Higher wages reduce funding – Business News
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The Canadian Press –
July 23, 2018 / 6:47 am | story:
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Photo: The Canadian Press
Sergio Marchionne, left, and Mike Manley
Financial investors sent shares of Fiat Chrysler down 4% on Monday while they weighed the price. potential impact of the accelerated exit of CEO Sergio Marchionne due to serious health problems.
The actions of the Italian-American carmaker were trading at 16.10 euros in an unstable market in Milan. Ferrari, where Marchionne was also replaced at the helm, lost 5% to 113.50 euros at the opening. Losses weighed on the Milan Stock Exchange, where the FCA pulled the FTSE MIB index down by 1.1%
. The FCA Board of Directors has appointed Mike Manley, Jeep General Manager, to lead the Jeep. was planned for the beginning of next year. The company said the 66-year-old Marchionne suffered complications from a shoulder operation last month, which prevented him from returning to his duties. No other details have been published.
The boards have also appointed Marchionne replacements as Ferrari's CEO and President of CNH Industrial. Louis Camilleri, president of Ferrari sponsor Philip Morris, is the new CEO of Ferrari, while Suzanne Heywood takes the presidency of CNH Industrial.
Manley's first appointment to a regular FCA executive council in Turin on Monday, and his first public appearance will be to present FCA's second quarter results on Wednesday.
Marchionne announced in his last major badyst presentation last month that the quarterly results would show FCA zero debt for the first time – an opportunity for which the Normally, the Italian-Canadian manager, dressed casually, has donned a tie, even briefly. The five-year plan included a major shift towards electrified engines.
Marchionne designed the turnarounds of Italian automaker Fiat, which he took over in 2004, and Chrysler, which Fiat acquired in 2009 under an agreement with the US government. seventh global car manufacturer on two formerly dysfunctional entities. It has created value for the shareholders of Fiat's founding family, with positive spinoffs on Fiat's heavy-vehicle manufacturer, CNH Industrial, and on the iconic Ferrari sports car company. But 54-year-old Manley has played a key role in turning the US Jeep brand into a global brand since his arrival in 2009, and he has also been at the helm of the group. Ram Truck Division since 2015. Both brands are at the forefront of FCA's North American strategy to move away from the production of pbadenger cars and focus on SUVs and trucks to meet the demand. market demand
. and limited to operational issues, he was heavily involved in the implementation of the 2019-22 strategic plan, "said Philippe Houchois, an badyst at Jeffries Financial Services, in a note." We are waiting for continuity. "But he also expressed concern that FCA's success was linked to Marchionne's ability to change strategy to achieve goals.
Anindya Das, a Tokyo-based automotive badyst, called Manley "a natural choice" to replace Marchionne. Jeep profit and growth engine since 2009. "
The Canadian Press –
July 23, 2018/6 h 36 | story:
The Minister of Employment, Manpower Development and Labor, Patty Hajdu
The rise in minimum wages in the province has reduced the scope of employment spending in Canada. 39, summer of the Liberal government by reducing the
The Liberals have doubled the spending of the politically popular program to about 220 million dollars in order to increase the number of available jobs to about 70 000, against about 35 000.
It was known at the end of the winter that there would be a decrease in the number of hours funded by the program to achieve the goal of jobs from the beginning. summer of the Liberal government.
A March information note to Labor Minister Patty Hajdu warns of the expected reduction in the average number of hours per job funded by the program, rising to a national average of 30 hours per week in 2018 of 35 in 2017.
The officials wrote that the plan could raise MPs who like to promote spending, as well as employers – especially organizations that need help to pay and attract the seasonal workers.
"The reduction should affect organizations that need several weeks to support their operations (p.") Indicates the information note obtained by The Canadian Press under the Access to Information Act. Information
.The figures provided by the department suggest that officials have mitigated some of the effects, but there has always been There has been no reduction in the number of hours worked in territories.
A spokeswoman for Hajdu said the government is maintaining its decision to double the number of jobs under the program. "Improving the program" for students who have need a quality summer work experience. "
The annual program offers wage subsidies targeting mainly non-profit groups and small businesses with fewer than 50 employees. the requests this The year was $ 68.9 million more than last year, a figure the information advisory upward on minimum wages, particularly in Ontario, Alberta and British Columbia. Hajdu was informed of the average increase in the national minimum wage to 13.7 percent of wages.
The ministry overseeing the program has recommended 85,000 jobs to be funded this year on more than 153,500 applications. Officials have recommended more jobs than the planned 70,000 because some employers are abandoning the program, while others end up being unable to fill jobs.
