Global Uncertainty Archives - Page 2 of 5

Chamber stands with grieving Filipino community

April 30, 2025/in BizNews This Week, Global Uncertainty, Safe Communities/by Jim Zeeben

The tragic incident in Vancouver last Saturday left all of us shaken, especially those of us with roots in the Fillipino community.

“We are all processing the tragedy at the Lapu Lapu Festival in Vancouver,” Chamber CEO Bruce Williams said in a statement shared on social media. “The Greater Victoria Filipino Community is vital, generous and connected to every corner of our neighbourhoods across this region. The hearts and support of our Greater Victoria Chamber of Commerce members, board and staff are with you. Now and always.”

The provincial government has books of condolence for members of the public to express their sympathies and messages of support. One book will be in the Hall of Honour at the Parliament Buildings, and will be accessible from 8:30 am to 4:30 pm, from now through May 2. An online condolence book is also available until May 5.

Chamber championing ferries’ future resonates with Island communities

April 30, 2025/in BizNews This Week, Chamber Awareness, Climate Change Solutions, Finding And Keeping Workers, Food Security, Global Uncertainty, Government Provincial, Transportation Options/by Jim Zeeben

The Chamber’s efforts to bring a business perspective to the future of our most vital transportation link has captured the attention of policy makers and business associations on the Island and across BC.

A letter penned by The Chamber on behalf of 20 organizations was sent to BC Premier David Eby last week. The letter makes the case for revisiting the recent decision by the BC Ferries commissioner to only approve four new vessels instead of the five required to meet demand.

The request was picked up by media during an interview with the Premier, who agreed that the vessels are needed.

“I think we need boats that are going to be able to serve the public well into the future here in British Columbia,” Eby told reporters. “It’s critical for commerce, for tourism and as the Island Highway for so many families and businesses.”

The Chamber supports efforts to reduce costs faced by taxpayers, and is grateful the provincial government has heard our calls to invest in ways that grow the economy for everyone. The attention on the issue has also raised the potential for federal funding to be part of the solution.

“Affordability is about more than just fares and yet there’s nothing that requires the commissioner to apply that lens,” Chamber CEO Bruce Williams wrote in the letter about the need for infrastructure that drives business, industry and tourism.

Read The Chamber’s column

Uncertainty sparks rate pause by Bank of Canada

April 17, 2025/in BizNews This Week, Global Uncertainty, Inflation And Rising Costs/by Jim Zeeben

After seven straight interest-rate cuts buoyed the spirits of businesses and individuals managing debt, it seems economic uncertainty has become a double-edged sword.

The Bank of Canada announced today that its target rate will remain at 2.75%, after inflation came in at 2.3% in March.

The reasoning for the pause was to provide a buffer for the future, which, ironically, had also been cited as a reason to continue to reduce rates. Lower interest rates spur consumer and business spending — good if we’re facing a downturn — but lower rates could also cause inflation to increase, which would be bad.

“Monetary policy cannot resolve trade uncertainty or offset the impacts of a trade war,” the Bank said. “What it can and must do is maintain price stability for Canadians.”

The Bank’s Governing Council said risks to the Canadian economy include:

reduced demand for Canadian exports
lower business investment, employment and household spending
and cost increases being quickly passed on to consumers.

Canada escapes crosshairs as US takes aim at foreign trade

April 2, 2025/in BizNews This Week, Chamber Awareness, Global Uncertainty, Government Federal, Inflation And Rising Costs/by Jim Zeeben

Businesses watching today’s tariff announcements from the US administration can be forgiven for feeling more confused than ever. Canadians have been coping with economic anxiety for months due to threats of broad-based tariffs and other measures.

However, on the day that US President Donald Trump promised to unveil his master economic plan for world trade, Canada was barely mentioned.

“At this point, I don’t think anyone is surprised that today’s announcement did not provide a lot of clarity,” Chamber CEO Bruce Williams said. “We’ll take some time to analyze what official information is available and what it means for Greater Victoria.”

The initial impression is that Canadian goods under CUSMA will not face tariffs, while goods not covered will have a 10% tariff. It’s also not clear how Canada’s auto industry will actually be affected by a tariff on foreign auto makers.

Greater Victoria’s economy is among the least exposed Canadian cities when it comes to exporting. However, the sabre rattling that comes with talk of a tradewar creates uncertainty, which can bog down business.

“We will get through this, as we have every other crisis in the past, by supporting each other and our communities any way we can,” Williams said. “If there is a silver lining, we do have certainty that we have work to do to build the nation we want. We need an economy that is resilient and sustainable.”

To hear more about how the Canada-US relationship affects our region’s economy, register now for The Chamber’s AGM and panel discussion on April 15.

Consumers get break as BC eliminating carbon tax April 1

March 26, 2025/in BizNews This Week, Business And Economic Strength, Chamber Awareness, Climate Change Solutions, Global Uncertainty, Government Federal, Government Provincial, Inflation And Rising Costs/by Jim Zeeben

Energy costs are set to go down starting April 1 as the province announced yesterday it will make good on its promise to eliminate the consumer carbon tax after the federal government promised to do the same.

BC’s tax adds about 17 cents per litre at the gas pump, and 15 cents per cubic metre of natural gas.

“The Province will continue to act on the commitment to battle climate change by ensuring people in British Columbia have affordable options to make sustainable choices and by encouraging industry to innovate,” the BC Ministry of Finance said in a statement.

Eliminating the tax will help businesses and individuals facing increasing costs and economic uncertainty due to the threats of tariffs and tradewar with the US.

The latest news on the tradewar is a 25% tariff on the auto industry imposed today. The action is expected to increase the cost of vehicles and cause generational chaos to automakers on both sides of the border.

