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Rabu, 27 November 2019

Like the Queen selling Buckingham Palace to Airbnb: Why some experts are dismayed at sale of dot-org registry - CBC.ca

The sale of the dot.org domain to an investment firm is stoking fears around platform access and rising costs for the non-profits that primarily rely on the system, according to the leader of the Save DotOrg campaign. 

"It's really disappointing to see it being sold off to a private equity firm," said Jacob Malthouse, former vice president of the Internet Corporation for Assigned Names and Numbers (ICANN), which coordinates the domain name system.

"For me, dot-org has really come to represent the online conscience of the internet … a symbol of doing good, doing better, aspiring for something."

When ICANN awarded control of dot-org in 2002 to the Internet Society — an organization founded to provide leadership in internet-related standards and access — Malthouse said they "claimed that they were going to steward it on behalf of non-profits, and in the interests of non-profits." 

But earlier this month, the Internet Society announced it had been approached by private equity firm Ethos Capital, and had agreed to sell dot-org for an undisclosed sum.

Jacob Malthouse said he sees the dot-org domain as the online conscience of the internet. (Lisa Johnson/CBC)

The agreed sale is due to be finalized early next year. The Internet Society says it will use proceeds to focus on its core work of getting more people connected to the internet worldwide.

"Imagine the Queen waking up one morning and telling everyone she'd sold off Buckingham Palace to Airbnb, but you know, it's fine because the monarchy is going to make a whole bunch of money," Malthouse told The Current's Laura Lynch.

Ethos was set up six months ago, but is headed by people who have been in the field for a long time. Investors include funds related to Republican politicians Mitt Romney and the late Ross Perot. 

The sale has been condemned by many within the industry, including the Netherlands chapter of the Internet Society. On Wednesday, Malthouse tweeted that more than 9,000 people had used the Save DotOrg campaign website to send letters calling for the sale to be stopped.

He wants the Internet Society to suspend the sale, and hold a global consultation on the future of dot-org.

"Don't just sell it to a private equity firm — stand up and ask the question to all the non-profits around the world who rely on this infrastructure: 'What should we do?'"

Fears over pricing and access

Earlier this year, ICANN agreed to a new contract for how domains like dot-org are managed, which included removing price caps on what can be charged.

An individual address costs between $10-$20 annually, but Charlie Cray, political and business strategist at Greenpeace, said increased fees could make a big difference to smaller non-profits.

"We have many allies in a movement that is largely grass roots, in its reach and in its size," he told The Current.

Ethos Capital has issued a statement saying it is committed to keeping dot-org accessible and reasonably priced — but Malthouse is worried about what happens after the registry moves into private ownership.

"Ethos can turn around and flip this to somebody else within a couple of months," he said.

Greenpeace activists chained themselves to a fence in protest of the Trans Mountain pipeline expansion in 2013. If ownership of dot-org websites changes, some experts worry a protest like this in an authoritarian country could mean Greenpeace's website is taken down. (CBC)

Cray said organizations who use "tactics like non-violent, direct civil disobedience protests" could become vulnerable to crackdowns from authoritarian regimes.

"Conceivably, there might be countries where non-violent public protesting is illegal," he said.

"A government in such a circumstance might petition the company and say: 'This is an organization that regularly breaks the law, and you shouldn't allow them to be registered on the internet.'"

CEO says deal 'good for everyone'

Andrew Sullivan, president and CEO of the Internet Society, which is selling control of dot-org, says the organization has no special responsibility to non-profits.

"The basic idea that the dot-org TLD [top-level domain] is better for the non-profit world because it is owned by the Internet Society is not really in any of the agreements — it's not really in any of the history," he said.

He says the Internet Society exists to build, promote and defend the internet, and to get more people online globally.  

That work has been funded with proceeds from dot-org sites, which generated over $90 million in both 2017 and 2018, of which Sullivan said the Internet Society receives roughly half. 

We concluded that this transaction was in the interests of the people who are registered in dot-org ... and also it's good for the growth of the Internet. - Andrew Sullivan, CEO of the Internet Society

But that has also meant overseeing the administration of those fees, which is "not really our core business," he says.

He said the Internet Society was approached by Ethos Capital, who wanted to buy and "invest in this top-level domain for the benefit of their customers."

At the same time, the Internet Society would "receive a significant amount of money," which would allow them to focus on "connecting three billion people around the world who can't afford internet access at all."

"We concluded that this transaction was in the interests of the people who are registered in dot-org ... and also it's good for the growth of the Internet," he told Lynch.

"We thought it was good for everyone."


Written by Padraig Moran. Produced by Julie Crysler. 



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November 28, 2019 at 04:43AM

Black Friday "Deals" That Are HUGE Wastes of Money - The Motley Fool

In this episode we're talking about Black Friday and whether the shopping day is actually a good thing for consumers and stores, and which items you should be wary of buying at places like WalMart, Target, and Best Buy on America's biggest shopping day of the year.

Last year, Black Friday was the biggest day of retail sales in the U.S., with consumers spending 121% more than they do on an average day.

Clothing in particular is in demand on Black Friday, with sales jumping 246% higher than on an average day of spending.

But over the years, the importance of Black Friday has shifted a bit, as more retailers have started to offer deals much earlier in the shopping season than before.

Which is why it's helpful to take a look at sales from all of November and December to get a better picture of just how big the U.S. holiday shopping season is.

This year, the National Retail Federation estimates that holiday retail sales during these two months will be about $729 billion, which is an increase of about 4% from 2018.

When you break that down by individual consumer spending, the average U.S. consumer will spend about $1,047 this holiday season.

With all of this spending being spread out over two months, the importance of Black Friday has faded a little.

And not all stores benefit from the massive shopping day. Smaller malls that have lost some of the bigger anchor stores and don't get a lot of foot traffic to begin with, probably won't see a huge boost from Black Friday shopping.

And the data suggests that Black Friday may not be all that it's cracked up to be for consumers either.

Nearly 48 million Americans are still paying credit card debt from last year's holiday shopping season.

