Tag: Canada

The Canada Revenue Agency fired 232 employees for doing what? Take our business quiz for the week of March 29

Welcome to The Globe and Mail’s business and investing news quiz. Join us each week to test your knowledge of the stories making the headlines. Our business reporters come up with the questions, and you can show us what you know.

This week: The Canada Revenue Agency offered some good news to taxpayers, saying it won’t require individuals with bare trusts to adhere to complex new tax-reporting requirements for the year 2023, except in a few cases. In less good news, the agency said it has fired more than 200 employees south of the border, while shares in Trump Media & Technology Group surged following the company’s debut on the NASDAQ. And speaking of ex-politicians, former Toronto mayor John Tory has a new gig.

Also: There were plenty of warnings about crises.


1Who warned this week of a national productivity crisis?

a. Carolyn Rogers, senior deputy governor of the Bank of Canada

b. BlackRock chief executive Larry Fink

c. Royal Bank of Canada chief executive Dave McKay

d. The Conference Board of Canada

a. Carolyn Rogers, senior deputy governor of the Bank of Canada. “It’s an emergency – it’s time to break the glass” and address Canada’s woeful productivity record, Ms. Rogers said. In 1984, Canada produced about 88 per cent as much as the U.S. per hour of work. In 2022, it produced a mere 71 per cent as much.


2Who warned this week of a widespread retirement crisis?

a. Carolyn Rogers, senior deputy governor of the Bank of Canada

b. BlackRock chief executive Larry Fink

c. Royal Bank of Canada chief executive Dave McKay

d. The Conference Board of Canada

3The Canada Revenue Agency has fired 232 employees for doing what?

a. Running side businesses with the federal government

b. Collecting pandemic benefits they

Bank of Canada warns of low productivity ‘emergency,’ making it harder to control inflation

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Carolyn Rogers, Senior Deputy Governor of the Bank of Canada, at a press conference in Ottawa on March 6.Sean Kilpatrick/The Canadian Press

The Bank of Canada issued a stark warning about the country’s weak labour productivity and low levels of business investment on Tuesday, saying the situation is an emergency that makes it harder to control inflation and which could erode living standards if left unaddressed.

In an unusually blunt speech in Halifax, senior deputy governor Carolyn Rogers said that Canada is slipping further behind the United States and other peer countries when it comes to economic output per hour worked.

She pointed to weak business investment, meagre competition and a failure to properly integrate skilled immigrants into the Canadian work force.

“I’m saying that it’s an emergency – it’s time to break the glass,” the central bank’s second-in-command told the business audience.

Canada has long lagged the United States when it comes to how much the economy produces per hour of work. But the situation has gotten worse over the past decade, especially coming out of the pandemic. Before the final quarter of last year, productivity had declined for six straight quarters.

“Back in 1984, the Canadian economy was producing 88 per cent of the value generated by the U.S. economy per hour,” Ms. Rogers said.

Auerback: Canada’s productivity problem runs deep and ripples far in the economy

“That’s not great. But by 2022, Canadian productivity had fallen to just 71 per cent of that of the United States. Over this same period of time, Canada also fell behind our G7 peers, with only Italy seeing a larger decline in productivity relative to the United States.”

The speech contained few hints about the near-term trajectory of monetary policy ahead of the bank’s next

Departures at Rothschild Canada show history means nothing in investment banking

Rothschild & Co. has one of the great names in finance, a rich history of advising kings and captains of industry for more than 200 years.

That legacy means nothing in domestic investment banking circles.

In the latest sign of an industry that has come to value merit over bloodlines, Rothschild and several other long-established platforms have dropped off the league tables that demonstrate which banks are winning takeover and financing assignments from Canadian companies.

As storied franchises fade, employee-owned boutique firms are winning an increasing number of mandates.

Paris-based Rothschild’s commitment to Canada is in doubt after Alex Graham, the recently recruited head of its Canadian office, and two colleagues departed last month. Mr. Graham joined Rothschild in July, 2022, from RBC Capital Markets, where he ran or co-headed the technology, media and telecom teams in Canada and Europe. He was also a successful banker at Morgan Stanley.

