Acura recalls SUVs – Company News

The Canadian press –
April 8, 2019 / 3:31 pm | story:
253510

The Canadian press –
April 8, 2019 / 2:07 pm | story:
253503

Less than three months after the closing of one of Canada's largest cryptocurrency markets, in the midst of a whirlwind of controversy, the Vancouver-based attempt to restructure QuadrigaCX has failed and the virtual company has officially initiated bankruptcy proceedings.

This decision, approved today by a Nova Scotia judge, marks a turning point for the 115,000 users to whom more than $ 260 million must be paid in cash and cryptocurrency, including Bitcoin and Ethereum.

The transition to the bankruptcy process means that Ernst and Young, the court-ordered supervisor overseeing the case, will be given more investigative powers as a trustee under the Bankruptcy Act. insolvency.

The Companies' Creditors Arrangement Act granted the insolvent company creditor protection on February 5, but it soon became clear that the company had no real assets or employees – and that the process of recovering the missing funds would be difficult.

The stock market was closed on January 28, more than a month after its sole director – Gerald Cotten, 30, of Fall River, NS – died suddenly while traveling to Jaipur, India.

Shortly after the announcement of his death, court documents revealed that he was the only QuadrigaCX employee to know the encrypted access codes needed to access cryptocurrency stuck in wallets. offline $ 190 million.

The Canadian press –
April 8, 2019 / 2:03 pm | story:
253501

The federal government's announcement Monday of a watchdog to enforce the responsible behavior of Canadian companies operating abroad was greeted with disappointment by human rights defenders.

The conviction was triggered by the decision of International Trade Minister Jim Carr to continue consultations on the powers of the new "Canadian ombudsman for a responsible business" – a legal review that he believes could last until the end of the day. beginning of June.

This means that the fate of the new office will be left to the last days of the last sitting of Parliament before the October federal election. The Liberals promised to create this position as part of their 2015 campaign program.

Can the new mediator, Sheri Meyerhoffer, a longtime lawyer in the field of trade and international development, compel reluctant corporations to cooperate in her investigations to determine whether their conduct violated the human rights of local people and to follow the recommendations she has made.

Carr said he wanted an independent legal opinion on the best way to give Meyerhoffer the power to ask companies to disclose documents and answer questions.

The review will include an assessment of "the desirability of the law on investigations as a tool" to give Meyerhoffer the power to "compel witnesses and documents".

Her appointment as a new ombudsman is expected to be a substantial improvement over the current "Corporate Responsibility Counselor," an office widely criticized as a ruthless entity for handling complaints of misconduct against Canadian companies, mainly in the mining sector.

Alex Neve, head of Amnesty International Canada, welcomed the appointment of Meyerhoffer, but was disappointed that the government still has not defined its powers about 15 months after the announcement. Announcement of the creation of this post.

"We do not know yet if she will have the power that will really make her office stronger and different from what we've had in the past," Neve said in an interview. "It is disappointing that it did not happen at the same time."

The Canadian Corporate Liability Network said the government failed to appoint a mediator with real powers on Monday.

"Fifteen months after the start of the process, the announcement of an examination is outrageous.We do not need further studies.We need action," said Emily Dwyer from the network.

Carr added that the new Meyerhoffer office would focus on the mining, oil and gas and apparel sectors, but that its mandate would quickly expand.

Meyerhoffer does not speculate on how his office would have handled the current controversy over SNC-Lavalin, which involves criminal charges against the Montreal engineering firm for allegedly using bribery to obtain work in Libya.

However, according to her, corruption as a commercial tool is simply not acceptable, regardless of the context.

"I've been working in countries where it's difficult, I understand that culture, but it's not because everyone does it that we have to do it, and the mark of Canada is … we follow international standards, "said Meyerhoffer. .

Liberal MP John McKay praised the future dynamic on an issue he has been defending in Parliament for a decade. McKay described how his previous attempt to pass his private member's bill on the social responsibility of Canadian resource and energy companies was thwarted by the other Liberals who voted against the bill. Bill C-300 in 2010.

"We fought at all stages of Parliament and finally lost six votes," McKay said. "Apparently, there was a flu epidemic at the time, or an urgent call to the toilet, not quite determined yet."

The Canadian press –
April 8, 2019 / 11:21 | story:
253488

A new report indicates that direct employment in the Canadian oil and gas sector is expected to fall by more than 12,000 jobs this year.

PetroLMI estimates that the workforce is expected to fall to about 173,300 in 2019, down 23% from 226,500 in 2014.

According to the report, the labor market in the oil and gas sector fell rapidly in 2015 and 2016 as a result of the collapse in commodity prices and remained relatively stable in 2017 and 2018.

In its 2019 labor market update, PetroLMI reports that about 12,500 jobs are at risk this year due to factors such as low commodity prices, lower capital expenditures and related uncertainties. marketing of oil and gas.