Unfortunately, more than 60% of U.S. shoppers have already felt pressure to overspend on gifts and travel this year.

Cutting off all holiday gift buying may be too drastic for many Americans, but there a few items and Black Friday sales that you should wary of.

The first one is toys. Generally speaking, toys go on sale closer to Christmas day, rather than earlier. So if you see Black Friday deals for some of this year's hottest toys, it may not be the best deal you can get this holiday season.

TVs are also a popular item for Black Friday, but many times the models being sold are either older or not name brand. These TVs may be of lower quality than you expect. So if you find a Black Friday TV deal from a brand you've never heard of, keep in mind might not be a purchase you'll be happy with a year from now.

Additionally, if you're looking to buy a new gaming console, you may want to wait. New versions of Sony's PlayStation and Microsoft's Xbox are coming out later next year. You may be able to get a good deal on current versions now, but just know that a newer one is right around the corner.

Finally, any deal where you have to submit a mail-in rebate may be a good one to skip. It's easy to forget to submit your rebate, especially during the holidays, which means you may end up paying full price for something, when you thought you were getting a good deal.

As you shop this holiday season, remember that setting a budget and sticking to it is one of the best ways to keep yourself from overspending.

Also, do your homework to make sure that any deal you think you're getting is in fact a good deal. Do some basic comparison shopping and don't be sucked in by a low price tag.

Finally, remember that it's easy to get caught up in all of the shopping and forget that spending too much money this holiday season will likely just add to your credit card balance, without adding much to your overall happiness.

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November 28, 2019 at 12:36AM

Hudson’s Bay Co takeover battle heats up as Catalyst tops Richard Baker’s $1.9 billion bid - Financial Post

The struggle for Hudson’s Bay Co. escalated on Wednesday after Catalyst Capital Group Inc. announced intentions to buy the department store chain for $11 a share, outdoing a bid from HBC chairman Richard Baker and his group of investors.

The two sides traded public barbs throughout the day, with Baker’s group dismissing the Catalyst offer as “highly conditional” and accusing the private equity firm of attempting to mislead shareholders. Catalyst responded by claiming Baker’s group had achieved “the height of shareholder abuse.”

A special committee, struck by the HBC board of directors to analyze the Baker group offer, said Wednesday that it is now also reviewing the Catalyst offer with its independent legal and financial advisors “to determine the course of action that is in the best interests of HBC and its minority shareholders.”

“There can be no assurances that any transaction with Catalyst will occur,” the committee said in a statement.

Baker’s offer of $10.30 per share is still scheduled to be put to a shareholder vote on Dec. 17. Though it already has the board’s blessing, the Baker group needs approval from a majority of the minority shareholders for the deal to go through. But Catalyst, which says it has enough support to block the deal, wrote in a letter Wednesday that it believes the special committee can conclude, and announce, that the $11-per-share offer is a “superior proposal” in the 21 days before the vote.

Baker’s group of investors — with a 57 per cent total stake in HBC — have said they will not support competing bids, stressing in a note to shareholders earlier this week that they were “buyers, not sellers.”

In a statement, Baker’s group took aim at Catalyst’s reluctance to identify its specific sources of financing. Catalyst said it will rely mostly on “large international financial institutions” to come up with the roughly $3.5 billion it says is needed for the takeover. A source close to Catalyst said the firm can’t name those financial institutions because it hasn’t yet received approval to do so.

“We believe Catalyst’s ‘offer’ is in fact a highly conditional, non-binding and non-executable proposal that is not supported by fully committed financing, and is intended to mislead HBC shareholders,” the Baker group said. “We are confident that HBC shareholders recognize that our all-cash, fully financed premium offer of $10.30 per share provides them with immediate and certain value in a highly uncertain retail environment.”

Catalyst spokesman Dan Gagnier said because there wasn’t an open bidding process, Catalyst had to make its offer conditional on customary due diligence.

“They de facto ensured that any bidder would require a condition of some confirmatory due diligence,” Gagnier said in an email. “To then complain that their rigged process resulted in anything other than a ‘conditional bid’ and then frighten them (shareholders) to accept the ‘certainty’ of $10.30 is not only representative of coercive behavior and self interest, but the height of shareholder abuse.”

Catalyst, HBC’s largest minority shareholder with roughly 17.48 per cent of outstanding common shares, is part of a group of activist shareholders that have dogged Baker throughout his group’s attempt to take HBC private, accusing them of undervaluing the retailers’ real estate holdings. On Wednesday, Catalyst invited other shareholders to join its offer as co-equity sponsors.

Land and Buildings Investment Management LLC, a prominent minority shareholder and longtime Baker critic, said it was considering taking Catalyst up on its invitation.

“We continue to believe that the offer from the Richard Baker Group woefully undervalues Hudson’s Bay and its real estate,” Jonathan Litt, Land and Buildings founder, said in a statement. “Land & Buildings is interested in financially participating in this transaction with Catalyst should it move forward.”

A TD Securities fairness opinion, commissioned by a special committee of the board of directors tasked with analyzing the Baker group deal, put the value of HBC real estate at $8.75 per share, well below previous company estimates in the range of $28 to $35 per share. Last week, the special committee released independent appraisals on each of HBC’s 79 properties — most notably the company’s Saks Fifth Avenue flagship department store in Manhattan, which saw its valuation fall from $4.8 billion in 2014 to $2.1 billion this year.

“It has been a revelation to us how far Richard Baker will go to acquire this iconic company for as cheaply as possible, without putting up a penny of his own money,” Catalyst managing director Gabriel de Alba said in a statement Wednesday. “Last year insiders disclosed a value of $28 per share for the real estate and now they want us to believe that over $2.5 billion of value has conveniently and suddenly disappeared.”

Catalyst said it has filed a complaint with the Ontario Securities Commission, accusing the Baker group of putting forward “a coercive offer through a non-arm’s length process that sought to preclude alternative bidders.” The OSC declined to comment on Wednesday morning.

