Latest news with #MinistryofEconomicDevelopment
Global News
24-04-2025
- Business
- Global News
Ontario's unemployment rate jumps to 7% even as ‘moderate' job creation continues
Job creation in Ontario continued at a 'moderate' pace last year, according to the province's financial watchdog, but failed to keep pace with the number of people looking for work. A new report from the Financial Accountability Officer of Ontario found new jobs continued to be created in 2024 across the province, although the rate of growth slowed from previous record-breaking years. As a result, the unemployment rate in the province increased substantially to seven per cent. That rose from 5.6 per cent the previous year and marks the highest rate of unemployment in Ontario since 2014, excluding the COVID-19 pandemic. Get breaking National news For news impacting Canada and around the world, sign up for breaking news alerts delivered directly to you when they happen. Sign up for breaking National newsletter Sign Up By providing your email address, you have read and agree to Global News' Terms and Conditions and Privacy Policy The number of people without a job was up across Ontario, the report said, but Kitchener, Cambridge and Waterloo — which are at the heart of the province's tech sector — experienced the fastest rate of job creation. Story continues below advertisement A spokesperson for the Ministry of Economic Development, Job Creation and Trade said the government remained 'laser-focused' on job creation, pointing out 55,000 jobs were created this year amid 'challenging' global economic uncertainty. 'We are ensuring that Ontario remains the best destination for businesses to invest, expand and create more good-paying jobs,' they said. On average, across the province, hourly wages grew by 5.2 per cent to $36.44 per hour. The growth rate was more than double the rate of inflation, the report said. While some age groups saw gains, employment for young people (aged 15 to 24) dropped by 0.6 per cent. Ontario Green Party Leader Mike Schreiner said the numbers were 'deeply concerning' and pointed to a 'staggering' youth unemployment rate of almost 16 per cent. 'There is a huge opportunity to tariff-proof Ontario by investing in good, green jobs and supporting a made-in-Ontario clean energy and mining-to-manufacturing strategy,' Schreiner said, urging the province to put more money into creating renewable energy jobs.
See - Sada Elbalad
23-02-2025
- Business
- See - Sada Elbalad
Russia Signs MOU to Build Port, Oil Refinery in Myanmar
Russia's Ministry of Economic Development announced on Sunday the signing of a memorandum of understanding (MOU) with Myanmar. The agreement, set in Myanmar's Dawei Special Economic Zone, paves the way for major joint infrastructure projects, including the construction of a modern port, a coal-fired thermal power plant, and an oil refinery. The MOU was signed by Russia's Minister of Economic Development, Maksim Reshetnikov, and Myanmar's Minister of Investment and Foreign Economic Relations, Kan Zaw, during a visit by a Russian delegation to the Southeast Asian nation. This cooperation marks a deepening of ties, with Russia emerging as one of Myanmar's closest allies following the military coup that ousted the civilian government of Aung San Suu Kyi in February 2021. According to the official statement, the memorandum outlines the key criteria for several major infrastructure and energy projects to be executed jointly with Russian companies in Myanmar. Reshetnikov stated, 'The MOU contains the fundamental standards for a number of major projects in infrastructure and energy.' While plans include building a port and a coal-fired power station, he noted that the oil refinery project remains under detailed economic review due to its complexity. Interfax further reported that Russian companies are still evaluating the economic feasibility of the refinery, given the challenging nature of the project. The Dawei Special Economic Zone, spanning 196 square kilometers along the Andaman Sea, is designed to host high-tech industrial zones, transport hubs, IT centers, and export processing facilities
Voice of America
23-02-2025
- Business
- Voice of America
Russia signs memorandum to build port, oil refinery in Myanmar
Myanmar and its close ally Russia signed a memorandum on investment cooperation in a special economic zone in Dawei, including construction of a port and an oil refinery, Russia's Ministry of Economic Development said on Sunday. The document was signed by the head of the Russian ministry, Maxim Reshetnikov, and Myanmar's minister for investment and foreign economic relations, Kan Zaw, during a visit of a Russian delegation to the Southeast Asian country. "The text of the memorandum contains the basic parameters of several large infrastructure and energy projects that are being implemented jointly with Russian companies in Myanmar," the Russian ministry cited Reshetnikov as saying in a statement. "We are talking about projects to build a port, a coal-fired thermal power plant and an oil refinery." He added that "oil refining is still the most complex element," and there was no final decision on construction of a refinery. "As for the refinery — there is a desire of the Myanmar side to have a refinery. Our companies are still studying the economics of such a project, it is very complicated from the point of view of economic feasibility," Interfax news agency cited Reshetnikov. According to the Russian ministry, the Dawei special economic zone is a 196 square-kilometer project in the Andaman Sea which is planned to house high-tech industrial zones and transport hubs, information technology zones and export processing zones. Russia has become Myanmar's closest ally since the military coup that overthrew Aung San Suu Kyi's elected civilian government in February 2021. Moscow and Naypyidaw have been discussing a deeper energy cooperation, including Russia's participation in the construction of a gas pipeline to the Myanmar's main city Yangon. Russia has also had plans for a nuclear research reactor in the country.