Rothschild is a generation removed from its glory days in Canada, when the firm financed development of the massive Churchill Falls power project in Labrador in the 1960s. When Rothschild signed up Mr. Graham, its head of North American banking Jimmy Neissa said the strategy was to “further grow our leading franchise in the region.”

Those ambitions are now far more modest. Last week, the bank said in a statement: “Rothschild & Co. has a long-standing presence in the Canadian metals and mining sector, a core sector of our global business, and the firm remains committed to its presence in Canada.”

A number of other venerable names, including several European banks, exited or scaled back in the competitive Canadian market in recent years. Lazard Inc. LAZ-N, founded in 1848, closed its Toronto office in 2023. HSBC Holdings PLC HSBC-N, launched in Hong Kong in 1865, is selling its entire Canadian retail

Google’s AI chatbot Gemini comes to Canada, Gildan’s CEO battle and a look at job growth: Business and investing news for February 11

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A customer enters a restaurant with help wanted signs on Nov. 17, 2021, in Laval, Que.Ryan Remiorz/The Canadian Press

Getting caught up on a week that got away? Here’s your weekly digest of the Globe’s most essential business and investing stories, with insights and analysis from the pros, stock tips, portfolio strategies and more.

Canadian economy added 37,300 jobs in January; unemployment rate down

Canada’s economy has started the year off on a good note when it comes to the latest jobs numbers. Canada added 37,300 jobs in January and the unemployment rate fell a tick to 5.7 per cent, Statistics Canada said in a Friday report. The figures were decidedly mixed, but are likely to keep the Bank of Canada in a holding pattern until June despite pressure to start cutting interest rates earlier. Matt Lundy also reports that wages are continuing to grow at elevated rates. The average hourly wage rose 5.3 per cent in January. The Bank of Canada has repeatedly flagged strong wage growth as a challenge in bringing inflation back to its 2-per-cent target.

Cut your cable? You might still be able to watch sports

Cable-cutters rejoice: A new sports streaming service announced by three rival U.S. companies – Walt Disney Co., Fox Corp. and Warner Bros. Discovery Inc. – has analysts urging Canada’s two dominant sports broadcasters to follow suit, Andrew Willis reports. Rogers owns the Sportsnet network and the Toronto Blue Jays, and Bell runs the TSN network and shares a control stake with Rogers in Maple Leaf Sports & Entertainment. Together, experts say, the two could merge to create a Canadian service that would appeal to people switching from conventional TV networks to streamers such as Netflix and Amazon.

Decoder: The U.S. is buying a lot

What are the best companies to work for in Canada?


A chocolate maker, a children’s hospital and several universities are among Canada’s top employers right now, according to a newly released ranking by Forbes.


The business- and lifestyle-focused media company released its annual list of Canada’s “best” employers Wednesday, a ranking based on factors including a competitive salary, opportunities for promotion and work-life balance.


Forbes’ editors said the ranking involved results of more than 40,000 survey responses.


They said they divided the respondents’ list into two categories: testimonies given by current employees and those who know the company through friends, family or industry connections.


Based on this criteria, Forbes gave the top spot to Hershey Co., noting its “family-friendly” work hours and training initiatives, and the added perk that employees get to sample “the newest chocolate creation.”


Also in the top five were the Children’s Hospital of Eastern Ontario (CHEO), Brock University, Elections Canada and Concordia University, which all scored high for their commitments to employee wellness, Forbes said.


Of the top 100 employers on the list, about 20 per cent are organizations in education, while 15 per cent are government organizations.


Here are Forbes’ picks for the top 25:


  1. The Hershey Company

  2. Children’s Hospital of Eastern Ontario (CHEO)

  3. Brock University

  4. Elections Canada

  5. Concordia University

  6. Government of Prince Edward Island

  7. Hydro-Quebec

  8. Workplace Safety and Insurance Board (WSIB)

  9. Parks Canada

  10. Fisheries and Oceans Canada

  11. Canadian Mental Health Association

  12. Carleton University

  13. The Keg Steakhouse + Bar

  14. Western Financial Group

  15. Bank of Canada

  16. Google

  17. Ville de Quebec

  18. WM (Waste Management Inc.)

  19. Mount Royal University

  20. Pratt

Canada Nickel CEO Mark Selby sees potential for acquisition from majors after attracting latest strategic investment from Samsung

Canada Nickel Company Inc. (CNC-X) chief executive Mark Selby said he sees the potential for a major mining company to buy the firm, after it attracted yet another strategic investment from a global industry player.