“If this type of transaction and conduct is condoned,” Catalyst said, “it would serve to undermine confidence in the fairness and integrity of the capital markets overall.”

• Email: jedmiston@nationalpost.com | Twitter:



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November 28, 2019 at 06:09AM

TransLink texts falsely tell riders buses not operating hours after deal reached - CityNews Vancouver

VANCOUVER (NEWS 1130) – Did someone forget to tell TransLink that a strike involving bus and SeaBus workers wasn’t going ahead?

That’s what it almost seemed like early Wednesday morning when, hours after the strike was averted with a last-minute deal between Unifor and Coast Mountain Bus Company, the transit authority’s Next Bus SMS service was telling transit users that buses weren’t operating.

The free service allows riders to find out when their bus is coming by texting 33333 with the bus stop number and bus route number. Instead of getting bus times, riders got a text that read, “Buses are not operating today (Nov. 27, 28 and 29) due to job action.”

Some transit users noticed the mistake, prompting some confusion as they tweeted TransLink to ask whether buses were actually running and when the Next Bus SMS service would once again provide bus information.

Without saying why exactly the texts were sending false information, TransLink said it was working to “restore full functionality of the texting service” and by 6:30 a.m., after several hours of incorrect texts, the Next Bus SMS service was once again providing bus information.

Unifor — which represents bus drivers, SeaBus operators, and maintenance workers — and Coast Mountain Bus Company reached the tentative agreement at 12:30 a.m. on Wednesday, avoiding a three-day shutdown of buses and SeaBuses and ending job action that began at the start of the month with a uniform and overtime ban by some workers.



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November 27, 2019 at 10:38PM

Catalyst makes rival takeover offer for Hudson’s Bay Co. - 680 News

Catalyst Capital Group Inc. is making a rival takeover offer for Hudson’s Bay Co.

The investment firm is offering $11 per share in cash, topping an offer of $10.30 made by a group of investors led by HBC executive chairman Richard Baker.

Catalyst already holds a roughly 17.5 per cent stake in HBC and has said it plans to vote against the offer by the group led by Baker.

Gabriel de Alba, managing director and partner of Catalyst, says the firm’s offer is independently financed, superior in both value and treatment of shareholders and can be completed in a timely manner.

In making its proposal, Catalyst also filed a complaint with the Ontario Securities Commission regarding the Baker group bid.

It alleges the insider issuer offer is the result of a flawed process and asked the regulator to examine the proposal and take appropriate action.



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November 27, 2019 at 09:10PM

Ski-Doo maker BRP 'unstoppable' as value eclipses Bombardier - BNNBloomberg.ca

BRP Inc. jumped after it raised its full year profit and sales forecast, adding more fuel to a rally that has made the Ski-Doo maker more valuable than its struggling former parent, Bombardier Inc.

Shares of the power-sports vehicle maker jumped as much as 7.5 per cent in Toronto at 10:09 a.m. in Toronto, taking gains to 81 per cent this year for a market value of $5.7 billion. That’s more than the $5-billion value of Bombardier, which BRP was spun out from in 2003 before being listed in 2013.

BRP, which also makes Sea-Doos and all-terrain vehicles, has become an “unstoppable” force with its solid third-quarter results and 2020 outlook, said Desjardins analyst Benoit Poirier.

The Valcourt, Quebec-based company said full year revenue will rise by 12 per cent to 14 per cent amid robust retail growth. It had previously guided a 10 per cent to 13 per cent gain. BRP also lifted the lower end of its normalized earnings-per-share forecast to $3.70 from $3.65 and kept the higher end of that range at $3.80. Third-quarter profits and sales came in above the highest analyst estimates.

“Despite its recent price performance, we still see potential upside for the stock at current levels given the robust retail sales growth across all markets globally, which should support favorable earnings revisions,” Poirier said. He has a buy rating on the stock.

“Our industry is performing well globally, and we continue to outpace it with double digit growth,” José Boisjoli, chief executive officer, said in a statement Wednesday. “Our efforts are paying off and we don’t intend to ease up.”

Embedded Image

--With assistance from Sandrine Rastello.



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November 27, 2019 at 10:26PM

Black Friday Sales In Canada For All Of Your Holiday Shopping Needs | HuffPost Life - HuffPost Canada

Canadians, the most crowd-trampling, hanger-grabbing, and wallet-emptying time of the year is upon us once again.

It’s easy to feel overwhelmed by the Black Friday and Cyber Monday deals running rampant on our social media feeds, but don’t despair! Whether you’re a discount enthusiast or just someone who likes to judge the rest of us greedy consumers for shopping for the holidays, we’ve found great deals out there for Canadians to keep track of. Buying local can be a breeze too; look out for the maple leaf emoji ( 🍁) beside the names of Canadian retailers.

These are our picks for what’s worth buying on Black Friday and Cyber Monday. Check back often, as we’ll be updating this list with deals as they are announced.

Looking to save even more? Cashback programs like Rakuten will be boosting rewards for buyers who use their affiliates for Black Friday.



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November 27, 2019 at 05:05AM

Metro Vancouver bus service shutdown averted, tentative deal reached - CBC.ca

A tentative deal was reached between the union representing thousands of transit workers and Coast Mountain Bus Company, narrowly averting a complete suspension of bus service in Metro Vancouver.

The deal was reached just before 12:30 a.m. PT after the deadline was extended by the union.

"This has been one heck of a day," said Jerry Dias, Unifor's national president. "But I'm here to announce that we have a tentative agreement with TransLink." Coast Mountain Bus is a subsidiary of TransLink, the company responsible for public transit in Metro Vancouver.

Unifor said details of the agreement will be made available following ratification votes happening in the coming days.

TransLink bus drivers have not been wearing their Coast Mountain Bus Company uniforms as part of their job action. (Ben Nelms/CBC)

Unionized workers had pledged to walk off the job on Wednesday, Thursday and Friday if a deal was not reached by midnight. The strike would have shut down the bus system across the region, leaving about 350,000 passengers and commuters scrambling for other forms of transportation.

