Edmonton Chamber of Commerce eyes municipal future
'We're not here to beat anyone up, but we are determined that we're not going to settle for the status quo anymore, and we're going to drive this city forward,' said chamber CEO Doug Griffiths in his opening remarks to the audience.
A crowd of more than 700 packed into the Edmonton Convention Centre on Thursday for the event. However, with an upcoming municipal election in the fall and after losing his bid for a federal seat, the chamber opted not to speak with Mayor Amarjeet Sohi and instead spoke with city manager Eddie Robar, Explore Edmonton's Traci Bednard, Oilers Entertainment Group's Tim Shipton, BILD Edmonton Metro's Kalen Anderson and Griffiths about the future of the city.
A leading topic for the afternoon panel was understanding what gets in the way of more investment in the city, whether it's for big projects, business, or infrastructure. Robar pointed to Edmonton recently earning the top prize from the Canadian Home Builders' Association award for facilitating home building.
'Relative to the rest of the country, we're the best,' Anderson said, clarifying later that being the best still isn't good enough.
'We're the best city in the slowest country,' she said later.
While she applauded efforts at the municipal and provincial governments to reduce red tape, Anderson says there's still more work to be done.
Panellists were also asked about the effects of the city's ever-growing population, estimated at more than 50,000 newcomers every year. Though it may be heartening to see people take an interest in the city, Griffiths said, 'population growth, no matter what they do, is going to be challenging because they don't bring their infrastructure with them.'
'It's probably our biggest challenge, but also our biggest opportunity. When people come, businesses want to come, too. We're growing really heavily on that people side, but we're on that tipping point of when the people come, the business come as well,' said Robar.
Anderson suggested that ensuring the city is more nimble to adapt to increasing demands on infrastructure will help with increased load. That means a need for better planning, she said.
Although property taxes have risen for Edmontonian, Explore Edmonton CEO Traci Bednard said the visitor economy in the city can alleviate some of that economic pressure. Unlike new residents in the city, visitors don't burden the city's schools or houses, Bednard said, and we have the hotel capacity to accommodate them.
'We're all going to be cheering on the Oilers tonight, (but) the Explore Edmonton team will be at the Expo Centre. We have volleyball supernationals. We have 35,000 participants who will come from across Canada and spend like a week in Edmonton. And that will be an economic impact of $53 million,' said Bednard.
Panellists concluded by being asked what they would like to see in the next municipal government, prompting answers highlighting the need for continued policy refinement in housing, investment in the downtown core, among others. Shipton suggested after the success of the recent Village at Ice District project MOU, that further partnerships between different levels of government for more big projects would be an opportunity.
Griffiths just wants to see a municipal government more amenable to the business community.
'Some people from the city will deny it, but Edmonton does not have a pro-business brand out there. I would like to see an attitudinal shift,' said Griffiths.
'We're not a group to be dealt with. We're important partners to grow the economy. And so approaching us with a positive mindset that says, 'How can we help you?' is the Number 1 thing I would ask for in the next election.'
Edmonton mayor announces homelessness, housing task force in annual state of the city address
New study ranks Edmonton as most builder-friendly in Canada
Bookmark our website and support our journalism: Don't miss the news you need to know — add EdmontonJournal.com and EdmontonSun.com to your bookmarks and sign up for our newsletters here.
You can also support our journalism by becoming a digital subscriber. Subscribers gain unlimited access to The Edmonton Journal, Edmonton Sun, National Post and 13 other Canadian news sites. Support us by subscribing today: The Edmonton Journal | The Edmonton Sun.
