IN THE KNOW:
Bank of Canada drops interest rate for the first time in four years
Last week the Bank of Canada took the first step to reduce the pain of high interest rates. For the first time since March 2020, the bank lowered its overnight rate from 5 per cent to 4.75 per cent, and is expected to drop further in the months ahead.
“We’ve been hearing from members who have felt squeezed by the high rates and what that has meant for their customers who have been feeling squeezed themselves,” says Bruce Williams, CEO of the Greater Victoria Chamber of Commerce. “No one wants inflation to return, but we’re hopeful this move by the bank marks a return to stability needed for businesses to make those investments that help them grow.”
The bank’s president, Tiff Macklem, was careful not to promise future cuts, but the Conference Board of Canada stated that conditions are right for the rate to fall further.
Sources: Greater Victoria Chamber of Commerce, Bank of Canada
FROM THE CURRENT ISSUE OF DOUGLAS:
Foraging for Fungi
Hunting the wily mushroom is fueling a thriving underground business.
Every year mycology-savvy entrepreneurs can earn cash – sometimes lots of it – by picking and selling wild mushrooms. For prime-condition edible mushrooms, chefs and groceries are paying as much per pound as a filet mignon.
There are no foraging restrictions on Crown land in B.C. Picking anywhere else requires permission. Foragers don’t need a permit, and there are no rules about who can forage mushrooms. “It’s an underground industry,” says Bill Jones, a Cowichan-based chef and
cookbook author, who also teaches guests at his Deerholme Farm how to forage for mushrooms. “The government has zero control.”
MARK YOUR CALENDAR:
Coming up:
JUNE
June 4-25: Data Management & Analytics Roadshow 2024
June 11-13: Local Government Management Association Conference
June 12: DVBA Annual General Meeting
June 13: City of Victoria – Let’s Talk (Official Community Plan)
June 19: AI Fundamentals for Business camptech.ca/workshops
June 25: Belleville Terminal Redevelopment Project B2B Event
June 28: Business Leaders Luncheon: BC Hydro CEO, Chris O’Riley
https://www.victoriachamber.ca/upcoming-events.html
