Category: Business Breaking News

48 Surrey businesses fined collective $914K for breaking foreign worker rules

by  on  in Business Breaking News

Forty-eight Surrey businesses have been fined a collective $914,000 over the past eight years for non-compliance with Canada’s Temporary Foreign Workers Program or International Mobility Program, with $473,250 in those fines listed as unpaid.

The federal programs’ purpose, under the umbrella of Immigration and Citizenship Canada, is to oversee the hiring of temporary workers and set out conditions employers must abide by. Inspections are done in an effort to ensure compliance.

Eight numbered companies are among Surrey’s 48, which includes construction, trucking, agriculture, restaurants, importing, security, a private elementary school, automotive, and labour services are among them.

All told, penalties have been levied against 865 businesses nation-wide between 2016 and 2024.

The highest penalty applied to a Surrey business – a numbered company – was a $129,000 fine plus a one-year ban. The lowest fine was $500.

The government website also indicates Surrey businesses have reaped a collective 22 years in bans on hiring temporary workers.

Ken Hardie, Liberal MP for Fleetwood-Port Kells, said “predatory practices involving temporary foreign workers and students, etcetera, they’ve been talked about for a long time and it’s taken us longer than it should have to really start to grapple with this.”

He said there’s now “real discussions going on in Ottawa” about the selling Labour Market Impact Assessments for “outrageous amounts of money when they’re not to be sold. So there’s been a lot of gaming the system and my guess is the numbers that you saw in that report are low compared with what’s actually going on.”

An LMIA is a document an employer requires before hiring a foreign worker, with a positive LMIA indicating a need exists for a foreign worker to fill a job.

“This is all just the mutterings on the street you hear continuously about people abusing the

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Shopify Shares Plunge 20% In Company’s Worst-Ever Trading Day After E-Commerce Giant Warns Of Sales Slowdown

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Topline

Shares of Shopify were down by the most in the stock’s history in midday trading Wednesday after the e-commerce giant reported a surprising first-quarter loss and warned that last year’s sale of its logistics business could shrink revenue growth this quarter—wiping off more than a billion dollars from the net worth of billionaire CEO Tobias Lutke.

Key Facts

Shopify shares were down 20% shortly after 1:30 p.m. Wednesday to $61.99, putting the company on track to record its biggest daily loss since it went public in 2015.

The stock was down as much as 21.3% to a low of $60.64 in intraday trading, but regained some lost grounds thereafter.

Despite growing revenue by 23% to $1.9 billion in the first quarter compared to the same period a year earlier—beating expectations—the Canada-based e-commerce company reported a net loss of $273 million after struggling to curtail expenses.

That’s not all—Shopify said it expects second-quarter revenue growth, which could have been “in the low-to-mid-twenties”, to be weaker “at a high-teens percentage rate,” following last year’s sale of its logistics unit to Flexport that would create a “revenue growth headwind” by 3% to 4% .

The company said the sale will, however, create a “tailwind” for gross margin by increasing it 2% to 3% in the second quarter from the same period last year, even though it expects the proportion of its gross profit from revenue to shrink on a quarterly basis in three months through June.

Shopify president Harley Finkelstein said the loss was fueled by expenses, including new marketing strategies, but the company is

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YouTube superstar MrBeast is breaking up with his talent manager

by  on  in Business Breaking News

The 25-year-old creator, whose real name is Jimmy Donaldson, is taking increasing control over his business and told Texas-based Night that it would “no longer be his primary talent-management agency,” Semafor reported, citing two anonymous sources who were briefed on the matter.

Night had been working with Donaldson since early 2018, when the company’s CEO, Reed Duchscher, began helping Donaldson with his business.

“Reed has been with me since early on and has helped us grow to where we are,” Donaldson said in the statement to Bloomberg. “As the company develops and our needs change, he and I continue to have a great relationship. At this point, it makes sense to put full focus into the growth of Feastables and for me to start building my own internal team.”

Night declined to comment to Business Insider. The company told Bloomberg that Duchscher would still work with Donaldson on Feastables.

