Be under no illusions: The National Living Wage will cost jobs

We also have to drill down into the groups we think a minimum wage impacts. Only around 5 per cent of the UK workforce is currently paid at the minimum rate. The median annual wage is about double what working full time at the minimum would earn you. It would be very surprising if hikes had any negative impact on those paid well above the base.Read more: HSBC marks out the winners and losers from the national living wageFinally, minimum wage impacts are not linear. Taking the minimum from zero to £2 per hour will not have the same impact as taking it from £7 to £9 per hour. We would expect rapidly increasing downsides from each extra pound we add as we get higher.All of these difficulties make the specific pay floor rate, like the Bank of England’s base interest rate, a poor candidate for party-political tussle, and until 2015’s Autumn Statement this was widely accepted. The Low Pay Commission (LPC), staffed with industry figures and labour economists, set the minimum wage, raising it as little as 4p at times when it thought bigger hikes would be risky.As I show in my new Adam Smith Institute paper, out today, this all changed with the National Living Wage, which replaces the old minimum for over-25s. The LPC has been relegated to determining the exact path of increases while then-chancellor George Osborne chose the goal, an arbitrary 60 per cent of median earnings by 2020. More From Our Partners Brave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.com980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comUK teen died on school trip after teachers allegedly refused her‘The Love Boat’ captain Gavin MacLeod dies at 90nypost.comKamala Harris keeps list of reporters who don’t ‘understand’ her: reportnypost.comConnecticut man dies after crashing Harley into live bearnypost.comWhy people are finding dryer sheets in their mailboxesnypost.comMark Eaton, former NBA All-Star, dead at 64nypost.comKiller drone ‘hunted down a human target’ without being told Friday 24 February 2017 6:00 am whatsapp whatsapp This is Milton Friedman’s “thermostat example” and, although he used it to explain Federal Reserve policy and inflation, it’s applicable to the minimum wage as well.Imagine you have a skilled body setting minimum wages in order to try to help those at the bottom without causing unemployment. If they’re doing their job correctly, you will observe no link between hikes in the minimum wage and employment – precisely because they only increase the rate when they don’t think it’ll put anyone out of work.Read more: National living wage pushes thousands of companies into financial distressBut even being aware of this paradox is not enough. Firms do not for the most part hire labour and machines on a job-by-job basis; they make plans that last for months, years and, in some cases, decades. Even if a minimum wage hike makes employing certain staff uneconomic in the long run, in the short run they cannot simply sack them all tomorrow and immediately switch to fewer, higher-skilled employees, or robots.They will adjust slowly and over time. If minimum wages have an impact, they will have an impact steadily, reducing employment growth, rather than causing firms to immediately ditch workers. Imagine that you didn’t know how cold weather and turning on the heat affected the temperature of a room.You’d watch the boiler burn more or less gas, and you’d watch the weather get colder and hotter, but if the thermostat and central heating were working properly there’d be no change in the temperature of the room. If you didn’t already know, you’d learn nothing – you would probably even conclude that boilers and weather had no effect on how hot rooms were. Be under no illusions: The National Living Wage will cost jobs Share Read more: Should employers cutting perks because of NLW be blamed?No, we have not seen immediate job losses, but then again few of the sceptics predicted them. But over time, the path for employment will be worse: the OBR, the official economic forecaster, reckons 60,000 fewer jobs will be created under the system. The bigger worry is that the issue becomes a political football. While the LPC decided independently, politicians could not fight a “race-to-the-top”, offering visible wage hikes to voters, hoping they wouldn’t notice their invisible costs. Now, that is a very real prospect.The only upside is that the thermostat example will no longer be applicable. If government is setting minimum wages with no thought at all for their wider and long-term labour market impacts, then we could well see a relationship between hikes and unemployment. That might be nice for economists like me; I suspect the unemployed whose jobs never get created might disagree. Ben Southwood read more

