Canada should follow the example of Venezuela and Norway and nationalize the oil industry is repeat what Professor Leo-Paul Lauzon, who saw a way to combat what has, in his All of a monopoly. "How can we prove that there truly a cartel?", Wondered the Chair of socio-economic studies at the University of Quebec at Montreal (UQAM), at a press conference Tuesday, marking the unveiling of a study on the subject. One need only watch "mirobolants profits" that oil companies have each year and rates of return they make, he said, without forgetting that all service stations increase their prices at the same time. Professor Lauzon and researchers Martine Lauzon (his daughter) and Marc Hasbani have analyzed data from 1999 to 2007 of the six largest oil companies on the planet, is Exxon Mobil, Royal Dutch Shell, BP, Chevron Texaco, Total and Conoco Phillips. Net profits of these companies have exploded more than 400 percent over the past eight years. These profits are unimaginable in a normal market economy, they argue. In addition to being the sole producer and exporter of oil to be privatized oil and gas industries, Canada has gone up to sell these resources to foreign interests, noted Leo-Paul Lauzon. He argued that the Canadian government deprives a significant revenue, and intentionally, it reflects badly. Professor Lauzon calls on the Government of Canada to reverse this situation. "All producing and exporting countries that have nationalized their oil and gas resources have done with great success, he argued. There is no failure!" The profits of the six oil surveyed do not follow normal curve, researchers believe. They have posted average rate of return after taxes of 26 percent. Exxon Mobil, the world number one, has even reached a rate of 35 percent. "If you make a profit after tax of 8 per cent while inflation rate is 3 percent, you double your capital in seven or eight years, which is excellent," said professor of accounting. When you es delivered to the rate of return after taxes of 25 to 30 per cent, there is a problem. And over a long period, this is a factual proof that we are not facing a competitive business. " "In a competitive sector, where restaurants and a bar or nightclub which profits are crazy, it will attract others and it will restore the rate of return of all, he added . Rates of return of 30 percent after taxes, even the 'Shylock' do not do that! "
Wednesday, November 26, 2008
The North American exchanges finish the session relatively stable
A mixture of good and bad news has left North American markets essentially stable Tuesday, investors being cautious in their assessment of the latest aid program of the U.S. government. The index star of the Toronto Stock Exchange, the S & P / TSX, has advanced 1.99 point to close at 8442.86 points, moderated by lower oil prices. The energy sector prosecutors Toronto has restated by 1.2 per cent, while a barrel of crude oil fell U.S. $ 3.73, or seven per cent to U.S. $ 50.77 on the Exchange of raw New York (NYMEX). The Canadian dollar has also increased by 0.63 cents U.S. to 81.63 cents U.S., after taking Monday 2.70 cents U.S.. In New York, the Dow Jones average of industrial values rose by 36.08 points to 8479.47 points, despite the publication of several economic data appeared to confirm that the degradation conditions and curbed and the optimism of investors. The benchmark S & P 500 advanced 5.58 points to 857.39 points while the Nasdaq composite index declined 7.29 points to 1464.73 points. Investors reacted to the announcement that the Federal Reserve to buy U.S. $ 100 billion of debt to mortgage giants Fannie Mae and Freddie Mac as well as federal bank loans. The Fed will also buy for around U.S. $ 500 billion of securities backed by mortgages. The financial actions of the Toronto Stock Exchange rose 0.48 percent after the Bank of Montreal (TSX: BMO) had reported results for the fourth quarter up 24 percent over last year. The action took the bank 83 cents to $ 34.95. The gold sector has yielded 0.7 percent, the price of bullion having retired from U.S. $ 1 to U.S. $ 818.50 an ounce, a decline somewhat mitigated by the declining value of the U.S. dollar. The sector of information technology posted the largest decline Tuesday, falling 2.9 percent. The Action Research In Motion (TSX: RIM) dropped $ 4.50 to $ 50.77. The TSX Venture TSXV has sold 2.83 points to 719.96 points. In the U.S., the Commerce Department reported Tuesday that gross domestic product shrank by 0.5 percent in annualized value during the quarter from July to September, U.S. consumers have reduced their purchases of the most important in 28 years. Other bad news came from the front of the housing market, with the publication of the Standard & Poor's / Case-Shiller on home prices. Prices fell to record annualized rate of 16.6 percent, reaching levels of the first quarter of 2004. "The market is faced with a mentality of deflation at this time", commented Paul Vaillancourt, director at Franklin Templeton Managed Solutions in Calgary. "Clearly, we are touching the bottom, but we have not yet rebounded. We must expect that this period passes - perhaps until Christmas vacation. As time passes, we will return in the new year with an attitude and a more positive. " "People cling, they want good news, but it is increasingly difficult."
Difficult decisions in order
The Speech from the Throne presented Tuesday afternoon at the Legislative Assembly of New Brunswick does not reforms and future. New Brunswickers also learn that tough decisions will be taken to contain government spending. The Cabinet will review all programs to achieve savings. The promised tax cuts to large corporations and senior employees could be postponed. "If it is necessary because of the economy, the government is prepared to do that," said Premier Shawn Graham. Apart from a revision of the law on the transfer of securities, the Graham government offers little new to address the economic slowdown. The throne speech also addresses the language issue, but lip service. "We must ensure that the expectations of the community are fully consistent with the principles of transformation of our province," said Lieutenant Governor Herménégilde Chiasson read the speech. An Advisory Committee on Francophone Affairs will be created. A new policy on the working language will be introduced in April 2009. The government will maintain its reform especially for post-secondary education, yet strongly criticized by the French. As for health services, the Prime Minister emphasized that the duality was not feasible as a matter of costs. "There is a question that is raised today on the duality in health care, and there is a cost to it, a cost that is very, very expensive," said Shawn Graham. Several other issues will receive the attention of government: energy, forestry, transport and especially a new pay equity legislation, which will apply to all public service employees. The Speech from the Throne offers guidance to government. For members, the real work begins the next morning.
Oil is bouncing Couche-Tard
The credit note Couche Tard has been found. High oil prices into force from July to October has enabled Couche-Tard reaping record profits of 97.6 million for its second quarter of operation. With a turnover of 4.6 billion, up 30%, and profits of 97.6 million, or 9 cents per share, Alimentation Couche-Tard has been a record quarter. With high fuel prices that gross margins in the U.S. have been high, Couche-Tard has fully offset the lower volumes of fuel per store by 10.6% in the United States. Also in the U.S., sales of goods grew despite comparable store sales down slightly by 1.0% in part due to hurricanes and a gross margin of 32.3%. In Canada, sales are rising and lower margins on fuel have been under pressure. Far from jubilant, president and CEO of Couche-Tard, Alain Bouchard remains cautious. "We are aware that we still have challenges to face given the difficult economic situation. However, this situation could allow us to make acquisitions on advantageous terms, "he said. Especially as Couche-Tard can now receive a credit rating higher. The rating agency Standard & Poor's raised its note of BB to BB +.
The institution admits selling assets
The Caisse de depot et placement du Quebec has admitted Tuesday afternoon, having need cash last month. The agency had to sell assets to address the decline in financial markets. Last October, leaders of the Fund are departures of futures and equities. It is unclear, however, the amounts of transactions. The Caisse de depot et placement is limited to say they are much lower than those reported in the media. The Globe and Mail suggested in its Tuesday edition that the Fund had sold for about $ 10 billion of shares to generate cash. The sources say that daily losses are still quite high. In dropping assets during the collapse of financial markets, losses were theoretical necessarily materialized, said the newspaper. The Globe and Mail also claims that its hedging against exchange rate risks, those involving derivatives, and its activities in the international real estate sector was most affected. According to Michel Nadeau, a former senior officer of the Fund, the institution has made a good decision. "She needed additional liquid securities. It should generate cash. It was sold, and it was a good decision, "he said. In fact, the Fund could get less if it had delayed the sale, as markets continued to decline. Last Friday, the Fund was reassuring on the amounts of liquidity it could have. Leaders of the Fund stated that there was no liquidity problem and that the Fund could have 20 billion dollars. The Fund will publish its financial statements only in February, as scheduled, at the end of the year.
Food banks feed more and more workers
Food banks in Canada support a growing number of individuals and families who work but whose income is insufficient to meet their basic needs, reveals the document entitled Review HungerCount 2008. The study, published by the charity Food Banks Canada, said that in March 2008, 14.5% of households served by food banks across the country have employment income, which represents 1% of more than in 2007. The study explains that well-paid jobs are disappearing in Canada, particularly in the manufacturing and forestry sectors and are often replaced by low-paid, temporary or part-time income level does not cover all costs of housing, food, clothing and health. The growth of these "new poor" is found in seven out of ten provinces, except Quebec, Manitoba and Prince Edward Island Prince Edward Island. Compared to all households in Quebec who have resorted to food banks, the proportion who had a job as a main source of income has decreased from 12.6% in 2007 to 10.3% in 2008 . In March 2008, across Canada, 704 000 people visited food banks, representing a decrease of 2.2% over the previous year. In Quebec, there was some stability with 156 000 people attended. Food Banks Canada is concerned that the problem of hunger is worsening in the current economic situation and recommends that the Harper government to establish a federal strategy to reduce poverty. In particular, it is suggested to improve child tax benefits and income from work.
Ottawa going to tighten the screw to politicians and senior civil servants?
During the economic update, Thursday, the federal Finance Minister Jim Flaherty is expected to announce new measures to control the benefits and advantages of politicians and senior officials, according to a government source quoted by The Canadian Press . According to this source, who did not want to specify the details of these measures, the federal government limit the growth of budgets related to senior government officials and deputies. In the throne speech last week, there was no question of limiting the growth of wages in the public service, but politicians were not covered by these measures to reduce government spending. Ottawa prepares to tackle the worst economic climate since the early 1990s, and display a first budget deficit since a dozen years.
Retail: Quebec leads the way
Sales of new cars have risen sharply in Quebec in September. Quebec has recorded retail sales of 8.2 billion dollars in September, up 2.3% compared to August. It is the largest increase of all Canadian provinces and territories. In one year, retail sales in Quebec grew by 8.9%, seasonally adjusted data from Statistics Canada. This is the third largest development, after Newfoundland and Labrador (11.4%) and Saskatchewan (+9.5%). The average in Canada was 5.8%. It is a fifth higher sales in six months in Quebec. This is mainly attributable to sales in service stations and dealers of new cars. It'sa $ 36 G At across Canada, retail sales stood at 36.3 billion dollars in September, up 1.1% compared to August. It is the largest increase in sales observed in eight months. The increase in sales of new car dealers was the most important factor responsible for this increase. Taking into account changes in prices, the volume of retail sales increased by 0.7%. In September, five of the eight sectors saw their sales increase in Canada. The rising sectors accounted for three quarters of retail sales. Thus, sales in the auto sector grew by 2.2% in September, mainly due to an increase of 2.9% in sales of new car dealers. Sales of service stations in September grew by 1.7%, having maintained the upward trend observed since September 2007, which was influenced by the price of gasoline. As far as dealers motor vehicles, pleasure and parts (including tire dealers), increased sales noted in September was the fourth increase in five months. Growing by more than 1% were also observed in the sectors of retail merchandising and store various food and drinks. These increases were influenced by the acceleration of the growth of food prices recorded since the beginning of 2008. The largest decrease in sales in September was seen in the shops of building materials and products outside the house. This is the first decline in sales in this sector since April 2008.
Sexual abuse of a minor three years in prison for two men
At Courthouse Quebec, two men were sentenced Tuesday to three years in prison for abuses committed against the son of one of them. Gilles Charon, 52 years, Arthur and Michel Roy, 61 years, a couple of Quebec, had sexually assaulted a minor from 1994 to 1996 and on several occasions. This is Cédric Charon, the son of the accused Gilles Charon. It is now 29 years old. The Crown sought a sentence of four years in prison, while the defense requested a sentence of two to three years.