Hashtags

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
18 minutes ago
- Yahoo
Elon Musk Floats a New Source of Funding for xAI: Tesla
Elon Musk said Tesla shareholders would vote on investing in xAI, the latest move by the billionaire entrepreneur to tap his own companies to help fund his artificial-intelligence startup. 'If it was up to me, Tesla would have invested in xAI long ago,' Musk said Sunday evening in a post on X, his social-media platform. 'We will have a shareholder vote on the matter.' Jamie Dimon Says Private Credit Is Dangerous—and He Wants JPMorgan to Get In on It In America's Return to the Office, Women Are Falling Behind Elon Musk Is Back at Work and Burning Through Executives Why You Shouldn't Buy an iPhone Right Now The Private-Equity Maneuver Allowing More Investors to Cash Out Musk's comments follow a Wall Street Journal report on Saturday that said SpaceX, his rocket company, had committed $2 billion toward a recent fundraising round for xAI. The turn inward for investment comes as xAI requires billions of dollars to power servers as it plays catch up in the global AI race, which has fast become one of the most costly endeavors of modern technology. OpenAI and other startups in the sector are rapidly burning through unprecedented levels of new funding as they develop and run large language models that need extensive training. But revenue is lagging well behind expenses—and sources of the funding may be limited. While OpenAI has had success raising tens of billions of dollars from SoftBank and Microsoft, xAI has trailed. The Musk-led company recently raised $5 billion of debt and another $5 billion of equity—including the SpaceX money. It is the rocket maker's first known investment into xAI and one of its largest in another company. Musk has repeatedly mobilized other parts of his business empire to boost xAI, which earlier this year merged with X. The merger valued the new company at $113 billion. In an X post early Monday, Musk said he wasn't supportive of a merger between xAI and Tesla. The latest version of xAI's Grok chatbot has earned high marks from AI-benchmarking service Artificial Analysis for its performance, though it hasn't gained nearly as much traction as OpenAI's ChatGPT. It also has had its share of controversies: Last week it published a series of posts praising Adolf Hitler. The funding drive for the AI startup comes as Musk's influence has taken a hit. Musk no longer wields power over the federal government following the implosion of his once-close relationship with President Trump. The bromance has turned into an open battle after Musk's criticism of the president's debt-heavy federal tax and spending bill. Earlier this month, Musk said he would form the America Party, a third party in the next election. He has also indicated that he would target members of Congress who campaigned on reducing government spending and then voted for Trump's bill. The prospect of Tesla potentially backing xAI also comes as the electric-vehicle maker is beset with its own problems. The company recently reported a 13.5% fall in global vehicle sales for the last quarter and missed delivery forecasts. It is also facing increasing challenges in China. Still, while Tesla's sales have fallen, the company has plenty of money. It reported $16 billion in cash as of March 31. Deals where a chief executive directs money to a related business with different shareholders are often controversial in corporate America, given the concerns that one set of investors could be harmed at the expense of another. By turning to SpaceX, Musk is effectively using cash from shareholders betting on his space and satellite company to fund his ambitions in AI. It isn't the first time SpaceX's funds have been used in this way. Musk personally borrowed $20 million from the company to help fund Tesla early in its history and used SpaceX's equipment to set up his tunneling venture, the Boring Company, drawing ire from some SpaceX investors. More recently, he turned to SpaceX for a $1 billion loan around the time he was acquiring what was then-called Twitter, which he paid back shortly after it out. Musk also faced extensive legal challenges to his successful bid to merge his Solar City solar-power company with Tesla. Write to Eliot Brown at Your Next Lawn Chair Is Coming From Vietnam, but It's Still Kind of Chinese Trump Says 200% Pharma Tariffs Are Coming. Wall Street Shrugs. Airbnb Lets You Add a Private Chef to Your Rental. Your Host Might Not Like It. China's Exports Beat Expectations After Trade Truce With U.S. 'Superman' Bounds to $122 Million Domestic Opening
Yahoo
24 minutes ago
- Yahoo
June inflation expected to show tariff-driven uptick as Trump escalates trade threats
June's Consumer Price Index (CPI) is expected to show prices rose at a faster clip compared to May. The report, due Tuesday at 8:30 a.m. ET, comes as investors closely monitor whether President Trump's tariffs are starting to filter through to what consumers pay, even as inflation data has so far remained more resilient than expected. According to Bloomberg data, headline CPI is expected to have increased 2.6% year over year in June, up from a 2.4% rise in May. On a monthly basis, prices are forecast to climb 0.3%, marking an acceleration from the 0.1% gain the prior month. On a "core" basis, which strips out volatile food and energy prices, the annual inflation rate for June is expected to come in at 2.9%, a slight pickup from May's 2.8%. Core prices are also projected to climb 0.3% month over month, outpacing the previous 0.1% rise seen in May. In May, falling car and apparel prices, categories seen as early indicators of tariff impacts, contributed to a cooler-than-expected core CPI reading. But economists expect those trends to reverse in June, potentially pushing core inflation higher. Read more: How to protect your savings against inflation The report lands amid renewed trade tensions between the US and other countries. President Trump has unveiled new letters to over 20 countries outlining tariffs ranging from 20% to 50%, including a 35% duty on Canadian goods and 30% tariffs on imports from Mexico and the European Union. He has also floated sweeping 15% to 20% tariffs on most trading partners. The EU, in response, is scrambling to negotiate while preparing potential countermeasures. The back-and-forth raises fresh questions about the Federal Reserve's rate-cutting path. Markets still expect the central bank to hold rates steady at its policy meeting in two weeks, largely due to uncertainties on how tariffs will trickle through to