US stocks dip as investors focus on dollar – New York Report

first_img by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailMaternity WeekA Letter From The Devil Written By A Possessed Nun In 1676 Has Been TranslatedMaternity Weekzenherald.com20 Rules Genghis Khan’s Army Had To Live Byzenherald.comNoteableyKirstie Alley Is So Skinny Now And Looks Like A BarbieNoteableyMagellan TimesThis Is Why The Roy Rogers Museum Has Been Closed For GoodMagellan TimesPost FunKate & Meghan Are Very Different Mothers, These Photos Prove ItPost FunComedyAbandoned Submarines Floating Around the WorldComedyGameday NewsNBA Wife Turns Heads Wherever She GoesGameday NewsMoneyWise.com15 States Where Americans Don’t Want To Live Express KCS Show Comments ▼ US STOCKS edged lower yesterday on the heels of strong gains in the prior week, as investors weighed fluctuations in the dollar and its impact on other markets, including crude prices.Equity markets fluctuated between modest gains and slight losses, tracking the movement of energy stocks as crude oil prices were caught between the weakness in the US dollar and concerns about oversupply. The S&P 500 energy sector was up 0.2 per cent after earlier gaining as much as 0.9 per cent.The action in the dollar has closely affected stocks of late as traders anticipate monetary policy tightening by the Federal Reserve sometime later this year. The 20-day correlation between the dollar index and the S&P 500 sits at minus 0.79. The dollar index was down 0.9 per cent on the day.“People are now way too focused on earnings, which start in a week or two, and what the impact of the stronger dollar will be and until that happens it is going to hold the market in check,” said Ken Polcari, director of the NYSE floor division at O’Neil Securities in New York.While the dollar’s rise has been beneficial for consumers, its rapid strengthening has been a problem for a large portion of the market, such as commodities firms and exporters.The Dow Jones industrial average fell 11.61 points, or 0.06 per cent, to 18,116.04, the S&P 500 lost 3.68 points, or 0.17 per cent, to 2,104.42 and the Nasdaq Composite dropped 15.44 points, or 0.31 per cent, to 5,010.97. Share Tags: NULL whatsappcenter_img Monday 23 March 2015 9:28 pm More From Our Partners Police Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.org980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgKiller drone ‘hunted down a human target’ without being told whatsapp US stocks dip as investors focus on dollar – New York Report last_img read more

LIVE BLOG: Follow all the action from tonight’s SFC and JFC games

first_img Community Charlie Flanagan on Electric Picnic: ‘I’d ask organisers to consult with community leaders’ Twitter LIVE BLOG: Follow all the action from tonight’s SFC and JFC games Previous articleIn Pictures: Immense elation as Kyle celebrate junior ‘B’ championship winNext articleBallylinan and O’Dempsey’s must meet again after thrilling SFC draw Alan HartnettStradbally native Alan Hartnett is a graduate of Knockbeg College who has worked in the local and national media since 2008. Alan has a BA in Economics, Politics and Law and an MA in Journalism from DCU. His happiest moment was when Jody Dillon scored THAT goal in the Laois senior football final in 2016. WhatsApp Pinterest TAGSLive Blog Community Council The sides made in the JFC last night and O’Dempsey’s will be hoping that they have it as easy here as they did in Annanough – triumphing 4-9 to 0-6.But while last year’s defeated county finalists were disappointing in their loss at the hands of Killeshin in Round 2, they will surely improve here.O’Dempsey’s lost to Graiguecullen in Round 1 but scored a big win over Arles-Killeen in Round 2 and are the favourites here.Meanwhile, there are three JFC Round 3 games down for decision around the county.Ballyroan-Abbey take on The Harps and Camross face The Heath at 7pm while the neighours Killeshin and Graiguecullen meet at 7.45pm.The draw for the quarter finals of that competition is due to be made tonight also with the winners of those games joining O’Dempsey’s in one pot while Annanough, Kilcavan, Park-Ratheniska and Portlaoise sit in the other.You can follow all the action from what promises to be a dramatic night below: Facebook Pinterest By Alan Hartnett – 24th August 2018 SEE ALSO – Kilcruise footballer goes above and beyond to earn his team a draw In the latest round of Friday night Laois GAA games, the stakes are extremely high.The big game of the evening is the second of the SFC Round 3 games – between O’Dempsey’s and Ballylinan at 7.45pm in O’Moore Park.The first of these Round 3 matches was played on Wednesday night with Arles-Kilcruise and Ballyroan-Abbey playing out a thrilling draw – so punters will be hoping for more of the same excitement tonight. RELATED ARTICLESMORE FROM AUTHOR Facebook Twitter Home Sport GAA LIVE BLOG: Follow all the action from tonight’s SFC and JFC games SportGAAGaelic Football WhatsApp Five Laois monuments to receive almost €200,000 in government funding New Arles road opens but disquiet over who was invited to official openinglast_img read more