"As a result of this agreement, our employees will benefit from a competitive package which features improved wages, benefits, and working conditions," said Michael McDaniel, the president of Coast Mountain Bus Company, in a statement. 

Transit staff first launched job action on Nov. 1. The key issues at the heart of the dispute with the bus company were wages and working conditions. 

Unifor had said the salaries of their employees weren't comparable to salaries in other major cities.

Although a system-wide shutdown has been averted, TransLink is still warning customers to expect delays as staff work to resume regular service. In a tweet the transit corporation asked commuters to prepare for longer than usual wait times. 



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November 27, 2019 at 03:31PM

B.C. budget surplus projection continues to shrink - Vancouver Sun

B.C.'s projected budget surplus has shrunk again as the province grapples with a collapsing forestry sector, a retail sales drop and losses at ICBC

B.C. Finance Minister Carole James delivers the province's second quarter financial update on Tuesday in Victoria. Don Craig / Province of British Columbia

VICTORIA — B.C.’s finance minister continues to hang to a shrinking budgetary surplus amid slumping retail sales, a collapsing forestry sector and worsening losses at the Insurance Corporation of B.C.

Carole James lowered the projected budget surplus to $148 million during her second-quarter financial update Tuesday. That’s a $31-million drop from September’s first-quarter figures, and a larger correction from the $274-million surplus projected in February’s 2019-20 budget.

Nonetheless, James promised to hold course on her plans to balance the books by looking for more savings within ICBC and continuing cutbacks to discretionary spending within government.

James still has a $550-million contingency fund and a $500-million forecast allowance, according to Tuesday’s figures. That gives her roughly $1 billion in emergency financial wiggle room for the last half of the fiscal year, ending March 31, 2020.

“People can look at our budget and see those levels of prudence built in, and they can see those funds there for the risks that are there,” said James.

Opposition Liberal critic Shirley Bond said the NDP continues to be reliant on taxes to keep its budget balanced while economic growth slows.

“John Horgan’s government has no more money to pay for the billions of dollars of promises they made like $10-a-day child care, the $400 renter’s rebate and the elimination of school portables, these are all broken NDP promises,” Bond said in a statement.

The largest risk to the budget remains ICBC, which lost a court case to limit the use of medical experts last month and Attorney General David Eby has said will need to take a $400 to $500 million hit this fiscal year.

B.C. Attorney General David Eby. Chad Hipolito / THE CANADIAN PRESS FILES

The negative impact is not reflected in the thinner $148-million surplus because James said ICBC is still trying to figure out its exact losses.

“ICBC is looking at options to be able to mitigate the court decision,” said James.

“So until we get that information in, until we take a look at what savings they may project from a different direction or another direction, we won’t be able to account for how much that’s going to take out of the budget.”

Emptying the contingency or forecast allowance to cover a half-billion dollar loss would be “the worst-case scenario,” admitted James.

ICBC has lost almost $2.5 billion over the past two years due to rising claims costs and legal fees. The corporation was projected to lose $50 million this year, but James said Tuesday that historic claims have escalated losses to $91 million.

Premier John Horgan has brushed off any suggestion his government would run a deficit budget if financial pressures continue to mount, thereby giving him fiscal room to fund some of his election promises.

James acknowledged Tuesday she’s heard some calls for change to her balanced-budget approach, but has rejected them entirely.

“The job is to manage the economy well for the people of British Columbia, to make sure you are spending within your means, that you are balancing the budget, that you are providing that support,” she said.

James said she’s “very pleased” with savings found from discretionary cutbacks to travel, contract staff and other discretionary spending within ministries, and expects those cuts to continue.

A slight bump in income tax revenues and refundable tax credits offset some of the losses.

But several months of forestry mill closures, and almost 4,000 jobs lost in the sector, have hit the budget in the form of an 11-per-cent drop in forestry revenue worth $133 million. James said she’s “concerned” at the downturn.

Tuesday’s financial documents also showed provincial sales tax revenue is down $49 million due to slow retail sales on building supplies, new appliances and vehicles.

B.C.’s cannabis sales targets have also missed their mark in the first year of legal sales, with $18 million less revenue than projections due to the slow rate of stores opening and fewer sales.

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November 27, 2019 at 05:29AM

Surprise Crude Build Disappoints Oil Bulls - OilPrice.com

The American Petroleum Institute (API) has estimated a crude oil inventory build of 3.639 million barrels for the week ending November 21, compared to analyst expectations of a 418,000-barrel draw in inventory.

Last week saw a build in crude oil inventories of 5.954 million barrels, according to API data. The EIA’s estimates, however, reported a build of 1.4-million barrels for that week.

After today’s inventory move, the net draw has swung into build territory for the year, standing at 830,000 barrels for the 48-week reporting period so far, using API data.

Oil prices were trading up on Tuesday prior to the data release on trade talk hopes for China and the United States surfaced again on Tuesday, with negotiators for both sides conversing today by phone. Still, no tangible progress has been made.

At 2:48pm EST, WTI was trading up $0.24 (+0.41%) at $58.28—roughly $2.50 per barrel above last week’s prices. Brent was trading up $0.36 (+0.57%) at $62.98, up almost $2 a barrel from last week.  

The API this week reported a build of 4.378 million barrels of gasoline for week ending November 21, compared to analyst expectations of a smaller build in gasoline inventories of 1.222-million barrels for the week.

Distillate inventories saw a draw of 665,000 barrels for the week, while Cushing inventories fell by 516,000 barrels.

US crude oil production as estimated by the Energy Information Administration showed that production for the week ending November 15 stayed at the most recent high of 12.8 million bpd for a second week in a row.

At 4:42pm EDT, WTI was trading at $58.36, while Brent was trading at $63.14.

By Julianne Geiger for Oilprice.com

More Top Reads from Oilprice.com:



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November 27, 2019 at 04:50AM

Selasa, 26 November 2019

CN strike is over, but experts warn supply chain could be off-track for weeks - Global News

The strike at Canada’s largest rail network may be over, but it will take days or weeks before the supply chain gets back on track, industry leaders say.