Night has developed into one of the biggest and most respected talent agencies in the creator space, and has developed a roster of clients, including YouTubers Dream, ZHC, and Safiya Nygaard. It’s opened an early-stage venture-funding arm, a production studio, and a venture arm to help creators build their own companies. In 2023, it acquired another talent firm, LFM, which brought with it Kai Cenat, one of the largest Twitch streamers in the world, and it also bought a podcast network earlier this year.

At the same time, MrBeast’s empire has continued to expand: the YouTuber told Time earlier this year he makes between $600 and $700 million in revenue a year. He’s launched a variety of philanthropic initiatives, as well as a chocolate and snack brand, Feastables, and a virtual restaurant chain, Beast Burger.

The latter has been a source of conflict, and Donaldson has been trying

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United States Sanctions a Slew of Chinese Companies

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United States Sanctions New Chinese Companies

Yesterday, the United States Treasury initiated sanctions against many Chinese companies and individuals in an effort “to further degrade Russia’s ability to sustain its war machine, continuing a multilateral campaign to limit the Kremlin’s revenue and access to the materiel it needs to prosecute its illegal war against Ukraine.” The Treasury Department’s press release regarding these new sanctions can be found here.

This is a significant development, and it should be a wake-up call for businesses worldwide about the risks of doing business with China and with potentially sanctioned parties.

This blog post aims to dissect these developments, elucidate the risks involved, guide businesses on compliance international trade strategies, and emphasize the importance of legal expertise in international trade.

Understanding the New Sanctions

The sanctions announcement by the U.S. Treasury marks a pivotal moment, aiming to throttle the China-Russia “support network” sustaining Russia’s military capabilities. By targeting nearly 300 entities, including many Chinese companies and individuals, the U.S. seeks to tighten controls over Russia’s operational capacities amid the ongoing conflict with Ukraine.

The Complexities of Screening for Prohibited Parties

When doing business with Chinese companies, it’s crucial to be aware of the risks associated with prohibited parties under U.S. export control and sanctions laws. The U.S. has strict regulations prohibiting engagement with certain foreign individuals and entities, including those listed on the Treasury Department’s SDN (Specially Designated Nationals) List and the Commerce Department’s Entity List, Denied Persons List, and Military End-User List. Moreover, import restrictions apply to products from China’s Xinjiang Uyghur Autonomous Region (XUAR) under the Uyghur Forced Labor Prevention Act (UFLPA).

Prohibited party screening requires more than just verifying names against lists; it requires extensive checks. For example, under OFAC’s “fifty percent rule,” any company owned 50% or more by an

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Money latest: Which cereals have least sugar? Your guide to eating a healthier breakfast without paying a fortune | UK News

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Which cereals have least sugar? Your guide to a healthier breakfast without paying a fortune

It can be hard to balance getting nutritious foods that make you feel good without spending a lot.

In this series, we try to find the healthiest options in the supermarket for the best value – and have enlisted the help of Sunna Van Kampen, founder of Tonic Health, who went viral on social media for reviewing food in the search of healthier choices.

The series does not aim to identify the outright healthiest option, but to help you get better nutritional value for as little money as possible.

Today, we’re looking at the breakfast staple – cereal. 

A sugar trap?

“Protein and good fats are what fill you up and satiate you to get your day going,” Sunna says.

“Cereal unfortunately is a sugar and carb-heavy start which causes your blood sugar to spike and as a result you feel hungry way before lunch time.”

A glance at the nutrition labels and you’ll see the problem. 

“Some popular brands contain 35% sugar or up to 12g of sugar per 30g serving – that’s already half of the daily recommended intake for children,” Sunna says. 

That’s before accounting for the fact that most people double up on recommended portion sizes. 

“According to research the average bowl weighs 73g rather than 30g suggested portion size – that means your child could be having their daily sugar quota for breakfast before school,” Sunna says.

Healthier cereal choices

“The key to healthier cereal bowls is to ensure minimal sugar and maximum fibre – which is where options like Weetabix come to the forefront as a better option – at 4.2% sugar and 10% fibre,” Sunna says. 

