Latest news with #St.John'sBoardofTrade
Edmonton Journal
a day ago
- Business
- Edmonton Journal
Uncertainty reigns as trade tensions, tax shifts cloud Bank of Canada's inflation outlook
Article content April figures showed the annual inflation rate slowed sharply to 1.7 per cent, thanks largely to a drop in gasoline prices tied to the end of the consumer carbon price. Benjamin Reitzes, BMO's managing director of Canadian rates and macro strategist, said he expects inflation cooled two ticks to 1.5 per cent in May. He pointed to a slowing in shelter inflation and a smaller jump in gas prices compared with the same time last year for the easing. But it won't be just the headline number the Bank of Canada is parsing as it attempts to set its benchmark interest rate in an increasingly uncertain world. 'The reality is, they don't just look at one number. They look at a number of different inflation metrics to really try and figure out what the underlying trend is,' Reitzes said. Bank of Canada governor Tiff Macklem called the current inflation picture 'complicated' in a speech to the St. John's Board of Trade in Newfoundland and Labrador on Wednesday.
CBC
25-03-2025
- Business
- CBC
Tough leadership, gender equality top of mind for N.L. orgs as federal campaign begins
Organizations in St. John's say they want strong leadership and commitments to community as the federal election campaign begins. "We need decisive decisions," said AnnMarie Boudreau, CEO of the St. John's Board of Trade. "We need action taken." Boudreau noted the past couple of years have been tough for businesses, due to rising costs and challenges attracting and retaining workers. "It is increasingly difficult for business to be competitive and for businesses to survive right now," said Boudreau. Access to labour is also high on the priority list for businesses in Newfoundland and Labrador, she added. "We just had our immigration numbers cut and while we did have 50 per cent of those reinstalled, we're still at a deficit," she said. Human rights top of mind For members of the 2SLGBTQ+ community, human rights are a major concern, said Eddy St. Coeur, co-chair of St. John's Pride. "Just because the focus of what the overall election conversation has changed to be more economics, that doesn't make all of those other things go away," said St. Coeur. St. Coeur said he will be watching for more than just numbers in party platforms. "As we're seeing this shift from, in the election focus, to be more about shoring up Canada's economies, we've got to make sure that we don't lose the humanity in that," said St. Coeur. Recently, Liberal Leader Mark Carney decreased the size of his cabinet, removing the minister of women and gender equality. St. Coeur says that's concerning because there has been an increase in members of the 2SLGBTQ+ community in the U.S. seeking refugee status in Canada. St. Coeur said he will be looking for candidates to commit to the 2SLGBTQ+ community, especially in conversations about sovereignty. "Making welcome and safe communities are the key piece of the puzzle," said St. Coeur.
CBC
11-02-2025
- Business
- CBC
With at least 12 downtown St. John's businesses closing, these experts weigh in on the causes and solutions
While downtown St. John's has been popular for its culinary scene — attracting world renowned chefs like Anthony Bourdain for a visit — a walk down Water Street lately reveals one vacant storefront after another. The sight has prompted industry experts to call for swift action to revive the area, which saw at least a dozen businesses — half of them on Water Street — shut their doors forever, or announce they soon will, within the last six months. "To see businesses at this volume close their doors is very concerning," said AnnMarie Boudreau, CEO of the St. John's Board of Trade. While retail stores and clubs have felt the squeeze, the closures have been mostly restaurants. It's a trend that can also be seen outside Newfoundland and Labrador. According to Restaurants Canada, 45 per cent more restaurants across the country went bankrupt between January and August last year than in the same period in 2023. Despite not one, but two locations in the city, Piatto Pizzeria feels the strain, too. Rising food prices, inflation and increased shipping. Founder and CEO Brian Vallis said those are only some of the factors putting pressure on his restaurants. "A bag of flour went from $50 a bag to $150 a bag. The price of our cheeses all doubled, our meats doubled," said Vallis. "Everything is gone up. So, you've got less sales, you've got more expenses. So, you've got a poor bottom line. Most restaurants have lost money or just broken even for the last two or three years." That personal observation is supported by a Restaurants Canada release from Jan. 17, which said 53 per cent of restaurants nationally are operating at a loss or barely breaking even. Furthermore, according to Canada's Food Price Report, which was released on Dec. 5, food prices in the province rose by 3.8 per cent in 2024 and are predicted to experience another increase above the national average this year. This increase in cost comes at a time when businesses are still recovering from the COVID-19 pandemic. While restrictions have long been lifted, Vallis said the long-term impacts of lockdowns and the loss of three summer seasons continue to be felt. Consumer behaviour also changed during that period with online shopping seeing an uptick says Tom Cooper, a professor in strategic management at Memorial University's faculty of business administration. In combination with the impacts of inflation on consumers' wallets, he said, some of those who have been driving business downtown have stayed away. "Twenty-something and 30-something-year-olds are having to deal with the very hot housing market," said Cooper. "You're trying to save money for a down payment or you're trying to save money because you need to pay your rent. And so, what do you decide to not spend your money on? On restaurants, on new clothing." Although businesses across the Atlantic provinces are feeling the impact of the economic climate, numbers seem to indicate that downtown St. John's is hit harder. According to data provided by real estate firm Turner Drake & Partners, as of June 2024, the office space vacancy rate downtown was at 31 per cent, compared to 19.9 per cent in Halifax and 15.5 per cent in Fredericton. While the empty space in the downtown core is noticed at city hall, a vacancy tax isn't an approach Mayor Danny Breen wants to take. Instead, Breen says he's banking on more investments — especially in residential developments. While he wouldn't go into details, he said several projects are currently in the planning stages. "We have a number of buildings that are vacant, which is not something that we want to see, but you do see in cities from time to time.