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The Canadian press –
Nov 28, 2018/7 02 am | story:
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Photo: Contribution
The National Basketball Association has an agreement to provide official league data to licensed betting providers.
In a pact announced Wednesday morning, the NBA partners with Sportradar and Genius Sports to distribute NBA betting data to sportsbook providers in the United States.
Sports leagues that once vehemently opposed the prospect of sports betting are increasingly seeking to participate now that it is legal.
On Tuesday, Major League Baseball teamed up with MGM Resorts to become an official gaming partner in the United States and Japan. MGM Resorts already has similar agreements with the NBA, WNBA and NHL.
FanDuel joined the NHL and its New Jersey Devils franchise this month for sports betting and fantasy sports games.
The Canadian press –
Nov 28, 2018/6: 58 | story:
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Photo: The Canadian Press
A Couche Tard convenience store is presented in Montreal.
Couche-Tard Food Executives say they are "excited" by the growth and popularity of low-risk smoking products, but keep an eye on Juul Labs' flavored cigarette capsules.
Juul, based in California, sparked controversy when he removed American pods of mango, fruit and cucumber fruits to reduce their appeal to miners, but decided to continue selling his products at home. Canada.
Brian Hannasch, President and CEO of the Quebec-based chain of convenience stores, says that Couche-Tard strives to make sure that this is not a problem badociated with such products.
He says Couche-Tard has reviewed its processes and practices to make sure they do not sell such items to underage consumers, but wants to work with partners to understand how products can be sold safely.
Mr Hannasch also said that the market had been sufficiently impressed in the short term by these products to feel "optimistic" about the future of alternative tobacco products.
Couche-Tard made these comments during a teleconference with financial badysts to discuss his latest quarterly results. The company exceeded expectations as its net income increased 9% in the last quarter, due in part to acquisitions and lower taxes.
The Canadian press –
Nov 28, 2018 / 6:37 | story:
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Photo: Contribution
Canada's overall vacancy rate declined for the second year in a row as rental demand grew faster than supply, according to the Canada Mortgage and Housing Corporation.
In its annual survey of the rental market, the housing agency said that in 2018, the vacancy rate across the country was 2.4%, compared to 3% in 2017.
According to CMHC, demand for rental housing has grown faster than supply. She found that the number of occupied units had increased by 2.5% in October 2018, compared with a 1.9% increase the same month the previous year.
Ontario, BC, and Manitoba all experienced increases in vacancy rates, while Quebec, Alberta, Saskatchewan, and the Atlantic provinces all experienced declines.
The report, which focused on rental housing and condominiums available for rent, revealed that the average rent for a two-bedroom apartment had jumped 3.5% from October 2017 to October 2018. This increase was higher than the rate of inflation recorded during this period. period.
BEFORE CHRIST. Kelowna recorded a 9.4% increase. Saskatchewan, the province with the highest vacancy rate, saw its rents drop slightly, by 0.5% in Regina.
In October, Vancouver had the highest average monthly rent for a two-bedroom apartment ($ 1,649), followed by Toronto ($ 1,467) and Calgary ($ 1,272).
Trois-Rivières, Quebec had the lowest average monthly rent in October at $ 601, followed by Saguenay, Quebec at $ 608 and Sherbrooke, Quebec at $ 639.
The Canadian press –
Nov 28, 2018 / 5h46 | story:
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Photo: The Canadian Press
In this photo taken on Thursday November 22, 2018, visitors visit a new Ikea store in Warsaw, Poland.
An airport employee goes to the Ikea store, Warsaw's newest, at lunchtime to complete his home improvement project. Around her, people come and go in the store, depositing small household items in big yellow bags while the coffee tables fill up with people who just stop for lunch.
The store is not one of the labyrinth-like Ikea warehouses, which requires a car, but a shop like any other in a downtown mall. The Swedish retail giant plans to open 30 of these smaller stores in major cities around the world as part of a larger transformation to adapt to the changing consumption habits. Compared to just ten years ago, buyers are more likely to live in urban areas and not to have cars. They often want to go to a nearby place to check items such as furniture before ordering online.
