Canada economy – Images For Canada http://imagesforcanada.com/ Thu, 30 Jun 2022 08:00:00 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://imagesforcanada.com/wp-content/uploads/2021/06/cropped-icon-32x32.png Canada economy – Images For Canada http://imagesforcanada.com/ 32 32 Do unions at Starbucks mean the labor movement is growing? https://imagesforcanada.com/do-unions-at-starbucks-mean-the-labor-movement-is-growing/ Thu, 30 Jun 2022 08:00:00 +0000 https://imagesforcanada.com/do-unions-at-starbucks-mean-the-labor-movement-is-growing/ With seven years of experience as a barista, Sarah Broad knows how to make all kinds of coffee. Now the Starbucks worker also knows what it’s like to be a union member and the face of a growing United Steel Workers (USW) campaign to unionize Starbucks stores in Canada. “I never realized how passionate I […]]]>

With seven years of experience as a barista, Sarah Broad knows how to make all kinds of coffee.

Now the Starbucks worker also knows what it’s like to be a union member and the face of a growing United Steel Workers (USW) campaign to unionize Starbucks stores in Canada.

“I never realized how passionate I would be about the labor movement,” Broad said in an interview from her basement apartment in Victoria, British Columbia.

Broad, a shift manager at a store in Victoria, helped organize his store in August 2020, the only one in Canada at the time. She is one of many service industry and retail workers across North America who have joined the labor movement since the pandemic began.

The renewed interest has led some union leaders and pundits to wonder if this moment could mark a turning point for unions that have seen their numbers in the sector dwindle for years.

In addition to the efforts of syndicate Amazon warehouses, in the United States, there are efforts bringing unions into apple stores and Trader Joe’s. In Canada, there was a successful campaign to organize a handful of Indigo slots and a PetSmart store.

A recent survey in the United States showed that 68% of Americans approved of unionsthe highest number since 1965.

“I think this could be a game-changing move for unions in Canada and the United States,” said Nicole Denier, an assistant professor at the University of Alberta in Edmonton who studies unions.

“We will see over the next year whether or not the momentum will continue to build.”

WATCH | Workers trying to unionize hundreds of Starbucks stores:

Organizing efforts come to Starbucks, food service workers

Starbucks is the latest major foodservice company to recently see organizing efforts spread across Canada.

Baristas battle iconic brand

Starbucks faces a wave of union campaigns.

A online tracker and map based on US National Labor Relations Board (NLRB) figures, approximately 300 Starbucks stores in the US applied to unionize in just six months, including the flagship roaster in Seattle, the company’s hometown. According to the tracker, run by a nonprofit media organization that focuses on work stories, more than half have been certified.

In Surrey, British Columbia, a second Canadian Starbucks just unionized and half a dozen stores in Alberta are trying to do the same, including five in Lethbridge.

Broad says pandemic-related health and safety concerns, abusive customers and the high cost of living in Victoria have led her and her co-workers to seek union representation to improve their working conditions and workplaces. wages.

Although the process is “a little daunting”, she said integrating workers into her store didn’t take long as most were “super enthusiastic”.

It took just over a month for the store’s union to be certified under BC law, but it took nearly a year to negotiate a collective agreement with Starbucks Canada.

For the USW, it will be expensive to organize and support many small sites one at a time compared to organizing large factories, sawmills or offices. But small trading units are not the only challenge in organizing the service and retail sectors.

“The main problem is staff turnover. It’s a younger, transient workforce,” said Mike Duhra, a Steelworker representative for Western Canada.

Another factor, Duhra says, is that unions are so rare in the sector that some workers simply don’t know about them or how they can help.

Mike Duhra, a United Steelworkers representative for Western Canada, says companies like Starbucks are hard to organize because of high employee turnover and there are many locations, but the union is looking to grow in sectors such as restaurants and retail. (James Dunne/CBC)

Starbucks Rejection

Another factor is Starbucks’ opposition to unions. Howard Schultz, acclaimed former CEO recently returned to the head of the companyand he was vocal on his opposition unions for years.

business leaders visited stores to discourage workers from unionizing in the United States, and the workers claim a location was shut down earlier this month because it recently unionized.

Starbucks announced enhanced benefits and company-wide salary increases in May, but they are not offered to workers in unionized stores in the United States or Canada.

A spokesperson for Starbucks Canada told CBC News the company believes it’s better without a union, but continues to “respect our partners’ right to organize.”

In addition, no wage increases are offered at the unionized Victoria location because it has “its own collective agreement, including its own unique schedule of wage increases.”

Broad thinks unionized stores don’t get a raise because “they’re just trying to make us look bad and get back at us for unionizing.”

Economic conditions conducive to union growth

Mikal Skuterud, an economist at the University of Waterloo, says the current tight labor market and high inflation are both helping unions grow.

“Unionization rates are procyclical,” says Skuterud, “so when the economy comes into a boom, unionization rates tend to go up.”

According to the NLRB, requests to form unions in American workplaces have increased by 57% this year compared to the first six months of 2021.

Equivalent data on union organizing in Canada is not available, but Bea Bruske, president of the Canadian Labor Congress, said, “We are seeing growing momentum in Canada towards unionization, especially among young workers.”

Although there is movement in big companies, young workers have also organized unions in a video game maker and one liquor store.

