Toronto’s airports authority has announced a multibillion-dollar plan to update and modernize Toronto Pearson Airport.
The Greater Toronto Airports Authority said it launched the first phase of procurement for Pearson LIFT, a plan intended to help the airport meet growing demand for its services.
“This is the very beginning of what will be a decade-long investment in our facilities and our terminals across the airport,” said Deborah Flint, president and CEO of the GTAA.
“After many, many years, where we have had tired and aged assets across the airport facility, we’ll be systematically investing in those, investing in them to bring them up to not just a state of great repair, but positioning them for the future.”
Pearson saw 45 million passengers in 2023 and is expected to see about 65 million annually by the early 2030s, the GTAA said in a press release.
“Toronto Pearson has been meeting passenger needs by deploying extraordinary resources to many of its aged assets and facilities, which is not a sustainable solution with passenger traffic expected to grow,” it said.
“Growth is coming to Pearson. It’s coming across the global aviation industry and across North America,” said Flint.
LIFT, which stands for Long term Investment in Facilities and Terminals, will begin with a program focused on “the fundamentals,” said Flint.
The program will see the modernization of existing airport assets, including high-speed taxi lanes, a modernized airfield electric lighting and control system, and interim terminal facilities, according to the press release. The plan also includes investments in power generation to help the airport achieve net-zero targets.
“After what we experienced with the surge of growth and recovery, the challenges with our facilities in the recent past, we want to get ahead of that as best we can and start to develop those facilities that are going to help us expand sooner,” said Flint.
These improvements are the ones that the GTAA is starting procurement for, while other projects are in earlier planning stages, Flint said.
Flint said LIFT has been significantly informed by the challenges of the past several years, as a surge in airline traffic resulted in delays across the industry.
“We’re very committed to making sure that Toronto Pearson … is not going to experience the challenges of the past that will hinder its growth and competitiveness,” she said.
Over the long term, Flint said she anticipates some moderate increases in Pearson’s Airport Improvement Fee, in consideration of the levels of such fees at other airports in the country.
The plan is poised to generate billions of dollars in economic benefits, said GTAA chairman Doug Allingham in the release.
“These necessary investments will strengthen the supply chain, open the door to new opportunities for Canadian businesses, and create good jobs right here in the GTA,” he said. “Together, they will enable sustainable growth and competitiveness on a global scale.”
Earlier this month, Montreal’s airport authority announced it plans to spend nearly $4 billion to reduce congestion and ramp up capacity.
The planned upgrades to the Montreal-Trudeau International Airport include an expanded roadway past the main entrance, new parking lots and drop-off areas, a satellite terminal and a connection to the REM commuter rail line.
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.