The national Chamber network continues to work on mitigating the threat of tariffs. This week, the Canadian Chamber released a report on US cities that are the most export-dependent on Canada.

Whoa Premier! Proposed power grab needs a rethink

March 19, 2025/in BizNews This Week, Chamber Awareness, Fair Rules, Global Uncertainty, Government Provincial/by Jim Zeeben

The Chamber takes pride in working well with any government, regardless of their political stripes. However, there are times when decisions are announced that leave us shaking our heads. The latest, or at least most egregious, was the surprise introduction of Bill 7 last Friday.

BC Premier David Eby claimed the legislation is needed in order for the province to respond to the tradewar with the US. The proposed law has been derided as the Henry VIII clause because it would give the Premier’s Office a vast overreach in its powers.

“Businesses are anxious enough without our own province introducing something that many see as autocratic,” Chamber CEO Bruce Williams said. “We’ve reached out to partner organizations around the Province to figure out a response. Hopefully, cooler heads will prevail and the province will step back from this legislation.”

Bill 7, if passed, would give Eby broad powers without the need to be accountable to the elected legislature.

Inflation adds uncertainty to future interest rate cuts

March 19, 2025/in BizNews This Week, Business And Economic Strength, Global Uncertainty/by Jim Zeeben

A surprising uptick in inflation has increased the focus on April 2, when the world is expected to learn how the US administration will roll out tariffs aimed at changing the global economy.

Canada’s Consumer Price Index rose 2.6% year over year in February, following an increase of 1.9% in January. The Bank of Canada considers 2% its target for sustainable growth.

Some of the increase can be contributed to the end of the federal government’s GST holiday on Feb. 15. However, even categories not affected by the tax break rose more than expected.

The Bank of Canada’s next interest rate announcement is April 10. Currently, economists are calling for further cuts to the rate to spur the economy if tariffs are introduced on April 2. However, if Canada is spared from the threatened tariffs, the Bank is expected to hold to allow inflation to settle.

March 11 marked COVID national day of Observance

March 12, 2025/in BizNews This Week, Chamber Awareness, Global Uncertainty, Safe Communities/by Jim Zeeben

It seems like another lifetime. On March 11, 2020, the World Health Organization officially declared a global pandemic.

Our way of life, and, for many, way of doing business, was turned upside down. COVID-19 was an unknown and dangerous disease that would claim 6,600 people in BC and almost 60,000 across Canada despite unprecedented efforts to prevent the spread of infection. The experience changed the way we think about washing our hands, disinfecting our homes and workplaces and even how we greet others.

“I started with The Chamber in June of 2020 — as workers were being told to stay at home and many businesses faced huge losses because they had to shut down,” Chamber CEO Bruce Williams said. “We saw some organizations go into a sort of hibernation, but the need for The Chamber was never more clear. We were asked to be an even louder voice of business and we helped shape many of the programs and policies that got our community through those dark times.”

The Chamber worked closely with federal, provincial and municipal governments to urge them to move quickly on everything from new rules for outdoor patios to low-interest loans to enabling online sales. We also introduced the Chamber Champions program, a new tier of membership for organizations that have the capacity to lift up smaller businesses during times of crisis.

Last year, the federal government declared March 11 as Pandemic Observance Day to “commemorate the efforts to get through the pandemic, to remember its effects and to reflect on ways to prepare for any future pandemics.”

Bank drops interest rate, citing trade war uncertainty

March 12, 2025/in BizNews This Week, Global Uncertainty, Inflation And Rising Costs/by Jim Zeeben

The Bank of Canada made another cut to interest rates today, lowering the overnight rate to 2.75%.

“The Canadian economy entered 2025 in a solid position, with inflation close to the 2% target and robust GDP growth,” the Bank said in a media release. “However, heightened trade tensions and tariffs imposed by the United States will likely slow the pace of economic activity and increase inflationary pressures in Canada.”

The Bank has conducted research into how Canadian businesses and households are reacting to the tradewar. Not surprisingly, people say they plan to be more cautious with spending and are worried about job security. Businesses are revising sales outlooks, while also trying to tie into the wave of “buy Canadian” sentiment sweeping the country.

“Monetary policy cannot offset the impacts of a trade war. What it can and must do is ensure that higher prices do not lead to ongoing inflation,” the Bank said.

BC pulls all US alcohol from province’s liquor stores

March 12, 2025/in BizNews This Week, Global Uncertainty/by Jim Zeeben

Serious, surreal and silly. Any of these work for describing the current relationship between Canada and the United States as President Trump continues to attack Canadians’ national identity while threatening to gravely damage businesses, families and industry on this side of the border.

The trade war started with tariffs, which serve as a tax paid by Americans on certain Canadian goods. The dispute expanded to citizen boycotts of US groceries and now a provincial ban on US alcohol.

American beer, wine, spirits and other beverages have been removed from BC Liquor stores and the BC Liquor Distribution Branch has stopped bringing any more into the province.

“We are taking this action in response to escalating threats from south of the border,” BC Premier David Eby said. “Most recently, U.S. President Donald Trump made new threats against Canada’s dairy and lumber industries – and there are reports he has been musing about redrawing the border.”

The symbolic move has the support of the BC Restaurant & Foodservices Association.

BCRFA President and CEO Ian Tostenson sent a letter to members explaining what the decision meant for businesses.

“You will still be allowed to sell US-made products in your establishments for as long as you have a supply,” Tostenson said. “BCRFA is proudly on Team Canada and there is no better time to stand with our local brewers, vintners, and distillers than right now.”

Learn more about how the tradewar could impact your business. Register now for The Chamber’s AGM on April 15 to hear an expert panel discuss current US relations.