Workers at an Indigo site in Mississauga, Ontario rallied in September 2020 before voting to join the United Food and Commercial Workers. (UFCW Local 106A)

Even so, Skuterud says private sector unions in Canada could desperately need a boost.

“Organization rates, particularly in the private sector, are the lowest they have ever been.”

Duhra, from the USW, says unions are indeed looking to move into new growth areas.

“We need to find new members…and this is a perfect industry where people need a union,” he said, adding that Starbucks workers have come to the USW for help. .

Will the momentum last?

Lawyer and University of Victoria professor Kenneth Thornicroft doubts Starbucks will become a heavily unionized company.

“Unless a union is able to get deep enough penetration into the store network,” he said, Starbucks “can just wait for them,” and as members get tired of pay dues, stores will withdraw their certification.

Thornicroft points out that’s exactly how it happened when a handful of BC stores unionized in the 1990s.

He thinks unions might have a better opportunity for growth in the banking and financial services sector than in the restaurant sector.

But Denier thinks the retail and food sectors are ripe for unionization because both industries have long been under-unionized.

In his view, workers are not just determined to get better wages “but to have a voice in the workplace.”

She adds that workers are also working to hold companies that present themselves as progressive accountable to their public image.

For her part, new union activist Sarah Broad is quick to advise and support would-be barista siblings trying to organize other stores.

“I’m so excited that they want to join us and it’s going to be tough,” she said, “but it’s definitely worth it.”

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Canada pledges funds as G-7 develops response to famine fallout from Russian invasion https://imagesforcanada.com/canada-pledges-funds-as-g-7-develops-response-to-famine-fallout-from-russian-invasion/ Sun, 26 Jun 2022 20:43:00 +0000 https://imagesforcanada.com/canada-pledges-funds-as-g-7-develops-response-to-famine-fallout-from-russian-invasion/ Canada pledged $50 million to prevent Ukrainian grain from being wasted on Sunday as Prime Minister Justin Trudeau pledged to work with G-7 countries on new measures to end the famine caused by the Russian invasion of the besieged country. The fallout from the ongoing Russian offensive dominated the first day of talks between leaders […]]]>

Canada pledged $50 million to prevent Ukrainian grain from being wasted on Sunday as Prime Minister Justin Trudeau pledged to work with G-7 countries on new measures to end the famine caused by the Russian invasion of the besieged country.

The fallout from the ongoing Russian offensive dominated the first day of talks between leaders of the world’s most developed economies, gathered in Germany for three days of meetings.

Issues related to the invasion were the main topic of a four-day summit between Commonwealth heads of government that ended Saturday in Kigali, Rwanda, and are expected to guide the agenda for the next summit in NATO in Madrid, Spain, which is scheduled to begin on Wednesday.

A global grain shortage is currently threatening large swaths of Africa with famine. Trudeau and other G-7 leaders have blamed Russia squarely for targeting grain silos in Ukraine to attack and limit exports by blockading the country’s major ports.

The first leaders’ session on Sunday focused on the global economy at a time when conflict and unrest are driving up prices and access to key goods around the world.

In an announcement released the same day, Canada promised to ship grain storage equipment to Ukraine so it can store this year’s crop and hopefully bring it to market.

This would include mobile silos, Agriculture Minister Marie-Claude Bibeau said in an interview from Canada.

Other food storages were also impacted. Last week, in the Ukrainian port of Mykolaiv, a vegetable oil storage facility owned by a Canadian-Dutch company, Viterra, was hit by a Russian missile strike.

“The Everi terminal handles vegetable oil that is 100% for human consumption,” said Jeff Cockwill, a Regina-based Viterra spokesman.

“Fortunately, there were no fatalities and we have confirmed that one employee suffered minor burns and received medical attention.

Meanwhile, Canada hopes to have wheat production 44% higher than last year, Bibeau said, noting that the spike will boost supplies from the developing world as well as countries in the Middle East, India. Asia and Africa that depend on Ukrainian grain.

She said the government and Canada’s grain farmers were “all on deck” to get as much grain as possible to developing countries facing hunger.

Trudeau promised more progress would be made at the G7 talks.

The Prime Minister arrived in Germany early Sunday morning. He was greeted at Munich airport by a musical welcome party, including former Liberal leader and Canadian ambassador to Germany Stéphane Dion.

From there, he boarded a helicopter bound for Schloss Elmau, a luxurious secluded mountaintop retreat in the Bavarian Alps where the G-7 summit is taking place.

His first step was a bilateral meeting with British Prime Minister Boris Johnson, who underscored the unity shown by the G-7 countries in the face of aggression against Ukraine.

The G-7 and other nations have closed ranks and issued sanctions against Russia since the February invasion and have collectively spent billions to send aid and weapons to the beleaguered country.

But Russian President Vladimir Putin retaliated by reducing access to his country’s natural gas supply in some European countries, including Germany, Europe’s largest economy.

During an appearance hosted by German Chancellor Olaf Scholz and US President Joe Biden, Trudeau reinforced the G-7’s commitment to move away from fossil fuels.

He did not speak about Canada’s position on easing regulations to ease the immediate crisis, and did not take questions, but told Rwanda on Saturday that leaders should discuss a solution.

