Kamis, 04 Juli 2019

Toronto home sales up 10% for the month of June, TREB says - CBC.ca

The Toronto Real Estate Board says home sales were up 10.4 per cent in June compared with last year as the market continued a moderate spring rebound.

It says the Greater Toronto Area saw 8,860 sales through the Multiple Listing Service system in the month, up from 8,024 in the same month last year.

The rise in sales, combined with a very slight dip in new listings, helped push the average selling price up three per cent to $832,703.

Sales data for the month falls roughly in line with trends for the first half of the year, which saw sales up 8.5 per cent and the average selling price climb 2.4 per cent.

"Buyers started moving off the sidelines in the spring, as evidenced by strong year-over-year price growth," said TREB chief market analyst Jason Mercer in a statement.

"Because we saw virtually no change in the number of new listings, market conditions tightened and price growth picked up, especially for more higher density home types."

Average condo selling prices have climbed five per cent so far this year, townhouse prices up 2.7 per cent, semi-detatched homes up 4.5 per cent, while detached home prices have dipped 0.8 per cent.

For June, condo prices climbed 5.2 per cent as sales dropped 3.2 per cent, while detached home prices dipped 1.4 per cent as sales rose 18.6 per cent.

New listings for June totalled 15,816, down 0.4 per cent from last year.



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July 04, 2019 at 11:13PM

Thursday's Insider Report: Bruce Linton pockets a multi-million dollar profit from Canopy - The Globe and Mail

Featured below are companies that have experienced recent insider trading activity in the public market through their direct and indirect ownerships, including accounts they have control or direction over.

The list features insider transaction activity; it does not convey total ownership information as an insider may hold numerous accounts.

Keep in mind, when looking at transaction activities by insiders, purchasing activity may reflect perceived value in a security. Selling activity may or may not be related to a stock’s valuation; perhaps an insider needs to raise money for personal reasons. An insider’s total holdings should be considered because a sale may, in context, be insignificant if this person has a large remaining position in the company. I tend to put great weight on insider transaction activity when I see multiple insiders trading a company’s shares or units.

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Listed below are two securities that have had recent insider buying activity.

Boyd Group Income Fund (BYD.UN-T)

On June 28, Sally Savoia, who sits on the board of trustees, acquired 1,000 units at a price per unit of $165.50, lifting her portfolio’s holdings to 5,000 units. The cost of this investment totaled over $165,000.

Wajax Corp. (WJX-T)

In a relatively small transaction, chairman Robert Dexter invested roughly $76,000 in shares of the company on June 27. He purchased 5,000 shares at a cost per share of $15.19, increasing his account balance to 161,100 shares.

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Listed below are two stocks that have had selling activity reported by insiders.

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Canopy Growth Corp. (WEED-T)

Between June 26 and June 28, chief executive officer Mark Zekulin exercised his options, receiving 266,666 shares at an average cost per share of approximately $7.52, and sold 362,040 shares at a price per share of $52.18, eliminating this portfolio’s position.

On June 26, the former co-chief executive officer Bruce Linton exercised his options, receiving 347,736 shares at an average cost per share of approximately $6.33, and sold 347,736 shares at an average price per share of roughly $51.67. After these transactions, this account held 241,166 shares. Net proceeds from the sales, not including commission charges, totaled over $15.7-million.

A news release issued by the company on July 3 stated that Mr. Linton stepped down from his positions as co-chief CEO and board member effective immediately.

On June 27, David Bigioni, chief commercial officer – recreational cannabis, divested 3,600 shares at a price per share of $52.10 for an account in which he has control or direction over, eliminating the account’s holdings. Gross proceeds exceeded $187,000.

Restaurant Brands International Inc. (QSR-T)

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On June 25, Vicente Tome, head of legal, U.S. and LAC for Burger King, Tim Hortons and Popeyes brands, exercised his options, receiving 6,700 shares at a cost per share of US$27.28, and sold 3,716 shares at a price per share of US$69.70 with 7,353 shares remaining in his account. Net proceeds, excluding brokerage fees, totaled over US$157,000.



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July 04, 2019 at 04:42PM

Ready for faux fish? - Business News - Castanet.net

The arrival of plant-based meats at chains including A&W and Tim Hortons is just the first step towards mainstream sustainable eating for Blair Bullus.

The Vancouver flexitarian and businessman has his eye on the next frontier: Fish and seafood alternatives that — like Beyond Burger and Impossible Foods — mimic the look and taste of the real thing for pescatarians not quite ready to give up sashimi.

It's still a nascent movement, but Bullus points to faux experiments that have popped up in recent years, ranging from chickpea-based "tuna" to carefully carved smoked carrot "salmon."

Bullus' company Top Tier Foods Inc. actually sells quinoa, including an especially sticky variety designed to replace rice in vegan sushi rolls that otherwise don't have the protein and omega-3 fatty acids of fish.

It's available at the Quebec City-based chain Yuzu Sushi where customers can pair it with faux ahi tuna — a coral-red facsimile carved out of Roma tomatoes. Known as Ahimi, it's made by New York's Ocean Hugger Foods.