Workers in oil and gas services will face the highest employment risk in 2019, while the oil and gas sub-sector is the only category to record slight growth.

At the provincial level, British Columbia is on the verge of losing as few jobs as possible, while Alberta should lose the most.

"Until additional export capabilities are available, the Canadian oil and gas sector's employment outlook will continue to be affected," said Carol Howes, vice-president of the Canadian oil and gas industry. PetroLMI.

The Canadian press –
April 8, 2019 / 10:10 | story:
253473

Ontario real estate agents say the province should ban so-called "bully" offers, which they say provide unfair advantage to some buyers.

President of the Ontario Real Estate Association, Karen Cox, said the government should use its current review of the law governing real estate agents in the province to outlaw the practice.

The so-called "intimidation" offers are submitted by a buyer before the seller's established offer date, which is usually done to avoid competing with other buyers and to put pressure on the seller for that he accepts the offer.

Cox says the ban on the practice will guarantee all interested buyers to be able to make a fair offer on a house and will allow sellers to carefully study all offers.

This recommendation is one of the 28 recommendations submitted by the association – representing 78,000 brokers and vendors – to the government as part of its review of the Real Estate and Business Brokers Act.

Last fall, real estate agents asked the province to review the law – which was put in place in 2002 – stating that the law needs to be updated to allow more transparency for buyers and sellers.

Cox says enthusiastic buyers have used intimidating offers to oust other buyers in the market and this should change.

"This creates an injustice in the process of buying a house," she said. "This does not give all buyers a shot just to make an offer and a seller a chance to consider all the offers."

The association also calls on the government to ban escalating clauses in bids, which aim to defeat any competing bid by automatically increasing the purchase price relative to the number of bids. 39, offers the closest.

The practice opens the door for sellers to fill an offer that may not reflect the next auction and may expose the seller to litigation, the association adds.

"It makes it a very uneven playing field," said Cox.

Real estate agents are also asking the government to put in place educational programs that require more classroom training to help raise professional standards.

"This would allow for greater specialization, thus allowing you to be recognized as an expert in this field," said Cox, adding that the sale of condominiums, industrial and rural properties or waterfront properties required a different expertise.

The recommendations also call on the government to give the regulatory body of real estate agents – the Ontario Real Estate Board – broader powers to proactively investigate agents who violate the rules of the Act. ;industry.

"Our regulator should have the power to investigate and eliminate from our profession the worst offenders, people who do not respect ethics," said Cox.

The Canadian press –
April 8, 2019 / 10:08 | story:
253472

Nissan shareholders on Monday sacked former carmaker chairman Carlos Ghosn in an attempt to close the door at a time of shock.

More than 4,000 people gathered in a Tokyo hotel for an extraordinary three-hour shareholders' meeting and agreed to send Ghosn back to applause. They also approved the appointment of Jean-Dominique Senard, president of Renault SA, a partner of the French alliance, to replace Ghosn. Renault holds a 43% stake in Nissan.

"I will devote all my energy to improving the future of Nissan," said Senard, who was introduced to shareholders at the end of the meeting. He promised to do his best to keep the automaker's performance on track.

Ghosn was arrested for the first time in November for allegedly under-reporting his compensation and breach of trust. He was released on bail in early March and again arrested for the fourth time last week. The latest arrest concerns new allegations that US $ 5 million from a Nissan Motor Co. subsidiary destined for an Oman dealer has been diverted to a company effectively controlled by Ghosn.

Ghosn says that he is innocent. He suggested that the charges had been brought by some at Nissan in the hope of removing him from office.

Nissan Chief Executive Hiroto Saikawa and other executives apologized for apologizing to shareholders.

"I deeply apologize for all the worries and troubles we have caused," said Saikawa. "There is an unprecedented and incredible fault on the part of a senior officer."

At the meeting, which was closed except for the shareholders, but dreamed of, angry shareholders asked for explanations that wrongdoing of a supposedly massive scale had not been controlled for years.

A shareholder said that all Nissan management should resign immediately. Saikawa said he felt his responsibility was to first address poor corporate governance at Nissan and continue to direct his operations. Another shareholder asked whether Nissan was ready to face a claim for damages, as its share price dropped.

Nissan's shareholder, Ken Miyamoto, said he was disappointed.

"It's a shame because he was a brilliant manager," said Miyamoto about Ghosn before heading to the meeting. "I guess he became complacent as people kept praising him."

Nissan's Yokohama-based company, which manufactures the Leaf electric car, March's subcompact and Infiniti luxury models, was on the brink of bankruptcy when Renault sent Ghosn to transform it about 20 years ago. ; years.