The Toronto-based miner announced a US$18.5-million equity financing from Korean electric-car battery maker Samsung SDI Co., Ltd. on Friday.

Canada Nickel is planning to build a massive new open-pit nickel and cobalt mine in the Timmins-Cochrane mining camp in northeastern Ontario. The project, known as Crawford, would eventually supply those battery metals to the electric-vehicle market.

Samsung is the company’s third major strategic investor. Canada Nickel had already attracted funding from British mining giant Anglo American last year, and Canadian gold miner Agnico Eagle Mines Ltd. (AEM-T) in late December.

With a growing list of strategic investors on board, the prospect of a buyout offer from one, or a combination of them, is a possibility, Mr. Selby acknowledged in an interview.

“Most of the existing nickel sulphide deposits that have been around for 10 years or more have all been bought up by a major in one way, shape or form,” he said.

Most recently, Noront Resources Ltd., which was the owner of the Eagle’s Nest nickel project in Ontario’s Ring of Fire district, was acquired by Australian mining giant Wyloo Metals Pty Ltd. in 2022, for more than $600-million.

While junior mining companies have in the past successfully built mines on their own – most notably Sean Roosen’s Osisko Mining Corp., which built the Malartic gold mine in Quebec – investors generally prefer larger companies with mine-building experience to take over before construction.

“We really do think that what we have is potentially the world’s largest nickel sulphide district in Timmins,” Mr. Selby said. “And with all the carbon storage that we’ve got with

Air Canada lands last in on-time flights in ranking of North American airlines

Air Canada notched the worst on-time performance among 10 large airlines in North America in 2023, according to a new report.

The country’s biggest carrier landed 63 per cent of its flights on time last year, placing it last among the continent’s 10 largest airlines, according to Cirium, an aviation analytics firm.

That means roughly 140,000 planes rolled up to the gate more than 15 minutes after scheduled arrival.

The score was five percentage points below the second- and third-lowest carriers, JetBlue Airways and Frontier Airlines.

Canada’s other major airline, WestJet, placed seventh in North America with a score of 69 per cent.

The best results came from Delta Air Lines, which ranked first at 85 per cent, followed by Alaska Airlines at 82 per cent.

Comparably, a ranking of European counterparts placed Dutch carrier KLM in the 10th spot with a score of 76 per cent, 13 points higher than Air Canada.

Low ranking a ‘wake-up call’: expert  

Air Canada said the rankings reflect the challenges that affected carriers in Canada through the year. 

“However, our operation has been consistently improving so that by year-end our monthly on-time performance showed a double-digit improvement over July, a significant increase,” a spokesperson for Air Canada told CBC News in a statement, which noted that the company’s focus remains on “further raising” on-time performance in 2024. 

John Lawford, the executive director and general counsel of the Public Interest Advocacy Centre (PIAC) in Ottawa, said that the on-time percentage metric is one that matters a lot to consumers.

“It would seem to be a good wake up call for Air Canada to improve the on-time percentage,” Lawford told CBC News. “It would probably reduce their consumer delay and cancellation complaints as well, and to the extent that they can spend to do

Canada needs a charm offensive campaign on trade before U.S. election: business group

OTTAWA — The Canadian Chamber of Commerce is calling on Ottawa to conduct a charm offensive to defend Canada’s trade interests in the U.S. ahead of November’s presidential election.

The group represents businesses of various sizes across Canada, and says now is the time for a co-ordinated outreach campaign by the federal, provincial and municipal governments to protect cross-border trade.

That campaign would involve private businesses and aim to convince Americans that Canada is a boon to the U.S. economy, ahead of the scheduled review of the Canada-United States-Mexico Agreement in 2026.

“Washington has increasingly come to see its bilateral relationship as not as strategic, but as transactional,” reads the letter dated last Friday.