Almost every Laois GP set to protest on Wednesday over ‘family doctor service crisis’

first_img By Alan Hartnett – 4th February 2019 Almost every Laois GP set to protest on Wednesday over ‘family doctor service crisis’ Twitter Facebook WhatsApp Pinterest TAGSDoctor Previous articlePenalty shoot-out heartbreak for Portlaoise Ladies Hockey teamNext articleLaois woman receives Irish Tourism Industry Award for EPIC The Irish Emigration Museum Alan HartnettStradbally native Alan Hartnett is a graduate of Knockbeg College who has worked in the local and national media since 2008. Alan has a BA in Economics, Politics and Law and an MA in Journalism from DCU. His happiest moment was when Jody Dillon scored THAT goal in the Laois senior football final in 2016. Facebook General Practitioners in Laois are set to join their colleagues from around the country on Wednesday February 6 in a mass protest.Hundreds of GPs from every part of Ireland will be holding a mass protest outside Dáil Éireann.This will mean that on the day, many GP practices maybe be closed to patients, or will have limited services available.There is likely to be significant disruption to the GP service around the country on the day of the national protest.GPs will be protesting they say on behalf of patients, as the family doctor service is, or has in some areas, completely collapsed.Laois doctors say the purpose of the protest is to highlight the current state of general practice in Ireland.They say that for the past 10 years successive governments have suffocated general practice by withdrawing funding. They say they are now at a crisis point where patients cannot get a GP in their locality with the majority of GPs closing their practices to new patients, we have a national shortage of GPs and for the first time ever, patients are experiencing waiting lists to see their GP.The list of Laois doctors taking part are as follows: Dr David Booth, Dr Robert Lawlor, Dr Michelle Byrne, Dr Conor Grimes, Dr Peter Kemple, Dr Paddy O Dwyer, Dr Maria Carroll, Dr John Geraghty, Dr Simon Honan, Dr Maeve Lee, Dr Julie Cunningham, Dr Mary Sheehan, Dr Sinead Burke, Dr Sarah Punch, Dr Vivek Mahadev, Dr Sean Montague, Dr Andrew Lavin, Dr Sharon McDonald, Dr Adrian McDonald, Dr Sharon Delaney, Dr David Rabinowicz, Dr Anne Marie Miller, Dr John Paul Campion, Dr Averil Atkinson, Dr Caitlin McFadden, Dr Deirdre Honan, Dr Anna Gullane and Dr John Madden.The group say they are tired of having to say:“Sorry we can’t give you a same day appointment”“Sorry our nurse is only here part-time”“Sorry I can only give you a few minutes per consultation”“Sorry, you have to wait four years for your hip replacement”.“Sorry, you have to wait two years for an outpatient appointment.” “Sorry, you have to wait five years for your cataract surgery.”“Sorry, you are unable to access physiotherapy, psychology, podiatry and all the other ancillary services that make a health system work efficiently and safely”.“Sorry, your relative died on a waiting list before their appointment came around.”They say: “We have not chosen this decision lightly but it is vital for us to make the Government and others fully aware that our health system is in crisis and has been so for years.“This is despite that fact that we have one of the most expensive health systems in the world.“Evidence from around the world confirms that community based health systems, like the family doctor system, are the most efficient, safe and effective.“Years of successive cuts in Government funding for general practice have created an inefficient unstructured health system which is collapsing.“Also, promised extra investment in developing the GP service, like the fairytale promises under Sláintecare, have not even been begun to be delivered, so that the family doctor service can be healthy and sustainable for the future.“For months, the Government have promised to reverse the 38% cuts imposed over past years (FEMPI cuts to GPs) and to offer – and properly fund a new, modernised GP contract – but these things have not materialised.“The number of doctors who can no longer take on any more patients is a growing crisis.“The medical card system can no longer cope, having been starved of resources.“Not enough new doctors are being appointed by the State, to serve the public and many are having to retire early, due to burnout.“GPs are at, and many have passed, breaking point.“The future survival of the GP service is vital, to enable it to serve patients.“This issue affects whole communities around Ireland.“For these reasons, GPs will be taking unprecedented action on Feb 6.” Council WhatsApp RELATED ARTICLESMORE FROM AUTHOR Pinterest New Arles road opens but disquiet over who was invited to official opening Community Twitter Home News Almost every Laois GP set to protest on Wednesday over ‘family doctor… News Charlie Flanagan on Electric Picnic: ‘I’d ask organisers to consult with community leaders’ Community Laois secondary school announces scholarship winners for new academic yearlast_img read more