Bank of Montreal announced an increase of 24 per cent of its profits
The Bank of Montreal (TSX: BMO) has reported increased by 24 per cent of its net profit in the fourth quarter, $ 560 million, a result that the institution was described as "good overall, in Given the economic and market conditions. " The bank has announced no surprises due to financial markets, said it maintain its quarterly dividend to 70 cents, despite the unrest prevailing in the global financial sector. The net profit of $ 560 million realized during the three months ended Oct. 31 was $ 1.06 per share. During the same period a year earlier, the bank recorded a net profit of 452 million, or 87 cents per share. Revenue from the bank amounted to $ 2.81 billion in the fourth quarter, up 28 percent compared with $ 2.20 billion achieved a year earlier, while expenses increased 10 percent. Over the full year, net income of the bank was $ 1.98 billion, or $ 3.76 per share, down from the $ 2.13 billion ($ 4.11 per action) achieved a year earlier. The annual revenue grew nine percent, to $ 10.21 billion, the net interest income was $ 5.1 billion, up five percent, and other non-interest income was amounted to $ 5.11 billion, up 14 percent. Return on equity was 13 percent, while it stood at 14.4 per cent in 2007. The annual net income was affected by credit losses. The provision for credit losses was $ 465 million in the fourth quarter, a sharp increase compared to $ 151 million recorded books a year earlier. "It is obvious that our performance has suffered the impact of current market conditions. However, we continue to seek growth opportunities and we bring special attention to fundamentals," said President and CEO of the bank, Bill Downe, in a conference call with analysts. At the Toronto Stock Exchange, Tuesday, the share price of Bank of Montreal finished the day at $ 34.95, up 83 cents compared to its closing rate the previous day.
Sunday, November 23, 2008
The North American stock markets have opened up
The North American stock markets began the day up Friday.
In Toronto, although still below the 8000 points, the S & P / TSX took around 3 percent to 9:50 or twenty minutes after opening. In New York, meanwhile, the Dow Jones, S & P 500 and Nasdaq had increases of 1.5 to 2.2 percent.
In Paris, shortly after 15:30 local time, the CAC 40 fell 0.93 percent, Frankfurt lost 0.30 percent and London, 0.53 percent. Earlier during the meeting, these three indices showed increases of about one percent.
The Asian bourses have also maintained the upward trend to close with gains generally.
The Japanese Nikkei jumped 207.75 points, or 2.7 percent, to 7910.79 points, and the Hang Seng in Hong Kong had climbed to 360.64 points, or 2.9 percent, to 12 659, 20 points.
Some grants have ended the day down in the Asia / Pacific, including Jakarta (-0.75 percent) and Shanghai (-0.72 percent).
In Toronto, although still below the 8000 points, the S & P / TSX took around 3 percent to 9:50 or twenty minutes after opening. In New York, meanwhile, the Dow Jones, S & P 500 and Nasdaq had increases of 1.5 to 2.2 percent.
In Paris, shortly after 15:30 local time, the CAC 40 fell 0.93 percent, Frankfurt lost 0.30 percent and London, 0.53 percent. Earlier during the meeting, these three indices showed increases of about one percent.
The Asian bourses have also maintained the upward trend to close with gains generally.
The Japanese Nikkei jumped 207.75 points, or 2.7 percent, to 7910.79 points, and the Hang Seng in Hong Kong had climbed to 360.64 points, or 2.9 percent, to 12 659, 20 points.
Some grants have ended the day down in the Asia / Pacific, including Jakarta (-0.75 percent) and Shanghai (-0.72 percent).
STM confirms the rising price of MBF
Made public yesterday, the 2009 budget of 1.03 billion from the Montreal Transit Corporation (STM) contains the rates increases planned. STM did she choose? The lack of public financing and its financial commitments due to its debt are increasingly heavy.
The output of this budget came to echo the words of Mayor Gérald Tremblay made Wednesday at a symposium on the Metropolitan Community of Montreal: the lack of money for collective transport of quality, fit the needs of users and its ambitions economic. Quebec and Ottawa are once more called to the rescue.
The direction of the STM, which anticipates a shortfall of 38 million in 2009, still hopes that the new fares will support the increase in ridership. "
As expected, the CAM will cost $ 2.25 more expensive on 1 January, $ 68.50. The MBF rate will be reduced to $ 37, up $ 1. The cash payment remains the same: $ 2.75 for travel and $ 1.75 for the reduced price. The purchase of 6 tickets will cost $ 0.75 more expensive, at $ 12.75, but the STM introduces the possibility of paying $ 20 for 10 tickets placed on the map OPUS, or $ 2 per ticket.
Two good news, however: free weekends for children under 12 accompanied by an adult, as advisers had claimed the opposition last year following the example Laval And the freezing of rates tourist maps a day ($ 9) and three days ($ 17).
Higher rates do not regulate "the urgency of securing new sources of funding." The company said that improving transport services to increase traffic to its network, indexing salaries by 2%, investing to ensure the reliability of equipment and assume the rising cost of energy, all this is that it needs funding "stable and recurring."
The city, increasing its contributions year after year, is a "faithful ally", but the same terms are not applied to the governments of Quebec and Ottawa. STM hopes to "play their role" in 2009.
As to boost attendance transport, it takes investment. STM is estimated that by the end of the year, it has provided 15 million trips than in 2007, an increase of 4%. The arrival next year of new buses, 58 articulated improve the service of the 26 most popular lines.
The expenditures in 2009 were up 90.6 million. If one excludes the indexation of wages and rising fuel, nearly 70 million of this sum will be spent on improving services. If the STM wants to increase by 16% its level of services before the end of 2011, she knows that it would take investment of two billion over the next three years. Without additional assistance from governments superiors, such investments will have an impact on debt service net of the STM.
Meanwhile, the head of Project Montreal, Richard Bergeron, recalled that before the arrival of Gérald Tremblay at City Hall in 2001, the Fund had sold $ 48.50. "Since taking office, the Tremblay administration imposed a higher cost of transportation of $ 240 per year for a single person," said Bergeron.
The output of this budget came to echo the words of Mayor Gérald Tremblay made Wednesday at a symposium on the Metropolitan Community of Montreal: the lack of money for collective transport of quality, fit the needs of users and its ambitions economic. Quebec and Ottawa are once more called to the rescue.
The direction of the STM, which anticipates a shortfall of 38 million in 2009, still hopes that the new fares will support the increase in ridership. "
As expected, the CAM will cost $ 2.25 more expensive on 1 January, $ 68.50. The MBF rate will be reduced to $ 37, up $ 1. The cash payment remains the same: $ 2.75 for travel and $ 1.75 for the reduced price. The purchase of 6 tickets will cost $ 0.75 more expensive, at $ 12.75, but the STM introduces the possibility of paying $ 20 for 10 tickets placed on the map OPUS, or $ 2 per ticket.
Two good news, however: free weekends for children under 12 accompanied by an adult, as advisers had claimed the opposition last year following the example Laval And the freezing of rates tourist maps a day ($ 9) and three days ($ 17).
Higher rates do not regulate "the urgency of securing new sources of funding." The company said that improving transport services to increase traffic to its network, indexing salaries by 2%, investing to ensure the reliability of equipment and assume the rising cost of energy, all this is that it needs funding "stable and recurring."
The city, increasing its contributions year after year, is a "faithful ally", but the same terms are not applied to the governments of Quebec and Ottawa. STM hopes to "play their role" in 2009.
As to boost attendance transport, it takes investment. STM is estimated that by the end of the year, it has provided 15 million trips than in 2007, an increase of 4%. The arrival next year of new buses, 58 articulated improve the service of the 26 most popular lines.
The expenditures in 2009 were up 90.6 million. If one excludes the indexation of wages and rising fuel, nearly 70 million of this sum will be spent on improving services. If the STM wants to increase by 16% its level of services before the end of 2011, she knows that it would take investment of two billion over the next three years. Without additional assistance from governments superiors, such investments will have an impact on debt service net of the STM.
Meanwhile, the head of Project Montreal, Richard Bergeron, recalled that before the arrival of Gérald Tremblay at City Hall in 2001, the Fund had sold $ 48.50. "Since taking office, the Tremblay administration imposed a higher cost of transportation of $ 240 per year for a single person," said Bergeron.
The USS Freedom docked in Old Capital
A ship of the U.S. Navy is docked at the Port of Quebec for the weekend.
This is the USS Freedom, a fast frigate that could possibly be chasing pirates in Somalia.
Many ships were attacked off Somalia in the Gulf of Aden in recent weeks.
The ship, equipped, including a heliport, arrives from a shipyard located in the Great Lakes.
He will be leaving Old Capital for Virginia, Monday morning.
This is the USS Freedom, a fast frigate that could possibly be chasing pirates in Somalia.
Many ships were attacked off Somalia in the Gulf of Aden in recent weeks.
The ship, equipped, including a heliport, arrives from a shipyard located in the Great Lakes.
He will be leaving Old Capital for Virginia, Monday morning.
Dealers fear the worst
The Quebec automobile dealers expect to live a fantastic year 2009. Several of them even expect to leave their skin.
"There will be a consolidation in the industry, and many dealers are worried," said the Sun yesterday the CEO of the Corporation of Automobile Dealers of Quebec (CCAQ), Jacques Béchard.
Since the beginning of the month, at least four dealers have closed their doors in Quebec while analyzing several other options, says Béchard.
It must be said that in Quebec, auto sales are going very well. For the seventh consecutive year, the industry expects to surpass the 400 000 new sales.
"Some dealers in Abitibi and North Shore beat record sales. We can not say that things go wrong with us, "says the chairman of the CCAQ.
But now. The financial problems of major North American manufacturers (GM, Ford and Chrysler) will inevitably have consequences in Quebec. "We expected a lot of turbulence in the coming months," says Mr. Béchard.
Of the 855 dealers and 35 000 employees in Quebec, more than a third have banners GM, Ford and Chrysler. It includes a merger between GM and Chrysler would have an immediate effect on the distribution of these manufacturers.
Mr. Béchard recognizes that several dealers closures could occur, while projects would also be possible combinations.
In recent weeks, two Ford dealerships in the same locality have decided to join forces, an issue to confront jointly the next storm in the industry.
A beginning? Yes, if we believe data from the last "big" tornado collected by the industry. During the recession of 1982, the corporation had seen the number of dealers move to Quebec of 825 to 640 (-185) in less than two years.
At that time, sales of new vehicles were then plummeted by 22% from 369? 000 in 1979 to 224? 000 in 1982.
Aid Applications
To expect to spend through this next crisis, CQAF has joined its voice yesterday to his colleagues from Canada to request financial assistance measures the federal government.
Dealers hope that the Harper government put pressure banks to restore access to liquidity for both consumers and retailers of vehicles, taken with heavy inventories in their backyard.
"There will be a consolidation in the industry, and many dealers are worried," said the Sun yesterday the CEO of the Corporation of Automobile Dealers of Quebec (CCAQ), Jacques Béchard.
Since the beginning of the month, at least four dealers have closed their doors in Quebec while analyzing several other options, says Béchard.
It must be said that in Quebec, auto sales are going very well. For the seventh consecutive year, the industry expects to surpass the 400 000 new sales.
"Some dealers in Abitibi and North Shore beat record sales. We can not say that things go wrong with us, "says the chairman of the CCAQ.
But now. The financial problems of major North American manufacturers (GM, Ford and Chrysler) will inevitably have consequences in Quebec. "We expected a lot of turbulence in the coming months," says Mr. Béchard.
Of the 855 dealers and 35 000 employees in Quebec, more than a third have banners GM, Ford and Chrysler. It includes a merger between GM and Chrysler would have an immediate effect on the distribution of these manufacturers.
