Priority Projects will help Create Jobs and Support Growth as the Province Safely Reopens after COVID-19
TORONTO – The Ontario government is investing more than $4.2 million through the Regional Development Program to support important infrastructure projects in the County of Simcoe, the Town of Tillsonburg and the City of Sarnia. These investments will help attract local investment and create jobs as the province starts down the path to renewal, growth and economic recovery.
“As the province continues to safely and gradually reopen and we turn our attention to growth and recovery, we are helping local communities and local municipalities create jobs,” said Vic Fedeli, Minister of Economic Development, Job Creation and Trade. “These projects will make a significant impact in facilitating economic growth for the communities of Simcoe, Tillsonburg and Sarnia-Lambton. They will enable long-term measurable outcomes, including private sector investments, job creation, and growth of the regions.”
Ontario is providing $1.5 million for the County of Simcoe to invest in the widening of the Lake Simcoe Regional Airport runway from 100 ft to 150 ft. With Ontario’s support, the widening will increase safety, improve a key municipal asset and position Simcoe County for private-sector investment. The widening of the runway is a regional priority for the County and is considered a critical piece of infrastructure for future business opportunities and economic benefits.
“The Lake Simcoe Regional Airport is a gateway to our community, and this expansion provides an opportunity for significant growth and increased economic activity right here in Oro-Medonte,” said Doug Downey, MPP for Barrie-Springwater-Oro-Medonte. “I appreciate that the Ministry of Economic Development has seen the great value in this project, and understands the significant impacts it will bring to rural Ontario. I thank them for partnering with the County to help ensure shovels will soon hit the ground!”
Ontario is providing more than $1.2 million for the Town of Tillsonburg to build and develop the Van Norman Innovation Park, which will give the region a competitive advantage in attracting new investment. With Ontario’s support, the town will invest in critical infrastructure, including sewers, watermains and roads to make the innovation park investment ready. This will also encourage the growth of high-tech manufacturing cluster with a focus on the advanced manufacturing, automotive and agri-food processing sectors.
“Since taking office, our government has sent a clear message that Ontario is open for business and open for jobs,” said Ernie Hardeman, MPP for Oxford. “We’re creating an environment where businesses can focus on what they do best — developing great products and services and building successful companies. It’s great to see the Town of Tillsonburg invest in the infrastructure that will help to attract and retain those businesses here in Oxford.”
Ontario is providing $1.5 million for the City of Sarnia to build an oversized load corridor that will increase capacity of the Port of Sarnia and surrounding road networks. The oversized load corridor will facilitate the transportation of oversized loads from local industrial fabricators and manufacturers to national and overseas markets, addressing the costly and cumbersome process of transporting products. With Ontario’s support, the City will invest in infrastructure improvements including overhead utility crossings, municipal roadways, and the deep-water Port of Sarnia.
“As a community we have been working on getting the funding for this project for nearly a decade,” said Robert Bailey, MPP for Sarnia—Lambton. “This investment by the Ontario government is coming at just the right time as the economy starts to reopen. This project will help to support our world class fabrication shops and local industry by making it easier to move large industrial components and machinery to and from Sarnia Harbour.”
To support regional priorities and challenges, the RDP provides cost-shared funding to municipalities and economic development organizations to help communities attract investment, diversify their economies, and plan for long-term sustainability. Provincial and local leaders will be joining together at the first virtual AMO 2020 Conference from August 17 to 19 to share experiences, build understanding, and plan for a strong future.
Quick Facts
The government launched the Regional Development Program for eastern and southwestern Ontario in November 2019. Businesses and municipalities can get financial support through the Eastern Ontario Development Fund (EODF) and Southwestern Ontario Development Fund (SWODF) and guided access to a range of complementary services and supports.
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.