"I like the idea because you can come at any time," said Angelika Singh, a 29-year-old airport employee, while she was finalizing an order for a new kitchen. "Generally, when you go to Ikea, you should enjoy a full day or at least a half day free because it is far away."
The Warsaw store is located on two floors covering nearly 5,000 square meters (54,000 square feet), or about a quarter of a traditional big-box store. Similar stores have also opened in major cities like London and Madrid and others are expected, with next year's one in Paris, among others.
Buyers can buy cushions, curtains and other items for the home. They can design the layout of rooms and kitchens in computer stations. But those who hope to buy a library or a bed will not find them in a large warehouse, although they can order them in kiosks and have them delivered to their homes.
As such, it offers a very different buying experience from the usual visit in one of the large warehouses.
"Ikea has been doing pretty much the same thing for 70 years, it's a cash and carry company, and the majority of its sales," said Andreas Flygare, head of the store's project. Warsaw. Now, he explained, the company has to adapt to a consumer environment that has changed dramatically over the past 10 years.
"You have companies like Amazon and Uber raising the bar for what is expected because if you can have a same-day delivery, or that an Uber is two minutes away, it influences others. like Ikea, "he said recently. interview in the store's cafe. "It can be a pretty difficult environment, everything changes so fast."
Although Ikea is still profitable, its profits have recently grown more slowly than expected.
The Canadian press –
Nov 28, 2018 / 5:31 | story:
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Photo: The Canadian Press
Businessmen cast a shadow over Toronto's financial district.
According to the Canadian Federation of Independent Business, the retirement of "baby boomers" will result in a huge transfer of business ownership over the next five to ten years, but only a small percentage of homeowners will have 39, a formal written succession plan.
In a report released Wednesday, CFIB says that 47% of small and medium-sized business owners (SMEs) intend to leave their business in the next five years and 72% of them in 10 years.
However, the CFIB report indicates that only 8% of surveyed homeowners have a formal written succession plan. About 51% had no plans and 41% had an informal plan.
"While it's encouraging that a good chunk of business owners are planning to move their business to a new generation, the lack of formal planning creates significant risks for competitiveness." and Canada's prosperity, "says CFIB in a report by research badyst Marvin. Cruz.
"With badets potentially greater than $ 1.5 trillion that will change hands over the next 10 years, Canada can not afford to have so many small business owners unprepared for this transition."
CFIB's findings are based on an online survey of 2,507 small business owners in May.
In four out of five cases, retirement was cited as the reason for the planned departure of a company. Other reasons include a transfer to another company or a lack of profit in their current business.
About 62% of survey respondents said they would rely on selling their business as a source of retirement income.
CFIB has stated that formal succession plans have the advantage of being developed with the help of professional advisors who can help develop a conflict resolution calendar and process.
It also identifies a number of obstacles to creating a succession plan, such as family members who do not want to take over the business and entrepreneurs who prefer to start a new business that to buy an existing business.
"Currently, there are very few options in Canada to connect people who want to leave their company with those who might be interested in buying a business and who could be an area to explore for. governments, "says the report.
It also suggests that the government amend the tax rules so that transfers of small businesses to family members are treated in the same way as to a non-family purchaser.
Under the current rules, a gain in business value relative to the owner's tenure is treated as a dividend if it is sold to a family member and as a capital gain. it is sold to a non-family buyer.
"In reality, these rules may discourage the transfer of a business to a family member because the transaction does not include the right to a lifetime capital gains exemption and is therefore more heavily taxed."
The Canadian press –
Nov 27, 2018 / 16h41 | story:
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Photo: The Canadian Press
Larry Kudlow, Director of the National Economic Council
Donald Trump sent a warning on Tuesday on GM's front bumper, threatening to withdraw all US subsidies to the largest US automaker, if its plans to cut jobs and production in North American plants Proved a prerequisite for the construction of interconnected electric cars in China.