The alliance, which now includes the Japanese automaker Mitsubishi Motors Corp., smaller, rivals the auto giants, the German Volkswagen AG, and the Japanese Toyota Motor Corp. But, like other Japanese automakers, scandals related to fictitious inspections and other misconduct have been prosecuted.

The allegations of breach of trust implied losses of investment in Nissan's shoulders which, according to Ghosn, did not cause him any loss. He said the payments to a Saudi businessman that prosecutors are questioning related to legitimate services. He claims that the compensation allegedly under-reported was never decided or paid.

At Monday's meeting, Saikawa, the CEO, presented the findings of an internal investigation, including 13 years of payment of consulting fees to Ghosn's sister. He told the shareholders that the company would remain loyal to the alliance, solve its governance problems and make Ghosn's ouster "a turning point".

"We had authorized a system to commit wrongdoing without being detected," he said.

The shareholders also gave green light on Monday to remove from the board a former executive director, Greg Kelly, who was accused of collaborating with Ghosn in the alleged misconduct.

The detention of Ghosn following his arrest on April 4 was approved until April 14, but could be extended. The date of his trial was not fixed.

His lawyers in Japan announced plans to videotape Ghosn's comments on Tuesday and respond to questions later. The comments were recorded before his arrest.

Ghosn's wife, Carole Ghosn, who was with her husband in Tokyo during her arrest last week, has appealed for help to French President Emmanuel Macron.

"I ask that we allow him the presumption of innocence, like all French citizens, and France must do something," she told French radio RTL.

Carole Ghosn, who left Japan for France on Friday, described her arrest as "humiliating". Japanese investigators confiscated her Lebanese passport, but said she used her US passport to leave the country.

"I had never been so proud of him because he remained dignified, he kept his head up and he was calm," she said.

The Canadian press –
April 8, 2019 / 8:54 | story:
253470

Canada's main stock index was down in the late morning as a general decline more than offset gains in energy stocks.

The S & P / TSX Composite Index was down 42.83 points to 16,353.32.

In New York, the Dow Jones Industrial Average was down 105.17 points to 26,319.82. The S & P 500 index was down 4.87 points to 2,887.87, while the Nasdaq composite index was down 10.43 points to 7,928.26.

The Canadian dollar traded at 75.05 US cents, compared to an average of 74.70 US cents on Friday.

The May crude contract rose from $ 1.10 to $ 64.18 per barrel and natural gas contract from 3.9 cents to $ 2.70 per mmBTU.

The June gold contract rose from $ 8.50 to $ 1,304.10 an ounce and the May copper contract by 3.6 cents to $ 2.93 per pound.

The Canadian press –
April 8, 2019 / 6.30 am | story:
253452

According to the Canada Mortgage and Housing Corporation, the pace of housing starts accelerated in March.

According to the National Housing Agency, the annual rate of seasonally adjusted housing starts reached 192,527 units in March, compared with 166,290 in February.

Economists expected on average at an annual rate of 196,500 people, according to Thomson Reuters Eikon.

Reading began at the beginning of multiple urban projects such as condominiums, apartments and townhomes, which rose 18.6% to 135,894 units in March. The rate of single-detached housing starts in urban areas increased by 12.1% to 42,139 units.

Housing starts in rural areas were estimated at a seasonally adjusted annual rate of 14,494 units.

The six-month moving average of the seasonally adjusted annual rate of housing starts was 202,279 in March, compared with 202,039 in February.

The Canadian press –
April 8, 2019 / 4:52 | story:
253449

Maple Leaf Foods Inc. announced plans to build a US $ 310 million plant-based protein processing facility in the United States.

The company announced that the new plant would be located in Shelbyville, Indiana, as part of the expansion of its plant-based protein business.

It will also invest approximately US $ 26 million to keep pace with growth in demand at its existing facilities.

The new plant will double the current production capacity of the company and produce tempeh, deep-fried, sausages and raw food

Construction is expected to begin in the late spring of this year and production is expected to start in the fourth quarter of 2020.

Maple Leaf says it plans to employ about 460 people once the startup is complete.

The Canadian press –
April 7, 2019 / 8:45 | story:
253419

Five things to watch for in Canadian business this coming week:

Housing starts

CMHC releases its latest reading on the Canadian real estate market on Monday, as it releases preliminary data on housing starts for March. The annual pace of housing starts slowed in February as higher mortgage rates and less stimulating economic conditions contributed to the drop in demand.

Cogeco profit

Cogeco and Cogeco Communications Release Second Quarter Results Tuesday The Montreal-based Montreal-based cable and internet company signed a deal in February to sell Cogeco Peer 1 Inc., a troubled company, six years after the purchase.

AGM of Nova Scotia

The Bank of Nova Scotia will hold its annual meeting of shareholders on Tuesday in Toronto. The CEOs of three of Scotiabank's rivals said last week that they were expecting moderate economic growth, a slowdown in the housing market in the spring and that they were concerned for the future prosperity of the country, while expressing confidence in their ability to overcome difficulties.