CN Rail and the union representing workers reached a tentative agreement on Tuesday, one week after failed negotiations sent more than 3,000 employees to picket lines across the country.

Normal operations at CN Rail are set to resume Wednesday morning, but for industries impacted by the week-long halt, it’s not that easy.

Marc Garneau speaks on rail strike: ‘CN is very aware of their customers needs’
Marc Garneau speaks on rail strike: ‘CN is very aware of their customers needs’

“It’s not like when your lights go out and then all of a sudden power is restored and things in your house go back to normal,” Chemical Industry Association CEO Bob Masterson told Global News.

“When you think of this large, national railway system and all the companies involved, the process to get everyone restored to where they were before the strike happened, that’ll be weeks of work.”

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CN Rail and workers’ union reach tentative deal after week-long strike
CN Rail and workers’ union reach tentative deal after week-long strike

READ MORE: 5 things to know about Canada’s rail industry

The Nov. 19 strike action brought trains across the country to a standstill, disrupting a key export and import artery for goods and commodities.

As the days dragged on, pressure mounted on industries that rely predominately on rail shipping.

Agriculture official says they’re ‘extremely pleased’ CN strike over
Agriculture official says they’re ‘extremely pleased’ CN strike over

Propane was one of the first supplies to wane. At one point, Quebec signalled it was on the brink of a propane shortage “emergency.”

And it’s not over yet, according to Canadian Propane Association CEO Nathalie St-Pierre. She said it could be a couple of more weeks, “if not a month,” before things get back to normal.

“Supply [of propane] is almost non-existent. We’re still under a lot of pressure to provide,” she said.

The shortage dealt another blow to grain farmers still recovering from a difficult growing season who have been unable to dry crops, let alone heat rural homes, barns and greenhouses.

Once rail service resumes, the commodities CN chooses to prioritize will determine how quickly farmers get back on their feet, said Keith Currie, president of the Ontario Federation of Agriculture.

Peterborough farmers feel the pinch of CN Rail strike
Peterborough farmers feel the pinch of CN Rail strike

“I’m assuming they’re going to take a look at where the essential needs are right away and make sure that’s moving, such as remote areas that may need propane,” he said.

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“Certainly, human health and safety are going to be first and foremost in this.”

Even then, the backup of shipments triggered by the strike will make getting back to the status quo tricky.

In the lead up to the strike, cars and containers have were moved to industrial sites across the country.

“Those are now all full,” said Masterson.

“We’ve got to get them to the customers. They’ve got to be emptied, and then we’ve got to get some empty cars back and only then would we be back to a normal state of affairs.”

READ MORE: Union releases recording of tired CN Rail conductor

The forest industry did not go unscathed. There are days to go before normal processes resume, but the loss is already being felt, said Joel Neuheimer, vice-president of transportation for Forest Products Association of Canada.

“Tens of millions have been lost across our sector, and that’s just the forest sector in Canada, that’s just pulp and paper and solid wood manufacturers,” he told Global News.

“On top of that, you’ve got all the harm it does to our reputation for not being able to get our markets to the global marketplace in a timely fashion.”

Agriculture official says CN strike did ‘inflict pain’ on farmers, will take time to address backlog
Agriculture official says CN strike did ‘inflict pain’ on farmers, will take time to address backlog

Neuheimer said the industry is bracing for several more days of operating at reduced capacities before backlogs can be cleared. An ongoing truck driver shortage further compounded issues for forestry during the strike and won’t be able to supplement the industry in the meantime.

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“This is a good example of how fragile the supply chain is in Canada.

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“In a number of cases, there are rural or remote parts of Canada that are only served by one railway and the next closest railway is hundreds of kilometres away. It shows the vulnerability of when one of them goes down. We’re about to see how resilient the system is after being off for a week.”

Masterson echoed those concerns. He said 80 per cent of chemical shipping in Canada is done by rail.

CN Rail and union reach tentative agreement after week-long strike
CN Rail and union reach tentative agreement after week-long strike

As the world pushes for greener and efficient transportation, he said, “more goods are moving by rail than they used to.”

“One of the questions I think we have to ask ourselves is, do we want this to happen again?” Masterson said.

“This is such an important, essential service to public safety and the economy. Is this really how we want to operate in the future? I think that’s something the government is going to have to look at.”

© 2019 Global News, a division of Corus Entertainment Inc.



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November 27, 2019 at 03:45AM

Transit strike talks continue with looming midnight deadline - CityNews Vancouver

VANCOUVER (NEWS 1130) – Last minute contract talks continue as transit workers across Metro Vancouver prepare to walk out for three days, starting early Wednesday morning. And with a full shutdown of bus service looming, both sides are still far apart on key issues, including working conditions and wages.

National Unifor President Jerry Dias has been at the bargaining table in a Vancouver hotel.


“[The] whole objective for me being here and our complete leadership team being here is we want a settlement,” he said on Tuesday afternoon. “There’s no other group of workers in any other sector that don’t have proper bathroom breaks, that will make $2.85 an hour less than a person doing the same job as them in Toronto. That just doesn’t make any sense.”

He says Coast Mountain Bus Company negotiators are falsely claiming workers now have guaranteed breaks.

“The time that they’re using to check the bus to see if people have left any items on the bus — that, somehow, that’s considered a break time. Ridership has gone up 18 per cent in the last two years, so people have less opportunities for breaks and, respectfully, if I’m driving a bus all day long, I want well-rested drivers that have had proper breaks.”

Earlier in the day, Dias met briefly with TransLink CEO Kevin Desmond, who is refusing to bargain in public.

“All I have to say is I appreciated meeting Mr. Dias. We had a good initial conversation,” Desmond said after the meeting.

It’s not clear if the system-wide shutdown of bus and SeaBus service will go ahead, even if progress is made before the midnight deadline.