‘This was a mistake by Brian Stanley and one that will not be repeated’

first_img Twitter TAGSBrian StanleyMary Lou McDonald Facebook WhatsApp Twitter RELATED ARTICLESMORE FROM AUTHOR ‘This was a mistake by Brian Stanley and one that will not be repeated’ Electric Picnic By Steven Miller – 1st December 2020 Electric Picnic apply to Laois County Council for new date for this year’s festival Electric Picnic organisers release statement following confirmation of new festival date Home News ‘This was a mistake by Brian Stanley and one that will not… NewsPoliticscenter_img Laois-Offaly Sinn Féin TD Brian Stanley won’t be removed as chairman of the Dáil’s Public Accounts Committee (PAC), according to party leader Mary Lou McDonald.Deputy Stanley has found himself in the eye of a storm over the past couple of days after tweeting on Saturday about IRA attacks on the British army.“Kilmicheal (1920) and Narrow Water (1979) the 2 IRA operations that taught the elective of (the) British army and the establishment the cost of occupying Ireland. Pity for everyone they were such slow learners,” he tweeted.In a statement on Sunday, Stanley apologised “for the content of an inappropriate and insensitive tweet that I sent”.However, there have since been calls for Stanley to step down from his chairmanship of the PAC for a period of time over the matter.Taoiseach Micheal Martin and Minister for Foreign Affairs Simon Coveney both hit out at Stanley’s comments without calling for his resignation, though Social Democrats leader Catherine Murphy and Fine Gael’s Jennifer Carroll-McNeill – who are both on the PAC – have suggested that Stanley resign. The committee are due to meet again tomorrow.Addressing the controversy, Sinn Féin leader Mary Lou McDonald told RTÉ Radio One’s Morning Ireland this morning that “this was a mistake by Brian Stanley and one that will not be repeated”.McDonald confirmed she won’t remove him from his position as chairperson of the Public Accounts Committee. Previous articleStrange times for Laois third level students as they adapt to online learningNext article€840,000 IT funding for Laois schools as Sports Capital Grants open Steven Millerhttp://www.laoistoday.ieSteven Miller is owner and managing editor of From Laois, Steven studied Journalism in DCU and has 14 years experience in the media, almost 10 of those in an editorial role. Husband of Emily, father of William and Lillian, he’s happiest when he’s telling stories or kicking a point. Facebook Laois Councillor ‘amazed’ at Electric Picnic decision to apply for later date for 2021 festival Pinterest Pinterest Electric Picnic She said: “Brian’s a very effective, a very even handed and a very fair chair of the committee. It is, as people know, a very important committee.“The work is essential and he is anxious, and I am anxious, that he continues with that work.She added that Stanley is “more than fit” to chair the committee and that he is “extremely competent” and “extremely experienced”.“He will continue with that work,” she said.The Sinn Féin leader said that Stanley will address the controversy with committee colleagues when they meet tomorrow.SEE ALSO – ‘Wholly inappropriate’ but key Sinn Féin TD rules out further action in relation to Brian Stanley WhatsApp Electric Picnic last_img read more

