#Canadian Imperial Bank of Commerce, #CIBC, #Toronto, #outsourcing, #CarolineVanHasselt, #RonBabin, #Ted Rogers School of Management, #RyersonUniversity

Canadian Imperial Bank of Commerce (CIBC)’s decision to remove approximately 130 employees in its finance department and outsourcing the work to India had resulted in a depressing situation among CIBC’s employees, media reports said.
​
The situation worsened when the staff who were to let go were asked to train other local CIBC employees, who in turn would train the workers in India to whom the jobs would be outsourced.
The workers in India who were to get these jobs were registered with outsourcing firm, Accenture which was partnering with CIBC.

CIBC in its justification proclaimed that it had found jobs for a few displaced staff and was trying to find work for others. But the employees who spoke with CBC News said they felt the bank was more interested in making profits rather than thinking of employees’ welfare.

When asked by CBC why CIBC was outsourcing the work, it replied that it was a common practice.
"Like most large companies, we selectively outsource," CIBC spokesperson Caroline Van Hasselt said in an email, CBCNews reports said.

Ron Babin, with the Ted Rogers School of Management at Ryerson University said, "It's the way of the world. It's how companies remain efficient, it's how they remain competitive, it's how they keep their costs down," CBCNews reports said.

But, added Babin, when people lose their jobs it generates negative attention.  

"How are we supposed to make a living?" says one employee who worries about not being able to land a comparable job. "We have family, we have expenses to take care of," CBCNews reports said.
 
(Reporting by Asha Bajaj)
 

​








​#CanadaFederalBudget, #BillMorneau, #RonaAmbrose, #CarletonUniversity, #DownPayment, #SprottSchoolofBusiness  #CanadianCentreforPolicyAlternatives,

Mixed reactions were received from Federal budget 2017 presented by Canada Finance Minister, Bill Morneau on Wednesday, media reports said.

NDP Leader Tom Mulcair’s complain was the failure of the Government’s Second Budget to provide Life-Long Pensions for Veterans. He addted that Canadians had every right to be concerned about it because they were in desperate need of new ships for their Navy, new fighter aircraft for their Air Force.

Interim Conservative leader Rona Ambrose said Morneau found a way to pay for the spending by taxing Uber and beer.

Ambrose in one of the posts in her facebook accounts said, “The reality is Justin Trudeau is focused on everything but regular Canadians’ top priorities. Speaking at the Ottawa Chamber of Commerce breakfast to talk about how yesterday’s budget is nickel and diming Canadians. Justin Trudeau chose to put Canada deeper into debt and make Canadian taxpayers pay for it.”

Aaron Wudrick, Canadian Taxpayers Federation applauded the budget because he felt that it did not contain larger-than-expected deficits, like Budget 2016 did.

On the other hand it provided few specifics for its so-called innovation agenda.

Canadian Taxpayers Federation tweeted, “Generation Screwed‏ @GenScrewedCdn  
Yep, seems about right. #cdnpoli #Budget2017”
 
Edmonton Mayor Don Iveson, chair of the Federation of Canadian Municipalities (FCM) praised transit plan by recognizing cities’ role as nation-builders.

He tweeted, “A fair share for cities: Mayor @doniveson blogs about #Budget2017 and what it means for #YEG http://doniveson.ca/2017/03/22/fair-share-edmonton/ … #yegcc #ableg #CDNmuni”
FCM tweeted,” @doniveson at @CBCTheHouse discussing the game changing outcome of #Budget2017 for #CDNmuni. Hear the segment Saturday morning at 9 a.m.”

Joe Gunn, Citizens for Public Justice (CPJ) was really concerned about the absence of any initiatives on reducing poverty in Canada, climate change, and the concerns of refugees and newcomers.

Tweet by CPJ, “#Budget2017 takes positive steps for low-income Cdns, but the govt must also address their most urgent needs.”

CPJ tweeted, “Glad to see $27.7M for Yazidi refugees. Sadly, no $ for resettlement from other parts of the world. #Budget2017.”

Tweet by CPJ, “In #Budget2017 , Cdn govt follows through on climate plan based on consultations, but little $ will flow in 2017.”

