Winnipeg Free Press

Winnipeg Free Press (Newspaper) - September 17, 2025, Winnipeg, Manitoba B5 WEDNESDAY SEPTEMBER 17, 2025 ● BUSINESS@FREEPRESS.MB.CA ● WINNIPEGFREEPRESS.COM BUSINESS Spotlight on new students, Gail Asper at Ignite Award gala INCOMING students of the Asper School of Business at the University of Manitoba will be welcomed into the province’s business community tonight at the fourth annual Ignite Award dinner. Around 850 people are expected to attend the event at the RBC Convention Centre in downtown Winnipeg, 410 of whom are new students — record at- tendance for both categories, according to organizers. The gala will honour 2025 Ignite Award recipient Gail Asper, who spearheaded the establishment of the Canadian Museum for Human Rights. The purpose of the event is two-fold, said Connor Egan, chair of the dinner organizing committee and a board member of the Young Associates of the Asper School. “The primary purpose is welcoming these new Asper students to the Mani- toba business community,” he said. “It’s their second week in the business school and our intention with Young Associates is basically to have them come out and be at their first formal networking event and gala dinner.” There is no cost to attend for new stu- dents, as sponsors of the event pay for their tickets. Most of the sponsors are members of the Associates or Young Associates, organizations that support the Asper School. The second purpose of the event is to honour someone with ties to the As- per School who is also a local thought leader — a term the Young Associates defines as someone who is influential or innovative in the community, Egan said. Gail Asper practised corporate and commercial law before joining her family’s business, CanWest Global Communications Corp., as an execu- tive. In 2002, she became president of the Asper Foundation, a private charitable foundation established by her mother, Babs, and father, Israel (for whom the U of M’s business school is named). Upon her retirement in 2023, Asper became chair of the foundation’s board. Asper was instrumental in the estab- lishment of the CMHR and has volun- teered with numerous organizations, including the Royal Manitoba Theatre Centre and United Way Winnipeg. “The philanthropic impact she’s had on the community is exceptional,” Egan said. After she receives the Ignite Award, Asper will give some remarks, he add- ed. Asper has tailored her acceptance speech toward new business students and will touch on the importance of community involvement. Afterward, Asper and Egan will sit down for a fireside chat, during which she will answer questions about her career. “We’re just hoping the students and the business leaders in attendance will be able to have some takeaways from Gail,” Egan said. Asper was travelling and was not available for an interview. She follows Ash Modha (co-founder and CEO of Mondetta Clothing Inc.), Dayna Spiring (former CEO of Eco- nomic Development Winnipeg) and Mark Chipman (executive chairman of the board of True North Sports and En- tertainment Ltd.) as the Ignite Award recipient. The Asper School of Business trains more than 5,000 students annually through its various offerings, which include undergraduate, graduate and research programs, said dean Bruno Silvestre. The school welcomed more than 800 new students this month, he added. aaron.epp@freepress.mb.ca AARON EPP Bank of Canada rate cut expected even as inflation ticks up to 1.9% in August OTTAWA — Most economists believe the Bank of Canada has a green light to cut interest rates today after a last-minute inflation report showed price pressures were relatively tame in August. Annual inflation rose to 1.9 per cent last month, Statistics Canada said Tues- day. That’s up from 1.7 per cent in July but short of economists’ expectations for two per cent inflation heading into the release. Benjamin Reitzes, BMO’s managing director of Canadian rates and macro strategist, said there’s “nothing in this report to take (the Bank of Canada) off track from a rate cut.” The acceleration in headline inflation was near expectations and core metrics — closely watched because they strip out volatility — did not show signs of creeping higher. Annual core inflation figures held steady around three per cent and short- er-term trends are below that mark. “As long as we don’t see any worsen- ing there, for now, I think they’re OK cutting rates,” Reitzes