FAIR Canada supports OBSI “name and shame” action

FCAC to probe banks’ complaints handling processes Facebook LinkedIn Twitter Insurance OmbudService makes western expansion a priority An investor advocacy group is cautioning investors from dealing with firms who don’t show “good faith” in dealing with external dispute resolution processes. Last Friday, the Ombudsman for Banking Services and Investments (OBSI) published its second ever refusal by a firm to follow its recommendation to compensate an aggrieved client, and the first ever refusal by an investment dealer. Publishing the details of a firm’s refusal is OBSI’s only real tool to try and compel a firm to accept its decision for compensation. James Langton OBSI updates terms of reference Related news On Wednesday, the Canadian Foundation for Advancement of Investor Rights (FAIR Canada) said that it supports OBSI’s decision to exercise its “name-and-shame” power after taking extraordinary steps to attempt to resolve the case. OBSI has stated its intention to publish more refusals in the coming weeks, if the cases aren’t resolved in the meantime. “Stakeholders in the financial markets (including consumers) need to consider ‘cold shouldering’ a firm that is named and shamed, meaning that they decline to do business with them. This is how ‘name and shame’ is given bite. If stakeholders do not ‘cold shoulder’ a firm that is unwilling to comply with an OBSI recommendation, the effectiveness of ‘name and shame’ is undermined,” FAIR says. As a result, it is cautioning consumers, “from obtaining financial services from firms who refuse to enter into external dispute resolution processes in good faith. In our view, this reflects poorly on an investment firm’s commitment to dealing fairly with its clients and a lack of integrity in resolving legitimate client complaints.” OBSI has been trying to resolve a number of complaints where investment firms are refusing to accept its recommendations for over a year now, including offering the firms involved an independent review of the affected cases. Yet this offer was only accepted in one instance. And, FAIR says that, in its opinion, declining an independent review “demonstrates a lack of a credible factual basis upon which to reject OBSI’s recommendation.” “We hope that other OBSI participating firms recognize the poor public perception associated with a refusal to accept OBSI’s recommendations and work to maintain and improve upon the existing non-statutory ombudsman system so that complaints are resolved in a manner that is fair and reasonable,” it adds. Share this article and your comments with peers on social media Keywords Dispute resolutionCompanies FAIR Canada, Ombudsman for Banking Services and Investments read more

‘Benign’ outlook will allow feds to balance budget within a few years: Moody’s

Keywords Economic forecasts OECD raises outlook for Canadian economic growth this year Share this article and your comments with peers on social media Economy lost 68,000 jobs in May Moody’s Investors Service says that its ‘AAA’ rating on Canada reflects the country’s large, diversified economy, and sound macroeconomic policy. In a new credit analysis report, Moody’s says that it expects a benign economic outlook to help the federal government’s fiscal consolidation efforts, allowing it to attain a balanced budget within the next few years. Additionally, it notes that the political consensus for maintaining relatively low government debt levels is also a key credit support. The rating agency says that the Canadian economy is transitioning towards an external-demand growth model from one primarily driven by domestic demand. And, as this happens, it says, the resource sector will become increasingly important. “Stronger demand from the U.S. will help the Canadian economy, given the large concentration of exports going to its neighbour as well as the strong financial linkages that exist between the two countries,” it says. Moreover, Moody’s says that the main risks to the economy — a housing market correction, and high household debt levels — would have a limited impact on the credit quality of the sovereign. “In the unlikely event that there is a severe housing market correction, the exposure of the government would be low,” it says. “Also, although household debt rose throughout the global financial crisis, levels have begun stabilizing in part because of the authorities’ proactive management,” it adds. Stagflation is U.S. economists’ biggest fear, SIFMA says James Langton Related news Facebook LinkedIn Twitter read more

SSM will even out eurozone bank rules: Fitch

first_img Share this article and your comments with peers on social media Fitch points out that the asset quality review (AQR) component of the ECB’s recent assessment of Europe’s banks reduced the divergence in asset valuations used in the stress tests. But the review’s results still highlighted discrepancies across the region, particularly in the different speeds of implementing the new Basel III capital rules, it adds. Also, the phase-out timetables for adjustments of securities valuations and intangibles, such as deferred tax assets and goodwill, differ among countries, it says. Fitch says the ECB calculated the impact of transitional arrangements to have been €126 billion, “with banks in Greece, Ireland and Portugal particularly reliant on phase-in rules relative to risk-weighted assets,” it says. “We believe the [single supervisory mechanism] will help even out these discrepancies, although a transition period will be needed while the ECB establishes precise reporting requirements and banks adapt their systems accordingly,” it says. It also expects the ECB’s oversight will eventually to bring more standardization of regulatory risk-weights; and, a more level playing field for approving internal models and calculations of risk weights under the internal models’ approach. “A single supervisor is likely to even out default and loss assumptions behind credit risk-weightings,” it says. The second main component of the eurozone banking union framework, the single resolution mechanism, is to be adopted at the beginning of 2016, Fitch says. The regulatory banking union, in conjunction with new rules on bank recovery and resolution, will reduce the bank bail-out risk that has faced European sovereigns, Fitch says. That said, it also notes that strong links between banks and their national sovereigns will remain. “The financial health of banks will remain interwoven with the financial health and stability of their domestic economy, which is the source of the bulk of most banks’ loans and deposits,” it says. Fitch says that bank holdings of domestic sovereign bonds are substantial. “We expect a priority of the ECB in its new role as single supervisor to be a reduction of national sovereign bond holdings, for example by using large exposure restrictions, higher risk weights or both,” it says. “Eurozone bank balance sheets are weighed down by huge volume of problem loans, particularly in the weakest economies. Reducing these by collateral sales or improved customer performance looks a long way off given the economic outlook in most of the countries concerned,” it concludes. James Langton ECB speeds up help for virus hit economy Europe’s economy shrank 0.6% in Q1 Facebook LinkedIn Twittercenter_img The introduction of a new single supervisory mechanism (SSM) by the European Central Bank (ECB) will make bank regulation more consistent across the eurozone, which may lead to improved credit positions, says Fitch Ratings in a new report. The rating agency says that ECB supervision, which is slated to start Nov. 4, will reduce regulatory discrepancies between countries in the region. This, in turn, will improve transparency and comparability, and may prompt some banks to take actions that will improve their credit profiles, Fitch suggests. Keywords EuropeCompanies European Central Bank Related news ECB leaves interest rates and pandemic stimulus unchangedlast_img read more