Bilan Arte, Canadian Federation of Students (CFS) praised federal government’s thoughts on uplifting the student community.

CFS tweeted, “IMMEDIATE RELEASE - Students respond to #Budget2017: http://www.newswire.ca/en/releases/archive/March2017/22/c5672.html … | #cfsfcee #bdgt17 #cdnpoli #hw #cdnpse #canlab #pnpcbc.”

Denise Amyot, College and Institutes Canada (CICan) also praised the budget’s concern for providing new skills and making the students community adaptable to new technological advances.
CICan tweeted,” We're excited to see the next generation in action @Americana2017 closing cocktail at 4. CICan #CleanTech Internship, it pays to be green.”

Chris Ramsaroop of Justicia for Migrant Workers, a grassroots advocacy group, said the budget failed to address the vulnerabilities of foreign workers in Canada.

Cariboo-Prince George Conservative MP Todd Doherty said the budget proved that Liberals had failed to understand Canada’s middle class adding that they should have given more support for creating  jobs for young Canadians pointing out that in 2016, Canadians aged 15-24 had lost 42,000 full-time jobs.

Doherty tweeted, "Freedom is the right to be wrong..not do wrong" my colleague @tomkmiec continuing the fight to uphold democracy! #cpc #proc #cdnpoli.”

Garth Frizzell, Prince George City Councillor and Federation of Canadian Municipalities Board member was pleased with the promise of a national housing strategy.

NDP Leader Tom Mulcair said the budget did not promise new child care spaces, only the possibility of 40,000 but there is actually a need for hundreds of thousands of spaces nationwide.

The budget extended parental leave to 18 months by spreading 12 months worth of payments over that time. The budget did not include dedicated leave for the second parent nor did it show an increase in parental leave benefits for low-income earners to enable them to take leave.

Although the budget promised big investment in affordable housing, there were no measures in place to cool red-hot markets.

David Macdonald, senior economist for the Canadian Centre for Policy Alternatives said that the spending outlined in this budget was only about half of that.

Money from the National Housing Fund is planned to ramp up slowly, from $141 million in 2018-19 to a high of $707 million in 2024-25, well after the next election.

Macdonald tweeted, “For timely, insightful analysis of #Budget2017 from @ccpa & our partners, click here: https://www.policyalternatives.ca/2017-federal-budget-analysis … … #bdgt17 #cdnpoli.”
 “There’s a huge backlog in affordable housing. The wait lists in any big city are going to be massive,” he said, ReportCa.Net reports said.

“This will have an impact, $100 or $200 million, but a big push would require much more than that,” Macdonald said, ReportCa.Net reports said,

One of the posts of Canadian Construction Association says, “The Canadian Taxpayers Federation, the Saskatchewan HeavyConstruction Association and United Steelworkers Local 5890 are asking the federal government to not implement a countrywide carbon tax: http://glbn.ca/NwBAp7.”
 
(Reporting by Asha Bajaj)

Image of Bill Morneau: twitter

​







​#BillMorneau, #CanadaFederalBudget, #SkillsDevelopment, #VentureCapital, #CanadaSavingsBonds

Federal Finance Minister Bill Morneau presented federal budget on Wednesday with the main aim of making Canadians ready to adapt themselves for a world of rapid technological advancement in the work places and providing skill training to the youth, media reports said.

Details of the 2017 federal budget are as follows:

Deficit: $28.5 billion spiked from $25.4 billion shown during the fall.
Housing care: $11.2 billion over 11 years would be directed towards a national housing strategy.
Child care: $7 billion over 10 years starting 2018-19 for new spaces, .
Indigenous: $3.4 billion in new money over five years for infrastructure, health and education.
Defence: $8.4 billion for equipment. 
Care givers: New care-giving benefit extending up to 15 weeks, starting 2018.
Skills: New agency to be deployed for research and measure skills development, starting 2018-19.
Innovation: $950 million over next five years to support business innovation.
Startups: $400 million for a new venture capital catalyst initiative over three years.
Artificial Intelligence: $125 million for launching a pan-Canadian Artificial Intelligence Strategy.
Coding kids: $50 million over two years for initiatives to teach children to code.
Families: Option to extend parental leave up to 18 months.
Uber tax: GST to be collected on ride-sharing services.
Sin taxes: One cent more on a bottle of wine, five cents on 24 case of beer.
Canada Savings Bonds: would terminate
Transit tax: 15 percent non-refundable public transit tax credit removed this year.
 