Shaw's results

Shaw Communications will release its second quarter results on Tuesday. Shaw's subsidiary, Freedom Mobile, had the fifth-highest number of consumer complaints after Bell, Rogers, Cogeco and Telus, according to a report recently released by the Canadian Telecommunications and Television Service.

Pot statistics

Statistics Canada publishes its cannabis statistics on Wednesday. The agency said the average price of a legal gram of weeds for medical or non-medical purposes in the fourth quarter of last year was $ 9.70, compared to the price of $ 6.51 on the black market.

The Canadian press –
April 7, 2019 / 8:42 | story:
253418

Take out your smartphone and say AHHHHH.

Although it is still early days for a new wave of telemedicine, some Canadians can now avoid visits to the doctor's office using the video camera on their mobile phone.

In March, Telus Health launched a new video link between patients and some doctors in British Columbia, the only province with a billing code to pay doctors for such visits.

Other companies are experimenting with similar services, but Telus hopes to become the leading player in Canada's burgeoning market for consumer-focused medical technologies.

"I think we are ahead of all our competitors in Canada," said Juggy Sihota, Telus vice president, in an interview in Vancouver.

In the last ten years, the owner of the Telus and Koodo wireless networks has spent $ 2.5 billion to create a national medical records business.

Telus Health estimates that more than 50% of general practice practices in Canada use electronic medical record software at their office; more than 60% of pharmacies use their pharmacy management software.

He now adds Babylon by Telus Health, which includes video tours by smartphone, to his lineup.

"This is a key strategic priority for our organization and a key personal priority for (the Telus CEO, Darren Entwistle)," said Sihota, vice president of the health of the Telus consumer.

Telus is the Canadian partner of Babylon Health, a London-based company, among the many companies that have developed smartphone apps to help consumers diagnose their own symptoms.

The new Babylon by Telus service is distinguished by its ability to connect via interactive video to physicians covered by the BC Healthcare Payment System.

"It's like you go to a walk-in clinic and see the doctor there," Sihota said.

Patients are not required to use a Telus wireless phone and they will not be charged for video visits to the doctor.

Ultimately, Telus hopes to generate revenue by selling a technology platform to general practitioners and other healthcare professionals.

Dr. Ed Brown, Executive Director of the Ontario Telemedicine Network, said that forms of video visits to physicians have been around for many years.

"For example, a patient living in a small town could go to a hospital and see a specialist who is many miles away without the trip being made."

But Brown agrees that what Telus does "is a little different".

On the one hand, it uses a widely available mobile technology that patients can use wherever there is a fairly fast wireless service. Telus Babylon is also in contact with general practitioners rather than with specialists.

Brown said that Ontario's health system does not have a billing code to pay doctors for their telemedicine services, but OTN is striving to overcome this obstacle.

"We really want to make this part of traditional health care," said Brown

OTN is funding a pilot program with 277 physicians and 30,000 patients in five of Ontario's 14 health care regions.

He said that seeing a new doctor at each visit "is acceptable for some things but, overall, we also want people to have direct access to their own doctor".

OTN – a provincially funded non-profit organization – works with Novari Health and Think Research on a mobile phone connection between Ontario physicians and their patients.

"Patients can text their own doctor, which can be turned into a video call or audio if needed," Brown said.

He pointed out that only a small percentage of patients participating in the pilot project used the video function, relying mainly on text messages.

"Babylon may have some differentiating features that can give them an edge, here and there, but I think there's a lot of competition in this space." Brown said.

From the point of view of Sihota, video consultations offer big advantages over traditional doctor visits.

For example, patients can re-open virtual consultations with the Babylon doctor for themselves, a trusted family member or a personal physician.

And if a general practitioner orients a patient to a specialist, the service sends out notifications throughout the process and gives the patient the opportunity to ask questions throughout the process.

The Canadian press –
April 5, 2019 / 1:36 pm | story:
253321

WestJet Airlines Ltd. and its 510 regional pilots have reached a tentative collective bargaining agreement.

The Calgary-based airline has announced that the agreement with WestJet Encore pilots would be presented to the Air Line Pilots Association for ratification. WestJet has not revealed the details of the agreement.

This comes more than three months after an arbitrator has set the terms of the first collective agreement between the company and its approximately 1,600 other drivers, also represented by ALPA.

They voted in favor of joining the union in May 2017, marking a major culture shift within the airline as it grows internationally.

Last August, the company's 3,000 flight attendants voted in favor of joining the Canadian Union of Public Employees to further unionize WestJet's workforce.

ALPA represents the pilots of WestJet's core business and its very low cost subsidiaries Swoop and WestJet Encore.