said. The bank held its benchmark interest rate steady at 2.75 per cent in three con- secutive decisions as it waited for more information on how the United States’ tariff dispute would affect the economy and inflation. The Canadian economy shrank in the second quarter as tariffs took a toll, StatCan data show. Canada also shed more than 100,000 jobs over the past two months, driving the unemployment rate up to 7.1 per cent. A weaker economy means less pres- sure on prices going forward, Reitzes explained. Financial market odds of an interest rate cut today held above 95 per cent after the inflation release, according to LSEG Data & Analytics. Scotiabank, TD Bank, CIBC and Na- tional Bank are all expecting a cut. Not all forecasters are convinced though. RBC economist Abbey Xu said in a note to clients Tuesday the central bank must strike a “fine balance” in its rate decision. Early signs of a third-quarter recov- ery in the economy, stickiness in core inflation, resilient consumer spend- ing and planned fiscal stimulus from the federal government’s upcoming fall budget could push inflation higher again in the months ahead, she warned. “Today’s inflation report does little to sway that assessment, and we continue to think the Bank of Canada’s decision (today) will be a close call between a 25 basis point cut to the overnight rate and a hold,” Xu said. BMO is expecting two quarter-point cuts at some point, but Reitzes said the pace of further easing will depend on upcoming inflation reports. StatCan meanwhile said stubborn- ness at the gas pumps was fuelling the higher August inflation reading. Gasoline prices rose 1.4 per cent month-over-month in August as high- er refining margins offset lower crude costs, StatCan said. The price of gas was still down 12.7 per cent annually in August — the end of the consumer carbon price has deflated costs for motorists since the spring — but the decline fell short of July’s 16.1 per cent drop, pushing the headline inflation rate higher. Stripping out gas prices, inflation came in at 2.4 per cent in August, down a tick from the past three months. Reitzes warned rising gas prices might continue to push the headline inflation number higher in Septem- ber, but added the Bank of Canada will largely look through those influences as it sets monetary policy. He said the central bank might worry if those fuel costs start to skew Canadians’ inflation expectations higher, however. — The Canadian Press CRAIG LORD In the provinces OTTAWA — Canada’s annual inflation rate was 1.9 per cent in August, Statistics Canada says. Here’s what happened in the provinces (previous month in brackets): — Newfndlnd/Labrador: 1.3 per cent (1.6) — Prince Edward Island: 1.1 per cent (1.2) — Nova Scotia: 2.2 per cent (1.6) — New Brunswick: 1.6 per cent (1.1) — Quebec: 2.7 per cent (2.3) — Ontario: 1.7 per cent (1.6) — Manitoba: 2.0 per cent (1.9) — Saskatchewan: 1.7 per cent (1.4) — Alberta: 1.4 per cent (1.3) — British Columbia: 1.8 per cent (1.7) ‘Ambitious but achievable’ agreement sets standards for workers’ wages, benefits; MB crews will be prioritized for contracts Province inks jobs deal for school builds B EFORE shovels hit the ground on four schools, a new policy is being unrolled — one that prioritizes Manitoba workers and directs con- struction companies’ wages. The policy — called the Manitoba jobs agreement — is expected to affect most upcoming public infrastructure projects costing at least $50 million. Proponents believe the policy will keep Manitoba workers in the province. Critics fret it pushes efficiency to the backseat. “We’ve been forced to react as a prov- incial government and say, ‘How are we going to Trump-proof the economy here?’” Premier Wab Kinew said dur- ing a Tuesday news conference. As a national recession threatens, politicians — including Manitoba’s — have turned to infrastructure projects. Enter four to-be-built schools, previ- ously announced in the provincial gov- ernment’s 2025 budget. Two schools in Winnipeg — in Devon- shire Park and Prairie Pointe — and one in West St. Paul’s Meadowlands neighbourhood may see ground prepar- ation this fall. Work will likely start on another, in southwest Brandon, next spring, ac- cording to the head of Manitoba Build- ing Trades. The cluster of four schools encom- passes the first project with a designat- ed Manitoba jobs agreement. Meaning, the province has set standards for