When nudged about the possibility of Sidewalk Labs striking up an initiative in Vancouver, the response from one representative of the Google sister company was rather coy.
Sidewalk Labs, an Alphabet Inc. subsidiary specializing in using innovation to address urban issues ranging from transportation to energy consumption, is best known for its smart-city ambitions along Toronto’s waterfront.
Jesse Shapins, Sidewalk Labs’ director of urban design and digital innovation, offered only a sly shrug after being prompted at a Greater Vancouver Board of Trade panel in December about interest in the West Coast.
“We’re here because we’re in the process of looking around the world at other places where we might partner with local developers and local municipalities to explore opportunities,” he said.
But for Nancy MacDonald, vice-president of urban places at Stantec Inc., the most important impact behind these smart-city initiatives is advancing quality of life.
“That can be true in improving mobility options, increasing energy and resource efficiency [and] building resilience into the systems,” MacDonald said.
The global smart-cities initiative sees government pushing communities to use electronic data collected from internet of things (IoT) sensors to more efficiently manage their services.
“It’s really about the importance of a city moving to that integrated approach, which was combining data analytics, artificial intelligence, IoT and all those other technologies. And this helps facilitate business opportunities, it increases efficiency in terms of the public sector, enhances safety and public health.”
MacDonald added that there’s a return on investment.
Stantec is leading the infrastructure design services for the proposed Sidewalk Labs Quayside development in Toronto – a project that offers the pedestrian-centric community an array of tech extras ranging from heated sidewalks that melt snow in the winter to optical sensors that monitor crosswalks to detect pedestrians crossing the street in the dark.
There are similar initiatives on the West Coast, but not on the scale of Toronto’s.
The City of Vancouver and the City of Surrey spent two years partnering on their joint bid for the federal government-backed Smart Cities Challenge, which offered a $50 million prize to the winning city.
The two cities worked on creating two collision-free, multi-modal corridors – one each within their respective borders – and were among five finalists.
The corridors would feature autonomous vehicles, IoT sensors and advanced data and analytics to create a zone that reduces transportation safety risks and greenhouse gas emissions and boosts transportation efficiency.
It attracted more than $36 million in investments from private enterprise, and the cities have together invested another $15 million.
However, Montreal was awarded the prize money last spring.
But a 2019 report from Stantec and ESI ThoughtLab (Econsult Solutions Inc.) found that cities that invest in smart-city initiatives realize a return on their investments.
Gains were highest for initiatives deploying technologies related to first-aid alerts, which realized a 5.6 per cent return on investment, digital business licensing (5 per cent), gunshot sensors (4.8 per cent), dynamic electricity pricing (4.8 per cent) and real-time crime mapping (4.7 per cent).
“The investment in the thinking – especially from Vancouver and Surrey – [and] the broader approach of working together is probably going to be more valuable in the long term,” MacDonald said.
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.