Mr. Béchard recognizes that several dealers closures could occur, while projects would also be possible combinations.
In recent weeks, two Ford dealerships in the same locality have decided to join forces, an issue to confront jointly the next storm in the industry.
A beginning? Yes, if we believe data from the last "big" tornado collected by the industry. During the recession of 1982, the corporation had seen the number of dealers move to Quebec of 825 to 640 (-185) in less than two years.
At that time, sales of new vehicles were then plummeted by 22% from 369? 000 in 1979 to 224? 000 in 1982.
Aid Applications
To expect to spend through this next crisis, CQAF has joined its voice yesterday to his colleagues from Canada to request financial assistance measures the federal government.
Dealers hope that the Harper government put pressure banks to restore access to liquidity for both consumers and retailers of vehicles, taken with heavy inventories in their backyard.
APEC Summit in line with the G20 Washington
In toast around a glass of Pisco sour, a cocktail popular in Peru, the APEC leaders pledged not to erect new barriers facing the new investment and trade.
The summit, after two days of meetings in a highly secure complex in Lima, the capital of Peru, was completed yesterday evening.
The chiefs of 21 countries bordering the Pacific, Chinese Hu Jintao, Japan's Taro Aso, Dmitri Medvedev and George Bush, among others,
prevent protectionist reflexes that would exacerbate the current crisis.
A final declaration which will in the same direction as the conclusions of the G20 summit of 15 November in Washington.
The idea of a future free trade area between the economies of APEC countries was also discussed, an area that would include therefore states representing 41% of the world's population and 61% of world GDP.
The summit, after two days of meetings in a highly secure complex in Lima, the capital of Peru, was completed yesterday evening.
The chiefs of 21 countries bordering the Pacific, Chinese Hu Jintao, Japan's Taro Aso, Dmitri Medvedev and George Bush, among others,
prevent protectionist reflexes that would exacerbate the current crisis.
A final declaration which will in the same direction as the conclusions of the G20 summit of 15 November in Washington.
The idea of a future free trade area between the economies of APEC countries was also discussed, an area that would include therefore states representing 41% of the world's population and 61% of world GDP.
Saturday, November 22, 2008
Car dealers in turn require the help of Ottawa
After the car, the 3500 car dealerships in the country which now crying for help and seek help from the federal government.
The Corporation Dealers Association automobiles (CADA) calls for "creative" from Ottawa to increase their liquidity, while its members are finding it increasingly difficult to obtain credit to finance their inventories.
The chairman of the CADA, Richard Gauthier, argued in a press conference Friday that it was now necessary that the Government provides assistance "imaginative and proactive" to retailers, particularly to ensure they get the credit necessary to ensure the viability of their operations.
He expressed concern about the overall situation of American automobile industries and Canadian strongly shaken by the financial crisis and economic slowdown, ask their respective governments to fly to their rescue.
"If you are not careful here and if we do not take proactive measures (...), could get caught in this hurricane there," he argued.
Nearly 140 000 people work in the automotive retail sector.
Gauthier said that Ottawa clearly wish to banks that they must help small and medium businesses, for the moment, the discussions he had had with them have turned in circles ".
"There is no reason to help banks to be safer and have more cash if the money does not find its way to small companies," added the director of public affairs of the CADA, Huw Williams.
The Canadian banks have benefited from cash injections of $ 110 billion since the beginning of October.
The irony of the thing is that auto sales in the country this year are doing well, even wonderfully, with 1.6 million cars sold so far in 2008, one of the three best years of 'history.
The drop in car prices has greatly contributed to these sales, said the CADA, who fears that the financial crisis of recent months Canadians sends the signal that this is the time to buy.
"Consumers are at the appointment. What worries us is the impact (of the crisis) on those consumers who may think that it is safer to buy a car," said M . Williams.
Meanwhile, the Commons, opposition parties have again accused the Conservatives to sit at the difficulties of this sector.
The industry minister, Tony Clement, visited Washington and Detroit this week to take the pulse of the crisis, while the Big Three (General Motors, Ford and Chrysler) are calling on Congress to support $ 25 billion to enable them to keep their heads above water.
A possible bankruptcy of these manufacturers would give the coup de grace to the Canadian industry, primarily located in Ontario.
In House, the Ontario Liberal MP Mark Holland said he was concerned about the plight of communities that depend on the health of these manufacturers.
"The Conservative government did not realize what the situation was urgent and more mismanagement could mean thousands of jobs lost and more misery to communities already suffering," he said.
According to the New Democrat Peter Julian, Ottawa should not delay to support the industry without him sign a blank check ", ensuring that it is committed to preserving the jobs of its workers.
For its part, the Bloc Pierre Paquette said hoped that the assistance of the federal "guides the industry to attractive" as the vehicle less energy and smaller.
At the local level, political actors have also tried to organize to ensure the future of this sector.
Twenty mayors of municipalities in Ontario, where the automotive industry is predominant, met Friday in Toronto to find a solution "made in Canada".
They believed that the loan guarantees should be the number one priority of governments and argued that no aid simply sign the death warrant of the automotive industry in the country.
The Corporation Dealers Association automobiles (CADA) calls for "creative" from Ottawa to increase their liquidity, while its members are finding it increasingly difficult to obtain credit to finance their inventories.
The chairman of the CADA, Richard Gauthier, argued in a press conference Friday that it was now necessary that the Government provides assistance "imaginative and proactive" to retailers, particularly to ensure they get the credit necessary to ensure the viability of their operations.
He expressed concern about the overall situation of American automobile industries and Canadian strongly shaken by the financial crisis and economic slowdown, ask their respective governments to fly to their rescue.
"If you are not careful here and if we do not take proactive measures (...), could get caught in this hurricane there," he argued.
Nearly 140 000 people work in the automotive retail sector.
Gauthier said that Ottawa clearly wish to banks that they must help small and medium businesses, for the moment, the discussions he had had with them have turned in circles ".
"There is no reason to help banks to be safer and have more cash if the money does not find its way to small companies," added the director of public affairs of the CADA, Huw Williams.
The Canadian banks have benefited from cash injections of $ 110 billion since the beginning of October.
The irony of the thing is that auto sales in the country this year are doing well, even wonderfully, with 1.6 million cars sold so far in 2008, one of the three best years of 'history.
The drop in car prices has greatly contributed to these sales, said the CADA, who fears that the financial crisis of recent months Canadians sends the signal that this is the time to buy.
"Consumers are at the appointment. What worries us is the impact (of the crisis) on those consumers who may think that it is safer to buy a car," said M . Williams.
Meanwhile, the Commons, opposition parties have again accused the Conservatives to sit at the difficulties of this sector.
The industry minister, Tony Clement, visited Washington and Detroit this week to take the pulse of the crisis, while the Big Three (General Motors, Ford and Chrysler) are calling on Congress to support $ 25 billion to enable them to keep their heads above water.
A possible bankruptcy of these manufacturers would give the coup de grace to the Canadian industry, primarily located in Ontario.
In House, the Ontario Liberal MP Mark Holland said he was concerned about the plight of communities that depend on the health of these manufacturers.
"The Conservative government did not realize what the situation was urgent and more mismanagement could mean thousands of jobs lost and more misery to communities already suffering," he said.
According to the New Democrat Peter Julian, Ottawa should not delay to support the industry without him sign a blank check ", ensuring that it is committed to preserving the jobs of its workers.
For its part, the Bloc Pierre Paquette said hoped that the assistance of the federal "guides the industry to attractive" as the vehicle less energy and smaller.
At the local level, political actors have also tried to organize to ensure the future of this sector.
Twenty mayors of municipalities in Ontario, where the automotive industry is predominant, met Friday in Toronto to find a solution "made in Canada".
They believed that the loan guarantees should be the number one priority of governments and argued that no aid simply sign the death warrant of the automotive industry in the country.
Peru: Lima Bush transformed into a stronghold for the APEC summit
U.S. President George Bush arrived Friday in Lima, transformed into a stronghold on the eve of the 16th Summit of the Forum of Asia-Pacific Economic Cooperation (APEC) attended this weekend including presidents and Russian Dmitri Medvedev Chinese Hu Jintao.
Mr. Bush, which is the last APEC summit before the end of his term in January, met in the evening President Hu Jintao. The two leaders conversed on measures to accelerate the process of denuclearization of North Korea, announced the White House. "The leaders discussed the importance of formalizing the verification protocol of the six-party talks, which will eventually lead to a denuclearized peninsula," said the spokesman for the White House, Dana Perino. Bush will also have talks with his Russian counterpart and Prime Minister of Japan Taro Aso. A thousand demonstrators marched Friday in central Lima to the sounds of drums and Andean flutes to the union's appeal left CGTP to protest against the presence of U.S. president in Peru, accusing it of being behind of the current economic crisis. "Bush out", "war criminal", shouted the demonstrators contained by major police forces. Brandishing pictures of "Che" Guevara and waving red flags, they called for a "popular trial" for his "warlike attitude". "This is a meeting where we, the poor, have no place", launched Dionisio Gamez, a textile worker. After his arrival in Lima, President Hu met with Taiwanese envoy Friday. This was the meeting of the highest level abroad between Chinese since the separation in 1949 of Communist China and Taiwan, according to both parties. The interview with Mr. Hu the former leader Lien Chan, Honorary Chairman of Kuomintang Nationalist Party in Taiwan, was held for 40 minutes in a hotel in the Peruvian capital, said a journalist from AFP. Approximately 100,000 men, police and military, were mobilized across the territory to deal with possible demonstrations or terrorist attacks. Three rings of security have been established around the "Pentagonito" (the little Pentagon), the headquarters of the army, a former torture center under the presidency of Alberto Fujimori (1990-2000) where the summit will take place. APEC leaders should call for the opening of the market despite the economic crisis and a common front against any temptation of protectionism. Mr. Bush, who will pass power to his successor, Democrat Barack Obama in January, wants the support of the Apec positions of the G20. The summit should address, in addition to the financial crisis and trade liberalization, cooperation on security (anti-terrorism), food safety, environmental protection and climate change. The APEC forum dedicated since its inception in 1989 to promote free trade, has 21 members (Australia, Brunei, Canada, Chile, China, USA, Indonesia, Japan, Hong Kong, South Korea, Malaysia, Mexico, New Zealand, Papua New Guinea, Peru, Philippines, Russia, Singapore, Taiwan, Thailand and Vietnam). It collect 41% of the global population or 2.6 billion people and represents 61% of Gross Domestic Product (GDP) and 47% of the planet.Markets: the TSX under the 8000 points
The markets worry investors.
The stock indexes in North America have reached a new annual low Thursday on fears of prolonged global recession and falling demand for oil.
The S & P / TSX fell 765 points to 7724, substantially lowering the hollow annual 8451 points reached Wednesday. This is a decrease of 9.02% which all sectors have contributed.
"It's really a very strange day," said Carlos Leitao, strategist and chief economist at Laurentian Bank Securities. He contends that the "sharp decline" is due to "expectations of strong recession, which he said are" not appropriate ".
These fears cause oil prices to decline, and thus the Canadian securities energy (-14.53%). He added that the financial (-12.24%) have played a role in the fall of the TSX, partly because of the "surprising" results of TD Bank, which announced charges of 500 million.
The Canadian dollar fell below 80 cents U.S.. He lost 2.6 cent to 77.09. Oil continued its descent into hell. The black gold fell U.S. $ 4 to U.S. $ 49.62. Gold has advanced U.S. $ 12.7 an ounce to U.S. $ 748.7.
Extreme volatility in the U.S.
