BizNews This Week Archives - Page 2 of 8

BC Ferries faces challenges head on with creativity and innovation

November 27, 2024/in BizNews This Week, Government Provincial, Transportation Options/by Jim Zeeben

The Greater Victoria Chamber of Commerce hosted the final event in its 2024 Business Leaders Series, with a breakfast with BC Ferries CEO Nicolas Jimenez on Tuesday, Nov. 26, at the Union Club of BC in Victoria.

More than 100 business and community leaders attended the breakfast, which featured a presentation by Jimenez followed by a Q&A session with Chamber CEO Bruce Williams and questions from the audience.

Jimenez addressed the recent news that BC Ferries was changing its advisory committee structure, as well as a call to add five new ships to the fleet.

“We know that BC Ferries has been working to improve how they manage their sailings, which is really important to businesses that transport groceries and other goods to the Island. I think our members appreciated hearing Nicolas explain how those improvements have resulted in fewer cancellations and better certainty for business,” Chamber CEO Bruce Williams said. “However, the ferry system has served the province for six decades and still has ships and terminals that were built in the 1960s. The Chamber is supportive of the work BC Ferries is doing to modernize its fleet and introduce efficiencies that will ensure future generations have an even stronger and more environmentally sustainable transportation link.”

Jimenez spoke about the importance of BC Ferries for people and families. The bulk of passengers are travelling for work, to attend appointments or visit family members. Tourism make up a smaller but vital segment of BC Ferries total passenger base, he said.

Going forward, the ferry operator understands it needs creativity and collaboration to address its challenges.

“If we are to close this funding gap that I described, we’re going to need to pull every lever that we can,” Jimenez told the Times Colonist. “We’re going to have to get very creative and we’re going to have to balance the needs of the system around reliability and resilience with affordability.

“So without prejudging what that’s going to look like, I think we’re going to have to have all policy options on the table.”

BC delegation to LA seeks film and TV productions

November 20, 2024/in BizNews This Week, Business And Economic Strength, Chamber Awareness/by Jim Zeeben

The Chamber applauds today’s announcement that the province is sending a delegation to the heart of Hollywood to encourage more productions in BC.

Film production in Greater Victoria has many benefits.

Movies and TV series promote the beauty of our region. Companies employ skilled workers on set and purchase from local suppliers. For example, the hit Netlfix show Maid generated more than $10 million in economic benefits for Greater Victoria.

The delegation is seeking investment in more major productions. BC is already one of North America’s largest motion-picture hubs. The industry supported more than 47,500 jobs and contributed $3.3 billion to the province’s GDP in 2022.

Back in the 1970s, the Chamber was the first organization to promote our region to film makers. We played an integral role in attracting producers of the movie Five Easy Pieces. Eventually, this led to the creation of the Vancouver Island South Film and Media Commission.

Bomb cyclone provides reminder to be prepared

November 20, 2024/in BizNews This Week, Climate Change Solutions, Global Uncertainty/by Jim Zeeben

The bomb cyclone that swept through the region this week served as a good reminder to prepare for potential emergencies before winter. Coincidentally, so did the National Public Alerting System‘s test today (Nov. 20), which buzzed phones at 1:55 p.m.

You can prepare by making sure you have a plan for your business and your home, and that everyone knows what to do and where to find emergency kits. These should include non-perishable food, water and supplies to be self-sufficient for up to one week.

After a disaster-level event, your insurance provider can give you guidance on best practices for cleaning up and repairing damage.

In 2025, The Chamber plans to work with members, specifically smaller businesses, to help them build a crisis communication strategy. This will be a straightforward guide that can be consulted to help ensure you are prepared to communicate with internal and external stakeholders after an emergency. To learn more and help us develop this initiative, email communications@victoriachamber.ca.

Helping make sense of inflation/interest forecasts

November 20, 2024/in BizNews This Week, Inflation And Rising Costs/by Jim Zeeben

Over the past two years, a new pastime emerged called “what will the Bank of Canada do next?” When inflation began surging in 2021, the era of low interest rates suddenly ended. Now, with inflation back to the 2% target and interest rates falling, understanding where the economy is going is still not a simple task.

The hitchhiker’s guide to BoC watching in this easing cycle is the cheeky title of a new report released today by CIBC senior economist Ali Jaffery.

In the update, Jaffery notes the different tactics used by the Bank of Canada compared to the US Federal Reserve to communicate their intent ahead of rate announcements. The strategies differ in how they spoon-feed market watchers, with the Canadian central bank preferring to let the data do the talking. This reflects the more cautious nature of Canadians, Jaffery says.

As for what to expect from the Bank of Canada at their next rate announcement on Dec. 11, most economists see the most recent statistics as a harbinger of another rate cut.

“With upcoming GDP data expected to show weak economic growth, a 0.5% rate cut (on Dec. 11) seems likely,” Canadian Chamber Senior Economist Andrew DiCapua says. “While some sticky inflation pressures are easing, even the Bank’s anticipated uptick in inflation won’t change the narrative. Q3 GDP probably won’t deliver the strength they’re hoping for, which reinforces the need to support businesses and growth.”

Greater Victoria MLAs named to new provincial cabinet

November 20, 2024/in BizNews This Week, Chamber Awareness, Government Provincial/by Jim Zeeben

BC’s recently elected Premier David Eby named his new cabinet this week, with several local MLAs taking charge of key ministries.

