• Bombardier
    Business

    Bombardier had a “great year” at Queretaro plant in Mexico, as the company cuts 550 jobs in Ontario

    Bombardier announced on Wednesday that it will lay off 550 employees at its Thunder Bay plant in Ontario, cutting its workforce by half. The company explained in a press release that the decision was “inevitable” because the contract to build streetcars for the city of Toronto is ending and at the moment there are no new agreements. The news of Ontario losing 550 workers at the Bombardier plant in Thunder Bay created a blame game match between the federal Liberals and Ontario PC’s. “The decision is due to the cyclical nature of our work and the decline of our two high-demand programs,” said the company, which is dedicated to the…

  • Canadian jobs is eroding
    Business

    Pay levels deteriorating in the job market as Canadians are being payed below the average salary

    Canada has recently seen an increase in full-time employment and while that is great news economists are increasingly worried at the growth of pay levels. Over a one year period Canada has seen the number of low paying full time jobs rise sharply compared to mid paying jobs, also disconcerting is the fact that high paying jobs has seen the weakest performance, this according CIBC World Markets. An analyst told the Globe and Mail, the “quality” of Canadian jobs is eroding as increases in low- and mid-pay employment Another troubling sign is the increase in the number of employees who are being payed below the average salary. Benjamin Tal of…

  • Business

    Canada’s new trade missions will mainly focus on social justice

    In a stunning admission the Liberal Minister of International Trade François Champagne has released a glimpse of what Canada’s future trade missions will focus on, and it appears to mainly be related to gay rights with a social justice approach. https://twitter.com/FP_Champagne/status/987703363855945730 Trade missions should focus on trade not just social justice. Maybe we should instead stick with the dull but effective strategy of promoting Canada's lowest cost producers to leverage comparative advantage? https://t.co/qFBdMHzuAe — John Ivison (@IvisonJ) April 23, 2018 Business owners are once again left scratching their heads with a government that is more focused on social issues rather than looking at new ways to generate new revenue.

  • Business

    Risk and reward is what thrives the economy

    Why capitalism works.[via] Here is a man who started a local business, built it up from nothing and sold it off to make his fortune.  But what is better is that seven of his staff decided to take a stake in their own hard work and bought shares in his business at the beginning. They stumped up their own cash and essentially took a financial interest in their own work ethic.  And the result.  Well I think that former owner Gerry Hegarty probably summed it up in his quote in the paper “When I walked out the door on Friday I left behind seven millionaires.” During the Great De-Nationalisation of…

  • Business

    Canada’s big unions support crackdown on small business

    Labor unions are the bedrock of NDP power, but these days they have found a new home in Trudeau’s Liberal party. Although not so much for the votes they bring (union membership has been declining for decades and thus the direct electoral effect of unions, at best, has stayed stable if not declined) but for the money and political foot-soldiers unions provide. It is illegal for unions to use member contributions on political activities a member opposes. This hasn’t had the least effect upon union activities. The previous Conservative government made efforts to scrutinize the books of labour unions to make sure members knew exactly where their union dues were…

  • Business

    Saskatchewan economy rebounding thanks to surge in manufacturing shipments

    Brad Wall continues to defy his critics in Ottawa as his province continues to boost its economy. Worker at JR’s Welding cuts steel tubing in the company’s fabrication shop in Regina. The province’s manufacturing shipments were up 4.3 per cent to $1.22 billion in June, according to Statistics Canada. Bryan Schlosser / Regina Leader-Post Manufacturing sales in Saskatchewan were $1.22 billion in June, up 4.3 per cent from $1.17 billion in May, the fourth consecutive monthly increase and the biggest percentage increase among the provinces, according to Statistics Canada. Food and chemicals, wood products and machinery manufacturing were sectors that saw increases, the federal agency said Tuesday. [via]