Yahoo
23-02-2025
- Business
- Yahoo
Russia signs memorandum to build port, oil refinery in Myanmar
MOSCOW (Reuters) - Myanmar and its close ally Russia signed a memorandum on investment cooperation in a special economic zone in Dawei, including construction of a port and an oil refinery, Russia's Ministry of Economic Development said on Sunday. The document was signed by the head of the Russian ministry Maxim Reshetnikov and Myanmar's Minister for Investment and Foreign Economic Relations Kan Zaw during a visit of a Russian delegation to the south-east Asian country. "The text of the memorandum contains the basic parameters of several large infrastructure and energy projects that are being implemented jointly with Russian companies in Myanmar," the Russian ministry cited Reshetnikov as saying in a statement. See for yourself — The Yodel is the go-to source for daily news, entertainment and feel-good stories. By signing up, you agree to our Terms and Privacy Policy. "We are talking about projects to build a port, a coal-fired thermal power plant and an oil refinery." He added that "oil refining is still the most complex element", and there was no final decision on construction of a refinery. "As for the refinery - there is a desire of the Myanmar side to have a refinery. Our companies are still studying the economics of such a project, it is very complicated from the point of view of economic feasibility," Interfax news agency cited Reshetnikov. According to the Russian ministry, the Dawei special economic zone is a 196 square kilometre project in the Andaman Sea which is planned to house high-tech industrial zones and transport hubs, information technology zones and export processing zones. Russia has become Myanmar's closest ally since the military coup that overthrew Aung San Suu Kyi's elected civilian government in February 2021. Moscow and Naypyidaw have been discussing a deeper energy cooperation, including Russia's participation in the construction of a gas pipeline to the Myanmar's main city Yangon. Russia has also had plans for a nuclear research reactor in the country.
Reuters
23-02-2025
- Business
- Reuters
Russia signs memorandum to build port, oil refinery in Myanmar
MOSCOW, Feb 23 (Reuters) - Myanmar and its close ally Russia signed a memorandum on investment cooperation in a special economic zone in Dawei, including construction of a port and an oil refinery, Russia's Ministry of Economic Development said on Sunday. The document was signed by the head of the Russian ministry Maxim Reshetnikov and Myanmar's Minister for Investment and Foreign Economic Relations Kan Zaw during a visit of a Russian delegation to the south-east Asian country. "The text of the memorandum contains the basic parameters of several large infrastructure and energy projects that are being implemented jointly with Russian companies in Myanmar," the Russian ministry cited Reshetnikov as saying in a statement. "We are talking about projects to build a port, a coal-fired thermal power plant and an oil refinery." He added that "oil refining is still the most complex element", and there was no final decision on construction of a refinery. "As for the refinery - there is a desire of the Myanmar side to have a refinery. Our companies are still studying the economics of such a project, it is very complicated from the point of view of economic feasibility," Interfax news agency cited Reshetnikov. According to the Russian ministry, the Dawei special economic zone is a 196 square kilometre project in the Andaman Sea which is planned to house high-tech industrial zones and transport hubs, information technology zones and export processing zones. Russia has become Myanmar's closest ally since the military coup that overthrew Aung San Suu Kyi's elected civilian government in February 2021. Moscow and Naypyidaw have been discussing a deeper energy cooperation, including Russia's participation in the construction of a gas pipeline to the Myanmar's main city Yangon. Russia has also had plans for a nuclear research reactor in the country.