(Reporting by Asha Bajaj)
​
Image of Bill Morneau: twitter

​#BasicIncomePilotProject, #Ontario, #Canada, #FirstNations, #UrbanIndigenous, #Métis & Inuit communities
                                                                             
A report summarizing the feedback from thousands of people across Ontario on how to design and deliver a basic income pilot had been released recently, media release reported.

The province had been looking to create a pilot program to test how a basic income might benefit people living in a variety of low income situations, including those who are currently working and plans to introduce Ontario's Basic Income Pilot Plan in spring 2017 based on the input received through the consultation process.

More than 35,000 people and organizations participated in this Pilot Program and shared their ideas on topics including eligibility of a person for a basic income, how to deliver the basic income, debating which communities to include, and how to evaluate this Pilot Project.

Chris Ballard, Minister Responsible for Poverty Reduction tweeted, “I'm energized to build on the feedback of 35,000 Ontarians as we work to introduce a #BasicIncome Pilot in Ontario.”

Basic income ensures a minimum income for eligible families or individuals to enable them to meet their basic needs keeping in mind their long-term social and economic prosperity and security.

According to recommendations Ontario residents between the ages of 18 and 64 living in socially and economically diverse communities, in urban, rural and northern locations were included in the basic income pilot project.

Other feed backs were helping people with incomes to meet their needs and uplifting them from poverty, provide them with long-term improvements in health, employment and housing.

Such consultations served as compliments to the advice Honourable Hugh Segal in his discussion paper imparted to the government.

A post “Working on Empty”  on Hugh Segal’s face book account reads,
“A pilot project must begin with an understanding of the costs of poverty, not only in present welfare and disability payments, but also in terms of added pressures on our health system, and the Ontario economy as a whole, through its impacts on economic productivity and existing government revenues.”

First Nations, urban Indigenous, Métis and Inuit communities remained a priority for the province ensuring appropriate solutions to be provided for their concerns.

The government was exploring new ways to help people living in poverty to reach their full potential by creating jobs, growing the economy and helping people in their everyday lives.

Dr. Helena Jaczek, Minister of Community and Social Services said, “evidence-based approach to the design and implementation of the basic income pilot…will help us to deliver an effective basic income pilot … prosperity and security for everyone in Ontario." 

Jaczek tweeted, “Thank you for sharing your ideas on #ONbasicincome , Ontario! Read the report on what we heard, here: https://news.ontario.ca/mcss/en/2017/03/ontario-releases-basic-income-consultation-feedback.html…”

Ballard’s following tweets also throw more light:

“Implementing our BI pilot very soon. Current research offers tantalizing potential benefits, but we need the pilot.:
https://news.ontario.ca/mcss/en/2017/03/ontario-releases-basic-income-consultation-feedback.html…”

“We're serious about reducing pressure of housing costs felt by Ontarians & providing more affordable options for people to choose from.”
Between November 3, 2016 and January 31, 2017, about 1,200 participants attended 14 public consultations held in communities across Ontario and over 34,000 people completed the online survey.
​
Written submissions were received from more than 80 community organizations and groups with expertise and experience in fighting poverty.
 
(Reporting by Asha Bajaj)

#LethbridgeYMCA, #Alberta, #Canada, #philanthropist, #NeedAssessment, UniversityOfLethbridge

The Lethbridge YMCA, Alberta had received on Mar 16 a donation of $3.75 million dollars, the largest donation in its history, with a goal of getting six million dollars, media reports said.

The Lethbridge YMCA said this donation would help in starting its community campaign.
 “I could have given money to the government, hospita or stuff like that, but I thought this had more of an impact directly on the community,” said businessman and philanthropist Cor Van Raay, who made the donation, Global News reports said.

Phase two of the ATB Centre, new name of Crossings Leisure Complex will be known as the Cor Van Raay YMCA.