Final figures for Canada Summer Jobs will not be available until later this year. Canadian Press –
July 22, 2018 / 8h24 | story:
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Photo: The Canadian Press
Five Things to Watch Out for in Canadian Business Next Week:
Aecon Earnings
Aecon Group Inc. Releases Second Quarter Results after the markets closed on Thursday. The construction company, which has recently been the subject of an unsuccessful acquisition bid by a state-controlled Chinese firm, won a $ 282 million contract last week. for the Enbridge Inc. Line 3 Replacement Project in Manitoba.
Oil on the Rails
CN Rail Reports Second Quarter Results After Market Closes Tuesday. The railway expects crude oil deliveries to increase in the second half of the year as capacity becomes available. Gross rail oil exports to the United States jumped to just over 170,000 barrels per day in March, the highest level since March 2014.
Housing Update ]
Housing Corp. Releases its Housing Market Assessment Report Thursday. The Bank of Canada has identified the housing market in Canada, as well as high levels of consumer debt, as the main vulnerabilities of the financial system, but both countries have recently shown signs of easing
Air Canada discusses second quarter results on Friday. Former Aveos employees were allowed to bring a clbad action against the airline that sold the bulk of its shares to Aveos in 2007 and gradually reduced its contracts with the maintenance company, obliging it to to close definitively in 2012 due to lack of orders.
Loblaw's Reports
The grocery and pharmacy giant, Loblaw Companies Ltd., publishes its second-quarter earnings on Wednesday. A Loblaw lawyer told a Toronto court last week that there was no evidence to support the allegations of the Canada Revenue Agency that its bank subsidiary Barbados had been used for tax avoidance purposes
] –
July 22, 2018 / 8h22 | story:
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Photo: The Canadian Press
Donald Bergeron with personalized letter he and his family received an offer to buy his house in Toronto
Monica Martins and her husband had been looking for a house for nine months by the time they were fell in love with a "house of character" in East Toronto.
With the demand for high properties and bidding wars the norm, they knew that home would not be easy, so to convince the seller their offer, they decided to go beyond to simply dig deep into their bank account.
Despite the doubts of her husband that he would carry a lot of weight, Martins put a pen to the paper and scribbled a note that describes his family, detailed how much they loved the house and noted that it's not the same. she and the salesmen had shared tastes in books and furniture. She also included an informal pledge not to disembowel or demolish the place as it had been done at another property on the street.
"If you choose us, we will do it our own over the years, but we love the house you" We loved it so much and we loved to live there and raise our family, "recalls Martins, before taking a picture of the family with his daughter and dog and leaving the note to his real estate agent.
note has placed the Martins in a growing group of Canadian buyers who are opting for the personal touch in the Hoping to gain an advantage in heated markets – and real estate agents and salespeople say that such missives often make the case
.not unusual for customers to ask them to issue notes dotted with Mentions of single parents, millennials of savings for a first property or young couples looking for a place to raise a family.They often mention how much the potential buyer likes the features of the May his, like a large backyard, beautiful wood floors or a spacious kitchen, and often speaks of the sender's profession, his hobbies and his hopes
Some consider them a "must" "because sellers often seriously consider the feelings relayed in a note when choosing the offer to accept, especially when a house has long been
Donald Bergeron, a lawyer, received a letter when he and his wife put the home in Etobicoke where they lived for about 23 years and raised their kids for sale recently.
They received a handful of There were offers, but a "very well written" letter indicated that the shippers liked the neighborhood and admired the two renovations that the Bergerons had done on the house. Later he discovered that writers lived on the street and that they had often treated their home at home, where their children always told their parents how nice the property looked.
Bergeron and his wife ended up accepting the writers' offer after some haggling over financing terms, but he said the note was not the deciding factor.
"He crowned our good feelings that we had chosen the right people," said Bergeron. "The reading of the letter was almost like badped cream on the sundae."
He said that letter writers run the risk of sounding corny or exaggerated and should know that many buyers are still motivated by money.
"I do not know if the letter takes it over, but it does not hurt him either," he said.
In the case of Martins, they were not the only buyers writing a letter and did not have the highest bid, but landed the property again. The salesmen told them later that their "hard-hitting" note sealed the case.