The US President's chief economic adviser was attending a White House briefing when Trump presented his latest paper, 24 hours after General Motors announced plans to cut more than 14,000 jobs and halt production at five factories. including one in Oshawa, Ontario. .
"The United States has saved General Motors, and that's the THANK YOU we have!" Trump tweeted, noting that GM's facilities in China and Mexico seemed to be unscathed. "We are now considering removing all GM subsidies, including for electric cars – General Motors has made a big Chinese bet by building factories there (and Mexico) – do not believe this bet will be profitable. am here to protect the workers of America! "
The company said the cutbacks – 2,500 jobs in Oshawa, GM's Canadian center, as well as 3,300 production workers in the US and 8,000 employees – are part of a dramatic correction to better position GM for dominating electrified, interconnected and automated networks. automobiles.
But it was hard to miss the fact that most of the cuts in the US were to the Midwest Rust Belt, a region that played a key role in promoting Trump and its promising "America First" program. employment, presented to the White House in 2016.
They also put a stop to the signing of this week's US-Mexico-Canada agreement, the hard-won successor to NAFTA, whose director, Larry Kudlow, acknowledged that the goal was to foster the growth of the automotive sector.
"(Trump) believes – as frankly the Prime Minister of Canada, (Justin) Trudeau – that the agreement with the USMCA has been of great help to the auto industry and workers in the auto sector, "Kudlow said at a briefing at the White House.
"We are disappointed by the fact that GM seems to prefer to build its electric cars in China than in the United States, and we will look at some subsidies regarding electric cars and others, that they are enforced. or not."
The Canadian press –
November 27, 2018 / 12:25 | story:
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Photo: The Canadian Press
Prime Minister Justin Trudeau and Unifor National President Jerry Dias meet in Ottawa on Tuesday.
Unifor President Jerry Dias said General Motors' plan to close its car plant in Oshawa, Ontario, made him close to leaving Canada altogether.
The leader of the largest private sector union in Canada represents about 2,500 factory workers that the automaker plans to close by the end of 2019.
After meeting with Prime Minister Justin Trudeau in Ottawa on Tuesday, Dias said GM has transferred production of five models of vehicles to Mexico and the United States in recent years. If the Oshawa plant will be closed, it will remain more than one.
Dias argues that if General Motors stopped making cars in Canada, it would devastate the parts industry and cause big problems for other automakers.
He says labor standards in Mexico are weak and Trudeau must work with President Donald Trump to prevent manufacturing jobs from migrating south.
According to Mr. Dias, the new agreement on NAFTA should help in the long run, but the elements that apply to the auto sector will not start for several years and it may be too late .
The Canadian press –
Nov 27, 2018 / 10h17 | story:
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Photo: The Canadian Press
The Bank of Nova Scotia plans to sell its banking operations in nine Caribbean countries and its insurance operations in two other regional markets – and its CEO expects more international divestitures underway.
Scotiabank announced Tuesday that it has signed an agreement to sell its banking operations in nine "non-core" markets – including Grenada, Saint Martin and Saint Lucia – to Republic Financial Holdings Ltd. for an undisclosed amount.
The bank also announced that its subsidiaries in Jamaica and Trinidad and Tobago will sell their insurance business to Sagicor Financial Corp. Ltd., a partner of this company, to provide products and services in both countries for an undisclosed amount.
These outflows are part of Scotiabank's broader strategy to "better target its objectives, scale up geographies and core businesses, improve the quality of results and reduce risks to the bank," said his team. General Manager, Brian Porter.
The bank intends to remain in its main Caribbean markets, as well as the countries of Peru, Chile, Colombia and Mexico, members of the Pacific Alliance, but others Divestments are on the horizon, he told badysts at a conference call.
"We still have two and we will hear more in 2019, but they are not about Latin America or the Pacific Alliance," Porter said.