Among the main brands, this is hard to beat.

Frosties and

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The messy business of expanding your heart

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It’s barely 6 am when my 3-year-old’s arm flops onto my belly. What time is it? When did he come in here? Where’s the baby? Whew. Our 8-week-old is tucked into the curve of my C curl, soft milky breaths warm against the skin of my chest. From my other side, his big brother’s hand presses, taps and squishes my tummy. “Mommy, your tummy is so squishy. SO squishy. I love it, Mommy. Thanks, tummy, for our baby.” Tears spring to my eyes. Perhaps all the care I’m taking to speak to and about my body with kindness is making an imprint. I shift slightly to my back so my arms are around both of my boys, and my patchwork-quilt heart breaks a little bit bigger.

In this second postpartum season, I’m doing small tangible things to foster acceptance of the new-again shape of my body. Christening the still-deep-red striations on my belly, hips and thighs—“tiger stripes,” to my 3-year-old’s delight. Clicking “purchase” on a pair of jeans with a stretchy waistband and a number on the tag that my closet hasn’t seen yet. Showing up at yoga even when I feel wobbly all over. I’ve been here before. I know I’ll find balance in table pose again without trembling, and I know that by the time this baby is taking their own trembling first steps, these tiger stripes will have faded to silver.

But what about the new shape of my heart? As the fibers of my physical being are knitting themselves together, so is my heart, reorganizing itself into a new shape. One that can love not just one, but two little boys in infinite measure.

Like many second-time parents, I worried in pregnancy about how the transition would affect my relationship with my first.

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Money latest: State pensions ‘could be in doubt for future generations’ | UK News

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Gameboys, Sindy/Barbie dolls, designer shoes, 1950s furniture: The items in your attic that could be worth a small fortune

By Emily Mee, Money team

When I think about the toys of my childhood – my pink Barbie car, my Gameboy Micro, my collection of Pokemon cards – I can’t tell you where they went. 

Maybe they were shipped off to a charity shop at some point… Or perhaps they’re in the attic? 

While my hot pink Gameboy Micro is lost to the void of time (or a cardboard box somewhere in my mum’s house), other versions of it are selling on eBay for £100 or more. 

And there are Pokemon cards selling for anything from a tenner to hundreds or even thousands of pounds. 

It’s possible you also have items at home that are a collector’s dream. 

Gumtree says its collectables category is already proving to be a “hotbed of activity” this year, with listings up 22% in 2024 so far. 

Its most popular items include rare stamps, coins, war memorabilia and Pokemon cards. 

Spring is often the most popular time for buying and selling collectibles, with demand spiking in March and April. 

We’ve enlisted the help of TV presenter and collectables expert Tracy Martin to give an idea of what could make you an easy buck. 

Old toys making a ‘retro comeback’

Tracy explains that while trends change, vintage toys tend to stand the test of time. 

“Toys are always going to be popular because they tap into nostalgia, our childhood memories,” she says, explaining that adults like to buy the toys they used to have. 

Perhaps you were into cars, and you’ve got some old diecast vehicles from Matchbox, Corgi or Dinky Toys. 

A quick look on toy auction site Vectis.co.uk shows a Corgi Toys “James Bond” Aston

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AI boom’s secret winners? The companies expected to power it, Wealth

by  on  in Business Breaking News

INVESTORS looking for a unique way into the stock market’s artificial intelligence (AI) boom are finding an intriguing bank shot in what’s traditionally the most boring corner of the equities universe: utilities.

AI is the buzzword these days, with everyone from chipmakers to computer equipment manufacturers to car companies trying to paint themselves in its hopeful colors. It’s also driving the latest stock market rally, as investors saw this past week.

On Thursday (Apr 25), Meta Platforms shares had their worst performance since October 2022 after the company said it would spend far more than expected on developing AI. Then on Friday, Google parent Alphabet soared past US$2 trillion in market valuation while Microsoft’s stock also gained after the firms showed progress on AI in their quarterly results.

