{"id":17452,"date":"2023-06-15T05:14:39","date_gmt":"2023-06-15T09:14:39","guid":{"rendered":"http:\/\/mhgoldberg.com\/blog\/?p=17452"},"modified":"2023-06-14T13:29:20","modified_gmt":"2023-06-14T17:29:20","slug":"climate-for-investment-looking-cloudy","status":"publish","type":"post","link":"https:\/\/mhgoldberg.com\/blog\/?p=17452","title":{"rendered":"Climate for investment looking cloudy"},"content":{"rendered":"

Canada’s policy environment is leading to the wrong climate for investment.<\/p>\n

That is one of the key take-aways from a recent survey of leading business leaders published by the Globe and Mail<\/a>. The survey [pdf<\/a>, 5.2MB] included chief executives from a wide range of companies and business sectors, representing businesses with annual revenues ranging from $10M to more than $10B. Two thirds of the respondents represented companies with annual revenues over $1B.<\/p>\n

\"\"<\/a>The survey’s headline highlights nine out of ten participating CEOs in Canada see cybersecurity as a threat for their business; 70% say it’s a major threat. Still, Canada being on the wrong track for investment is one of the 4 key findings. “Over six in ten participating CEOs in Canada see Canada as being on the wrong track when it comes to being a place for businesses to invest (62%). When asked the reason for their views, participating CEOs most often said taxes and high costs (22%), poor leadership, regulators, and red tape or lack of clarity (22%), and incentives for business being weaker than other countries which does not create appealing environment for investment (17%).”<\/p>\n

\"\"<\/a>Further, when asked an open ended question “What are the biggest threats, if any, when it comes to your company conducting business in Canada in 2023”, 38% replied poor policy \/ regulation. It was the number one threat identified, by a nine point margin.<\/p>\n

The regulatory and policy impact on the climate for investment is a key theme in the CRTC’s review of mandated wholesale access to fibre facilities. In its notice of consultation<\/a>, the CRTC appears to trivialize the risk to further fibre investment by carriers, since fibre access networks “now cover most of their serving territories”. That stands in stark contrast to a recent statement<\/a> by Bell Canada’s CEO that “There are still 4-5 million locations within our footprint without access to fibre.”<\/p>\n

The regulator should know that broadband expansion business cases are examined on a project-by-project basis. After all, the CRTC administers its own subsidy fund to top up the shortfall in a limited number of rural broadband expansion projects. Policy makers must recognize that existing fibre is somewhat irrelevant to the millions of Canadian households that currently don’t have fibre access. <\/p>\n

The economics associated with fibre expansion projects should be pretty simple to understand. I have written about broadband business cases<\/a> numerous times. The incremental cashflows over time have to offset the upfront and ongoing costs associated with the project. If there is a shortfall, the project doesn’t get approved. If the economics don’t work, the private sector won’t invest in the project.<\/p>\n

Cutting investment and cutting jobs aren’t threats; these are logical (and predictable) consequences of regulatory and government policy.<\/p>\n

This week, we have seen stories about such consequences at TELUS<\/a> and at Bell<\/a>. <\/p>\n

Will CRTC’s continued intervention in the marketplace drive an increased requirement for government funding for fibre in areas that would have otherwise had a business case for private sector investment?<\/p>\n","protected":false},"excerpt":{"rendered":"

Canada’s policy environment is leading to the wrong climate for investment. That is one of the key take-aways from a recent survey of leading business leaders published by the Globe and Mail. The survey [pdf, 5.2MB] included chief executives from a wide range of companies and business sectors, representing businesses with annual revenues ranging from …<\/p>\n

Climate for investment looking cloudy<\/span> Read More »<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_uag_custom_page_level_css":"","two_page_speed":[],"footnotes":""},"categories":[1],"tags":[],"class_list":["post-17452","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"yoast_head":"\nClimate for investment looking cloudy • Telecom Trends<\/title>\n<meta name=\"description\" content=\"Canada's policy environment is leading to the wrong climate for investment. 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