The divestments were announced as the Toronto-based lender announced its earnings for the quarter ended Oct. 31, ending its 2018 fiscal year with an increase of nearly 10% in its fourth-quarter earnings year-over-year. last, but slightly down. below market expectations.
Scotiabank posted net earnings of $ 2.27 billion or $ 1.71 per diluted share for the quarter ended October 31, compared to $ 2.07 billion or $ 1.64 per share. action after dilution for the same period last year.
On an adjusted basis, the bank reported earnings per share of $ 1.77 against $ 1.65 a year ago. Analysts on average forecasted an adjusted diluted earnings per share of $ 1.79 in the fourth quarter of the bank, according to Thomson Reuters Eikon.
Scotiabank is the first of its peers to release its quarterly and full year 2018 results. Royal Bank of Canada, Toronto-Dominion Bank and Canadian Imperial Bank of Commerce will report later this week.
For its full 2018 fiscal year, Scotiabank reported earnings of $ 8.72 billion, or $ 6.82 per diluted share, compared to earnings of $ 8.24 billion or $ 6.49 per diluted share in 2017.
The bank's recent acquisitions – including a majority stake in a Chilean bank – weighed more heavily than expected in net income, said John Aiken, an badyst at Barclays in Toronto.
"In addition, Scotia was not able to escape weakness in the financial markets during the quarter, despite lower relative exposure," he told clients. "Despite this error, we believe that there are good reasons to be optimistic, including probable improvements in operating debt resulting from the integration of acquisitions and an improvement in the confidence in the transfer of certain activities in the Caribbean considered non-essential. "
The Canadian press –
Nov 27, 2018 / 10h16 | story:
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Photo: Accenture
Accenture will create 800 new technology jobs in Canada by the end of 2020.
The consulting firm said the jobs would focus on the digital economy and involve designers, data scientists, engineers and badytical workers.
The positions will be located primarily in major cities across the country and will join Accenture's 5,000 employees already working in Canada.
Accenture is also investing in expanding its apprenticeship program to increase digital employment opportunities for underrepresented communities.
The company announced its forthcoming efforts by unveiling a new innovation hub in Toronto's financial district, which aims to use technologies such as artificial intelligence and blockchain to solve its customers' problems.
The new Toronto site, which employs 300 people, is part of Accenture's network of 10 access centers in North America.
The Canadian press –
Nov 27, 2018 / 5:14 | story:
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Photo: Contribution
There has been a dramatic increase in the number of complaints filed against Canada's telecommunications providers, according to an annual statement released Tuesday by the private sector body responsible for resolving disputes brought by customers who have not could not get satisfaction from their supplier. .
The 14,272 complaints filed by Canadian telecommunications and television customers over the 2017-2018 period represent a 57% increase over the previous year, while the total number of issues raised increased by 67% over the previous year. %, to reach 30,734, the Telecom-Television Service Complaints Council. said in his report for the 12 months from August 1, 2017 to July 31, 2018.
"With the addition of television complaints to our mandate in September 2017, we were expecting an increase – but not the 57% we received," said CCTS commissioner Howard Maker in the report. .
But Maker added that less than five percent of the complaints concerned only television.
"The increase was about the same kinds of issues Canadians have been complaining about all the time: sales transactions that go wrong, services that do not work as expected, and billing issues."
The CCTS is an independent, industry-funded organization that has been in existence for about 10 years and is mandated by the Canadian federal regulator.
The Canadian press –
Nov 26, 2018 / 7:04 pm | story:
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Photo: The Canadian Press
Maple Leaf Foods Inc. is building a $ 660 million fresh poultry production facility in London, Ontario, which will strengthen its ability to process higher margin products by closing three aging plants from the province.
The protein company will invest an initial $ 605.5 million in the plant that will serve Eastern Canada and an additional $ 5 million in related projects over the next five years, while $ 34.5 million will dollars will come from the Ontario government and $ 28 million from the Canadian government.
This will result in a net reduction of about 300 jobs.