CDIC consults on changes to joint and trust account disclosure requirements

first_img IIAC requests more time to implement CDIC’s proposed changes The JTDB changes cover:the type of information regarding joint and trust accounts that trustees must provide to CDIC member institutions and when that information needs to be provided;requirements for member institutions regarding the management of information pertaining to trust deposits; anddisclosure requirements for co-owned deposits and registered deposits held in a nested trust.As part of the 2018 federal budget bill, which received Royal Assent in June, certain amendments were made to the CDIC Act to reflect the results of the Deposit Insurance Review, conducted in 2016. The purpose of that review was to introduce changes to CDIC to protect depositors, support stability of the Canadian financial system, and promote efficient and competitive financial services.As a result, CDIC coverage will be extended to two new insurance categories: deposits held in RESPs and deposits held in RDSPs.In addition, CDIC coverage will be eliminated from one category: deposits for realty taxes on mortgaged property (i.e. mortgage tax accounts.)In its consultation paper, the CDIC proposes that the amendments pertaining to trust deposits, as well as broader changes to CDIC coverage, come into force on April 30, 2020.Comments on the consultation are due Sept. 28. The Canada Deposit Insurance Corp. (CDIC) has launched a consultation for public comment on proposed changes to requirements related to the eligibility for insurance coverage of deposits held in joint and trust accounts, the federal Crown corporation announced on Friday.A consultation paper outlines the changes that would reshape the CDIC’s joint and trust account disclosure by-law (JTDB). Keywords Deposit insurance Rudy Mezzetta Facebook LinkedIn Twitter Contest winners announced Related news piggy bank with umbrella concept for finance insurance, protection flynt/123RF Feds launch deposit insurance review consultations Share this article and your comments with peers on social medialast_img read more

Green product business ATTITUDE to be able to increase production and expand Sherbrooke warehouse