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November 27, 2019 at 05:34AM

B.C.'s $830M in fossil fuel subsidies undermines efforts to fight climate crisis, report says - CBC.ca

The British Columbia government gives hundreds of millions of dollars annually in subsidies for fossil fuels, including an estimated $830 million in the 2017-18 fiscal year, a new report says.

Most of the money goes to fossil fuel producers rather than consumers, says the report released Monday by the International Institute for Sustainable Development, an environmental think-tank.

The subsidies include royalty reductions, provincial tax exemptions and direct investments, undermining B.C.'s action on climate change including its long-standing carbon tax, says co-author Vanessa Corkal.

"If you have a boat and you're trying to use the carbon price to bail water out of the boat, fossil fuel subsidies are kind of like the leak in that boat," she said in an interview.

"As long as you're funnelling money to an industry that is going to increase use and production of fossil fuels, a carbon price is only going to do so much."

Major portion of subsidies come from royalty reductions

The report says oil and gas companies are required to pay royalties meant to provide benefits to B.C. residents, including helping fund health care and education.

But every year, it says companies claim credits to reduce the royalties they pay. The report estimates B.C. has amassed at least $2.6 to $3.1 billion in outstanding royalty credits.

While a large portion of tax exemptions go to fossil fuel consumers, that doesn't just mean average residents trying to heat their homes. Airlines, cruise ship companies and the agriculture sector also benefit.

B.C. Energy Minister Michelle Mungall said in a statement that a number of provincial initiatives have been "inaccurately characterized" in the report, though she didn't specify which ones.

B.C. Energy Minister Michelle Mungall. (Mike McArthur/CBC)

She says the CleanBC plan to fight climate change includes a program for industry that will reduce emissions by 2.5 million tonnes of CO2 equivalent per year by 2030.

"We regularly review royalty programs. Our government will keep working hard to keep B.C. on the path to a cleaner, better future that creates opportunities for all," she said.

The report notes the B.C. NDP government has committed to progressive hikes of the carbon tax, but at the same time has introduced or entrenched fossil fuel subsidies in recent years.

The mining exploration tax credit, which helps to subsidize coal, was made permanent in 2019, the report says. Coal exploration increased by 58 per cent the previous year, it says.

B.C. also still exempts emissions from the carbon tax for controlled venting, or the releasing of gases into the air from natural gas operations, according to the report. 

LNG subsidies at odds with climate goals, report says

The government has also established new subsidies and increased access to existing ones for the liquefied natural gas sector, the report says. This year the province signed an agreement with LNG Canada, a joint-venture group formed to build a major liquefied natural gas project in northern B.C.

In the agreement, the province committed to provide electricity at the standard industrial rate, eliminate the LNG income tax, allow LNG Canada to claim a natural gas income tax credit and defer provincial sales tax on construction costs.

This year the province signed an agreement with LNG Canada to build a major liquefied natural gas project in northern B.C., in which it agrees to eliminate the LNG income tax, allow LNG Canada to claim a natural gas income tax credit and defer provincial sales tax on construction costs. (The Associated Press)

The report prompted environmental group Stand.earth to call for the province to end subsidies to the oil and gas industry before the next election.

International program director Tzeporah Berman notes B.C. committed $902 million over the next three years to CleanBC, only a little more than the $830 million the report says it gave fossil fuel polluters in 2017-2018.

"We cannot be getting off fossil fuels by handing taxpayer dollars to the biggest polluters to help them pollute," Berman says.



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November 26, 2019 at 09:36PM

Oil Rises on Signs of Trade-Talks Optimism, Key Hub Drop - Bloomberg

[unable to retrieve full-text content]Oil Rises on Signs of Trade-Talks Optimism, Key Hub Drop  BloombergView full coverage on Google News

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November 26, 2019 at 07:00AM

Tentative agreement in CN Rail strike - CityNews

Teamsters Canada says it has reached a tentative agreement with Canadian National Railway Co. to renew the collective agreement for over 3,000 conductors, trainpersons and yard workers.

The union said normal operations at CN will resume Wednesday at 6 a.m. local time across Canada.

Details of the agreement, which must be ratified by union members, were not immediately available.

The workers began their strike, which brought freight trains to a halt across the country, last week.

The federal government had faced mounting pressure to resolve the strike — either through swift mediation, binding arbitration or back-to-work legislation — as premiers and industry voiced concerns about lost profits and a critical propane shortage in Quebec.

However the government said it believed that the quickest way to resolve the dispute would be a negotiated settlement reached at the bargaining table.

The union thanked the prime minister for respecting the workers’ right to strike and acknowledged the help of Labour Minister Filomena Tassi, Transport Minister Marc Garneau and the federal mediation and conciliation service in reaching the deal.

“Previous governments routinely violated workers’ right to strike when it came to the rail industry. This government remained calm and focused on helping parties reach an agreement, and it worked,” Teamsters Canada president Francois Laporte said.

The railway workers had raised worries about long hours, fatigue and what they considered dangerous working conditions.

CN rejected the union’s claim that the strike concerns workplace health and safety, suggesting instead that it revolves around worker compensation.



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November 26, 2019 at 09:45PM

Motor Mouth: The good, the bad and, whoa, the ugly about Tesla's new Cybertruck - Driving

Well that didn’t go quite as planned now, did it? Indeed, I can’t remember a time when the appearance of Elon Musk on a stage elicited so much … sympathy. From the silent gasp that greeted his futuristically-styled lunar rover — best summed up by Credit Suisse’s pronouncement that Ford and General Motors can “breathe a sigh of relief” — to the I-wonder-who’s-going-to-lose-their-job-this-week moment when supposedly bulletproof glass looked, uhm, surprisingly vulnerable, last Thursday’s Cybertruck presentation was — there is no other word for it — cringe-worthy.

Nonetheless, it would be foolhardy to dismiss the Cybertruck importance. It is, after all, a Tesla, meaning that cult members will line up to hand in their US$150 deposits because, well, flamethrowers. And there are, even for a committed skeptic like yours truly, a number of laudable features: I, being a biker, really like the tailgate’s built-in ramp. Here, then, is our by-the-numbers breakdown of Tesla’s claims for its world-changing pick-me-up.