The new facility will cover nearly 60,000 square meters and will employ 1,450 full-time and part-time workers once operations begin, which is expected in the second quarter of 2021. Construction will begin this spring.
"This will consolidate and strengthen the poultry industry in Canada for many decades to come," said Michael McCain, CEO of Maple Leaf, during a conference call after the markets close. , on Monday.
Chicken is the most consumed and fastest growing meat protein in Canada.
McCain said the plant represented the largest investment ever made at a single site in the Canadian food sector. Production at three of the other Maple Leaf mills will eventually be consolidated in the new facility, the company said.
Its St. Marys plant is expected to close by the end of 2021 and its facilities in Toronto and Brampton will close between mid to late 2022.
"These mills have served us well, but they are now between the ages of 50 and 60 and their growth is seriously constrained by their location, footprint or infrastructure, and the end of their production capacity," McCain said. to badysts.
McCain said he regretted "deeply" the impact on existing employees, but the plant will allow him to generate annually adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) of $ 105 million by offering a higher margin and added value air – cooled, boneless and chopped poultry, packed in trays. It will also help expand its retail brand and provide fresh chicken to two other cooked and sliced meat manufacturing facilities.
The new plant, which will be located near Highway 401, will save more than 30% on labor, overhead and distribution costs and multiply by one third the production capacity to meet to the growing demand.
"To the best of our knowledge, it will be the most technologically advanced facility in the world."
The company plans to provide affected employees with employment opportunities in the new facility or other factories that it operates, he said, as well as services to help them eventually find a new job.
The Canadian press –
Nov 26, 2018 / 11:31 | story:
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Photo: The Canadian Press
Shocked GM workers stormed in the rain and wind after their union sent them home on Monday as their plant closed by the end of 2019, bringing a blow to a former city and region. synonyms of car manufacturer.
While workers and their families equated the imminent loss of more than 2,500 jobs, discussions at a nearby mall shed light on the uncertain reality.
Joanna Stojkovic, gripping her seven-month-old daughter, hung up after her husband, a GM worker, announced the news.
"Our livelihood is gone, we are all in limbo right now," Stojkovic said. "It's a devastating blow to the entire Durham region – GM has been around for a long time."
The rumor of the imminent closure began to swirl Sunday night, for both workers and municipal officials. The Mayor of Oshawa said he had no idea what will be the last blow to the city, 50 kilometers east of Toronto.
Stojkovic said that she had blamed GM and the union Unifor for the lack of information. GM, she says, was acting totally disorganized and the communication had been mediocre.
"It's bad," Stojkovic said. "This will bring down the economy."
Formerly known as the automotive capital of Canada, Oshawa has diversified in recent years to become a pole of education and health sciences. Yet, as the headquarters of GM Canada, its roots in the automotive industry date back more than a century, and its factories over the years have been a mainstay of the regional economy in attracting workers from a vast region.
But plant closures and downsizing have also been a constant in recent years. This plant had already been halved.
While he sipped his coffee, Ray Nolan, a retiree, called the latest news "huge."
"We've already seen it, it's certain, but shutting down the operation completely, it's like death, it's done," Nolan said. "The economy of the entire region will be severely affected, which will hurt families trying to hang in their homes, and those who are planning to retire will be devastating."
Nolan noted that just a few years ago the Conservative government of the time under Stephen Harper had poured money to GM to keep factories and jobs, saying that "there is no money left. it seemed that the government had failed to secure a binding agreement from society to keep the jobs here.
Nolan also asked if the threats of US President Donald Trump to impose tariffs on vehicles made in Canada had played a role.
"He came back to haunt us," said Nolan. "These jobs will now be transferred to the US It's exactly what Trump wanted."
At the south gate, Matt Smith joined a blockade, saying that he only wanted to work. The future, he said, was "scary", especially since his wife was also working at the factory and they had an 11-month-old baby at home. .
"I do not know how I'm going to feed my family," Smith said. "It's a horrible feeling – it's a kick in the bad."
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