The U.S. indices have been ambivalent throughout the day, rising steadily from red to green. The Dow Jones finally lost 444 points (5.56%) in 7552. The S & P 500 fell 54 points (6.71%) at 752. Meanwhile, the Nasdaq fell by 70 points (5.07%), reaching 1316.
All U.S. indices finished a low year. Carlos Leitao contends that the confusion surrounding the rescue plan for the automotive industry in the afternoon added to the confusion and uncertainty for investors, and therefore affected the markets that ranged from red to green.
According to him, the leading indicator for October and applications for U.S. unemployment have also reacted U.S. markets. The Conference Board has lowered its assessment on the future growth of 0.8%, while applications for unemployment reached a peak in 16 years last week.
Europe and Asia in the red
In Europe, the FTSE in London lost 130.69 points (-3.26%) in 3874, the Paris CAC 40 dropped 107.47 points (-3.48%) at 2980 points. The German DAX fell by 133.89 points (-3.08%) at 4220 points.
In Asia, reductions were made. The Japanese Nikkei index fell 4.7%, while the Hang Seng lost 4.54% in Hong Kong.
"We have moved beyond bad apprehensions," said Miles Remington, sales of securities in Asia at BNP Paribas Securities in Hong Kong. "People expect any good news and there is none."
The stock indexes in North America have reached a new annual low Thursday on fears of prolonged global recession and falling demand for oil.
The S & P / TSX fell 765 points to 7724, substantially lowering the hollow annual 8451 points reached Wednesday. This is a decrease of 9.02% which all sectors have contributed.
"It's really a very strange day," said Carlos Leitao, strategist and chief economist at Laurentian Bank Securities. He contends that the "sharp decline" is due to "expectations of strong recession, which he said are" not appropriate ".
These fears cause oil prices to decline, and thus the Canadian securities energy (-14.53%). He added that the financial (-12.24%) have played a role in the fall of the TSX, partly because of the "surprising" results of TD Bank, which announced charges of 500 million.
The Canadian dollar fell below 80 cents U.S.. He lost 2.6 cent to 77.09. Oil continued its descent into hell. The black gold fell U.S. $ 4 to U.S. $ 49.62. Gold has advanced U.S. $ 12.7 an ounce to U.S. $ 748.7.
Extreme volatility in the U.S.
The U.S. indices have been ambivalent throughout the day, rising steadily from red to green. The Dow Jones finally lost 444 points (5.56%) in 7552. The S & P 500 fell 54 points (6.71%) at 752. Meanwhile, the Nasdaq fell by 70 points (5.07%), reaching 1316.
All U.S. indices finished a low year. Carlos Leitao contends that the confusion surrounding the rescue plan for the automotive industry in the afternoon added to the confusion and uncertainty for investors, and therefore affected the markets that ranged from red to green.
According to him, the leading indicator for October and applications for U.S. unemployment have also reacted U.S. markets. The Conference Board has lowered its assessment on the future growth of 0.8%, while applications for unemployment reached a peak in 16 years last week.
Europe and Asia in the red
In Europe, the FTSE in London lost 130.69 points (-3.26%) in 3874, the Paris CAC 40 dropped 107.47 points (-3.48%) at 2980 points. The German DAX fell by 133.89 points (-3.08%) at 4220 points.
In Asia, reductions were made. The Japanese Nikkei index fell 4.7%, while the Hang Seng lost 4.54% in Hong Kong.
"We have moved beyond bad apprehensions," said Miles Remington, sales of securities in Asia at BNP Paribas Securities in Hong Kong. "People expect any good news and there is none."
The Olympic flame in Val-d'Or for New Year's Day
The Olympic flame will visit 192 communities in Quebec next year before illuminate the sky at the Vancouver 2010 Winter Games. The organizing committee also revealed Friday noon that the torch will pass the New Year ... Val-d'Or.
"We know that Quebeckers like to party and Val-d'Or is a populous city, so the choice was imposed itself," said the director of Torch Relay, Jim Richards.
Nearly 30 million will be spent in the longest relay National Games history. In all, 45 000 km will be flown in the air, water and soil.
The race will begin on 30 October 2009 in Victoria, British Columbia, then head for Alert 900 kilometers from the North Pole. Thereafter, the relay will visit Cape Spears, tip the most easterly of North America and then resume its path toward the West. She will visit La Belle Province on three occasions between November 10 and January 1.
"In 1988, organizers of the Games in Calgary had an impressive work to reach a maximum of communities across the country to spread the Olympic values, but we wanted to go much further. That is why it was very important to go to places like Kuujjuaq. "
Who will bear the flame?
Last August, the English daily The Globe and Mail information contained in a federal memorandum to the effect that Ottawa wanted the torch relay underlines Canada's contribution in the military mission in Afghanistan. According to the daily English-speaking, the Harper government asked the Canadian Olympic Committee that the first carriers of the torch or veterans of the conflict.
"There will perhaps, but nothing is decided for the moment," said Jim Richards. "We have reserved some places porters flame remarkable people ... people who have done something important for Canada. "
"We know that Quebeckers like to party and Val-d'Or is a populous city, so the choice was imposed itself," said the director of Torch Relay, Jim Richards.
Nearly 30 million will be spent in the longest relay National Games history. In all, 45 000 km will be flown in the air, water and soil.
The race will begin on 30 October 2009 in Victoria, British Columbia, then head for Alert 900 kilometers from the North Pole. Thereafter, the relay will visit Cape Spears, tip the most easterly of North America and then resume its path toward the West. She will visit La Belle Province on three occasions between November 10 and January 1.
"In 1988, organizers of the Games in Calgary had an impressive work to reach a maximum of communities across the country to spread the Olympic values, but we wanted to go much further. That is why it was very important to go to places like Kuujjuaq. "
Who will bear the flame?
Last August, the English daily The Globe and Mail information contained in a federal memorandum to the effect that Ottawa wanted the torch relay underlines Canada's contribution in the military mission in Afghanistan. According to the daily English-speaking, the Harper government asked the Canadian Olympic Committee that the first carriers of the torch or veterans of the conflict.
"There will perhaps, but nothing is decided for the moment," said Jim Richards. "We have reserved some places porters flame remarkable people ... people who have done something important for Canada. "
The Fund is reassuring and admits conversations with Jérôme-Forget
Friday, the extent of cash available to it and how it will be affected by the current financial crisis. The leaders, however, that it was following a conversation with Minister of Finance, Monique Jérôme-Forget, it was decided that the Fund should be explained publicly.
The current executive officers of the Fund, Pierre Brunet and Fernand Perreault, have exceptionally met the press Friday at the end of the day to review the situation. The status of the Fund has become the hottest topic of the election campaign the past two days.
"There is no liquidity problems in the Fund," said categorically Fernand Perreault, Senior Vice President of Real Estate Group, who chairs the management committee for sick leave of the chairman, Richard Guay.
The Fund currently has a level of liquidity of $ 20 billion, and it is a historical level, he assured. "It's more than enough given that deposits exceed withdrawals," he added.
Although she agreed to meet the press to take stock, management of the Fund is still refusing to confirm or deny the information circulating about financial losses, which some estimate to $ 30 billion.
Mr. Brunet has reiterated that the Fund had always worked and by not publishing its financial statements at the scheduled date, when audited at the end of the year.
"The Fund needs to preserve its integrity as a financial independent and govern according to clear rules and predictable, not random. It is important to maintain the confidence of markets and institutions with which it deals, hammered Mr. Brunet.
"This is neither in the interest of the Fund nor in the interest of depositors to ask what action might be on the sidelines of the rules that govern long," he insisted.
Mr. Brunet has denied any political interference and said that this is not the Minister Jérôme-Forget that he had specifically asked to hold a press conference. He said however it was agreed during a conversation, it was better that the Fund explained publicly.
He arrived just a business trip in Florida claims to have several conversations with the Minister of Finance, given the financial crisis.
These conversations were animated by seeing what proportion took the latest news about the Fund, such as the abolition of 10 posts in the management of international equity portfolios and sick leave from President Richard Guay.
"It took a larger proportion than we believe it would take," Brunet said, speaking of sick leave a month of Mr. Guay. It will return on December 10 and would leave for "fatigue", said Mr. Brunet.
"In recent months, Mr. Guay made an exceptional job," he said.
As to how the Fund will be affected by the financial crisis, it will be like all fund managers. MM. Brunet and Perreault urged people to wait until the end of the year before judging.
Reactions
Meanwhile, the Liberal leader and outgoing Premier Jean Charest has denied any interference in the decision of the Fund to meet the press. "I do not really master of communications from the Caisse de depot et placement du Quebec. It was at their initiative," he responded to journalists covering his campaign.
The head of Democratic Action, Mario Dumont, meanwhile, shouted to "maneuver" from a "political command" of the Liberals.
"When the results were good, Jean Charest took people of the Caisse de depot, he put in the wardrobe and he climbed on stage to sell well. When the results are bad, Jean Charest is hiding in the wardrobe and there, it sends people on the stage of the Caisse de depot defend the poor results and serve as umbrella policy, "thundered a Mr. Dumont.
The PQ spokesman for finance, François Legault, said that according to its sources, the Fund would have liquidity problems, due to higher provisions to cover losses in commercial paper backed by assets. The Fund attempts to dispose of many obligations of Canada and the provinces, but would not find buyers, he said.
Mr. Legault said fear of increased contributions to the Fund, in case of losses. According to him, a halving of the value of certain investments, for example, would have "an impact on contributions, on the sinking fund government on government spending."
The current executive officers of the Fund, Pierre Brunet and Fernand Perreault, have exceptionally met the press Friday at the end of the day to review the situation. The status of the Fund has become the hottest topic of the election campaign the past two days.
"There is no liquidity problems in the Fund," said categorically Fernand Perreault, Senior Vice President of Real Estate Group, who chairs the management committee for sick leave of the chairman, Richard Guay.
The Fund currently has a level of liquidity of $ 20 billion, and it is a historical level, he assured. "It's more than enough given that deposits exceed withdrawals," he added.
Although she agreed to meet the press to take stock, management of the Fund is still refusing to confirm or deny the information circulating about financial losses, which some estimate to $ 30 billion.
Mr. Brunet has reiterated that the Fund had always worked and by not publishing its financial statements at the scheduled date, when audited at the end of the year.
"The Fund needs to preserve its integrity as a financial independent and govern according to clear rules and predictable, not random. It is important to maintain the confidence of markets and institutions with which it deals, hammered Mr. Brunet.
"This is neither in the interest of the Fund nor in the interest of depositors to ask what action might be on the sidelines of the rules that govern long," he insisted.
Mr. Brunet has denied any political interference and said that this is not the Minister Jérôme-Forget that he had specifically asked to hold a press conference. He said however it was agreed during a conversation, it was better that the Fund explained publicly.
He arrived just a business trip in Florida claims to have several conversations with the Minister of Finance, given the financial crisis.
These conversations were animated by seeing what proportion took the latest news about the Fund, such as the abolition of 10 posts in the management of international equity portfolios and sick leave from President Richard Guay.
"It took a larger proportion than we believe it would take," Brunet said, speaking of sick leave a month of Mr. Guay. It will return on December 10 and would leave for "fatigue", said Mr. Brunet.
"In recent months, Mr. Guay made an exceptional job," he said.
As to how the Fund will be affected by the financial crisis, it will be like all fund managers. MM. Brunet and Perreault urged people to wait until the end of the year before judging.
Reactions
Meanwhile, the Liberal leader and outgoing Premier Jean Charest has denied any interference in the decision of the Fund to meet the press. "I do not really master of communications from the Caisse de depot et placement du Quebec. It was at their initiative," he responded to journalists covering his campaign.
The head of Democratic Action, Mario Dumont, meanwhile, shouted to "maneuver" from a "political command" of the Liberals.