"Someone else in their neighborhood had a character at home and he was given badurances that it would not be a flip job.The day after the closing, the trucks of demolition came and never lived there. "[TRADUCTION]" Our salespeople felt that we were genuine in our communication, which we absolutely are. "
The Canadian Press [19659002] –
July 20, 2018 / 2:34 pm | story:
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Photo: The Canadian Press
A union representing about 500 employees of Shaw Communications in British Columbia said it voted for a strike by a large majority.
The 98% of the votes cast In a statement, the chief negotiator of the Union, Lee Riggs, stated clearly: "Our members have shown determination in defending their rights against an employer who shows little respect. this strong strike vote, which shows how our members are united and that they are ready to fight back. "
Riggs said that the USW's main purpose is to negotiate a new contract, not go on strike, but the union says that it plans to Shaw publish a 72-hour strike notice to the Shaw's intention on Sunday
The United Steelworkers says Shaw calls for the freeze of wages, the elimination of job security and erosion of the work of its members
and its Vancouver-Richmond divisions voted to strike Shaw unionized employees in four BCs
Employees are technicians who install Internet, telephone and television services for residential and business customers. 19659004] Shaw closed a union call center in Windsor, Ontario, in March and consolidated his work in Victoria
Earlier this year, approximately 3,300 non-union Shaw employees decided to take an indemnity from voluntary departure which does not was not available to employees covered by a collective agreement. Departures were to be spread over 18 months
The Canadian Press –
19th of July 2018 / 14h57 | story:
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Photo: The Canadian Press
On this Sunday, June 24, 2018, photograph, unsold 2018 Elantra sedans sitting at a Hyundai dealership in Littleton, Colorado.
The average price of imported vehicles sold in the United States States could leap several thousand dollars if the Trump administration imposed tariffs in the worst case scenario provided by the Center for Automotive Research.
The Michigan think tank estimates that US consumers would see the average price of new imports increase by US $ 6,875, if a rate of 25% is applied, or up to US $ 2,750 if a rate of 10 % is imposed on imports from all countries.
The impact on US consumers would be significantly lower if Canada and Mexico The Central African Republic estimates that the average cost of imports sold in the United States would increase by US $ 3,980 if a tariff of 25% is applied. 39 applied only to non-NAFTA countries and the United States. A quota that limits the number of imported vehicles and parts to 80 per cent of 2017 levels would also be costly, pushing up the US price by $ 1,345 if a 10 per cent tariff were applied to other imports. than those of NAFTA. $ 6,610 if all countries are included or $ 5,583 US in Canada and Mexico are excluded
The report was released prior to Congressional hearings on Trump's threat to tariffs or quotas for protect his national security.
seems to aim to bring back the automotive supply chain to the United States.
But the CAR study shows that US auto production can not rise quickly, taking at least a year to convert an underutilized plant and an average of two years to build.
The US economy shrinks between $ 6.4 billion and $ 62.2 billion, he added.
The Canadian Press –
19 July 2018 / 06:01 | story:
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Photo: a contribution from
Comcast says he is abandoning the bidding war for Twenty-First Century Fox's entertainment business, focusing instead on his bid for the UK Sky [19659004] for Walt Disney Co. to buy the badets of Twenty-First Century Fox with its $ 71 billion offer. The Department of Justice has accepted Disney's offer as long as it will sell 22 regional sports networks. Fox shareholders are expected to vote on Disney's bid on July 27.
The Canadian Press –
July 18, 2018 / 7:05 pm | story:
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Photo: Contribution
A number of people at the Suncor refinery in Edmonton were sent to the hospital after a toxic gas was released in the facility
] Erin Rees, Suncor spokesperson
Rees said that a number of employees and contractors were in the vicinity of the release, and that they were evaluated by Suncor and Alberta Health Services staff
.
Hydrogen sulfide is a colorless, corrosive and flammable colorless gas that smells of rotten eggs.
Rees says that there will be an investigation into the cause of the release.
Canadian Press –
July 18, 2018 / 1:18 pm | story:
The Toronto Stock Exchange Distribution Center
Canada's main stock index closed with the loonie, as the energy and consumer staples sectors lost ground, while US markets were mixed. The S & P / TSX Composite Index closed down 41.84 points to 16,477.40
In New York, the Dow Jones Industrial Average closed up 79.40 points to 25,199 29. The S & P 500 index rose 6.07 points to 2,815.62 and the Nasdaq composite index ended down 0.68 point to 7,854.44
The August contract closed up 60 cents to US $ 1,227.90 l. ounce and the September copper contract climbed one cent to $ 677 a barrel. $ 2.76 per pound