The phase two of the ATB Centre, expected to open to the public in 2019 will be benefited by the donation which would be used to purchase equipment and for other development expenditure.

CEO Jennifer Petracek-Kolb said that this donation had given the facility endless possibilities and the “futures of YMCA and the community and members who use our facility” would be bright, Global News reports said.

This donation will also fill many gaps in the facilities of YMCA found during its need assessment in 2012 with different groups, said project coordinator Ashley Matthews, Global News reports said.

Any additional funds raised will help in establishing a legacy fund.

(Reporting by Asha Bajaj)

Image Cor Van Raay: Courtesy of University of Lethbridge


 
 
 
 

​#CanadaGoose, #StockMarket, #Toronto, #New York, U.S. #PublicOffering, #ExistingShareholders,    #Antarctica, #People for the Ethical Treatment of Animals(PETA), #coyote

The Toronto-based company Canada Goose, popular for its winter jackets and for its $900 parkas with fur-lined hoods, had gone public today on stock markets in Toronto and New York under the symbol “GOOS,” media reports said.

Canada Goose presented with an initial public offering of 20 million shares priced at $17 per share under the symbol GOOS, Canadian Press News reports said.

Shortly after markets opened, Canada Goose shares which opened at $23.86 on the Toronto Stock Exchange slid to $22.19 as of 11 a.m. ET.

In New York, shares opened at US$18, and were trading at US$16.75 about 90 minutes after the opening.

Canada Goose manufacturer said that 12.85 million shares out of the 20 million subordinate voting shares offered, will come from existing shareholders.

After the sale of the comapany, the existing shareholders will hold 79 to 81 percent of it depending on if underwriters use an over-allotment.

Canada Goose’s warm coats have been favored by both trekkers in Antarctica and fashion industry and its parkas, which retail for up to $1,500, have been worn by celebrities.

According to securities filings, the company said, it had a revenue of $290.8 million and net income of $26.5 million in fiscal 2016.

The company operates two retail stores in Toronto and New York and its products are found in 36 countries worldwide. 70 percent of Canada Goose is owned by Investment firm Bain Capital, which it acquired in December 2013.

Canada Goose had faced controversy with People for the Ethical Treatment of Animals (PETA) for its use of coyote fur in its jackets.

PETA said they would buy around $4,000 worth of shares which would enable them to speak at the company’s annual meetings to compel the company to stop using coyote fur in its jackets.

(Reporting by Asha Bajaj)

Image of People with Canada Goose jackets: Wikipedia
 
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​JohnTory, CharlesSousa, Toronto, Ontario, Canada, 2017 ProvincialBudget, KathleenWynne, GardinerExpressway, Don Valley Parkway, relief line, EglintonEast LRT, WaterfrontTransit

John Tory and Charles Sousa met in a joint news conference in Toronto on Monday to discuss priority needs of Toronto prior to the 2017 provincial budget, media reports said.

Ontario Premier Kathleen Wynne’s rejection of Toronto's toll plan for the Gardiner Expressway and Don Valley Parkway had strained Ontario Mayor John Tory's relation with the province.

Tory affirmed that this strained relationship could only be improved if the province agrees to collaborate with the city to look into the needs of Toronto comprising of nearly three million people.

Charles Sousa, Ontario's finance minister said that both the federal and provincial governments should contribute towards Toronto's needs.

Charles Sousa had tweeted, “Strong partnerships matter. Thanks to Mayor @JohnTory for sharing Toronto's priorities this morning as we prepare Ontario's 2017-18 Budget.”

Tory said that he was expecting additional funds for transit infrastructure from the federal government which should be matched by the province.

The mayor was concerned about the growth of the projects like the relief line, the Eglinton East LRT and the waterfront transit that been underinvested for decades.

Tory said that as far as social housing units were concerned the province should fund its share, which according to the mayor is $864 million dollars which could prevent shutting down of some housing units. 

"So let me be very clear: Any closure of such units would be a direct result of the inaction of the other governments to partner with us in those repairs. Projects of that magnitude were never intended to be carried out by property taxes alone," Tory said, CBCNews reports said. 

