Economy

Recent Posts

Economic good news taken with a grain of salt

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By Robert Washburn

There is a lot of good news for the local economy lately, which is encouraging for Northumberland County residents. Still, there are reasons for taxpayers to be concerned. China’s Bright Food took control of U.K. breakfast cereal maker Weetabix last week, leaving the employees at the local plant in Cobourg wondering about their future. Despite assurances from the vice-president of operations for North America, the fate of the 250 people working in Cobourg cannot be assured. Too many times residents have watched as head offices far away close local operations, leaving a wake of unemployment and empty buildings. Continue Reading →

Filed under: Columns, Economy

Northumberland politicians ignore economic tailspin

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By Robert Washburn

As global investors dumped everything from corporate bonds to foreign currency last week, Northumberland-Quinte West candidates gave little attention to worldwide fears of another recession. Markets reeling from economic weakness around the globe responded negatively as governments and central banks try to get themselves on track. Asian markets continued to drop and the U.S. Federal Reserve unveiled another round of economic stimulus. (more…) Continue Reading →

Filed under: Columns, Economy, Politics

Local industry should pay living wages if economy to survive

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Bukkavor Foods Canada received much fanfare recently when it was given $1.3 million by Northumberland MPP Lou Rinaldi from the Rural Economic Development Fund and the Eastern Ontario Development Fund. With 15 employees and promises of up to 50 jobs by Christmas, this is music to many ears. With the recent announcement by Transcom International that it was cutting 65 to 85 full-time people, the Bukkavor story is good news. (more…) Continue Reading →

Filed under: Columns, Economics, Economy, Political Economy

The precarious world of temporary work

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By Deborah o’Connor

When Bakkavor Foods announced a few short months ago it was setting up shop in the Lucas Point Industrial Park in Cobourg, promises of up to 150 jobs were heralded as a victory for the town and unemployed workers in the area. Scheduled to open in April 2011, 30 jobs were up for grabs with a goal of 70 in total after two more years. The company, a subsidiary of Bakkavor Foods U.S.A., based in the United Kingdom, employs 19,000 workers in 10 countries around the world. They process fresh agricultural products to sell in supermarkets, and with Cobourg so close to both farms and Highway 401, our location is just right for their business. (more…) Continue Reading →

Filed under: Community Voices, Featured, Economy, Social Justice

Impact study pays in a big way for Cobourg

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By Robert Washburn

An inexpensive tourism study about the Sandcastle Festival is paying big dividends in Cobourg, the tourism events coordinator said Thursday. Lara Scott said she was able to do an economic impact study for $1,000 through the Festival and Events Ontario non-profit organization, which normally would cost between $10,000 to $20,000. She presented the findings of the survey to council Monday night. Through the festival organization, she joined with 48 other tourism groups to have a study done last year by Toronto-based Enigma Research.  It found the event brought in about 7,000 people, of which 5,110 people were from out of town. Continue Reading →

Filed under: News, Economics, Economy, Tourism

Missed economic opportunity at Cobourg Community Centre

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By Deb O’Connor

With the decision by the Town of Cobourg to operate the Community Centre Café, by providing refreshments for users of the facility, another opportunity to do some innovative local economic development is lost. The town rejected the one submission it received from a local group to actually operate the cafe, but claims other sports related groups are still interested and will be involved in staffing it and in other unspecified ways. But overall the town will provide management of the cafe, at least for now, says Paul Allen, of the centre’s operation committee. A review of the arrangement will be completed in two years. So what else could they do? Continue Reading →

Filed under: Community Voices, Community, Economy

Mortgage tightening won’t change much

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By Deborah O’Connor

New mortgage rules announced this week from federal Finance Minister Jim Flaherty may make it tougher for some on the edge of home ownership to make the plunge, but it’s just tinkering with a system already well protected by changes made since 2008. The newest moves certainly won’t open the door to home ownership for the poor, but it may put the brakes on current homeowners for those hankering for the latest shiny toys. The danger is this drives them deeper into debt. The rules were tightened in 2008 to protect us from assuming mortgages we really can’t afford. Then, it became mandatory for buyers to have a minimum 5per cent down payment, and amortization times were decreased from 40 years to 35. Continue Reading →

Filed under: Community Voices, Community, Economy