste.
After being unable to find space in Toronto, All Season Fencing Ltd. decided to expand its operations into Quinte West after being unable to find a larger space in Toronto where the business is located.
Warehouse of All Season Fencing facility in Quinte West. May 4, 2023. (Photo: Zach McGibbon/Quinte News)
“So Eastern Ontario looked like a good place to go. A lot of us have been here on vacation or driven through it and we’ve always liked it,” Sales Manager of All Season Fencing Ltd., Jonathan Lewis, tells media.
“When the opportunity came up in this space, the size was excellent. The proximity to our shipping routes was great, and it gives us the ability to tailor it to exactly what we need.”
Since making the move to Quinte West, All Season Fencing has invested $2.1 million in modifications to the facility and $1.9 million into purchasing new equipment.
Lewis says they are happy with the results of the renovations.
“But I think really what it speaks to is we saw the potential,” Lewis said.
We knew that it was a lot of work but it would be worth it. That’s something that we put our mind to and it’s the same attitude that brought us to where we are now that allowed us to renovate this building.”
Bay of Quinte MPP Todd Smith announcing $394,046 in funding from the Eastern Ontario Development Fund to All Season Fencing Ltd. May 4, 2023. (Photo: Zach McGibbon/Quinte News)
“It’s unbelievable the transformation in this place in the last five months,” Bay of Quinte MPP Todd Smith tells media members.
“This was a pretty dark, old, dingy building that hadn’t been active at all for three years and now it’s a vibrant, vibrant place.”
According to a press release, the company will bring over 70 jobs to the area, with 18 jobs already retained from the previous company.
“They’re up to over 50 jobs here right now,” MPP Smith said.
“They’re going to be adding another 25 jobs later this year and then potentially a couple of 100 jobs down the road.”
Also stated in the release is a planned partnership with Loyalist College to help assist in the training, education and up-scaling of employees as the facility continues to grow.
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.