Bullus doesn't expect to fool sushi eaters with the combination, but he hopes it can at least assuage any nutritional and environmental concerns by those who ditch fish.

"It's just becoming easier to make those decisions so you don't necessarily have to give up sushi or you don't have to necessarily give up your salmon and avocado roll," Bullus says.

"You're going to have an alternative that has the same mouth-feel as what you're used to."

Whether the average omnivore is ready to give up their salmon and shrimp has yet to really be tested.

Efforts to produce realistic sushi-grade varieties are dwarfed by the research, funding and marketing push behind plant-based and lab-grown beef, says Bruce Friedrich, co-founder and executive director of the Good Food Institute.

Nevertheless, he says seafood alternatives are just as necessary, describing the environmental impact of commercial fishing as "at least as bad as cattle-ranching" and akin to "the strip-mining of our oceans." He also lambastes aquaculture for its use of antibiotics



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July 04, 2019 at 10:26PM

Stocks down, loonie up - Business News - Castanet.net

Canada's main stock index edged lower in late-morning trading, weighed down by consumer staples stocks.

The S&P/TSX composite index was down 11.60 points at 16,564.60.

U.S. stock markets were closed in observance of the July 4 holiday.

The Canadian dollar traded for 76.61 cents US compared with an average of 76.49 cents US on Wednesday.

The August crude contract was down 31 cents at US$57.03 per barrel and the August natural gas contract was down 2.2 cents at US$2.27 per mmBTU.

The August gold contract was down US$2.30 at US$1,418.60 an ounce and the September copper contract was down 0.40 of a cent at US$2.68 a pound.



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July 04, 2019 at 10:55PM

Peterborough gets second shot at landing a cannabis store - ThePeterboroughExaminer.com

9 challenges Amazon faces on its 25th birthday - CNN

From calls for it be broken up by high-powered officials to questions about its worker pay and growing competition from rivals, the Seattle-based company could be facing a quarter-life crisis.

Elizabeth Warren calls for a breakup

Sen. Elizabeth Warren doesn't like what she sees in Big Tech. The Democratic presidential candidate released a plan to break up giant companies like Amazon (AMZN). She wants to impose new rules on certain kinds of tech companies that have $25 billion or more in annual revenue, and unwind some high-profile mergers such as Amazon's $13.7 billion purchase of Whole Foods.
"Today's big tech companies have too much power -- too much power over our economy, our society, and our democracy. They've bulldozed competition, used our private information for profit, and tilted the playing field against everyone else. And in the process, they have hurt small businesses and stifled innovation," Warren wrote in a Medium blog post published in March.

AOC slams Jeff Bezos' pay

Rep. Alexandria Ocasio-Cortez has slammed Amazon CEO Bezos for being a billionaire while his company pays its warehouse workers what she called "starvation wages."
She recently said in an interview with ABC News that the company's low worker pay has helped make Bezos the world's richest person.
In a response to the New York Democrat, Amazon said she is "just wrong." The company says it pays a $15 minimum wage and offers full benefits to employees in their first days on the job. It also noted that it has lobbied to raise the federal minimum wage.
Senator Bernie Sanders has also made similar arguments against Amazon's worker pay.

Biden questions Amazon's taxes

Joe Biden knocked Amazon over the amount of corporate taxes it pays.
"I have nothing against Amazon, but no company pulling in billions of dollars of profits should pay a lower tax rate than firefighters and teachers. We need to reward work, not just wealth," he said on Twitter. The tweet from the former vice president and Democratic presidential hopeful referenced a corporate tax rebate that Amazon received in 2018.
Amazon responded, saying in a tweet that the company pays "every penny we owe." It added: "Congress designed tax laws to encourage companies to reinvest in the American economy. We have $200B in investments since 2011 & 300K US jobs. Assume VP Biden's complaint is w/ the tax code, not Amazon."

Trump investigates post office deal

Amazon isn't getting much reprieve from the Trump administration, thanks to the president's beef with Amazon founder and CEO Jeff Bezos as well as the United States Postal Service.
Last year, Trump ordered a federal task force to investigate the Postal Service's finances because he thinks Amazon takes advantage of the agency. At the root of all this drama is likely Bezos' ownership of The Washington Post, which has published stories that are unfavorable of to Trump throughout his presidency.
Amazon has a confidential agreement with the Postal Service under which the agency delivers a large number of packages directly to the post office closest to their destination. The Postal Service then delivers the packages to customers.

Employees want to fix climate change

Amazon employees are putting pressure on the company to rethink how it contributes to the battle against global warming.
In April, a group of 3,500 employees signed a Medium post that urged Bezos to publicly outline the company's plans to reduce carbon emissions and its reliance on fossil fuels. The signatories said that Amazon's "sustainability goals lack context."
Amazon unveiled in February a project it called Shipment Zero, which makes all packages net zero carbon and 50% of all shipments net zero by 2030. The company said it has 200 scientists, engineers, and product designers focused on sustainability efforts, from solar and wind farms to efforts around shipment waste.