… Once more people are living there, that brings about the amenities and gives a better market for businesses to operate in," said Breen. "I think that's the catalyst we'll need to bring about our resurgence in the downtown." Cooper agrees that diversification of spaces to embrace residents and a wide variety of organizations — such as Choices for Youth or a recreation centre — can help attract not just tourists in the summer months, but locals all year round. And, he said, cities like Halifax have managed to provide spaces for residents "just to hang out" instead of consuming, which in St. John's is only possible at Harbourside Park or during the pedestrian mall in the summer. Back at Piatto, Vallis also wants to see financial support for businesses, whether as an extended HST break on the federal level, a provincial loan program or a municipal tax break. He also calls for measures to increase the safety of the area, and its cleanliness. "If you walk down Water Street and Duckworth Street, you're going to see all kinds of buildings closed. They're in a state of disrepair. There's people living in the doorways and there's a lot of pan handlers," said Vallis. "It's a deterrent for people coming down. They don't feel safe. They don't feel welcome." Meanwhile, Breen said the city is working on addressing those concerns, but isn't ready to share details. Yet, they all agree that there need to be discussions between stakeholders to find the best approach to solutions. WATCH | These business owners say it's not too late to reverse the trend: With several St. John's businesses closing down, these experts weigh in on reversing the trend 4 days ago Duration 4:42 At least a dozen businesses in St. John's have closed down over the last few months. The CBC's Henrike Wilhelm reports on what's causing the economic downturn and how to fix it. "There are plenty of cities and capital cities that have gone through periods where things just go into a slump. But with intentional decision-making, and with really careful and strategic decisions, you can stop it. And communities have proven that they can reverse the trends and that's what we need to do right now," said Boudreau.
CBC
26-01-2025
- Business
- CBC
Tariff threat, immigration cuts spell double whammy for N.L. businesses, Board of Trade says
The head of the St. John's Board of Trade says businesses in Newfoundland and Labrador are preparing for a potential double whammy — threatened U.S. tariffs paired with massive cuts to immigration — that could devastate the province's economy. AnnMarie Boudreau told CBC News she's thankful to see the province step up to combat potential tariffs and jobs in Newfoundland and Labrador, but knows action from U.S. President Donald Trump could be crippling for sectors like energy, mining and the fishery. "We depend on that relationship and the established partnership with the U.S. for trade. So a 25 per cent tariff would certainly be devastating for a number of ... very significant employers and very significant sectors here," Boudreau said. "When you have a really well-established relationship, it's not easy to replace that." Trump told reporters in Washington on Monday that he was "thinking" of imposing a 25 per cent tariff against Mexico and Canada on Feb. 1, saying the tariffs are fuelled by the number of people and drugs including fentanyl crossing the U.S.-Canada border. Boudreau said she feels some relief in hearing the tariffs won't come immediately, but says meaningful conversations have to happen leading up to Feb. 1. N.L. businesses prepare for struggle on two fronts, says Board of Trade CEO 4 days ago Duration 6:56 The head of the St. John's Board of Trade says a pair of recent developments could devastate N.L. businesses — U.S. President Donald Trump's tariffs, and Ottawa's cut to immigration. The CBC's Carolyn Stokes spoke with CEO AnnMarie Boudreau. Discussions so far have highlighted unity among Canadian businesses, she added. "We're seeing a lot of messages right now come from the U.S. in that President Trump is ... defending American jobs. And we're meeting him with that argument," she said. But tariffs aren't the only major concern Boudreau has her eyes on. The St. John's Board of Trade has also voiced grave concern over the federal government's decision to halve allocations of economic immigration spaces for Newfoundland and Labrador. Speaking with CBC News following the announcement, provincial Immigration Minister Sarah Stoodley said her department was "gobsmacked" by the decision that could have deep economic ramifications for the province. Boudreau said she wants to see the decision reversed and become part of a larger discussion advocating for a regional or provincial approach, rather than a blanket national policy decision. "We want to meet with the [federal] minister. We want to understand the motivation for this 50 per cent reduction. And then we need to paint the picture of what the reality in Newfoundland and Labrador is like, and why this is not a suitable solution," she said. Boudreau said the reduced allocation will put industries in a tough position — likely pitting them against each other in the fight for spaces and workers. "Trying to make the case for why construction should be prioritized over health care, or why food and beverage should be prioritized over an I.T. job, that is an unfortunate position for anyone to find themselves in." Both concerns add to compounding challenges business owners are facing, Boudreau said. "It's never been more expensive ... to borrow money. Inflation has made things incredibly different. Consumer behaviour has gone down, disposable income has certainly decreased," she said. "It really does, you know, make the case for why we need to be having productive conversations."