“It would be a terrible mistake to think that we can wait until 2025 to ensure that CUSMA is preserved.”

The group argues that thelooming presidential election will only encourage politicians to propose more protectionist policies that would sideline Canada.

When former president Donald Trump threatened to end the NAFTA agreement that had governed U.S. trade with Canada and Mexico since 1994, Ottawa launched a widescale effort to convince Americans they benefit from free trade.

Months of intense negotiation eventually landed a new deal in 2018.

The agreement, which came into force two years later, includes a “review and term extension” clause that establishes a 16-year life cycle and requires all three countries to sit down every six years to ensure all are still satisfied.

Canada should mount a charm offensive campaign on trade before U.S. election, business group says. #cdnpoli

That clock began ticking in the summer of 2020.

If it runs out in 2026 without a consensus, that will trigger a self-destruct mechanism of sorts, ensuring the agreement — known in Canada as

AGNICO EAGLE ANNOUNCES INVESTMENT IN CANADA NICKEL COMPANY INC.

This release contains assay results from 16 additional holes with assays pending from eleven holes. The Company has drilled 39 holes totaling 9,696 metres as part of an exploration program to support the development of a resource. The mineralization has been drilled over a footprint of 1 kilometre along strike to a maximum depth of 444 metres where it remains open (Figures 1 and 2).

Mark Selby , CEO of Canada Nickel Company, said, “The latest assay results continue to confirm our thesis of near-surface high grade intervals within thick mineralized sections which support the potential for near-term, smaller scale, open pit production.  Of particular note, we are excited by the near-surface higher grade interval in hole TEX23-32 in the northern lens which is nearly half a kilometre from the southern high-grade lens. We have now planned additional drilling at the northern lens. We are looking forward to delivering an initial resource and Preliminary Economic Analysis (“PEA”) on Texmont this year as its near-term production potential is highly complementary to our large-scale Crawford and regional nickel sulphide project potential.”

Current Drill Results

All 39 drillholes intersected mineralized peridotite to varying degrees, with the drill program confirming Canada Nickel’s interpretation of the Texmont deposit, as displaying zoning in its mineralization, with a higher-grade core >1.0% ranging between 2 to 8 metres thickness (and being the main target of previous mining), grading into an outer shell of moderate-high mineralization 0.6-1.0% of up to 20 to 30 metres in thickness and followed by further outward shells of moderate and lower grades (Table 1. Figure 3). Overburden in the area varied between 2 and 18 metres in downhole length (average 7.5 metres).

Table 1: Texmont exploration drilling results – high grade highlights

Hole ID

From

To

Length*

Ni

Co

Pd

Pt

Cr

Fe

S

Google reaches deal with Canada to keep news content on its platform



CNN
 — 

Google has agreed to pay Canadian publishers for their news content, backing down from a high-stakes threat to block all news content produced in the country on its platforms after the tech giant and the Canadian government announced a deal Wednesday to avert the looming crisis.

The agreement resolves tensions between Google and Canada over a controversial law known as C-18 requiring digital platforms to compensate news publishers for their work.

And it is the latest twist in a global debate over the role digital platforms play in facilitating — or stifling — news publishers, particularly small, independent outlets.

Under the announced deal with Google, details of which remain murky because the law’s final regulations have yet to be formally published, the search giant will pay $100 million CAD ($73.5 million US) a year into a fund that will be distributed to publishers. Google’s contributions will be indexed to inflation, the Canadian government said.

In addition, instead of negotiating with individual publishers over payment, Google “will have the option to work with a single collective to distribute its contribution to all interested eligible news businesses based on the number of full-time equivalent journalists engaged by those businesses,” said Canadian Heritage Minister Pascale St-Onge in a statement.

It was not immediately clear how the collective might function or be governed; a spokesperson for St-Onge didn’t immediately respond to a request for comment.

“We are pleased that the Government of Canada has committed to addressing our core issues with Bill C-18,” said Google President of Global Affairs Kent Walker in a statement, adding: “While we work with the government through the exemption process based on the regulations that will be published shortly, we will continue sending valuable traffic to Canadian publishers.”

The Canadian government has said final regulations on the