Plexxis Software is not only making a $44 million investment by moving its headquarters from Brampton, Ont. to Langford, it is also bringing 100 new jobs to the West Shore community.
City of Langford staff have been working with the technology firm for the past 18 months to finalize the plan to move to the new Plexxis Tower under construction in the Westhills neighbourhood.
Plexxis selected Langford as the location for its new headquarters because of the city’s lifestyle and recreation options, in addition to its affordable housing choices. Company co-founder and CEO Chris Loranger says the move from Brampton to Langford offers his employees a better quality of life than what they are currently experiencing in the Greater Toronto Area.
“It’s the idea of no commute and no mosquitoes, to be honest with you,” said Loranger, when asked about the reasoning behind the move.
“It’s really fun to come to a place where you can get everywhere in five minutes and, more importantly, a lot of our team members all live close to each other. We support each other like a mini-community.”
The 80,000-square-foot building will include flexible workspaces and lifestyle amenities, such as a gym and lounge areas for Plexxis staff. There will also be 50,000 square feet of mixed-use commercial lease space, including two ground-floor units for future restaurant use.
“You know, this is big, this is our largest influx of tech jobs,” said Langford Mayor Stew Young. “To have (Plexxis) move here, buy homes here and be part of our community is a real bonus for us and our community.”
Young says by making affordable housing a priority and creating recreation opportunities for families, Langford has built a community that technology companies look for when choosing a location.
“What we’re doing here in Langford is creating a culture that we can get things done,” said Young. “We have the ability to attract investment, which is good for our families because living and working in your own community is important.”
Loranger says he expects as many as 45 employees will make the move from Brampton to Langford in the coming year. He says the move means his team members have more opportunities work and play together.
“A lot of people say companies build products, but we like to say we build teams first and those teams build products,” said Loranger. “A team is only a team if they live, work and play together, and we’re moving to Langford for a quality of life and to be more of a community.”
Loranger says the Plexxis Software move is expected to create 100 new jobs at its Langford headquarters. He says the building should be ready for staff to move in by the end of 2022.
City of Langford staff say the Plexxis Tower will be the beginning of Westhills’ commercial district: Lakepoint. When completed, the Lakepoint district will be 32 acres of residential and mixed-use commercial space.
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.
