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Ontario Investing in Reliable Internet for Northern Ontario – Government of Ontario News

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Funding for Broadband Infrastructure Across the North

KENORA – The Ontario government is investing more than $2.3 million in seven broadband projects that will support rural and Indigenous communities in Northern Ontario. This funding will connect northerners to reliable broadband infrastructure that will allow people to stay in touch with family and friends, access public services and work and run a business from anywhere.

Broadband investments made through the Northern Ontario Heritage Fund Corporation (NOHFC) include:

  • $1,036,772 for the Corporation du Développement Économique et Communautaire (CDEC) de Dubreuilville to install fibre optic infrastructure from Wawa to Dubreuilville, as well as to plan and secure partnerships with telecommunications companies for future broadband improvement projects
  • $461,971 for Ontario Research and Innovation Optical Network (ORION) to upgrade its fibre optic network and install 11 in-line amplifier sites between Sudbury and Thunder Bay
  • $240,804 for Tbaytel to deliver internet services in the rural areas surrounding Thunder Bay, including the municipalities of Shuniah, Oliver-Paipoonge, Neebing and Fort William First Nation
  • $232,500 for North Eastern Ontario Communications Network (NEOnet) Inc. to launch and administer its Broadband for Remote Areas program, which will provide grants to small- and medium-sized enterprises located in Northern Ontario to assist with the purchase and installation of specialized equipment that will provide two-way, high-speed internet service
  • $173,000 for Mitaanjigamiing First Nation to upgrade broadband fibre optic cable and infrastructure in the community
  • $139,130 for Keewaytinook Okimakanak to secure an 18-month contract for extended satellite bandwidth for the remote First Nations of Fort Hope, Martin Falls, Neskantaga and Webequie until permanent fibre optic cable is installed
  • $110,942 for Keewaytinook Okimakanak to upgrade broadband fibre optic cable and infrastructure in the Ojibway Nation of Saugeen community.

“Now more than ever, there is a need to improve broadband services in Northern Ontario. For too long, the north has lacked access to high-speed internet with limited connectivity in many remote communities,” said Greg Rickford, Minister of Energy, Northern Development and Mines. “Broadband is a key driver for economic growth, innovation and job creation and keeps our northern communities connected to their families and businesses. Our government is proud to support these critical infrastructure projects.”

This NOHFC investment follows a recent investment of $150 million for the new Improving Connectivity in Ontario program that funds broadband infrastructure projects in rural, remote and underserved regions of Ontario. This is part of the province’s $315 million initiative called Up to Speed: Ontario’s Broadband and Cellular Action Plan.

“COVID-19 is increasing demand for reliable broadband service to connect Ontarians to their work, education and their businesses,” said Laurie Scott, Minister of Infrastructure. “It is clear functioning remotely will continue to be a regular way of life and fast and reliable internet will be critical to bridge the digital divide in Northern Ontario.”

Promoting and stimulating economic development initiatives is an important part of the government’s plan to create more good-paying jobs and opportunities in the north and attract new and expanded investment so northern communities can grow and thrive.

Quick Facts

  • Through Up to Speed: Ontario’s Broadband and Cellular Action Plan, the Province is investing $315 million over five years to focus on expanded broadband access for unserved and underserved communities. These investments will leverage funding from the private sector and other levels of government to directly generate up to $1 billion in total investment over five years. This will lead to community and economic benefits well beyond this investment.
  • The NOHFC promotes and supports economic development across Northern Ontario by providing financial assistance to projects – big and small, rural and urban – that stimulate growth, job creation and develop a skilled workforce.
  • Since June 2018, the NOHFC has invested more than $176 million in 1,224 projects in Northern Ontario. This has leveraged more than $650 million in investment and created or retained 3,559 jobs.
  • The Ontario government is getting more people back to work and more recreational activities open by moving forward with a regional approach to Stage 2 of reopening the province. For a full list of spaces and services allowed to open in regions entering Stage 2, please visit ontario.ca/reopen.

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Tesla shares soar more than 14% as Trump win is seen boosting Elon Musk’s electric vehicle company

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NEW YORK (AP) — Shares of Tesla soared Wednesday as investors bet that the electric vehicle maker and its CEO Elon Musk will benefit from Donald Trump’s return to the White House.