“How we get there in the short term, how we build for the medium term, how we make sure the long term is covered, that’s exactly what we’re going to be talking about over the next few days. Not just with our fellow leaders. of the G-7, but with leaders from around the world who will join us in Germany to tackle this problem,” Trudeau said at a press conference in Kigali on Saturday following the Commonwealth meeting. .

India is not a G-7 country, but Scholz has invited the country’s Prime Minister, Narendra Modi, to participate in the talks.

India, which has emerged as a growing market for Russian oil, abstained in a March vote at the United Nations condemning Putin’s invasion of Ukraine.

Modi, meanwhile, opted out of the Commonwealth Summit and instead met virtually with leaders from Russia, China, Brazil and South Africa.

Trudeau said he spoke to Scholz about the need to invest in infrastructure to help Europe wean off Russian oil, adding that Canada can be part of the solution.

Ukrainian President Volodymyr Zelenskyy is expected to address G-7 leaders on the second day of the summit.

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Creating a welfare economy – gov.scot https://imagesforcanada.com/creating-a-welfare-economy-gov-scot/ Fri, 24 Jun 2022 08:52:24 +0000 https://imagesforcanada.com/creating-a-welfare-economy-gov-scot/ Measure economic, social and environmental prosperity. A new monitor will help inform policy decisions to reduce Scotland’s vulnerability to future financial and environmental shocks, helping to build a more prosperous, resilient, equitable and sustainable economy. The Wellbeing Economy Monitor will complement traditional measures such as gross domestic product (GDP) and include measures such as child […]]]>

Measure economic, social and environmental prosperity.

A new monitor will help inform policy decisions to reduce Scotland’s vulnerability to future financial and environmental shocks, helping to build a more prosperous, resilient, equitable and sustainable economy.

The Wellbeing Economy Monitor will complement traditional measures such as gross domestic product (GDP) and include measures such as child poverty, levels of greenhouse gas emissions and biodiversity, as well as fair labor indicators to reflect Scotland’s economic success.

Economy Secretary Kate Forbes said:

“Our vision for the Scottish economy is to create a system that prioritizes the collective well-being of current and future generations. While traditional economic measures, such as GDP, will remain important metrics of Scotland’s economic success, this new monitor will ensure we are tracking how to build a fairer, healthier and greener economy.

“The Wellbeing Economy Monitor, an action of our ambitious National Economic Transformation Strategy, will support our wellbeing and fair work ambitions – delivering higher employment rates and wage growth, which can help significantly reduce poverty and improve health.

“The Monitor will help the Scottish Government take greater steps towards a wellbeing economy and drive our recovery to meet climate and nature goals, while ensuring we maximize the benefits as part of a just transition. “

Background

Learn more about the Wellbeing Economy Monitor.

The monitor will align with the national results and indicators of Scotland’s National Performance Framework – called our ‘Wellbeing Framework’ – and the Environmental Strategy Monitoring Framework.

Scotland is already leading this program internationally as a member of the Wellbeing Economy Governments (WEGo) network alongside New Zealand, Iceland, Finland and Wales, with Canada participating and being invited to become a full member.

Read the Scottish National Strategy for Economic Transformation on the Scottish Government website.

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10 Financial Mistakes Physicians Should Avoid https://imagesforcanada.com/10-financial-mistakes-physicians-should-avoid/ Tue, 21 Jun 2022 23:03:03 +0000 https://imagesforcanada.com/10-financial-mistakes-physicians-should-avoid/ We all know that doctors can earn a good amount of money every month, but they are not free from financial gaffes at some point in their lives. It is essential that doctors, whether young or experienced, understand the mistakes they can make and how to avoid them. Here are some of the most common […]]]>

We all know that doctors can earn a good amount of money every month, but they are not free from financial gaffes at some point in their lives.

It is essential that doctors, whether young or experienced, understand the mistakes they can make and how to avoid them.

Here are some of the most common financial mistakes doctors make:

1. Fulfill deferred gratification in one fell swoop. When you start getting your paychecks, it can lead to a huge increase in living standards. Although it may seem like the perfect time to buy everything you’ve wanted for a long time, it’s a common financial mistake.

2. Not maintaining a budget. Another very important mistake to avoid is not maintaining a budget. It’s easy to stick to a budget early in your career, but budgeting often goes off the rails as the scale increases. This can lead to reckless spending. While it’s not necessary to account for every minor expense, it’s important to know where the larger amounts go. This can give you an idea of ​​what exactly is going on with your money.

3. Not saving emergency funds. It is prudent to have an emergency fund, especially in unpredictable times. It helps in times of crisis and prevents you from slipping into a growing cycle of debt. It is highly recommended to have at least 3-6 months of living expenses saved in cash to cover any unforeseen events.

4. Not knowing where to put money for retirement. Taking advantage of retirement programs such as 401(k), 403(b) or 457(b) is usually the first step for doctors. Although these plans offer great value, physicians need to understand how they work. For example, it is good to know what types of investments can be made, what fees are associated with each investment choice, etc. It is always beneficial to seek the advice of an expert and to study all the possibilities available to you.

5. Not managing debt effectively. Another big mistake that doctors usually make in managing their finances is not managing their debts wisely. It’s no secret that doctors usually carry the burden of debt on their shoulders. It can start with student loans and can lead to credit card debt, auto loans, and payday loans.