But here’s the thing about AI technology: It requires an enormous amount of energy to develop and run. And that’s where utilities come in.

“Power demand from data centres has already been humongous, then came the AI hype and the need for power skyrocketed,” said Manju Naglapur, senior vice-president and general manager for cloud, applications and infrastructure solutions at Unisys. “With all the money spent on data centres, the power consumption will increase massively.”

The S&P 500 Index’s utilities sector fell 10 per cent in 2023, its worst year since 2008, making it the weakest group in the equities benchmark, which soared 24 per cent overall. That wasn’t exactly a shock considering the companies tend to do poorly during periods of persistently high interest rates.

The stocks have recovered somewhat in 2024, rising 4.4 per cent as cost controls offset higher

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Tourism operators face heavy debt as business roars back

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VANCOUVER –


Maureen Gordon has weathered hard times before.


She and her husband began running ecotourism outfit Maple Leaf Adventures out of Vancouver about a month before the 9/11 terrorist attacks devastated international travel in 2001.


The rebound was relatively quick. Fallout from COVID-19 has proven much more prolonged.


“The pandemic of course was incredibly tumultuous and scary, as it was, I think, for most tour businesses in Canada,” said Gordon, who runs week-long sojourns on a schooner, converted tug boat and catamaran along the Pacific coast.


“It was a really traumatic time. We couldn’t operate at all through various government shutdowns,” she recalled. “We were scared, our bank was scared.”


While 2022 was “incredible,” as Canadians looking to expend pent-up energy surged back to domestic travel, 2023 saw a “hiccup” amid rising interest rates that dampened some sojourners’ spirits.


“Although the tourism industry — in terms of interest in travel and booking — is recovering, the businesses are really hurting,” Gordon said. “I think all of us are carrying the highest debt loads we’ve ever had. Certainly we are.


“We crossed the ocean out of our wrecked boat, and now … we’re all just trying not to die on the beach.”


Tourism has come roaring back from pandemic lows, but operators say the sector has yet to reach pre-COVID levels and debt remains a hefty burden for thousands of small businesses across the country.


International visitor numbers remained down from four years earlier, with tourists from the U.S. at 85 per cent of 2019 levels and those from further afield at 78 per cent, according to Crown corporation Destination Canada.


The industry brought in more than $109 billion in revenue last year, about four per cent more than

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Business is booming with record-breaking $2.3 billion year for economic development in Brampton

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Business is booming with record-breaking $2.3 billion year for economic development in Brampton

The city is celebrating a record-breaking year that brought big-name companies and more than $2.3 billion in construction value to Brampton.

It’s the second year in a row that the city’s Economic Development Office says Brampton broke the $2 billion mark, thanks in part to some big-name companies using Brampton as a home base.

The numbers come from the city’s latest Economic Development Office update and show a booming year for businesses in Brampton with over $2.3 in construction value – a 25.2 per cent increase in industrial construction since 2022.

A ranking of Canada’s leading tech markets last year found Brampton is near the top of the heap of Canadian cities attracting investors – a stat backed up by city data that shows a more than 13 per cent increase in the number of registered businesses in Brampton last year.

“With a surge in investment, a growing entrepreneurial market and a commitment to fostering growth, we are a beacon of economic prosperity,” Brampton Mayor Patrick Brown said in a statement. “From talented startups to global giants, Brampton is the destination for those wanting to thrive and to innovate.”

Here are some of the economic development highlights in Brampton for 2023:

Lululemon

Canadian athletic wear company Lululemon is bringing a new 1 million-square-foot facility to Brampton at 5525 Countryside Drive. The office and distribution centre will be the company’s largest both in Canada and the U.S., and is expected to bring more than 1,500 jobs to Brampton.

Lululemon was founded in Vancouver with one store in 1998 selling yoga-inspired apparel and now makes athletic wear for running, cycling, training and “most other sweaty pursuits for women and men.” The company had some 650 stores worldwide in 2022.

Alectra

Utility provider Alectra also opened its

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