all site workers’ wages, benefits and work- ing conditions. Companies employing Manitoba crews will be prioritized for contracts, Kinew said. At least 10 per cent of the overall pro- ject’s hours will be devoted to appren- tices. Twenty per cent of work hours will be targeted at “equity-deserving groups” like First Nations, women and newcomers, said Tanya Palson, exec- utive director of Manitoba Building Trades. “We think that this is ambitious but achievable,” she added. Manitoba Building Trades negotiat- ed with the province on the four-school agreement. It’ll do so on future Mani- toba jobs agreements. Each agree- ment’s details — like apprenticeship hours — will change to fit the project, Palson explained. For now, Manitoba Building Trades is focused on the current school pack- age. The province has tabbed about $50 million per school. It estimates 600 jobs will be created. “Every worker and every trade on the project, regardless of if their employer is union or non-union, will be getting the highest prevailing wage rate of the industry,” Palson said. Manitoba Building Trades will rep- resent workers. It currently oversees more than 8,000 tradespeople through 13 member unions. Work has slowed since U.S. President Donald Trump took office this year, Palson said. Private sector builds have stalled; Manitobans have left for work elsewhere, Palson continued, adding 300 Manitoba iron workers are in Sas- katchewan. “We’re hoping to see this (new policy) support some of the Manitoba compan- ies so they’re not having to compete with … less wages and a totally differ- ent style of how to do business from out- of-province contractors,” Palson said. Construction contracts for Winnipeg water treatment plants, among other projects, have drawn workers from out- side Manitoba. There have been “too many” instan- ces of this, said Kevin Rebeck, Mani- toba Federation of Labour president. He applauded the New Democrat an- nouncement. Kinew pointed to the Progressive Conservatives, saying they’d hired out- of-province contractors for Winnipeg’s south end water pollution control centre project. “There definitely was some large- scale infrastructure projects that need- ed to have out-of-province company involvement,” said Konrad Narth, the PC’s labour critic. There are plenty of good Manitoba construction firms, Narth continued. Those companies may bid on projects they’re suited for outside the province, and vice versa. “The premier is quick to speak when we’re talking about breaking down interprovincial trade barriers and free flow of labour and goods,” Narth said. “Then he wants to say that… projects in Manitoba need to be completed by unionized Manitoba labour. “I think that’s disregarding effi- ciency in the name of protecting union- ized jobs and union executives that have put him into power.” Narth questioned whether non-union- ized Manitoba construction companies will have a harder time procuring bids. During Tuesday’s news conference, Kinew said “first priority” will go to Manitoba union members, then Mani- tobans, then Canadian union members and other Canadians. Businesses already pay construction workers high wages to secure talent, said Ron Hambley, Winnipeg Construc- tion Association president. The association counts nearly 800 members; it wasn’t consulted about the new government policy, Hambley said. He deemed the required apprentice- ship and equity hours “good things,” adding he plans to review the final in- itial Manitoba jobs agreement. Prices will rise if open shop contract- ors must include union dues in their bids, he noted. “For some there may be apprehen- sion about sharing personnel info with unions — so it is possible they just don’t bid,” he said. The Red River Floodway and Keeyask generating station construc- tion saw similar agreement structures, but those were one-off projects, Palson said. The new policy will allow for more stability and a better path for apprenti- ces to obtain Red Seal status, she added. Palson expects to meet with govern- ment monthly or quarterly. Contractors will be expected to report their labour data with more regularity; data should be publicly available, Palson said. gabrielle.piche@winnipegfreepress.com GABRIELLE PICHÉ MIKAELA MACKENZIE / FREE PRESS Victor daSilva (left), secretary treasurer of LiUNA Local 1258, gives Premier Wab Kinew a hard hat to wear on Tuesday during a jobs agreement announcement in Winnipeg. ;