Debt consolidation is a good strategy to eliminate these debts. You won’t have to struggle with multiple loans to repay on different dates, and you can do it at a lower interest rate.

6. Not making proper investment choices. Maintain financial securityit is essential to acquire financial knowledge and make smart investment decisions.

Physicians need to protect their financial future. This can be done by carrying sufficient insurance to protect them against potential threats, such as personal and professional liability, health issues, injuries leading to permanent disability or death, and loss of valuables.

7. Assuming money is a renewable resource. As a physician, it is reasonable for you to believe that you will continue to earn a steady income month after month. Physicians have a common tendency to view silver as a renewable resource.

On the other hand, this concept can sometimes make it difficult to anticipate a situation where your income could decrease or where you will no longer be able to earn as much money as usual.

8. Having the wrong financial advisor. As a doctor, you may need to consult a financial advisor for various reasons; for example, managing your finances effectively, using your money better or simply wanting make the most of your money. However, you should ensure that your adviser has your best interests in mind and should check to see if your finances are being managed effectively.

9. Unable to maintain income-expenditure balance. The habit of keeping tabs on your expenses based on your income can sometimes become difficult, which can make it easier to break the income-expense balance. To avoid such a situation, you need to keep a monthly budget and stick to it.

10. Not using available resources. This is one of the most surprising choices some doctors make. They rarely take advantage of the resources available to them. It is important to remember that you will not regret treating yourself to an extraordinary trip or investing a large sum in the car of your dreams.

As a physician, it is important to build and maintain your own financial health. The sooner you do it, the better. You can be more efficient with your money if you plan ahead and budget wisely, consolidate debt, learn about taxes, and invest wisely.

Lyle Solomon, ESQis a lawyer.

This post appeared on Kevin MD.

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Canadian job vacancies hit record high in first quarter, healthcare sector dominates demand – National https://imagesforcanada.com/canadian-job-vacancies-hit-record-high-in-first-quarter-healthcare-sector-dominates-demand-national/ Tue, 21 Jun 2022 20:14:44 +0000 https://imagesforcanada.com/canadian-job-vacancies-hit-record-high-in-first-quarter-healthcare-sector-dominates-demand-national/ Job vacancies hit a quarterly record of nearly one million in the first three months of 2022, continuing a trend that began in the first quarter of 2016. Statistics Canada data shows job vacancies rose 2.7% from the previous peak in the fourth quarter, with the pool of unemployed halving from the first quarter of […]]]>

Job vacancies hit a quarterly record of nearly one million in the first three months of 2022, continuing a trend that began in the first quarter of 2016.

Statistics Canada data shows job vacancies rose 2.7% from the previous peak in the fourth quarter, with the pool of unemployed halving from the first quarter of 2021.

Read more:

Grocery, alcohol sales down in April as prices rise: Statistics Canada

Job vacancies in the health care and social assistance sector hit a record high of 136,800, up 5% from the peak three months earlier and 90.9% from the first quarter of 2020, before the COVID-19 pandemic hit the economy.

Nursing aide positions, in addition to registered nurses and licensed practical nurses, accounted for 67.7% of all vacancies in the healthcare sector compared to the first quarter of 2020.

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Construction industry employers also struggled to fill positions in the first quarter as 81,500 positions were unfilled, up 7.1% from the fourth quarter of 2021, and more than double the number. observed in the first quarter of 2020.

Helper and laborer vacancies soared 97% and carpenter vacancies increased 149.1% from the first quarter of 2020.

Job vacancies also continued to reach record highs in the manufacturing and retail sectors, up 5.3% and 12.8%, respectively, from the fourth quarter of 2021.


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On a seasonally adjusted basis, job vacancies increased by 12.6% in Newfoundland and Labrador, 8.7% in New Brunswick, 5.1% in Manitoba and 3.1% in Ontario compared to compared to the fourth quarter of 2021. Vacancies were little changed. in other provinces.

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CIBC’s deputy chief economist, Benjamin Tal, doesn’t see the job vacancies situation improving significantly anytime soon.

“Wages will have to rise and working conditions will have to improve to attract people,” he said.

The average hourly wage of all employees rose 3% over the previous year, while the consumer price index rose 5.8% during this period, according to Statistics Canada.

BMO economist and macro strategist Benjamin Reitzes says Canadian workers are likely to see further wage increases in all industries, not just one or two.

“We’ve seen some upward pressure on wages, but nothing too substantial so far and that could be a taste of what’s to come in the months to come,” he said.

However, there could be a slowdown in salary increases later in the year, Reitzes notes.

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“But we’re not there yet,” he said.

There is evidence that the economy is already starting to slow as house prices fall, the stock market faces volatility and the tech sector sheds jobs, amid persistent inflation and rising interest rate.

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Statistics Canada will release its latest reading on inflation on Wednesday. According to BMO, the annual inflation rate could reach 7.4%, compared to 6.8% in April.