first_imgGreen product business ATTITUDE to be able to increase production and expand Sherbrooke warehouse From: Canada Economic Development for Quebec RegionsGovernment of Canada financial support will enable the business to enhance its productivity and create 25 jobs.Sherbrooke, Quebec, December 16, 2020 – Canada Economic Development for Quebec Regions (CED)The ATTITUDE brand, founded in 2006, is an innovative SME specializing in the development, manufacturing and marketing of natural, green household cleaners and personal care products free of harmful ingredients.The business, established in Montréal and Sherbrooke, distributes over 250 products in over 45 countries. ATTITUDE aspires to enhance its performance by improving its productivity and increasing its production capacity. The SME also wants to develop a presence on international markets and become a clear leader among manufacturers of green consumer products.To achieve its goals, ATTITUDE is aiming to automate its two existing production lines, add a third automated production line and expand its warehouse. The business was planning to implement this strategy in a few years but is moving forward ahead of schedule mainly due to strong demand caused by the COVID-19 pandemic.To make this business opportunity a concrete reality, ATTITUDE will receive a repayable contribution of $750,000 from Canada Economic Development for Quebec Regions. This funding was announced today by the Member of Parliament for Compton-Stanstead and Minister of Agriculture and Agri-Food, the Honourable Marie-Claude Bibeau, on behalf of the Minister of Economic Development and Official Languages, the Honourable Mélanie Joly.CED is thus renewing its support for this leader in the field of green products, as ATTITUDE was able to count on a $500,000 contribution to establish a new factory in Sherbrooke and add a wholesale production line.Flagship businesses in clean tech industryATTITUDE stands out for its ability to constantly develop new green alternatives to conventional household and personal care products while maintaining competitive prices for consumers. ATTITUDE currently has 105 employees and will, in time, create 25 new jobs through the project announced today.The business has over 10,000 points of sale in Canada and the U.S., and its products all carry the government’s ECOLOGO green certification and the U.S. Environmental Working Group (EWG) certification.To ensure communities can develop sustainably as the second wave of the pandemic hits, we must continue to support businesses across Quebec. The regions count thousands of shopkeepers and entrepreneurs with innovative ideas who contribute to the vitality and dynamism of their communities. The Government of Canada will continue to work with them to rebuild an even stronger economy.Quotes“ATTITUDE has been able to adapt, innovate and develop its offer and markets right here in the Cantons-de-l’Est. By supporting SME growth, the Government of Canada is boosting the sustainable economic development of our regions. I also invite you to do the same by buying green, local products. This enables our entrepreneurs, our workers and our communities to make it through the pandemic better and to kickstart the economy.”The Honourable Marie-Claude Bibeau, Member of Parliament for Compton‒Stanstead and Minister of Agriculture and Agri-Food“In this time of crisis, we are here to help Canadian SMEs and workers adapt to a changing context and seize opportunities for growth. CED assists businesses that leverage innovation, which will drive a strong economic recovery. By renewing our support for ATTITUDE, our aim is to pursue our collaboration with an SME that is creating good regional jobs and helping rebuild a more competitive, greener Canadian economy.”The Honourable Mélanie Joly, Member of Parliament for Ahuntsic-Cartierville, Minister of Economic Development and Official Languages and Minister responsible for CED“We would like to thank CED for funding our project to automate and expand our factory. This loan will give us the opportunity to increase production and storage capacity, as well as hire new employees, all with the result of enhancing our manufacturing performance-a real benefit for the local economy. Despite the current context, we are privileged to be doing well as a business, experiencing rapid growth. We are immensely grateful to be able to continue to do what we love, in line with our values, and thus continue to help meet people’s needs.”Jean-François Bernier, President and Co-founder, ATTITUDEQuick factsToday’s announcement is being made on behalf of the Honourable Mélanie Joly, Minister of Economic Development and Official Languages and minister responsible for the six regional development agencies (RDAs), including CED.Funds have been granted under CED’s Regional Economic Growth through Innovation program. This program targets entrepreneurs leveraging innovation to grow their businesses and enhance their competitiveness, as well as regional economic stakeholders helping to create an entrepreneurial environment conducive to innovation and growth for all, across all regions.CED is a key federal partner in Quebec’s regional economic development. With its 12 business offices, CED is present to accompany Quebec businesses, supporting organizations and regions into tomorrow’s economy. /Public Release. This material comes from the originating organization and may be of a point-in-time nature, edited for clarity, style and length. View in full here. Why?Well, unlike many news organisations, we have no sponsors, no corporate or ideological interests. We don’t put up a paywall – we believe in free access to information of public interest. Media ownership in Australia is one of the most concentrated in the world (Learn more). Since the trend of consolidation is and has historically been upward, fewer and fewer individuals or organizations control increasing shares of the mass media in our country. According to independent assessment, about 98% of the media sector is held by three conglomerates. This tendency is not only totally unacceptable, but also to a degree frightening). Learn more hereWe endeavour to provide the community with real-time access to true unfiltered news firsthand from primary sources. It is a bumpy road with all sorties of difficulties. We can only achieve this goal together. Our website is open to any citizen journalists and organizations who want to contribute, publish high-quality insights or send media releases to improve public access to impartial information. You and we have the right to know, learn, read, hear what and how we deem appropriate.Your support is greatly appreciated. All donations are kept completely private and confidential.Thank you in advance!Tags:Agriculture, business, Canada, covid-19, Economic Development, entrepreneurs, environment, Government, innovation, parliament, President, production, regional development, Sherbrooke, sustainable, wholesalelast_img read more