The stainless-steel body

Musk made much of the Cybertruck cold-rolled stainless steel body. As unusual as stainless is in the automotive industry — after all, it’s been 36 years since DeLorean — Tesla can lean on the expertise of Musk’s other (literally) pie-in-the-sky venture, SpaceX, which plans to build its Starship with the tough, corrosion-free material.

The benefits are manifold. Rust, of course, is non-existent, the look is unique, and as designer Franz von Holzhausen illustrated, the exterior should be tough as nails. Incorporating it into a monocoque-like frame helps make up for the fact that stainless is somewhat denser than carbon steel and far heavier than aluminum or carbon fibre. We don’t know how much the Cybertruck will weigh — and judging by its unfinished look, neither does Musk — but if Tesla had decided to combine stainless steel with traditional truck manufacturing processes, it would have been truly tankish.

The downside is that stainless steel is typically tougher to form, which may help explain the Cybertruck’s styling by straightedge. Stainless, despite its reputation for toughness, will also be a little more difficult to keep clean than traditional paint. Oh, the truly meticulous — already accustomed to the five full steps of a Meguiar’s “polish and protect” system — won’t mind the extra care stainless may need, but good ole-fashioned clear-coated is a lot less maintenance free. Musk has suggested some personalization may be available — matte black has been confirmed says Electrek — but stainless steel is difficult to paint, which among other things, is going to make repair problematic.

Besides, rust — the issue that stainless steel is supposed to alleviate — has not been a issue in automobiles for more than two decades. That the Cybertruck is constructed of the same materials SpaceX launches into the stratosphere may make for beguiling presentations, but I suspect it may prove of somewhat questionable practical benefit in a terrestrial-bound truck.

I predict that aerodynamics and avoirdupois are going make those 500 miles an impossible target on the highway

The performance

It’s hard not to be impressed by the numbers Mr. Musk trotted out: 250 miles (400 kilometres) of range in the base model, a whopping 500 miles (800 kilometres) in the all-singing-all-dancing Tri Motor version. The Cybertruck, Musk says, will tow 14,000 pounds and has a maximum payload of 3,500 pounds. Those numbers are, as Tesla fans have gleefully parroted, more F-350 than F-150, an incredible feat for what is supposed to be a light-duty truck.

The problem is that some of the numbers don’t exactly add up. According to the EPA, Tesla’s Model X — less bluff-bodied and certainly lighter than the Cybertruck — gets somewhere in the region of 2.3 to 2.8 miles (3.7 to 4.4 kilometres) of range per kilowatt-hour of lithium-ion.

Even using these optimistic numbers — I suspect that the top-of-the-line Cybertruck will only get about 2.0 to 2.5 miles per kWh — the base Single Motor model will need about 100 kWh of lithium-ions to meet Musk’s predictions and the Tri Motor will require somewhere in the region of 200 kWh to eke out its much-ballyhooed 500 miles. The latter represents — again, even by optimistic standards — at least 800 to 900 kilograms worth of battery. Throw in three motors, inverters and that aforementioned stainless steel body and the Tesla is starting to look pretty darned hefty.

That may not affect the city driving very much — all that weight will need more energy to move, but that may be recoupable in regenerative braking — but I predict that aerodynamics and avoirdupois are going make those 500 miles an impossible target on the highway. And, for the same reason, don’t be surprised if the Tri Motor doesn’t quite meet that 3,500-pound payload target. The top-of-the-line Tesla really is going to be that porky.

Tesla Cybertruck Tesla

The pricing

Musk announced the base Cybertruck will start at US$39,900, about the same price as a Model 3. Even the top-of-the range Tri Motor looks to be a bargain compared with the MSRPs estimated for similarly-spec’ed Rivians. If Musk can deliver, even those put off by the Tonka Toy styling might be enticed into the Tesla fold. Nobody else in the industry would dare put numbers like these forward. That may be because, as we all know, Tesla has a penchant for — let’s just call it like it is — complete fabrication. Quite why anyone still pays any heed to Muskian pricing pronouncements is beyond me.

Even the most rudimentary of accounting of Cybertruck specifications should lead to at least a bit of skepticism. To wit: Currently, the cost of lithium ion batteries ranges somewhere between a high of US$175 a kWh (typically quoted for the cells and the battery pack combined) to a low of $125 (most often estimated for just the individual cell packs alone). Tesla has said it will hit the $100 per kWh mark by 2020, but considering how loosely associated Mr. Musk and fiscal reality are, that’s almost assuredly for cell packs alone. Nonetheless, even using optimistic costing and battery efficiency, you’re looking at US$10,000 batteries in the base model and double that in the 500-mile version.

Another additional cost will be the Cybertruck’s Fancy Dan body. Musk told Space.com that his stainless steel sets him back about US$3 a kilogram. The high-strength carbon steel that other automakers use, meanwhile, costs about a buck. I don’t know how much the Cybertruck’s “Exoskeleton” weighs, but in a business that manages its costs by the penny, an entire body of stainless steel will not come cheap.

This makes the Cybertruck the biggest risk Mr. Musk has taken since Tesla was pumping out little Lotus-based Roadsters

The bottom line

EV proponents are fond of saying that electric vehicles will soon be price competitive with their gas-fueled counterparts, but using any realistic estimates of near-term battery pricing, it’s hard to see how Tesla makes any profit at Musk’s advertised pricing.

Contrast that with the mountains of cash that traditional truck makers generate from pickups. If industry estimates are correct, Ford can manufacture an entire stripped-to-the-bone base F-150 for less than Tesla can produce just the batteries the Tri Motor Cybertruck requires. Thanks to the basic — you can call it archaic if you want — construction of a traditional pickup, a US$40,000 F-150 pumps at least at least $10,000 of profit into Ford’s coffers. And even if the $30,000 that some soothsayers claim GM and Ford make on their US$75,000 High Country and Limited models is a little exaggerated, the fact remains that trucks are the most profitable vehicles in the entire industry.