© 2022 The Canadian Press

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More and more students are taking training in personal finance. But is it enough? https://imagesforcanada.com/more-and-more-students-are-taking-training-in-personal-finance-but-is-it-enough/ Sun, 19 Jun 2022 10:32:31 +0000 https://imagesforcanada.com/more-and-more-students-are-taking-training-in-personal-finance-but-is-it-enough/ Image source: Getty Images According to the S&P Global Financial Literacy Survey, 43% of Americans lack financial literacy — and gaps in financial knowledge can lead to chronic money problems. In 2018, only 16.4% of American high school graduates received a personal finance education. The number has now risen to around one in four high […]]]>

Image source: Getty Images

According to the S&P Global Financial Literacy Survey, 43% of Americans lack financial literacy — and gaps in financial knowledge can lead to chronic money problems. In 2018, only 16.4% of American high school graduates received a personal finance education. The number has now risen to around one in four high school students (22.7%).

As more states make financial education a mandatory part of the high school curriculum, Next Gen Personal Finance estimates that at least one-third (35.1%) of high school students will have taken a course autonomy over personal finances. That still leaves two out of three high school students without the education they need to be financially capable.

More states are implementing personal finance requirements

Currently, only eight states require high school students to take a personal finance course: Alabama, Iowa, Mississippi, Missouri, North Carolina, Tennessee, Utah, and Virginia.

Five more states are beginning to implement personal finance education at the high school level. Personal finance education is defined as a stand-alone personal finance course that lasts at least one semester or 60 consecutive hours of instruction.

Michigan recently passed a bill that would make it the 14th state to guarantee high school students a personal finance course before graduation. Momentum has grown this year, with 26 state legislatures introducing 60 different bills to expand access to personal finance education.

The importance of personal financial education

Personal finance education directly helps people improve their financial well-being. Those with higher financial literacy are less likely to face financial hardship. Those with low financial literacy are:

  • Six times more likely to have difficulty making ends meet.
  • Five times more likely to be unable to cover a month’s living expenses.
  • Four times more likely to spend more than 10 hours a week thinking about or dealing with personal finance issues.
  • Four times more likely to be dissatisfied with their current financial situation.

Studies also show that personal financial education reduces the likelihood that young adults will use payday loansand is positively correlated with asset accumulation and net worth at age 25. credit scores.

The Next Gen Personal Finance annual report found that access to personal finance education is still divided based on location, race, and socioeconomic status. Across the country, students do not have equal access to personal finance education. Expanding personal finance education to all segments of society can help close the socio-economic gap and help more people build their savings accounts.

The vast majority of millionaires haven’t inherited their money or earned six-figure incomes. Financial success often hinges on using basic personal finance principles, such as investing regularly and consistently over a long period of time, not going into debt, and sticking to a budget. Financial education is the key to financial success and can help develop good habits for the future.

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Canada is a haven for financial crime. This must be stopped https://imagesforcanada.com/canada-is-a-haven-for-financial-crime-this-must-be-stopped/ Sun, 19 Jun 2022 10:10:35 +0000 https://imagesforcanada.com/canada-is-a-haven-for-financial-crime-this-must-be-stopped/ Canada is envied around the world as a great place to visit and an even better place to live, thanks to its political stability, strong economy, welcome to refugees and other oppressed peoples – and sadly, its welcoming approach to those who engage in money laundering and financial crime. The latest damning evidence of Canada’s […]]]>

Canada is envied around the world as a great place to visit and an even better place to live, thanks to its political stability, strong economy, welcome to refugees and other oppressed peoples – and sadly, its welcoming approach to those who engage in money laundering and financial crime.

The latest damning evidence of Canada’s benevolence to financial crime comes courtesy of Austin Cullen, the B.C. Supreme Court justice who led a three-year commission to investigate money laundering in British Columbia and Canada.

Cullen delivered his huge 1,800-page report and 101 recommendations last week detailing failures at the federal and provincial levels. Some of its findings and recommendations are unique to British Columbia, but most are of national interest and should be addressed by Ottawa and other provincial governments.

Cullen first notes that the federal anti-money laundering regime is ineffective, in large part because of the failings of the Financial Transactions and Reports Analysis Center of Canada (FINTRAC), the agency responsible for monitoring money laundering threats and communicating with law enforcement.

Thanks to a focus on “defensive” reporting, FINTRAC receives a huge number of potential money laundering reports – a dozen times more than similar agencies in the US and 96 times more than those in Britain .

Needless to say, most reports are inconsequential: of the 31 million reports received in 2019-20, FINTRAC only disclosed 2,057 to law enforcement agencies.

And when police, both federal and local, receive information about a potential money laundering, they are rarely given priority. From 1990 to 2012, the RCMP maintained Integrated Proceeds of Crime (IPOC) units dedicated to money laundering and proceeds of crime investigations. But the RCMP disbanded the units in 2012, thanks in part to a shift in focus from the federal government to national security. As a result, money laundering investigations have taken a back seat.

Cullen notes that many local police investigations also suffer from poor results due to failure to consider charges of money laundering and proceeds of crime when investigating for-profit criminal activities such as trafficking. drug.

Because of these police failings, Cullen recommends the creation of a dedicated British Columbia Money Laundering Investigative Unit. Such provincial units could indeed prove beneficial, but they should be complemented by the re-establishment of RCMP IPOC units, as federal and provincial police must work together to tackle what are often trans-provincial crimes.

Similarly, in light of the overall ineffectiveness of FINTRAC and the federal anti-money laundering regime, Cullen recommends the creation of a provincial anti-money laundering commissioner. This too could prove useful, but changes at the federal level are also essential.