"When the results were good, Jean Charest took people of the Caisse de depot, he put in the wardrobe and he climbed on stage to sell well. When the results are bad, Jean Charest is hiding in the wardrobe and there, it sends people on the stage of the Caisse de depot defend the poor results and serve as umbrella policy, "thundered a Mr. Dumont.
The PQ spokesman for finance, François Legault, said that according to its sources, the Fund would have liquidity problems, due to higher provisions to cover losses in commercial paper backed by assets. The Fund attempts to dispose of many obligations of Canada and the provinces, but would not find buyers, he said.
Mr. Legault said fear of increased contributions to the Fund, in case of losses. According to him, a halving of the value of certain investments, for example, would have "an impact on contributions, on the sinking fund government on government spending."
Friday, November 21, 2008
Desjardins green before the hour
With its green logo and name predestined, Desjardins is one of the flagship of sustainable development in Quebec.
At what point has emerged concern for sustainable development at Desjardins?
It coincided with my arrival in 1988. During my first meeting, Claude Villeneuve, then delegate of the Caisse Populaire de Saint-Prime, has claimed that the Movement adopts an environmental policy. It did not yet sustainable development at that time. In the late 1980s and early 1990s, I spoke on several forums of Environmental Option Desjardins. Then there was a knock-on effect, but for a few years, Desjardins was the knight of environmental causes in the financial field in Quebec.
What were your first steps towards the environment?
Under Option environmental Desjardins, we created the Desjardins Environment Fund, an investment fund managed by Desjardins Trust. We invited all the major Canadian companies to register their title. For this, they must prove that they had an environmental policy. Many companies who had not met the following year with a policy rule, to register the fund. This project has had great impact on the environment and financially, because the fund had a very good performance!
Since then, how evolved your sustainable development policy?
Because we are a cooperative, two of the three dimensions of sustainable development, namely economic development and social development, are part of our culture since our origins. As for the environmental aspect, Desjardins was already aware. Raymond Blais, who was president before Desjardins Claude Beland, had created a fund of two million dollars to help Cascades to build a pulp recycled Breakeyville. In 2003, during the general assembly, delegates voted boxes to 97% for Desjardins Option transforms its environmental policy for sustainable development. Our current policy was adopted by the Council in October 2005.
What are the concrete actions that demonstrate this policy of sustainable development?
Our actions are divided into three main parts: waste management, energy efficiency and procurement officials. The Movement spends 600 million dollars a year in purchases of goods and services and 31 million dollars in energy consumption! Desjardins has created the Green Challenge in May 2006, to convince members to replace their statement of account on paper by an electronic record. The goal was the adoption of virtual 100 000 records in three years with the key for each new virtual, planting a tree, in collaboration with the Corporation Saint-Laurent, a representative of Earth Day Quebec. After six months, the goal was met! The value of this project is that it involves a member, so the citizen, and he is also carrying an educational mission.
What is your plan to reduce energy consumption Desjardins?
An energy efficiency program takes place gradually in the housing Desjardins. We aim 6% reduction of energy consumption in buildings over three years, which can be obtained easily, simply by optimizing the use of equipment. At the same time, we will improve air quality for the benefit of employees. The same folder covers both the economic, social and environmental. In analyzing our energy consumption, we made a great discovery: large companies are billed according to the tariff of 15 minutes more demand for energy. If we can manage those 15 minutes, we will reduce much of the energy bill, but that most companies do not know. We are working on the famous concept of "Negawatt", ie the unspent megawatt, which is less expensive to produce than save.
What are you doing to reduce production of greenhouse gases Desjardins?
We want to improve our transport management, including installing video systems in the premises of the Federation, in major centers and region. We have the shuttle Desjardins carrying employees daily between Lévis and Montreal. In addition, Desjardins has pledged to hold annual general meetings "zero carbon". To offset the CO2 emissions caused by the movement of participants, estimated at 124 tonnes, 500 trees were planted. In 2006, it won the "zero carbon". In 2007, is the "zero carbon zero waste".
In terms of purchasing managers, what are you doing?
We ask our suppliers to minimize packaging. We ask conditions at the time of renewal of contracts. We inform our supplier of our requirements and we will call for tenders. For example, when renewal of our partnership with Bell, we agreed to retrieve cell phones staff and our customers. Any contract that is signed with Desjardins must now integrate our sustainable development policy. Our responsible purchasing policy involves the training of buyers, the development of a simple grid analysis companies who send their services and putting up a website to keep informed of our suppliers and our criteria our guidelines.
How do you integrate your sustainable development policies to the overall strategy of your company?
The strategy Desjardins has always been based on the long term this is a huge advantage over our competitors, which are subject to the tyranny of the quarter and achieving profitability levels needed to meet the shareholder. Desjardins spoke of present, future, sustainability ... Combining the economic and social issues, it is 100 years we did it!
Desjardins, several autonomous entities, 40 600 employees and an army of suppliers. It is well to convince the world to adopt the policy of sustainable development. What is your strategy?
We mobilize and sensitize our employees. We enter into partnerships with members and with major companies in Quebec who are our service providers. We must first inform the challenges of sustainable development, and encourage them to review their choice of consumer behavior and their modes of production. Of course, the adoption of sustainable development policy by credit unions is a voluntary way. We stress that this is a political movement which was adopted at a general meeting with a high rate of accession, but we respect the pace of boxes. No coercion. One factor for success is the commitment of senior management in the company. Everything is done with the assistance of management teams. We start with the Federation and subsidiaries, and crates. Our strategy is very structured. The Federation developed the program and the tools we then inform the coffers of results, and we urge them to implement the policy.
To meet the goals of sustainable development, your requirements must sometimes be binding for your members or your employees. How do they react?
At first, they are sometimes surprised to our criteria, but they adhere quickly. We must accustom people to think in terms of the three poles of sustainable development. The dominant has always been the economy, the social component, was naturally Desjardins, but we must get people to integrate the environment. It is a requirement for more. In the daily decisions at each stage we go through the grid of sustainable development. We must broaden our evaluation criteria in relation to environmental policy. Our goal is to promote support, to ensure that everyone feels involved in all sectors of the Movement. People need to take over the case and they wear it.
At what point has emerged concern for sustainable development at Desjardins?
It coincided with my arrival in 1988. During my first meeting, Claude Villeneuve, then delegate of the Caisse Populaire de Saint-Prime, has claimed that the Movement adopts an environmental policy. It did not yet sustainable development at that time. In the late 1980s and early 1990s, I spoke on several forums of Environmental Option Desjardins. Then there was a knock-on effect, but for a few years, Desjardins was the knight of environmental causes in the financial field in Quebec.
What were your first steps towards the environment?
Under Option environmental Desjardins, we created the Desjardins Environment Fund, an investment fund managed by Desjardins Trust. We invited all the major Canadian companies to register their title. For this, they must prove that they had an environmental policy. Many companies who had not met the following year with a policy rule, to register the fund. This project has had great impact on the environment and financially, because the fund had a very good performance!
Since then, how evolved your sustainable development policy?
Because we are a cooperative, two of the three dimensions of sustainable development, namely economic development and social development, are part of our culture since our origins. As for the environmental aspect, Desjardins was already aware. Raymond Blais, who was president before Desjardins Claude Beland, had created a fund of two million dollars to help Cascades to build a pulp recycled Breakeyville. In 2003, during the general assembly, delegates voted boxes to 97% for Desjardins Option transforms its environmental policy for sustainable development. Our current policy was adopted by the Council in October 2005.
What are the concrete actions that demonstrate this policy of sustainable development?
Our actions are divided into three main parts: waste management, energy efficiency and procurement officials. The Movement spends 600 million dollars a year in purchases of goods and services and 31 million dollars in energy consumption! Desjardins has created the Green Challenge in May 2006, to convince members to replace their statement of account on paper by an electronic record. The goal was the adoption of virtual 100 000 records in three years with the key for each new virtual, planting a tree, in collaboration with the Corporation Saint-Laurent, a representative of Earth Day Quebec. After six months, the goal was met! The value of this project is that it involves a member, so the citizen, and he is also carrying an educational mission.
What is your plan to reduce energy consumption Desjardins?
An energy efficiency program takes place gradually in the housing Desjardins. We aim 6% reduction of energy consumption in buildings over three years, which can be obtained easily, simply by optimizing the use of equipment. At the same time, we will improve air quality for the benefit of employees. The same folder covers both the economic, social and environmental. In analyzing our energy consumption, we made a great discovery: large companies are billed according to the tariff of 15 minutes more demand for energy. If we can manage those 15 minutes, we will reduce much of the energy bill, but that most companies do not know. We are working on the famous concept of "Negawatt", ie the unspent megawatt, which is less expensive to produce than save.
What are you doing to reduce production of greenhouse gases Desjardins?
We want to improve our transport management, including installing video systems in the premises of the Federation, in major centers and region. We have the shuttle Desjardins carrying employees daily between Lévis and Montreal. In addition, Desjardins has pledged to hold annual general meetings "zero carbon". To offset the CO2 emissions caused by the movement of participants, estimated at 124 tonnes, 500 trees were planted. In 2006, it won the "zero carbon". In 2007, is the "zero carbon zero waste".
In terms of purchasing managers, what are you doing?
We ask our suppliers to minimize packaging. We ask conditions at the time of renewal of contracts. We inform our supplier of our requirements and we will call for tenders. For example, when renewal of our partnership with Bell, we agreed to retrieve cell phones staff and our customers. Any contract that is signed with Desjardins must now integrate our sustainable development policy. Our responsible purchasing policy involves the training of buyers, the development of a simple grid analysis companies who send their services and putting up a website to keep informed of our suppliers and our criteria our guidelines.
How do you integrate your sustainable development policies to the overall strategy of your company?
The strategy Desjardins has always been based on the long term this is a huge advantage over our competitors, which are subject to the tyranny of the quarter and achieving profitability levels needed to meet the shareholder. Desjardins spoke of present, future, sustainability ... Combining the economic and social issues, it is 100 years we did it!
Desjardins, several autonomous entities, 40 600 employees and an army of suppliers. It is well to convince the world to adopt the policy of sustainable development. What is your strategy?
We mobilize and sensitize our employees. We enter into partnerships with members and with major companies in Quebec who are our service providers. We must first inform the challenges of sustainable development, and encourage them to review their choice of consumer behavior and their modes of production. Of course, the adoption of sustainable development policy by credit unions is a voluntary way. We stress that this is a political movement which was adopted at a general meeting with a high rate of accession, but we respect the pace of boxes. No coercion. One factor for success is the commitment of senior management in the company. Everything is done with the assistance of management teams. We start with the Federation and subsidiaries, and crates. Our strategy is very structured. The Federation developed the program and the tools we then inform the coffers of results, and we urge them to implement the policy.
To meet the goals of sustainable development, your requirements must sometimes be binding for your members or your employees. How do they react?
At first, they are sometimes surprised to our criteria, but they adhere quickly. We must accustom people to think in terms of the three poles of sustainable development. The dominant has always been the economy, the social component, was naturally Desjardins, but we must get people to integrate the environment. It is a requirement for more. In the daily decisions at each stage we go through the grid of sustainable development. We must broaden our evaluation criteria in relation to environmental policy. Our goal is to promote support, to ensure that everyone feels involved in all sectors of the Movement. People need to take over the case and they wear it.
Conrad Black asks George W. Bush to reduce his prison sentence
The former media mogul Conrad Black asked the Republican President George W. Bush to reduce his prison sentence.The former head of Hollinger International Inc. And British Lord, is currently serving a sentence of between six and a half years in prison in Florida for fraud and obstruction of justice. He was found guilty on 13 July 2007 and December 10, he was sentenced to 78 months in prison. He began serving his sentence on March 3.
A spokesman for the U.S. administration claimed that the businessman 64 years has not requested a pardon, as put forward by Toronto newspaper this morning, but a reduced sentence.