  • Business

    Port of Churchill lays off staff, shuts down shipping season

    Dozens of staff who work at the Port of Churchill in northern Manitoba will be out of work in two weeks. At least 40 employees of the Port of Churchill were told Monday afternoon the grain shipping season will be shut down. “It is upsetting,” said Nikki Clace, who worked at the port. She said there was a staff meeting at 3:30 p.m. and was told co-workers were emotional with some storming out. [via]

  • Business

    Trudeau’s visit to Japan was a dud

    The recent extravagant visit by Prime Minister Trudeau to Japan where he met Japanese Prime Minister Shinzo Abe and a score of high end officials from various automotive companies has so far created 0 jobs for Canada. Could it be that Justin Trudeau’s good looks aren’t actually selling points ? Besides why would Japan invest in Canada afterall a recent National Post article called Trudeau “anti business” think about it, if you invest in Canada you have be subjugated to a myriad of regulations and taxes and with this new government we can expect further taxes such as a carbon tax. If you want to bring in jobs to the…

  • Business

    CPP deal is a ‘devastating move’ for businesses

    The proposed expansion of the Canada Pension Plan poses a threat to many small and medium-sized businesses and could prevent them from hiring new workers or delay important investments, top business lobby groups say. “The announced agreement to expand the CPP will basically be a form of payroll tax which, when it is in full force, will put further financial strain on Canada’s already struggling businesses and on the middle class,” Perrin Beatty, president and chief executive of the Canadian Chamber of Commerce, said in a statement Tuesday. The new plan, agreed to late Monday by federal Finance Minister Bill Morneau and all provincial finance ministers except for Quebec and…

  • Business

    Canadian Tire raises funds for Fort McMurray victims

    Great move by Canadian Tire! The large Canadian retailer was able to raise at least $120,000 with funds going to the Red Cross according to media reports, the funds unfortunately will not be matched by the government since corporate donations do not qualify for the donation-matching program setup. A few dozen local stores began collecting donations from customers on May 5, with the owners of the stores committed to matching every dollar given. Over the course of last weekend, the stores managed to collect more than $120,000, with the funds collected going to the Red Cross to help with its relief efforts in the fire-ravaged area. Canadian Tire will match…

  • Business

    WestJet profit falls 38% as Alberta slowdown continues

    Canada’s second-largest airline saw a sharp drop in its second-quarter profit, but still managed a better performance than analysts who cover the company were expecting. Calgary-based WestJet Airlines Ltd. said Tuesday it earned $87.6 million, or $0.71 per share last quarter. That’s a 38 per cent decline from the same period a year earlier, when the company earned $140.7 million, or $1.09 per share. WestJet suspended nearly a dozen daily flights in January from Alberta’s airports after airlines operating in the oil-rich province started recording a significant decline in passenger traffic. “Although we continue to feel the impact of economic weakness in Alberta, the fundamentals of our business remain strong,”…

  • Business

    Canadian aluminum industry upset over U.S. union’s efforts to impose tariffs

    MONTREAL – The federal government and members of Canada’s aluminum industry are expressing frustration over an effort to impose a 50 per cent tariff on aluminum imported into the U.S., most of which comes from north of the border. The United Steelworkers union filed a petition Monday with the U.S. International Trade Commission that aims to stem the flow of imported primary unwrought aluminum it claims has decimated the American industry and jobs. About 6,500 workers in the U.S. aluminum sector have been laid off since 2011, when production was four times the volume it is today. Aluminum prices are roughly US$1,500 a tonne. Under the union proposal, a tariff…

  • Business

    Le Chateau to close 40 more stores over next 3 years

    MONTREAL—Fashion retailer Le Chateau plans to close another 40 stores across Canada over the next three years as part of ongoing efforts to turn around its money-losing operations. The Montreal-based company has been shuttering underperforming stores and renovating others as it “recalibrates” its retail network in the face of growing e-commerce purchase. It closed 11 stores in the last year to reach 211 locations and plans to close another 14 stores in 2016. By early 2019, Le Chateau expects to shrink its retail network to about 900,000 square feet or 171 stores, the smallest size since 2007 and a 30 per cent reduction since it began closing stores in 2012.…