The most recent budget provides $200 million over four years for the creation of a new Canadian Financial Crimes Agency, which will bring together the expertise of the RCMP, FINTRAC and the Canada Revenue Agency to investigate money laundering and other complex crimes. This new agency could prove particularly effective in liaising with provincial anti-money laundering commissioners.

Finally, Cullen addresses the issue of “snow-washing” – the practice of financial criminals hiding their identities and transactions through front companies. Proponents have been calling for years for the creation of a beneficial ownership registry, which would allow anyone to know the identity of the true owners of the companies.

The federal government has pledged to establish a registry by the end of next year, and the provinces are expected to do the same for provincially incorporated businesses.

Cullen notes that money laundering is rooted in crimes that oppress others, such as drug trafficking, human trafficking, and fraud. We must redouble our efforts to combat this scourge, so that Canada can regain its reputation as an international refuge for the oppressed rather than the oppressors.

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Food, energy, health and wellness identified as essential for Alberta’s future https://imagesforcanada.com/food-energy-health-and-wellness-identified-as-essential-for-albertas-future/ Thu, 16 Jun 2022 13:00:00 +0000 https://imagesforcanada.com/food-energy-health-and-wellness-identified-as-essential-for-albertas-future/ Food, energy and medical advances. In short, these are the areas that could lead to a more prosperous future for the province’s 4.4 million people. The Business Council of Alberta has prepared what it calls Define the Decade: Building Alberta’s Future, a 72-page report that identifies several steps, or “missions,” that could lead to greater […]]]>

Food, energy and medical advances.

In short, these are the areas that could lead to a more prosperous future for the province’s 4.4 million people.

The Business Council of Alberta has prepared what it calls Define the Decade: Building Alberta’s Future, a 72-page report that identifies several steps, or “missions,” that could lead to greater prosperity.

The plan identifies the province’s strengths: energy and resource development, agriculture and agri-food, and medical advances. He urges Albertans to work together to solve global challenges related to energy and food security and well-being.

The council says it consulted with thousands of Albertans from all walks of life before developing the plan.

“This is a vision for Alberta by Albertans,” said Adam Legge, Chairman of the Board.

“This is the economic development plan of how we will get there over the next 10 years,” he said.

Legge says the plan is different because it doesn’t focus entirely on a specific sector of the economy.

“We actually framed it around missions of prosperity, what are these great humanities, these global challenges, that really intersect with Alberta’s strengths, our strengths and our strengths,” he said.

One of the most pressing global challenges is to reduce carbon emissions. The strategy suggests that Alberta strives to become a world leader in carbon capture, use and storage, possibly a leading global supplier of net-zero oil and gas and the largest producer and exporter of hydrogen in the world.

Susannah Pierce, President and National President of Shell Canada, is a member of the executive task force that prepared a report for the Business Council of Alberta. (Alastair’s Bird)

“The objectives of the report are quite in line with Shell’s objectives,” said Susannah Pierce, President of Shell Canada and National President.

Pierce is a member of the report’s executive working group.

“So over the next 10 years, I think you can see Shell, in line with what the report suggests, investing in low carbon solutions like hydrogen, like carbon capture sequestration. We we’re already very involved in this in the province,” she said. said.

Pierce noted that the company could also export hydrogen.

Alberta’s agriculture and agri-food sectors are considered one of three sectors with the potential to create prosperity for Albertans. (Shannon VanRaes/Bloomberg)

“We’re hoping to rally people, inspire people by the challenges that Albertans are going to solve, instead of saying we’re going to pick this industry, that industry. And that’s what we think is different, unique,” Legge said. .

The report recommends a significant push in agriculture and agri-food production, suggesting expanding the use of new agricultural technologies, innovations and practices to improve the quality, quantity, sustainability and diversity of food products.

The third “mission” recommends that Alberta become a leader in helping people live healthier lives. This suggests greater investment in advances in health and medical care. More ambitious suggestions include reducing obesity rates by 20% over the next decade, reducing rates of diabetes among Indigenous peoples, and setting the lowest wait times for health care in Canada. .

Equity, inclusion

One of the themes that emerged is the number of people, including women, Indigenous people, racialized people and 2SLGBT people, who have not shared in the province’s wealth and prosperity. The plan sets out a commitment to making Alberta a more equitable and inclusive place.

This is one of the reasons why the President and CEO of the Center for Newcomers joined the group as a member of the advisory board.

“I’ve heard all my life about the ‘Alberta advantage’,” said Anila Lee Yuen.

Dr. Raimar Lobenberg, Director of Applied Pharmaceutical Innovation and Professor at the University of Alberta, works with researcher Chulhun Park in a clean room used for clinical trial production. Advances in medicine and wellness are considered one of the “missions” to create prosperity in Alberta. (University of Alberta/The Canadian Press)

“I know for a fact that benefit hasn’t reached many racialized communities. It didn’t affect women, it didn’t affect Indigenous communities the same way, because we still face a lot of systemic discrimination,” she says.

Lee Yuen hopes the strategy will lead to changes. She points to the fact that 150 of the province’s top business leaders and CEOs participated in the development of the roadmap.