This makes the Cybertruck the biggest risk Mr. Musk has taken since Tesla was pumping out little Lotus-based Roadsters. If he can’t make a profit on the Cybertruck — and let’s remember Tesla doesn’t have a stellar reputation for profitability — then his penchant poke-me-in-the-eye styling and wishful pricing will be his undoing. The Cybertruck has long been predicted to be a turning point in Tesla’s fortunes. The big question, after last Thursday’s presentation, is whether that’s an up- or a downturn.



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November 26, 2019 at 06:00PM

Canadian convenience store giant Couche-Tard makes $5.8-billion takeover bid for Australia’s Caltex - The Globe and Mail

Alimentation Couche-Tard has made a US$5.8-billion play for Australian company Caltex.

Andrej Ivanov/The Globe and Mail

Canadian convenience store giant Alimentation Couche-Tard is trying to take its biggest bite yet, making a US$5.8-billion play for Caltex Australia Ltd. as it pursues its global expansion.

Laval, Que.-based Couche-Tard offered to pay AU$34.50 in cash per share for Caltex, increasing an earlier proposal of $32 per share that was rejected, Caltex said early Tuesday. The offer is equivalent to roughly $7.8-billion.

Caltex said it was considering the non-binding bid and that talks were at a preliminary stage.

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Couche-Tard, one of the world’s biggest chain of convenience stores, operates under the name Circle K in most places and Couche-Tard in Quebec. The company has been hunting for its next big takeover and many observers expected a deal in the Asia region.

Executives have commented in recent weeks that takeover targets in North America have become expensive. And the company has shown a willingness in the past to step away from deals it finds too pricey.

Today, together with Japanese rival 7-Eleven Holdings, Couche-Tard is among the world’s biggest convenience store players. In 2017, the company finalized its US$4.4-billion takeover of Texas-based CST Brands, its biggest purchase. The company has more than 16,000 stores worldwide.

Alain Bouchard, the executive chairman and founder, has turned Couche-Tard into one of the industry’s leading consolidators in recent years, with several major deals completed. The company has continued to expand its store count and revenue dramatically, doubling in size several times through acquisitions in the United States and Europe.

Couche-Tard last year grew it profit 10 per cent to US$1.8-billion and increased sales 15 per cent to US$59.1-billion. Mr. Bouchard has set a goal to double net earnings again within five years.

Earlier this year, chief executive Brian Hannasch characterized the goal as “ambitious” but achievable. To get there, Couche-Tard has to grow sales of existing stores while making further acquisitions, he said.

“[The goal] is founded on the understanding of the current and future market dynamics, upcoming trends in convenience and fuel as well as our deeply rooted aspirations to improve the customer journey and drive more traffic into our locations,” Mr. Hannasch said.

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The Couche-Tard offer could be complicated by a plan announced by Caltex Monday to launch an initial public offering of a 49-per-cent stake in 250 of its locations.

Caltex gets about 23% of its annual revenue from its convenience and retail operations, with its fuel and infrastructure business making up the rest, according to Bloomberg data.

Couche-Tard later confirmed it made an offer, noting it remains subject to various conditions including Caltex not moving forward with its planned property IPO or any other transactions.

“We believe this is a very compelling offer for Caltex shareholders, representing an excellent premium and certainty of value today,” Mr. Hannasch said in a statement Tuesday. “With Caltex, we see a potential opportunity to leverage our leading global position in the convenience retail market, and we would seek to bring all our operating expertise to bear to help support and grow the Caltex business.”

The CEO noted Couche-Tard wants to buy all of Caltex and not just a piece. He said his team is willing and prepared to engage with Caltex so that the offer can be put to Caltex shareholders “as soon as possible.”

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November 26, 2019 at 11:47AM

Scotiabank's wealth management drive pays off with earnings lift - BNNBloomberg.ca

Bank of Nova Scotia is putting the spotlight on its global wealth-management business for good reason.

The takeovers of Canadian money managers Jarislowsky Fraser Ltd. and MD Financial Management last year contributed to the second-highest quarterly profit from wealth management in five years and the biggest profit growth among the company’s main businesses.

Chief Executive Officer Brian Porter sees so much promise from wealth management that the Toronto-based lender is starting to break out earnings from the business as a separate division this fiscal year.

Key Insights

-The executive heading the business, Glen Gowland, has a target of reaching 15 per cent of overall bank earnings for the division, compared with the 13% achieved in the fourth quarter. Earnings in the wealth business rose 16 per cent to $303 million.

-Scotiabank’s global banking and markets unit had seen year-over-year revenue declines for 10 straight quarters, and had profit growth only once in the past two years before the fourth quarter. The division posted profit of $405 million, down 2.6 per cent from a year ago while revenue rose nine per cent to $1.17 billion.

-Scotiabank has scaled back in the Caribbean and Asia in favor of four Latin American countries, a move not without risks. National Bank Financial analyst Gabriel Dechaine said in an earnings-preview report that issues facing the bank include “civil unrest in Chile, Mexico’s business climate and a political leadership vacuum in Peru.” The international banking division earned $823 million, up 2.4 per cent from a year earlier.

-While Scotiabank has significant operations overseas in Latin America and the Caribbean, most of its profit still comes from its Canadian businesses. Earnings from Canadian banking rose 2.5 per cent to $1.14 billion.

Market Reaction

Scotiabank shares climbed 11 per cent this year through Monday, making it the worst performer among Canada’s large lenders and lagging Canada’s eight-company S&P/TSX Commercial Banks Index, which has gained 15 per cent.

Get More

-Net income for the three months ended Oct. 31 rose 1.6 per cent to $2.31 billion, or $1.73 a share. Adjusted earnings totalled $1.82 a share, matching the average estimate of 13 analysts in a Bloomberg survey.

-Scotiabank is the first major Canadian bank to report fourth-quarter results. The country’s Big Six lenders are expected to post adjusted earnings growth of four per cent for the period, the median of estimates compiled by Bloomberg Intelligence.



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November 26, 2019 at 07:32PM