  • Business

    Ontario businesses offered interest rate discounts if they support affirmative action

    How would you like to be hired just because of the colour of your skin ? We are of course talking about the progressive idea called affirmative action that once again rears its ugly head this time in Ontario. Its never a good idea to social engineer your way to progress [via] A group of bank and credit unions in three Ontario cities plan to offer interest discounts to businesses that hire people from some disadvantaged groups. The “rate drop rebate” is aimed at businesses in the London, Hamilton and Ottawa areas, and is meant to boost employment of students with limited work experience, the long-term unemployed, the older unemployed,…

  • Business

    How taxes put a drag on the economy

    Walter Williams does real good explaining just how taxes put a drag on the economy.  For example: “Suppose I hire you to repair my computer. The job is worth $200 to me and doing the job is worth $200 to you. The transaction will occur because we have a meeting of the mind. Now suppose there’s the imposition of a 30 percent income tax on you. That means you won’t receive $200 but instead $140. You might say the heck with working for me — spending the day with your family is worth more than $140. You might then offer that you’ll do the job if I pay you $285.…

  • Business

    National budgets, deficit, surplus and debt what does it all mean?

    A country’s budget is one of the primary concerns of a country, if not the most primary. A country can either have a budget surplus or a deficit. A budget surplus in any given year means that the government received more money than it spent while a deficit meant that the government spent more money than it received. A debt accumulates as the government uses deficit spending. Every time the government spends more than it has, it must borrow money and that debt keeps building. For example, if the government has three years of budget deficits of $20, $30, and $35, then the government has accumulated a debt of $85.…

  • Business

    Gary Doer: Americans, Japanese could hurt Canada via currency manipulations

    Trade wars, currency manipulations these are all possibilities that could be in our horizon. Gary Doer Former Canadian Ambassador to the U.S also warns how the TPP could play out. “Currency is a big deal in the United States, it’s a big deal affecting (the Trans-Pacific Partnership), and it could be a big deal affecting protectionist behaviour in the United States. So I’m not the Bank of Canada, but please watch that issue.” Presidential hopeful Hillary Clinton has said she will expand the American arsenal of responses to currency manipulation by countries like China and Japan to include additional duties and tariffs.  

  • Business

    Ontario Liberals to strong arm builders into including low cost housing units in future developments

    Toronto and affordable are a thing of the past and now big city liberals are getting ready to force condo builders to make available low-cost units that will mean the contractor will lose money. As if that wasn’t bad enough the province is also ready spend $178 million from the taxpayer to support this initiative. In a move likely to send shock waves through Ontario’s development industry, Queen’s Park is giving cities the power to make builders include affordable housing in new residential projects. So-called “inclusionary zoning,” which would require developers to set aside a percentage of their new units for low- to moderate-income households, is part of Ontario’s updated…

  • Business

    Small-business to see payroll tax hike thanks to Liberals

    The Liberal campaign pledge to cut employment insurance rates — but not as much as the Conservatives would have — could result in an unintended payroll tax hike for small employers, unless a small-business job credit is renewed for 2017. If Finance Minister Bill Morneau sticks to his party’s campaign pledge, the EI premium paid by employers is expected to fall to $2.31 per $100 in wages from $2.63, starting in 2017. That’s a significantly smaller cut than the Conservatives pledged in the 2015 federal budget: the Tories would have dropped premiums to $2.09 if re-elected. Under the Conservative plan, the job credit wasn’t necessary after 2017, when all employers would pay an even lower rate as the…

  • Business

    Banking tensions remain high in Canada

    The risk of banking tensions remains high in Canada, according to the Bank for International Settlements (BIS) in its latest quarterly report released on March, published on Sunday. In Canada the gap between credit/GDP exceeds 10%. This is the difference, in percentage points, the ratio of credit to GDP with respect to its long-term trend, which in the case of  Canada 12.3%, compared to China who is at 27.6%, and Turkey at 15, 6%.