Lana Popham (Saanich South) — who had been serving as Minister of Tourism, Arts, Culture and Sports — is now Minister of Agriculture and Food. Grace Lore (Victoria-Beacon Hill) continues as Minister of Children and Family Development.

Ravi Parmar, MLA for Langford-Juan de Fuca, takes on the role of Minister of Forests, while Diana Gibson, newly elected MLA for Oak Bay-Gordon Head, is now Minister of Jobs, Economic Development and Innovation.

The Chamber works to build good relationships with all levels of government, and having local elected officials in cabinet positions helps. They understand the issues facing our region and often the solutions required to address those challenges.

One way we connect with decision makers is through our Business Leaders events, such as next week’s breakfast with BC Ferries CEO Nicolas Jimenez. Over the next few months, we’ll be announcing a new slate of guest speakers, including prominent provincial politicians.

Contact events@victoriachamber.ca to reserve your seat — and make sure to build Chamber events into your organization’s annual budget planning.

Keeping an eye on AI to help business adopt it safely

November 13, 2024/in BizNews This Week, Chamber Awareness, Finding And Keeping Workers, Global Uncertainty, New And Established Businesses/by Jim Zeeben

The adoption of artificial intelligence into our daily routine has been profound. Maybe you use ChatGPT to build out tedious frameworks for standard documents or use Canva to create spectacular illustrated designs for marketing. The ease of integrating AI into our workflows makes it impossible to ignore. However, what price are we paying for these conveniences? The threats of AI are still vague. From lost income opportunities to humanity’s demise, there’s a massive gamut of possibilities.

A new organization was announced today to help Canada stay ahead of the AI revolution. The Canadian Artificial Intelligence Safety Institute has a $50 million budget over five years to help Canadians reap the benefits from AI while fighting misuses such as disinformation campaigns, cybersecurity breaches and election interference.

The Chamber will work to keep members apprised of the positives and potential negatives of AI. The national Chamber network’s Future of Artificial Intelligence Council works directly with government to advocate on behalf of business to profoundly increase economic productivity and growth.

Feds step in to end labour disputes at Canadian ports

November 13, 2024/in BizNews This Week, Fair Rules, Food Security, Global Uncertainty, Government Federal, Inflation And Rising Costs, Transportation Options/by Jim Zeeben

The Chamber was part of advocacy efforts that succeeded in ending the recent labour disputes that had shut down vital ports across Canada.

The Chamber was a signatory to a letter that went directly to federal Minister of Labour and Seniors Steven MacKinnon. That effort helped push the Canada Industrial Relations Board to announce on Tuesday that it will impose final binding arbitration to resolve labour disputes at ports in British Columbia, Montreal and Quebec.

This decision will swiftly end disruptions and resume port operations, while extending current collective agreements until new ones are finalized.

“As an Island economy, we need our supply chains to operate efficiently,” Chamber CEO Bruce Williams said. “Any disruptions can have critical impacts on businesses ability to plan with certainty.”

Canada Post could face labour disruption this week

November 13, 2024/in BizNews This Week, Fair Rules, Finding And Keeping Workers, Inflation And Rising Costs/by Jim Zeeben

The Canadian Union of Postal Workers and Canada Post are preparing for labour action as early as this Friday. The consequences could impact businesses ability to use the postal service to deliver documents and goods.

Last week, a solidarity rally was held outside the Canada Post facility in Saanich to send a message that employees are united in their demands. Meanwhile, Canada Post said it intends to continue operations regardless of what happens, though a strike would likely delay deliveries.

“Businesses need certainty so they can plan for expenses needed to provide services or goods. Any disruption that adds uncertainty creates risk and can be especially stressful for many small businesses operating with tight margins,” Greater Victoria Chamber of Commerce CEO Bruce Williams said in a statement to Black Press. “We’re hoping the two sides can continue negotiations to achieve a fair agreement that allows this national institution to continue to serve Canadians while keeping good jobs in our region.”

Business in Greater Victoria impacted by a strike can turn to local delivery services.

Maximum Express, Courier, Freight and Logistics announced this week it’s offering to deliver mail for $6 per delivery to help reassure businesses in case a postal strike happens.

Death of John Horgan a loss for all of Greater Victoria

November 13, 2024/in BizNews This Week, Government Provincial/by Jim Zeeben

Former BC Premier John Horgan at a Chamber Business Leaders Luncheon in 2018.

Greater Victoria lost a champion of our region this week. Former Premier John Horgan died on Tuesday at age 65, after several years of fighting cancer. He spent his final days surrounded by family and friends while receiving care at Royal Jubilee Hospital.

“The Chamber is saddened to hear of the death of former B.C. Premier John Horgan, the longtime Langford MLA, who brought remarkable stability to government. Horgan’s leadership was enormously beneficial for Greater Victoria as he understood the complexity of challenges faced by our region. We hope that John’s legacy will show a path forward for today’s leaders and help bridge the divide between British Columbians as we all seek to make the world a little better than we found it.”

Horgan was the first Premier from Vancouver Island since 1947. He stepped down in 2022 to focus on his health, and was appointed as Canada’s Ambassador to Germany in 2023.

RRU events demonstrate climate action leadership

November 7, 2024/in BizNews This Week, Climate Change Solutions/by Jim Zeeben

Royal Roads University is bringing together students, faculty and the community for a series of events and activities focused on climate action leadership.

Climate Week takes place Nov. 18-22, offering a combination of online and in-person events. Topics range from regeneration and systemic change to presentations about the power of food systems and tools for holistic climate action.