prices. "The June CPI report is likely to show inflation beginning to strengthen again, albeit not enough to alarm Fed officials at this juncture," Wells Fargo economist Sarah House wrote in a note. "The next three months will mark a key stretch of inflation data," she added, noting that while inventory front-running has so far limited price hikes, "it will become increasingly difficult for businesses to absorb higher import duties as pre-tariff stockpiles dwindle." Wells Fargo expects core goods prices to continue rising in the second half of the year as those buffers wear off, although House noted the pass-through to consumers may be limited: "Amid a softer labor market and services inflation dissipating a bit more, the pickup in core inflation stemming from tariffs is likely to look more like a bump than a spike." Bank of America economists Stephen Juneau and Jeseo Park also expect core CPI inflation to accelerate, driven by a rebound in used car prices and broad-based hikes likely linked to tariffs. On the services side, they see inflation firming due to rising medical costs, travel-related prices, and stronger shelter price increases. And Goldman Sachs echoed similar concerns, writing, "Going forward, tariffs will likely provide a somewhat larger boost to monthly inflation," while projecting core CPI gains of 0.3% to 0.4% in the coming months. The firm expects a sharp pickup in core goods inflation but sees only limited effects on services. Still, Goldman anticipates inflation pressures to ease later this year as housing and labor market dynamics cool. Allie Canal is a Senior Reporter at Yahoo Finance. Follow her on X @allie_canal, LinkedIn, and email her at 登入存取你的投資組合
Yahoo
28 minutes ago
- Yahoo
All eyes turn to Tuesday's inflation numbers for clues to Bank of Canada's next move
Many economists are warning that the June inflation report won't deliver a catalyst that would spur the Bank of Canada to start cutting interest rates again. Statistics Canada on Tuesday releases the consumer price index (CPI) for June and economists are calling for the overall inflation rate to accelerate 1.9 per cent from 1.7 per cent in May. 'For those looking for imminent (Bank of Canada) cuts, we doubt that the June CPI data will offer much support,' Nick Rees, head of macro research at Monex Europe Holdings Ltd., said in a note. 'July easing bets of a cut priced by swap markets look too aggressive to us, absent further disinflation progress,' Rees said. The Bank of Canada's next interest rate decision is on July 30. It wants inflation to further slow down before it resumes cutting since lower rates tend to feed consumer demand and can cause prices to rise. Rees said the gauges of inflation the Bank of Canada tracks most closely — core trim CPI and median CPI — are expected to hold around three per cent, which is at the top end of policymakers' range. RBC Economics posted a similar estimate for the Bank of Canada's preferred inflation measures, which strip out indirect taxes. 'We expect month-over-month increases in the trim and median measures close to the 0.2 per cent increases posted for both in May. That would leave annual rates little changed from May and still be significantly above the (Bank of Canada)'s two per cent inflation target,' Nathan Janzen, assistant chief economist at RBC, said in a note on Friday. RBC also said that absent food and energy, it expects headline inflation to accelerate 2.7 per cent in June from 2.6 per cent in May. Headline inflation — the year-over-year figure that captures the entire CPI basket of goods — held steady in May at 1.7 per cent compared with April, but was significantly cooler than the 2.6 per cent posted in February. However, the central bank's preferred measures of inflation have sped up since the end of last year, from 2.5 per cent to three per cent year over year. 'We are focused on ensuring that Canadians continue to have confidence in price stability through this period of global upheaval,' the Bank of Canada said in a statement accompanying its last rate announcement on June 4. 'We will support economic growth while ensuring inflation remains well controlled.' Policymakers have held rates at 2.75 per cent at each of the past two announcements after embarking on a cutting campaign in June 2024, when rates were five per cent. During a recent speech at the St. John's Board of Trade, Bank of Canada governor Tiff Macklem said tariffs are key to prices and inflation. But economists say there remains a lack of clarity on the effects that tariffs have had on the economy. 'We expect it is likely too early to see a significant increase in prices due to tariffs in Canadian and U.S. inflation data for June on Tuesday,' Janzen said. He said there were signs that tariffs are causing prices for food and automobiles to rise as Canada imposed some retaliatory levies on U.S. goods and U.S.-made automobiles. But 'the broader impact of tariffs on prices has been limited,' Janzen said, adding that Canada paused tariffs on many targeted U.S. imports to avoid hitting businesses and consumers. Almost 60 per cent of imports from the U.S. that were hit by Canadian counter levies were eligible for relief, according to an Oxford Economics Ltd. report in early June. A more recent report by RBC placed that figure at 86 per cent. Derek Holt, vice-president and head of capital markets economics at the Bank of Nova Scotia, in a note on Monday, said the effects of tariffs can be spread out over 'multiple quarters,' adding that 'it's a bit of a mystery as to why governor Macklem would place such emphasis upon two CPI reports before the July 30 decision.' He said the longer tariffs hang around, the more slack that will create in the economy, an 'affair' that could stretch out over one to two years. 'The competing effects of tariffs on Canadian inflation require vastly more than two lousy months of data to assess. In turn, this means that pre-emptively adjusting policy now could prove to be a mistake,' Holt said. RBC has previously said it thinks the Bank of Canada is done cutting rates for this cycle. Rees, however, said more cuts could come, possibly later this year. Why more economists think the Bank of Canada is done cutting interest rates Economists split on what inflation numbers mean for Bank of Canada rate cut 'We still see scope for a rate cut in September, but only after clearer signs that the recent uptick in price growth has begun to unwind, allowing the (Bank of Canada) to refocus on weakness elsewhere in the macro data,' he said. • Email: gmvsuhanic@ Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data