A long-term capital maintenance and renewal strategy ensures capital assets are sustained and repaired to generate the most value. These assets include schools, roads, post-secondary institutions, justice facilities and more.
By accelerating the capital plan, significant additional work will be undertaken, including $410 million for transportation projects. This includes an additional $60 million for operating, which covers work repairing potholes across the province.
“This significant contribution will create thousands of jobs and economic benefits to communities across Alberta,” says Ron Glen, CEO of Alberta Roadbuilders and Heavy Construction Association
“Investing in road construction and maintenance represents excellent value for taxpayers. This significant contribution will create thousands of jobs and economic benefits to communities across Alberta. On behalf of our 800 member companies, the ARHCA thanks the Alberta government for this substantial investment,” says Ron Glen, CEO of Alberta Roadbuilders and Heavy Construction Association.
Quick facts
Budget 2020 included $6.9 billion for capital in 2020-21 and $19.3 billion over the three-year fiscal plan
For 2020-21, this represented an increase of $1.2 billion or 21 per cent compared with Budget 2019
CMR funding was budgeted at $937 million in 2020-21 and is now expected to grow to $1.9 billion
114 projects are currently in planning and design
There are 95 projects currently in construction including 27 schools and nine major bridge and road projects – not including capital maintenance and repair
On the small business front, they can seek free advice, coaching and information on COVID-19 resources and supports all in one place.
Business Link will serve as a one-stop shop to help small businesses learn about and connect to available COVID-19 supports based on their unique business needs.
Business Link can provide one-on-one guidance to Albertans who operate a small business or are pursuing an entrepreneurial venture. Small businesses can access a list of available supports on Business Link’s website, or connect with a business strategist by phone, email or live chat.
Business Link is also offering free programming through June, including webinars on a variety of topics, online events, and free expert sessions with lawyers, accountants, marketing specialists, e-commerce specialists and more.
“We are working closely with businesses and workers across the country to assess and address the impact of COVID-19. Our message to them is clear: We are here for them now with concrete measures like Business Link, and we will be here in the days and weeks to come. We will get through this together,” says Mélanie Joly, Minister of Economic Development and Official Languages and Minister responsible for Western Economic Diversification Canada.
“Small businesses inject billions into our provincial economy. They create good jobs and are a cornerstone of our communities. I’m pleased to see Business Link refocusing its efforts to make it easier for small businesses to access supports to give them some relief now, and to help set the stage for their future recovery,” says Tanya Fir, Minister of Economic Development, Trade and Tourism
“Small businesses inject billions into our provincial economy. They create good jobs and are a cornerstone of our communities. I’m pleased to see Business Link refocusing its efforts to make it easier for small businesses to access supports to give them some relief now, and to help set the stage for their future recovery,” says Tanya Fir, Minister of Economic Development, Trade and Tourism.
“At Business Link, we feel it is important to provide support to Alberta entrepreneurs as they navigate these difficult times. We want to break down the barriers to information and ensure business owners know what is available to them for support. We know that Alberta is in a tough place right now, but we want to ensure the small businesses that are the drivers of our economy can last long beyond this pandemic,” says Barbara McKenzie, CEO, Business Link.
Business Link is a non-profit organization established in 1996 and is jointly funded by the Government of Alberta and Government of Canada. To access Business Link services, contact 1-800-272-9675 or visit www.businesslink.ca.
Quick facts
In 2019, small businesses with fewer than 100 employees:
Employed almost 674,000 Albertans, about 46 per cent of all Alberta private sector employment (excluding public administration and the health and education sectors).
Represented more than 172,000 small businesses in the province, making up 98 per cent of all businesses with employees.
Alberta has a comprehensive response to COVID-19 including measures to enhance social distancing, screening and testing. Financial supports are helping Alberta families and businesses.
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.