“The refreshing piece was each of them saying that our future path to prosperity is not just to embrace diversity, equity and inclusion, but to make sure we remove all barriers preventing every Albertan from participating at leadership levels and at the policy-making level.”

“It’s something I’ve never heard or seen before, usually when we do these exercises,” she said.

Heartland Economic Region

The Business Council of Alberta is proposing a single region comprised of the province’s major cities to coordinate investment attraction, transportation infrastructure, and other economic development tools to compete with other flagship regions in North America, including Vancouver, Toronto-Waterloo, Silicon Valley, Houston and Denver.

This suggests a quick end to the bitter regional battles that involve rural versus urban, Calgary versus Edmonton, and working more collaboratively.

Canada is the world’s sixth largest producer and one of the largest exporters of wheat, producing an average of over 25 million tonnes annually and exporting approximately 15 million tonnes. (Jeff McIntosh/The Canadian Press)

The strategy also includes a plan to improve the quality of life for Albertans by advancing truth and reconciliation with First Nations peoples, fostering a healthy population, attracting a diversity of people to the province, and creating safe, accessible and vibrant city centres.

It also recommends improving primary and post-secondary education, strengthening the technology and innovation sector, improving physical and digital infrastructure, reducing emissions, and saving and investing more revenue. from resources.

The council wants to see the creation of an “Alberta Mission” agency, an independent group that would link businesses, research institutes and governments to achieve the goals of the strategy.

Alberta at a “Crossroads”

Cory Janssen, another member of the executive task force responsible for the report, says the strategy is all about creating “a good life” for every Albertan. The co-founder and co-CEO of AltaML, an Edmonton-based artificial intelligence software development company, says he was motivated to get involved because the province is at a critical juncture.

“I feel like Alberta is at a crossroads,” Janssen said.

He says Alberta’s reputation in Canada and around the world needs to be improved — and there aren’t enough people who have taken advantage of past booms.

Cory Janssen, co-CEO of AltaML, which specializes in applied artificial intelligence, hopes a new strategy for Alberta will create prosperity for Albertans and convince young people to stay in the province. (Radio Canada)

Janssen says he wants to create a province where his teenage children — and other members of their generation — want to stay in Alberta or move to the province.

He says it will be helpful to identify global challenges and offer local solutions.

“Why don’t we think bigger? »

“If you believe Alberta’s best days are ahead of it, like we do, and you believe you can build it here, why not look at the greatest challenges facing humanity and really come together and try get to work and actually do it in this province?”


bryan Labby is a corporate reporter at CBC Calgary. If you have a great story idea or piece of advice, you can reach him at bryan.labby@cbc.ca or on Twitter at @CBCBryan.

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What is a home loan and how does it work? https://imagesforcanada.com/what-is-a-home-loan-and-how-does-it-work/ Tue, 14 Jun 2022 14:07:06 +0000 https://imagesforcanada.com/what-is-a-home-loan-and-how-does-it-work/ Car title loans are designed for people who need cash fast. They offer a short-term loan using your vehicle title as collateral. Some lenders don’t do credit checks and may not even require proof of employment or income, making auto title loans easy to access, even for consumers with troubled credit histories. But like many […]]]>

Car title loans are designed for people who need cash fast. They offer a short-term loan using your vehicle title as collateral. Some lenders don’t do credit checks and may not even require proof of employment or income, making auto title loans easy to access, even for consumers with troubled credit histories.

But like many other loans available to consumers with bad creditHowever, the appeal of these cash loans is overshadowed by their high costs and severe consequences if you cannot repay what you owe. Here’s what you need to know about how title loans work and the pros and cons of using them.

How Securities Lending Works

A title loan provides short-term financing for borrowers who own their car or own a significant portion of it. Lenders use your vehicle title deed – a document that proves you own your car – as collateral for the loan and usually require payment within 15 or 30 days.

Lenders can offer title loans online or through a physical location. You will fill out a file to apply. If you are not already in a physical store, you will need to visit one to present your car.

You’ll also need to provide a clear title – although some lenders don’t even require this – photo ID, proof of insurance, and any other documents the specific lender might need. You may also need to give the lender a second set of car keys. That said, you will keep your car during the reimbursement process.

If you are unable to repay the debt on time, you may have the option of turning your existing title loan into a new one, but this will only add more interest and fees. If you end up defaulting, the lender can seize your vehicle and sell it to recover what you owe.

Since title loans can have very high interest rates, they are not allowed in all states. In some they are completely prohibited, and in others there are interest rate caps. In some states, however, there are no regulations.

How much can you borrow?

You can usually borrow between 25% and 50% of the value of your car. Loans can range from $100 to $10,000, depending on the lender. You’ll pay what you owe in person, online or by direct debit from your checking account.

How much do title loans cost?

With such a short repayment term, car title loans are an expensive form of credit, and even the best car title loans can charge three-digit annual percentage rates, which include interest and fees.

“Security loans often come with a host of additional costs, including processing, documentation and loan origination, totaling hundreds of dollars,” says Lyle Solomon, senior counsel at Oak View Law Group, which provides debt relief services. “The purchase and payment of a vehicle roadside assistance package may also be required in some cases.”

For example, let’s say you borrow $800 and the finance charge is 25% of the loan amount, or $200. If the loan is due within 30 days, your APR is around 304%. That’s way more than you’ll pay even with some bad credit personal loans.