Before leaving the White House next January 20, the Republican George W. Bush may reduce his sentence and grant him a pardon. However, Lord Black will have competition. According to data from the U.S. Department of Justice dated August 31, there are more than 5 000 applications for pardon and commutation of sentence.
Market: U.S. indices under their floors in March 2003.
No plan rescuing credible U.S. auto sector (and 'big 3') has been submitted to the White House after 48 hours of debate in U.S. Congress ... despite the efforts of compromise between Republicans and Democrats.
The problem seems decidedly too comprehensive and too complex to propose a purely budgetary response that has a chance to achieve a sustainable recovery-or even temporarily manufacturers of Detroit.
General Motors began by losing -40% (new floor of $ 1.70) before finishing a foot-like nose to the capitulation of the Dow-Jones up 3.3% ... the only increase among the 'industry'.
The result was a further slump on Wall Street during the last hour of quotations ... which precipitated the U.S. indices under their floors in March 2003 to October 2002 and even on 'lowest' never seen in 11 years and a half for the S & P-500 'which senfonce under 776Pts (floor which was thought history of 9 October 2002).
The flagship index-the broadest and most representative-dived to -7.3% for a few seconds of the fence to reach a nadir of 748Pts (it was 1007Pts November 4) and November results in a unprecedented decline -22.5% which exceeds anything that has ever been seen on Wall Street since the 1929/1932 period.
Never in addition, the S & P had lost -52% in 13 months, ever since 50 years (yes, since 1958) had seen the T-Bonds U.S. 10-year post 3.11% return or the'30 years' collapse to 3.57% (desperate flight to quality).
Not the Dow Jones (-5.55%) had ceded -19% in 3 weeks since 1929, much less 43% in 11 months. Nobody had ever imagined Citigroup dropping 50% in 48 hours (-26% to $ 4.75 this November 20) or -85% since 1 January.
Never had seen oil moving in 4 months from 148 to 48.5 per bbl (a division by 3 to a resource that will eventually wear, no matter the request at a 'T' is surreal) .
Specialists in the field of exploration, the parapétrolières, operators of gas fields collectively fell from -20% this Thursday (it too is history) with -27% in Chesapeake, -21% on National Oilwell or Peabody Energy, -19% on XTO Energy and Marathon Oil, -18% on Anadorko and -17% on the giant Halliburton (and what about -8.8% to -6.7% Chevron and Exxon-Mobil on?).
Never conglomerate General Electric had lost -10 and -11% in two consecutive sessions, or 25% of its value in one week in 70 years.
Not a manufacturer of special steel as Steel Dynamics had plunged -13 and -18% in 48 hours (or -49% over one month and -91% in 11 months) and Alcoa fall below -14 and -- 16% blow on blow.
Within the Nasdaq (-5.10%), Flextronics unscrewed from -30%, -27% of Sprint, Liberty Media -21%, -18.4% of Micron, Foster Wheeler and Joy Global -17% , Sandisk of -15.5%, Virgin Media -14.5%, -13% Akamai.
Not the VIX index (a barometer of anxiety) had reached 82% of the shares (10% in 24H) ... the crash of 1987 now appears almost anecdotal.
Regarding the economic environment is black as night on the Florida hurricane: leading indicators of activity in the United States emerged down 0.8% in October (according to the Conference Board).
Industrial activity has plummeted to -37.5 from 3.8 in the Philadelphia area in October, according to the monthly survey published Thursday by the local Federal Reserve (while economists predicted a decline of the index limited to About -10).
To cap it all, the Labor Department confirms all the signs of deterioration in the labor market observed in almost all sectors of activity (with the proliferation of plans dismissals): registration weekly unemployment rose 27,000 to 542,000 during the week ending Nov. 15.
The number of unemployed is up 109,000 and crossed the psychological course of the 4 million to 4.01 million.
For many operators, the general feeling in closing was either a new'1929 'Power 3 was running, or the capitulation of the end of November will reconnect buyers who do not subscribe to apocalyptic scenarios under which tend valuations current (the 'Dow' 7500Pts-to-apply unless the real estate, financial and industry of its 30 components).
The problem seems decidedly too comprehensive and too complex to propose a purely budgetary response that has a chance to achieve a sustainable recovery-or even temporarily manufacturers of Detroit.
General Motors began by losing -40% (new floor of $ 1.70) before finishing a foot-like nose to the capitulation of the Dow-Jones up 3.3% ... the only increase among the 'industry'.
The result was a further slump on Wall Street during the last hour of quotations ... which precipitated the U.S. indices under their floors in March 2003 to October 2002 and even on 'lowest' never seen in 11 years and a half for the S & P-500 'which senfonce under 776Pts (floor which was thought history of 9 October 2002).
The flagship index-the broadest and most representative-dived to -7.3% for a few seconds of the fence to reach a nadir of 748Pts (it was 1007Pts November 4) and November results in a unprecedented decline -22.5% which exceeds anything that has ever been seen on Wall Street since the 1929/1932 period.
Never in addition, the S & P had lost -52% in 13 months, ever since 50 years (yes, since 1958) had seen the T-Bonds U.S. 10-year post 3.11% return or the'30 years' collapse to 3.57% (desperate flight to quality).
Not the Dow Jones (-5.55%) had ceded -19% in 3 weeks since 1929, much less 43% in 11 months. Nobody had ever imagined Citigroup dropping 50% in 48 hours (-26% to $ 4.75 this November 20) or -85% since 1 January.
Never had seen oil moving in 4 months from 148 to 48.5 per bbl (a division by 3 to a resource that will eventually wear, no matter the request at a 'T' is surreal) .
Specialists in the field of exploration, the parapétrolières, operators of gas fields collectively fell from -20% this Thursday (it too is history) with -27% in Chesapeake, -21% on National Oilwell or Peabody Energy, -19% on XTO Energy and Marathon Oil, -18% on Anadorko and -17% on the giant Halliburton (and what about -8.8% to -6.7% Chevron and Exxon-Mobil on?).
Never conglomerate General Electric had lost -10 and -11% in two consecutive sessions, or 25% of its value in one week in 70 years.
Not a manufacturer of special steel as Steel Dynamics had plunged -13 and -18% in 48 hours (or -49% over one month and -91% in 11 months) and Alcoa fall below -14 and -- 16% blow on blow.
Within the Nasdaq (-5.10%), Flextronics unscrewed from -30%, -27% of Sprint, Liberty Media -21%, -18.4% of Micron, Foster Wheeler and Joy Global -17% , Sandisk of -15.5%, Virgin Media -14.5%, -13% Akamai.
Not the VIX index (a barometer of anxiety) had reached 82% of the shares (10% in 24H) ... the crash of 1987 now appears almost anecdotal.
Regarding the economic environment is black as night on the Florida hurricane: leading indicators of activity in the United States emerged down 0.8% in October (according to the Conference Board).
Industrial activity has plummeted to -37.5 from 3.8 in the Philadelphia area in October, according to the monthly survey published Thursday by the local Federal Reserve (while economists predicted a decline of the index limited to About -10).
To cap it all, the Labor Department confirms all the signs of deterioration in the labor market observed in almost all sectors of activity (with the proliferation of plans dismissals): registration weekly unemployment rose 27,000 to 542,000 during the week ending Nov. 15.
The number of unemployed is up 109,000 and crossed the psychological course of the 4 million to 4.01 million.
For many operators, the general feeling in closing was either a new'1929 'Power 3 was running, or the capitulation of the end of November will reconnect buyers who do not subscribe to apocalyptic scenarios under which tend valuations current (the 'Dow' 7500Pts-to-apply unless the real estate, financial and industry of its 30 components).
MW: tariffs will increase by 3.3% in 2009
As confirmed Thursday that the Montreal Transit Corporation (STM), fares will increase by 3.3% in January to users of public transportation.
Thus, the title monthly transport will increase from $ 66.25 to $ 68.50, while the ticket will remain at 2.75 dollars. All information on the 2009 grid tariffs of the STM are available on the website of the STM.
STM alleges that the titles monthly increase according to the average indices of consumer prices (CPI) and prices for transport (IPT), which is set at 3.3%. "With good management, our innovative financial strategies (SWAP oil) and efforts to streamline our operating expenses, we managed to freeze some tariffs, introduce new products and to limit tariff increases subscriptions at a low level "says Claude Trudel, Chairman of the Board of Directors, in the press release issued on Thursday.
Claude Trudel advance that the traffic has increased by 4%, and that the STM will finish the year with an increase of 15 million trips. He contends that despite reinvestments, the 2009 budget of the Montreal Transit Corporation spends billion dollars and anticipates a shortfall of $ 38 million. This encourages the STM to seek funding sources "stable and recurring" to offset rising costs of investment and service improvements.
A funding issue
The Caisse de depot et placement du Quebec is experiencing serious liquidity problems. Says an internal document for some applicants, a copy of which was obtained by Radio-Canada.
The Caisse manages about $ 150 billion belonging to seven major depositors. Of this amount, several tens of billions of dollars are invested abroad. To protect investments against fluctuations in the dollar, the Fund ensures through derivatives.
Usually, the Fund provides 100% most of its investments abroad. However, things are changing. The document obtained shows that the Fund has reduced from 100% to 90% the level of coverage of its foreign investments.
According to the portfolio manager Jean-Luc Landry, a sure sign that the Fund is unable to meet its usual expenses.
In markets, at this moment, there is no liquidity. Besides government bonds, treasury bills or federal government, even the obligations of provinces are not traded very well. So this is probably not easy for the Fund is currently trying to sell securities to maintain these contracts.
Richard Guay, who was appointed to head the Caisse de depot et placement du Quebec on 5 September by the Minister of Finance, Monique Jérôme-Forget, must now rest.
An internal memo sent to employees of the Fund confirms that a Montreal newspaper announced Thursday morning. Mr. Guay, 47, was put to rest for a month by her doctor.
Richard Guay
Upon request, is Fernand Perreault, Senior Vice President, Real Estate group, which takes over and coordinates the affairs and business plan of the Fund during its period of rest.
The memo states that the Fund "Mr. Perreault and other members of the management team continues the progress of cases under way and take the decisions required by the current market. Perreault also chairs meetings of the board. "
Mr. Guay has left the body on November 12 and should be back in his post early next December 10.
Richard Guay had already served as president and CEO ai of the institution since the departure of Henri-Paul Rousseau Power for the group last May.
Questioned by journalists, politicians are not unanimous. Premier Jean Charest, said there was no worry.
"CDP is a great institution with a long history, which has very deep roots and will operate regardless of the circumstances. This is not the case with one person on the contrary. This is a great institution that is strong and will function as it should, "said Mr. Charest.
The leader of the Parti Quebecois, Pauline Marois, is not the same opinion. "I would not like it has an impact because the Fund already filing is faced with very large problems, I am convinced. It started with commercial paper backed by assets. Now, the fall in stock markets. I hope this to rest CEO of the Fund will have no impact because this would be a disaster for us, but this is not good news, we will agree, "she said.
The spokesman for the ADQ in finance, Gilles Taillon, said not wanting expand on the subject, but denounced what he called the "lack of transparency" of the Fund and the "climate of suspicion "that surrounds it. "Our interest is to have the check-up of the Fund, we insist on that, not the check-up of its leaders," he said.
It therefore calls Finance Minister Monique Jérôme-Forget, for it gives the portrait of the financial situation of the Fund. "The responsibility of the Caisse de depot, the finance minister can not outrun them. She is the minister. It belongs to answer, "he added.
Recall that, in recent weeks, the ADQ believes that the Fund has lost 30 billion this year due to the financial crisis.
In addition, the Fund removes 10 posts allocated to international markets. The Fund said that the return generated did not justify the costs and efforts in this area.