Tesla stands to make significant gains under a Trump administration with the threat of diminished subsidies for alternative energy and electric vehicles doing the most harm to smaller competitors. Trump’s plans for extensive tariffs on Chinese imports make it less likely that Chinese EVs will be sold in bulk in the U.S. anytime soon.

“Tesla has the scale and scope that is unmatched,” said Wedbush analyst Dan Ives, in a note to investors. “This dynamic could give Musk and Tesla a clear competitive advantage in a non-EV subsidy environment, coupled by likely higher China tariffs that would continue to push away cheaper Chinese EV players.”

Tesla shares jumped 14.8% Wednesday while shares of rival electric vehicle makers tumbled. Nio, based in Shanghai, fell 5.3%. Shares of electric truck maker Rivian dropped 8.3% and Lucid Group fell 5.3%.

Tesla dominates sales of electric vehicles in the U.S, with 48.9% in market share through the middle of 2024, according to the U.S. Energy Information Administration.

Subsidies for clean energy are part of the Inflation Reduction Act, signed into law by President Joe Biden in 2022. It included tax credits for manufacturing, along with tax credits for consumers of electric vehicles.

Musk was one of Trump’s biggest donors, spending at least $119 million mobilizing Trump’s supporters to back the Republican nominee. He also pledged to give away $1 million a day to voters signing a petition for his political action committee.

In some ways, it has been a rocky year for Tesla, with sales and profit declining through the first half of the year. Profit did rise 17.3% in the third quarter.

The U.S. opened an investigation into the company’s “Full Self-Driving” system after reports of crashes in low-visibility conditions, including one that killed a pedestrian. The investigation covers roughly 2.4 million Teslas from the 2016 through 2024 model years.

And investors sent company shares tumbling last month after Tesla unveiled its long-awaited robotaxi at a Hollywood studio Thursday night, seeing not much progress at Tesla on autonomous vehicles while other companies have been making notable progress.

Tesla began selling the software, which is called “Full Self-Driving,” nine years ago. But there are doubts about its reliability.

The stock is now showing a 16.1% gain for the year after rising the past two days.

The Canadian Press. All rights reserved.

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S&P/TSX composite up more than 100 points, U.S. stock markets mixed

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TORONTO – Canada’s main stock index was up more than 100 points in late-morning trading, helped by strength in base metal and utility stocks, while U.S. stock markets were mixed.

The S&P/TSX composite index was up 103.40 points at 24,542.48.

In New York, the Dow Jones industrial average was up 192.31 points at 42,932.73. The S&P 500 index was up 7.14 points at 5,822.40, while the Nasdaq composite was down 9.03 points at 18,306.56.

The Canadian dollar traded for 72.61 cents US compared with 72.44 cents US on Tuesday.

The November crude oil contract was down 71 cents at US$69.87 per barrel and the November natural gas contract was down eight cents at US$2.42 per mmBTU.

The December gold contract was up US$7.20 at US$2,686.10 an ounce and the December copper contract was up a penny at US$4.35 a pound.

This report by The Canadian Press was first published Oct. 16, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

The Canadian Press. All rights reserved.

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S&P/TSX up more than 200 points, U.S. markets also higher

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TORONTO – Canada’s main stock index was up more than 200 points in late-morning trading, while U.S. stock markets were also headed higher.

The S&P/TSX composite index was up 205.86 points at 24,508.12.

In New York, the Dow Jones industrial average was up 336.62 points at 42,790.74. The S&P 500 index was up 34.19 points at 5,814.24, while the Nasdaq composite was up 60.27 points at 18.342.32.

The Canadian dollar traded for 72.61 cents US compared with 72.71 cents US on Thursday.

The November crude oil contract was down 15 cents at US$75.70 per barrel and the November natural gas contract was down two cents at US$2.65 per mmBTU.

The December gold contract was down US$29.60 at US$2,668.90 an ounce and the December copper contract was up four cents at US$4.47 a pound.

This report by The Canadian Press was first published Oct. 11, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

The Canadian Press. All rights reserved.

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