Sousa said, "just as Toronto requires support, the rest of the province of Ontario requires it too," and added an open dialogue to solve this acute problem should be called.

Tory said he planned to discuss the future of Toronto with leaders of all provincial political parties prior to the next provincial election.

(Reporting by Asha Bajaj)

Images of John Tory and Charles Sousa: Twitter

​#Conference Board of Canada, #Canada's Oil industry, #MarketAccess, #Enbridge's Line 3 replacement, #Kinder Morgan's Trans-Mountain expansion, #The Keystone XL and Energy East

The Conference Board of Canada had predicted on Monday that Canada's oil industry would lose money as a whole in 2017,  media reports said.

Carlos A. Murillo, board economist said that this loss due to an increased global demand of oil and its continuous spike in price could result in Canadian oil companies to lose a cumulative $1.1 billion Cdn before taxes in 2017.

Compared to last year's loss of $8.6 billion, the situation this year had improved but figures are still concerning.

There would be an increase of Global oil demand by two million barrels a day this year, much more than an expected growth in supply of 1.3 million barrels.

The above figures reveal that there will be an increase in oil prices and consequent decrease in profit in the oil industry.

Drop in oil prices in year 2014  was due mainly to oversupply of oil but this year’s demand for oil far exceeds its supply with consequent increase in oil prices.

The increase in the price of oil from $40 a barrel in 2016 to over $50 to $55 a barrel for most of 2017 will spike to $71 a barrel by 2021.

Pipeline developments projects such as Enbridge's Line 3 replacement and Kinder Morgan's Trans-Mountain expansion projects would add a million barrels a day and The Keystone XL and Energy East projects would add another two million barrels of capacity to Canada's pipeline network which would promote the marketing of these products.

Pipeline developments projects, no doubt offer optimistic signs of oil sector growth, but the truth is there is a great need for new capacity at present, and increased access of products in the market and better prices for the industry would take considerable amount of time to materialize.

(Reporting by Asha Bajaj)

Image Canada’s Oil industry: Wikipedia

​






#KathleenWynne, #RickSnyder, #Ontario, #Canada, #Michigan, #U.S., #IntegratedEconomies, #Windsor, #Detroit, #GreatLakes, #AquaticInvasive, #SpeciesTaskForce, #RegionalMaritimeEntity, Conference'sEconomicTaskForce

Ontario Premier Kathleen Wynne and Michigan Governor Rick Snyder reaffirmed their strong partnership during their meeting on Monday in Detroit in which they discussed ways to advance their integrated economies to create jobs, media release reported.

"Continuing our strong partnership and ensuring a seamless flow of materials between our regions is key to both Ontario and Michigan," their statement said, media release reported.

Wynne's tweet said, “Ontario & Michigan are partners with deeply integrated economies. Terrific meeting w/ Governor Snyder on how we'll continue to work together,” media release reported.

In 2016 Ontario had invested nearly $21 billion (US) in exports in Michigan. Approximately 259,000 Michigan jobs were supported by Canada’s trade and investment. More than 91 percent of this was with Ontario, CBCNews reports said.

Both leaders were looking forward to co-hosting the next Conference of Great Lakes and St. Lawrence Governors and Premiers Leadership Summit this fall in Windsor and Detroit. 

Snyder tweeted: “I'm thrilled to have been able to talk with Premier @Kathleen_Wynne about important topics that affect both MI & Ontario.”

They had confidence that this event will revitalize the importance of Great Lakes to our environment and economy.

They were also keen to review the Conference's progress on Economic Task Force that focused on the regional economy, as well as updates from the Aquatic Invasive Species Task Force and the Regional Maritime Entity.

Snyder tweeted "the bridge is on track and will only make for a better stronger relationship" with Ontario

During their meeting in June 2016 they discussed on protecting the Great Lakes from algae blooms and Asian carp.

Their discussion also focused on ways to support the auto and manufacturing sectors.

Snyder thanked Canada for committing to build a Windsor-Detroit Bridge in the future as a way to support and reinforce trade.

(Reporting by Asha Bajaj)

Image: Wynne and Snyder: Twitter