“Title loans often fall into the category that many lenders consider predatory lending,” says James Garvey, CEO and co-founder of Self Lender, which offers credit lending.

Do title loans affect your credit?

Generally, title loans do not impact your credit score because there is usually no credit check when you apply. Also, lenders probably won’t report your payment to the credit bureaus, and if you default, the lender will usually repossess your car and sell it instead of sending your debt to a collection agency.

The fact that title loans don’t affect your credit can be a good thing or a bad thing. If your credit history is already bad, that won’t stop you from getting a title loan. Also, missing a payment probably won’t hurt your score any further. On the other hand, making payments on time will also not help your credit score.

Advantages and disadvantages of title loans

As with any financial product, there are usually pros and cons. However, the disadvantages of predatory loans like these usually far outweigh the advantages. Here’s what you should consider:

Advantages

  • Easy qualification. Even if your credit is bad, you can get approved as long as you hold the title to your car, have enough capital, and your income meets the lender’s requirements.
  • Simple approval process. You don’t need to submit to a credit check, so the process usually doesn’t take long.
  • Quick access to cash. As long as you have everything the lender needs, you can walk out of the store with the money the same day.

The inconvenients

  • You can lose your car. The worst case scenario with a car title loan is that you cannot repay the debt and the lender seizes your car. According to a report 2016 per the Consumer Financial Protection Bureau (the most recent statistics available), this happens to 20% of people who take out title loans.
  • You can easily go over your head. CFPB research also found that more than 80% of auto title borrowers take out a new loan the day the original is due because they can’t afford to repay the first one. More than half of all title loans mature into four or more consecutive loans by the time borrowers can repay the debt. Since each new loan adds more interest and fees, you could end up with a lot more debt than expected.
  • Title loans are expensive. Even if you repay on time, title loans incur far higher costs than most other loan options.

Alternatives to Car Title Loans

If you have bad credit, you might think you have no other options. After all, that’s why title loans are still popular, despite being such a threat to your financial well-being.

Still, it’s usually best to avoid this financing option. “Almost every other loan option out there is better than a title loan,” Solomon says. These alternatives can offer borrowers with bad credit access to funds without as much risk as a car title loan.

  • Family and friends. Going to family members or friends for money is not easy. But if you have trusted relationships and are confident you can repay what you borrow, consider applying for an unofficial loan.
  • Personal loan for bad credit. Some personal lenders specialize in working with people who have bad credit. Interest rates and fees can always be higher than what you would pay with a bond or great credit, but they’re probably much lower than what a title lender will charge you, and you’ll usually get a longer repayment term. This reduces the risk that you will need to re-borrow to pay off your debt.
  • Financial aid services. Depending on where you live, your state or local government may provide access to temporary financial assistance. These programs can provide help with medical bills, food, child care, utilities, emergency expenses and more. If you’re looking for quick cash to cover any of these, you might be able to get it without any strings attached or costly debt. You can also find this kind of help through local nonprofits, charities, and religious organizations. Garvey says, “Some nonprofits, such as the Mission Asset Fund, offer low-interest loans (even 0%).”
  • Payday advance. Your employer may be willing to provide an advance on your next paycheck. While this can cause problems when you need that money later, it can give you some time to figure things out. If your employer doesn’t offer payday advances, services like Earnin, MoneyLion, Dave, and Brigit allow you to get a payday advance with little or no fees or interest.
  • Alternative payday loan. Some credit unions offer alternative payday loans to eligible members. The interest rate on these loans is capped at 28%, making them much cheaper than some traditional personal loans.
  • Credit advice. If your financial problems are a symptom of crippling debt, working with a credit counselor can help you make more room in your budget. Credit counseling agencies may be able to use a debt management program to help you get relief from late payment fees and lower interest rates on your existing loans. Credit counselors can also help you get your finances back on track for the future. Garvey says, “The ultimate key to breaking the cycle of limited options and high interest loans is to build the credit you need to access more reputable financial products.

The important thing is that you take the time to consider all of your options and look for ways to get the financial help you need without sinking deeper into high-interest debt.

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Stelia Aerospace Canada Dynamatic Technologies Bag Contract https://imagesforcanada.com/stelia-aerospace-canada-dynamatic-technologies-bag-contract/ Tue, 14 Jun 2022 04:08:00 +0000 https://imagesforcanada.com/stelia-aerospace-canada-dynamatic-technologies-bag-contract/ For the supply of escape hatch door for Airbus aircraft Dynamatic Technologies has won the contract to manufacture the escape door for the Airbus A220 aircraft. The contract was placed by the recently established Stelia Aeronautics Canada Inc., a subsidiary of Airbus Atlantic SAS. This contract marks an important milestone in the […]]]>



For the supply of escape hatch door for Airbus aircraft

Dynamatic Technologies has won the contract to manufacture the escape door for the Airbus A220 aircraft. The contract was placed by the recently established Stelia Aeronautics Canada Inc., a subsidiary of Airbus Atlantic SAS. This contract marks an important milestone in the task sharing of the A220 supply chain in India and extends Dynamatic’s capabilities for manufacturing critical aerostructures at Airbus.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)


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First published: Tuesday, June 14, 2022. 09:38 IST

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