It also asserts that the decision stems from an assessment that was made for several years and it has nothing to do with the current financial crisis.
The Fund says that people finally laid off could be offered another job within the Fund.
Thursday, November 20, 2008
Where goes the government?
SILVER What do I need the Speech from the Throne government today? Silver has traveled and identified the following: Possibility of a deficit The government opened the door to a deficit for next year. "Canadians are rightly unacceptable the idea to reconnect with permanent deficits and unsustainable. It must avoid falling into these structural deficits. Furthermore, in these times of extraordinary global slowdown, it would be unwise to commit to any price drop to a balanced budget in the short term because, ultimately, the Canadian families who might be vulnerable. " Securities Commission Joint See how it will react provinces, especially Quebec. Ottawa returns to the charge with the creation of a common securities. "The credit crisis has also highlighted the dangers of a system of financial regulation fragmented. To further strengthen supervision of financial markets in Canada, our government will work with provinces to create a common securities. " Training of the workforce and recognition of competence The Conservatives say they want to encourage the training of the workforce. They also seem to follow the lead of recent moves of Quebec on the recognition of foreign credentials. "Our government will invest in the Canadian workforce continuing to offer financial assistance to students and taking steps to encourage the learning of trades and training. Our government will also work together with the provinces to make the recognition of foreign credentials a priority in Canada to attract international students and promising to increase participation in settlement programs for immigrants. " Support for manufacturers in the automotive and aerospace At a time when the U.S. Congress is working on a rescue plan for the Big Three, Canada appears open to support its automotive industry and is also preparing to help the aerospace sector. "To further reduce pressure on operating costs of Canadian businesses, our government will take measures to encourage companies to invest in the renewal of machinery and equipment. The manufacturing sector in Canada, and in particular the automotive and aerospace, weakens more and more. Our government will further support these industries. " A true free trade within Barack Obama will he questioned the treaty of free trade? In the interim, we will at least try to remove many barriers that still exist on our internal market. "In order to better position Canada to attract investment and to conquer new markets, we will take action in the country. The regulatory framework is fragmented domestic trade and hinders long movement of labor and investment nationwide. Our government will work with the provinces in 2010 eliminate barriers to internal trade, investment and mobility of the workforce. " Public-private partnership The subject has been much attention on the provincial scene, it could now spill on the federal scene. The government wants to engage in public-private partnerships. "The strength of the economic and financial due in large part to the quality of government management. To increase the effectiveness of the federal government, our government is committed to transform and rationalize the conduct of our business. Our government will initiate innovative reforms of government programs and services, drawing on the successes of governments around the world. It will establish partnerships with third parties and the private sector to offer improved services at lower cost. " Our government scrutinize all expenditure program to ensure they are as effective as possible and match the priorities of Canadians. " Development of northern gas After the West and its oil sands, the government now reluque northern gas. "Our government will encourage the development of clean energy. Ground natural gas in northern Canada to represent both an untapped source of clean fuel and a way incomparable to new economic outlook for the North. Our government will reduce barriers to regulation and others to expand the network of pipelines in the north. These measures will bring jobs both in the north than in the rest of the country. They will at the same time new sources of energy supply to southern markets in Canada and worldwide. Economic development in northern Canada will be entrusted to a separate new agency as part of our strategy for the North. " Remuneration of Public Service That may well mean that passage? "Our Government is also committed to manage responsibly remuneration in the federal public service and introduce legislation to ensure sustainable growth."
Ontario in a cul-de-sac
The absence of a rescue plan for the auto industry could be catastrophic for the economy. Ontario taxpayers may have to pay an invoice salt if General Motors (GM) becomes insolvent. According to the Minister of Finance of Ontario, Dwight Duncan, the Ontario guarantee pension plans must reimburse any shortfall in a pension fund. But that GM reached $ 4.5 billion last year. To this colossal sum addition, if the insolvency of American manufacturers, huge losses for the province, warns Minister Duncan. The shortfall would reach billions of dollars because of additional income taxes on companies, property taxes and income taxes. It would be like a stake in the heart of Ontario's economy, added the minister. That is why Queen's Park stressed the importance of ensuring the immediate survival of American manufacturers: the collapse of the industry cost more to the province. The conservative opposition in Toronto is simply does not. She was astonished Joyce Salvoline the lack of alternative from the McGuinty government, which it accuses of having all your eggs in one basket. Meeting in Detroit The Canadian Minister of Industry Tony Clement called constructive discussions that he and his Ontario counterpart Michael Bryant have had in Detroit Wednesday with the leaders of Chrysler, Ford and GM. The two men trying to see what Canada can do to help the automotive industry. Tony Clement is open to the idea of helping this sector. The two ministers will be in Washington Thursday to hear details of the proposed rescue of the U.S. government. The future of the American plan is increasingly uncertain, since several members of Congress believe that car manufacturers are responsible for their own misfortunes. Bleak future When Ottawa show in his throne speech opening to help the auto industry after months of denial, loss of jobs in Ontario remain inevitable. Federal Minister of Industry, Tony Clement said Tuesday that the Canadian Auto Workers (CAW) must play a role in the rescue of manufacturers. But the CAW replicate that labor accounts for 7% of the costs of building cars and the union have already done their part: they have accepted this spring reductions of $ 900 million in salaries and benefits. The TCA, however, could find itself isolated as the premier of Ontario, Dalton McGuinty, says that the auto sector is expected to shrink in coming years and that a rescue plan in North America only serve to halt the decline. Dalton McGuinty will meet with the CAW in the coming days to discuss the possibility of obtaining concessions from workers.
Gatineau wants companies
Gatineau wants to woo business computer through a property tax credit next year. The City has adopted a new program of general tax credit to developers for new construction or expansion project of buildings occupied by companies in downtown Gatineau. The loans will be 100% for the first three years of the program and 50% for both years. The buildings will get LEED certification will have a tax credit of 100% over five years of the program. "Perhaps that is why a program like this in place, it's really compete with Ottawa and Montreal. Because the difficulty of Gatineau now is to keep its computer business, "says the mayor of Gatineau, Marc Bureau. LEED certification is given to a building that responds to specific environmental criteria to improve the welfare of the occupants, environmental performance and economic efficiency of buildings.
The Dow Jones under 8 000 points
The trend in this market has continued Wednesday, when it was announced that the United States are experiencing a record drop of 1% in October consumer prices. The day was particularly difficult in New York, where the Dow Jones lost 427.47 points, or 5.07%. The index and starring American happening under 8 000 points, to 7 997.28 points. In Toronto, the loss was barely lower as the TSX lost 345.17 points, or 3.91% to 8490.56 points. The Nasdaq technology index has lost no less than 6.53% on him. The Canadian dollar fell for a second day in a row and fell to U.S. $ 0.7974, while a barrel of oil lost less than a dollar to close at $ 53.67 U.S.. In Europe, major stock markets have suffered significant losses. London has tumbled from 4.82% to 4 005.68, while Paris has sold 4.03% to 3 087.89 points and Frankfurt fell by 4.92% to 4 354.09. The Norwegian bank DnB NOR has also yielded 15.38% finished and Stockholm lost 5.30%, while in Brussels and Madrid, they are lost 4.22% and 3.74% who been recorded. In Asia, the losses were smaller in the range of 0.66% and 0.77% in Tokyo and Hong Kong. The new stock market falls occur when it was announced that consumer prices fell by 1% in October in the United States, a record, while fuel prices fell for a third month in a row. The reduction in consumer prices is the monthly drop the highest since 61 years.
The Canadian dollar dropped below the U.S. $ 0.80
The Canadian dollar is now back under 80 U.S. cents, falling back into a zone of low support tested in late October. The loonie dropped all his $ 1.48 to close at 79.83 U.S. cents, its lowest level since Oct. 28. At that time, the Canadian dollar had slipped for two days to mark a low of 77.21 U.S. cents. It then rebounded above 80 U.S. cents. Analysts suggest that a speech by the Governor of the Bank of Canada, Mark Carney, could partly explain the drop today. In a speech in London, Mr. Carney said that the risk of lower economic growth and lower inflation are higher than a month ago. The governor reiterated that the central bank would probably have to cut interest rates further to try to maintain the strength of its economy. Investors also seemed to repatriate their capital to the United States, using the U.S. dollar and Treasury bonds as a safe haven facing a turbulent world economy.
Wednesday, November 19, 2008
The state of financial markets in the world
The North American markets are rising on both sides of the border on Tuesday.
In Toronto the S & P / TSX was mounted by 44.25 points to 8 839.7.
A Wall Street, the Dow Jones industrial values gained 99 points to get to 8 373.
The S & P 500 rose 5.62 points going to 856.
The Nasdaq technological values lost 1.24 points to 1 481.
The dollar symbol to 81.56 cents U.S., down 0.19 cent.
The barrel of oil rose $ 0.11 to U.S. $ 55.06 in New York after losing $ 2 on Monday.
The market has reacted well to the results announced by Hewlett-Packard for 2009.
The leaders of General Motors, Ford and Chrysler will testify before the U.S. Senate to seek assistance of U.S. $ 25 billion of the state.
Telus Corp.. said to want to invest $ 100 million over the next three years for a division of technology related to health.
The founder Yahoo Inc. Jerry Yang has tendered his resignation as Chief Executive of the Web. Observers believe that this departure should accelerate the sale of the company to Microsoft.
U.S. authorities give reason to BMO
BMO has lost nearly $ 630 million in 2007 in a history of overstatement in the value of a portfolio of options. The financial institution had claimed to have been defrauded and not a bad investment strategy.
The U.S. regulatory authorities give due now pursuing David Lee, a former broker BMO and vice-president of the derivatives division, Kevin Cassidy, CEO of the American firm options and qu'Edward O `Connor, President of options, for fraud.
According to the charges by the U.S. Commodity Futures Trading Commission, David Lee had overstated the value of its portfolio of options on natural gas, with the help of the firm options in order to get a bigger bonus.
Depending on what the agency Bloomberg reported, David Lee values attributed to excessive positions for which there was no price on the market. The fraud led BMO to wipe a loss of almost $ 630 million in April 2007, losses that eventually totaled $ 853 million for the year 2007.
Obama recruits at Bombardier
Jane F. Garvey, who sits on the board of the Quebec company Bombardier announced Tuesday that she was leaving her post to move within the transition team of newly elected U.S. president, Barack
His withdrawal comes into force from Tuesday, November 18. Jane F. Garvey was in fact director of the Infrastructure Advisory Group of JP Morgan Securities. Aged 63 years, I must say that she is from the U.S. state of Maine and has administered the U.S. Federal Aviation Administration between the years 1997 to 2002.
According to the press release issued on the website of Bombardier, a search will be made to replace Jane F. Garvey on the board which now has 12 members, including seven independents. "I want to thank Jane Garvey for his opinions and advice provided during her tenure," said in this Laurent Beaudoin, chairman of the board of Bombardier Inc, which adds wish him much success.
His withdrawal comes into force from Tuesday, November 18. Jane F. Garvey was in fact director of the Infrastructure Advisory Group of JP Morgan Securities. Aged 63 years, I must say that she is from the U.S. state of Maine and has administered the U.S. Federal Aviation Administration between the years 1997 to 2002.
According to the press release issued on the website of Bombardier, a search will be made to replace Jane F. Garvey on the board which now has 12 members, including seven independents. "I want to thank Jane Garvey for his opinions and advice provided during her tenure," said in this Laurent Beaudoin, chairman of the board of Bombardier Inc, which adds wish him much success.
The profits are stable at George Weston
Specialist Food George Weston (WN) has issued profits stable in third quarter, to $ 179M, while sales increased by 4.4% over the previous year.
The baker and majority owner of Loblaw (L) has received operating revenue of $ 413M or $ 1.28 per share for the period of 16 weeks ended October 4, up 9.8% compared to the last year.
Last year, profits per share amounted to $ 1.25.
Sales totaled $ 10.61 billion compared with $ 10.16 billion in the same period last year.
The margin of operating profit rose 3.7% to 3.9%.
Quebec ranks among the world leaders
Quebec has the symbol for the development of video games. According to a study unveiled as part of International Game Summit in Montreal, the province itself on the world for his expertise in this area and the number of jobs in this industry.
The study conducted by Secor Taktik on behalf of Alliance shows that the digital industry in Quebec video game, with 6,000 employees including developers in 4400, is the 6th largest in the world. The province lags behind Japan (20 000), California (11 500), South Korea (9000), the Great Britain (8300) and Washington (5500).
If one considers the number of developers per thousand inhabitants, the province takes 3rd place behind British Columbia and Washington, notes the president of Druid computer, André Orsonnens, in a statement.
Nevertheless, the skilled labor is scarce and must be put in place measures to ensure the sustainability and growth of the industry in Quebec, said the general manager of Digital Alliance, Pierre Proulx.
To do this, it proposes the implementation of "three major projects: the industry awareness and stimulate interest among young people of their careers, create new financial levers and offer advice and guidance to young Quebec businesses.
"The regions with which Quebec is competing largely put in place, they also support measures to attract industrial companies as well as human and financial resources. We need to monitor these measures and to compete with them. It is the continued growth of our industry, "says Orsonnens.
Tuesday, November 18, 2008
MAMMA.COM: The owner of the Dallas Mavericks accused of fraud
Mark Cuban, the owner of the Mavericks, the basketball team from Dallas, is accused of insider trading by the Securities and Exchange Commission (SEC), the U.S. equivalent of the Securities Commission, in a case in connection with Mamma.com society.
According to documents the SEC, the American entrepreneur would have learned in confidence that Mamma.com would ask a private placement (private investment in public equity) in June 2004. Just before that happens, Cuban sold all of the 600 it held 000 shares of Mamma.com.
This fraudulent transaction would have avoided losing $ 750 000, accuses the SEC requesting, among other financial damages.
At the time of the transaction, the multimillionaire Cuban was the largest shareholder of Mamma.com.
Mamma.com is a Montreal-developing search software, operating since June 2007 under the name of Copernicus. Last week the company announced it was closing its office in Montreal to move its operations to Quebec.
According to documents the SEC, the American entrepreneur would have learned in confidence that Mamma.com would ask a private placement (private investment in public equity) in June 2004. Just before that happens, Cuban sold all of the 600 it held 000 shares of Mamma.com.
This fraudulent transaction would have avoided losing $ 750 000, accuses the SEC requesting, among other financial damages.
At the time of the transaction, the multimillionaire Cuban was the largest shareholder of Mamma.com.
Mamma.com is a Montreal-developing search software, operating since June 2007 under the name of Copernicus. Last week the company announced it was closing its office in Montreal to move its operations to Quebec.
50 000 job losses at Citigroup
On Monday, the company Citigroup announced the removal of 50 000 posts.
Given the financial crisis, the U.S. bank must put its workforce by 352 000 300 000 by the coming quarters to reduce costs by 20%.
The title of Citigroup lost a third of its value in the last two weeks and 68% since the beginning of 2008. The company had already transferred 23 000 employees in recent months.
Stock markets in North America and Europe are still declining on Monday. Both the Dow Jones that the TSX in New York and Toronto are in the red during the afternoon while in Europe, major indexes posted losses. Thus, London lost 2.38% of its value to 4 132 points, as Paris (3.32% to 3 182 points) and Frankfurt (3.25% to 4 557 points).
In Asia, the week began without major losses, while Tokyo gained 0.71% and that Hong Kong has lost just 0.1%.
These losses occur when it was announced that the second world economy, Japan is in recession and the aftermath of the end of the G20 meeting in Washington, which resulted in no action.
Given the financial crisis, the U.S. bank must put its workforce by 352 000 300 000 by the coming quarters to reduce costs by 20%.
The title of Citigroup lost a third of its value in the last two weeks and 68% since the beginning of 2008. The company had already transferred 23 000 employees in recent months.
Stock markets in North America and Europe are still declining on Monday. Both the Dow Jones that the TSX in New York and Toronto are in the red during the afternoon while in Europe, major indexes posted losses. Thus, London lost 2.38% of its value to 4 132 points, as Paris (3.32% to 3 182 points) and Frankfurt (3.25% to 4 557 points).
In Asia, the week began without major losses, while Tokyo gained 0.71% and that Hong Kong has lost just 0.1%.
These losses occur when it was announced that the second world economy, Japan is in recession and the aftermath of the end of the G20 meeting in Washington, which resulted in no action.
Picket in Montreal
As part of the strike by Canada Post employees across the country, 220 employees have erected a picket Monday before the postal deposit Bridge in the southwest of Montreal.
The picketing lasted about four hours.
The strikers have allowed employees who enter are not on strike, but slows down the delivery trucks leaving the depot.
They also handed out leaflets to drivers to explain their demands.
Canada Post ensures that there will be no delay in delivery.
The company said it has put measures in place before the walkout and that employees on strike does not manipulate the mail.
In addition, union members on strike have chosen to focus each day by choosing a strategic position for Canada Post.
From Tuesday, they will erect another picket, but did not want to specify the place.
The picketing lasted about four hours.
The strikers have allowed employees who enter are not on strike, but slows down the delivery trucks leaving the depot.
They also handed out leaflets to drivers to explain their demands.
Canada Post ensures that there will be no delay in delivery.
The company said it has put measures in place before the walkout and that employees on strike does not manipulate the mail.
In addition, union members on strike have chosen to focus each day by choosing a strategic position for Canada Post.
From Tuesday, they will erect another picket, but did not want to specify the place.
Petro-Canada and its partners to postpone a draft mining
CALGARY - Petro-Canada (TSX: PCA) and its two partners in the oil sands of Fort Hills, Alberta, announced Monday the postponement until next year, their investment decision Referring to the portion of the mining project.
The three partners also decided to postpone the time for the construction of a factory recovery to reduce the risks related to overall costs of the project.
Petro-Canada, UTS Energy (TSX: UTS) and Teck Cominco (TSX: TCK.B) will review each contract procurement and construction in order to reduce project costs, which currently reach nearly $ 24 billion, said Neil Camarta, senior vice president for oil sands Petro-Canada.
"We will review each of these suppliers, each of these contractors, and have a little conversation to see how they are more hungry than they were a few months ago," he told analysts and journalists during a conference call Monday.
The Petro-Canada in the joint venture is 60 percent, those of Teck and UTS to 20 percent each. The three companies have recently announced that the costs of the project, originally $ 14 billion, had increased sharply.
So far, three companies have spent $ 1.7 billion project at Fort Hills. They had previously to an announcement before the end of this year, but now say they expect to do so in 2009, at least in regard to the mine.
Mr. Camarta said that the reasons for it should seem obvious.
"The current cost of Fort Hills were set this summer. Since then, oil prices have fallen. We face great uncertainty in the financial markets," he said, while the price of a barrel of crude was less than U.S. $ 67 on the Exchange of raw New York (NYMEX).
"The good news is that we can benefit from the easing of the market for sharpening our pencils and lower costs. This is a huge undertaking, and we must take a little longer to do things "Camarta said.
At the Toronto Stock Exchange, Monday, the stock price of Petro-Canada finished the day at $ 23.95, down $ 1.83 from its previous closing rate. Titles Teck Cominco and UTS Energy have also closed at $ 6.64 and 80 cents, up 29 cents and 11 cents lower, respectively.
The three partners also decided to postpone the time for the construction of a factory recovery to reduce the risks related to overall costs of the project.
Petro-Canada, UTS Energy (TSX: UTS) and Teck Cominco (TSX: TCK.B) will review each contract procurement and construction in order to reduce project costs, which currently reach nearly $ 24 billion, said Neil Camarta, senior vice president for oil sands Petro-Canada.
"We will review each of these suppliers, each of these contractors, and have a little conversation to see how they are more hungry than they were a few months ago," he told analysts and journalists during a conference call Monday.
The Petro-Canada in the joint venture is 60 percent, those of Teck and UTS to 20 percent each. The three companies have recently announced that the costs of the project, originally $ 14 billion, had increased sharply.
So far, three companies have spent $ 1.7 billion project at Fort Hills. They had previously to an announcement before the end of this year, but now say they expect to do so in 2009, at least in regard to the mine.
Mr. Camarta said that the reasons for it should seem obvious.
"The current cost of Fort Hills were set this summer. Since then, oil prices have fallen. We face great uncertainty in the financial markets," he said, while the price of a barrel of crude was less than U.S. $ 67 on the Exchange of raw New York (NYMEX).
"The good news is that we can benefit from the easing of the market for sharpening our pencils and lower costs. This is a huge undertaking, and we must take a little longer to do things "Camarta said.
At the Toronto Stock Exchange, Monday, the stock price of Petro-Canada finished the day at $ 23.95, down $ 1.83 from its previous closing rate. Titles Teck Cominco and UTS Energy have also closed at $ 6.64 and 80 cents, up 29 cents and 11 cents lower, respectively.
An impact at Desjardins
The global financial crisis has had an impact on the results of the Mouvement Desjardins in the third quarter, so that its members should expect a lower rebate in 2008.
The surplus before dividends for the period from 1 July to 30 September have indeed suffered a decline of almost 40% compared to 2007. The total income of Desjardins Group also decreased by over 15% and has dropped below two billion dollars.
Desjardins has had to deal particularly with a further devaluation of $ 94 million of its commercial paper backed by assets. Other asset-backed securities, in the segment and Enterprise, saw their value drop from 78 million in total.
The insurance and individuals have also contributed much less to excess Desjardins. The many extreme weather events have hurt the sector damage, including the surplus was $ 25 million, compared to 45 million in the third quarter of 2007.
The fall of markets has affected the securities industry, asset management and venture capital Desjardins, which showed a net loss of $ 7 million.
As against the network of Caisses Desjardins posted a surplus of 212 million in the third quarter, up 10%.
The president and CEO of the Mouvement Desjardins has talked a good record, given the context, both in terms of capitalization as the loan portfolio. A spokesman for Desjardins, André Chapleau, said it was important for the institution to maintain or increase its level of capitalization.
Mr. Chapleau agreed as a reserve for rebates of $ 304 million for the first nine months of 2008, compared to 415 million in 2007, Desjardins members should expect to receive a little less money to end of the fiscal year.
The surplus before dividends for the period from 1 July to 30 September have indeed suffered a decline of almost 40% compared to 2007. The total income of Desjardins Group also decreased by over 15% and has dropped below two billion dollars.
Desjardins has had to deal particularly with a further devaluation of $ 94 million of its commercial paper backed by assets. Other asset-backed securities, in the segment and Enterprise, saw their value drop from 78 million in total.
The insurance and individuals have also contributed much less to excess Desjardins. The many extreme weather events have hurt the sector damage, including the surplus was $ 25 million, compared to 45 million in the third quarter of 2007.
The fall of markets has affected the securities industry, asset management and venture capital Desjardins, which showed a net loss of $ 7 million.
As against the network of Caisses Desjardins posted a surplus of 212 million in the third quarter, up 10%.
The president and CEO of the Mouvement Desjardins has talked a good record, given the context, both in terms of capitalization as the loan portfolio. A spokesman for Desjardins, André Chapleau, said it was important for the institution to maintain or increase its level of capitalization.
Mr. Chapleau agreed as a reserve for rebates of $ 304 million for the first nine months of 2008, compared to 415 million in 2007, Desjardins members should expect to receive a little less money to end of the fiscal year.
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