Angering its hometown headquarters

Amazon publicly opposed a proposed a new "head tax" that the city of Seattle wanted to place on large businesses to address homelessness and fund affordable housing. Companies would pay 26 cents per working hour for each employee it has in Seattle, or roughly $540 a year for every full-time employee.
The tax would've hit Amazon hard, since it's the city's largest private employer. It has more than 45,000 employees in the Washington city, so it would've paid more than $20 million a year. In response, Amazon temporarily halted construction of a new 17-floor tower.
The bill was scuttled and Seattle ended up passing a smaller version of the tax.

Problems with its HQ2

Amazon had to retreat from Long Island City in New York after it announced in February that it planned to build a second headquarters there. That news prompted lots of public outcry from both the public and local officials.
Amazon ditched its plans three months later, saying "a number of state and local politicians have made it clear that they oppose our presence." Critics blasted the $1.525 billion in incentives New York offered to lure the tech behemoth and worried that it would soon lead to longtime residents being priced out of their homes.

Amazon ditches China

Amazon also pulled back from the world's biggest market for online shopping, China. It closed its marketplace, meaning Amazon customers in the country will no longer be able to buy goods from Chinese merchants.
Amazon first entered the Chinese market 15 years ago, when it acquired an online book retailer, but it has struggled amid fierce competition. Research suggests that the company's market share in China was miniscule compared to local rivals, like Alibaba (BABA).

Stamping out anti-vaxxers

A CNN Business investigation in February revealed that Amazon was offering lots of anti-vaccination content to people seeking information about the controversial topic. When asked about it, Amazon said it provides customers with "access to a variety of viewpoints, including books that some customers may find objectionable."
Anti-vax material was also available on its Prime Video service. Days after the investigation published, Amazon began removing the anti-vaccine videos. But some books on the topic are still being sold despite the dangerous and unproven nature of the theory.

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https://www.cnn.com/2019/07/04/business/amazon-25th-birthday-challenges-trnd/index.html

2019-07-04 12:28:00Z
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Opinion: What Apple’s restructure means for the company and for Tim Cook - 9to5Mac

Apple’s restructure to accommodate the departure of Jony Ive led to some concern that Apple wasn’t giving design quite as high a profile in the past – amid claims and counter-claims about the run-up to it.

There is no direct replacement for Ive as head of design, and instead of the hardware and software leads reporting directly to CEO Tim Cook, they are reporting into COO Jeff Williams.

But this shouldn’t be cause for concern; quite the opposite …

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Apple’s restructure already makes sense

As my colleague Bradley Chambers observed, it already makes a lot of sense to have design report to operations.

Whenever people question design and COO, I want to point them to the MacBook keyboard issues.

Because Jony Ive had such power at Apple, he was able to push through a design that was beautifully slim but which couldn’t be manufactured with the required level of reliability. Hence the report today about Apple abandoning the butterfly design. Having operations able to push back against design decisions which look good in the lab but won’t scale to mass production is an extremely important change.

As Steve Jobs himself said:

Most people make the mistake of thinking design is what it looks like. People think it’s this veneer – that the designers are handed this box and told, “Make it look good!” That’s not what we think design is. It’s not just what it looks like and feels like. Design is how it works.

But the restructure goes further than this

Apple commentator John Gruber suggests that Apple’s restructure goes even further.

One key point that I missed in [my first take on Ive’s departure] is that having design chiefs Evans Hankey (Industrial Design) and Alan Dye (Human Interface Design) report directly to COO Jeff Williams does make sense organizationally. What I had missed is that coincident with the announcement of Ive’s departure, Apple promoted Sabih Khan to senior vice president of operations. Apple hasn’t had an SVP of operations since Jeff Williams held the title, back when Tim Cook was COO under Steve Jobs. Back then Williams ran operations while Cook ran the company and Jobs devoted his remaining time to new products.

Williams still holds the title COO, but titles don’t mean much at Apple. Rank matters, of course, and SVP is an elite level at Apple — there are only 13 executives at that level, and one of them is still Jony Ive. But the literal titles don’t necessary describe what executives do. Eddy Cue’s title — senior vice president of internet software and services — comes to mind. I don’t know where one would begin crafting a succinct title that accurately describes Cue’s domain, but that’s not it. That just doesn’t matter at Apple.

This means Sabih Kahn is running operations now. Jeff Williams’s title hasn’t changed, but he’s effectively now running product development. He’s led the Apple Watch product team from its inception; now I think he’s overseeing product for everything. Cook and Williams did run operations while holding the COO title, but what “COO” really means at Apple is “second in command”. Tim Cook didn’t move design under operations; he promoted Williams to a new position, effectively “chief product officer”, and as such it makes sense that Hankey and Dye would report to him.

Gruber suggests that Williams’ real role now is ‘chief product officer,’ but given that both hardware and software design heads report to him, you could equally well argue that Williams has now taken on Ive’s role as head of design.

Either way, Apple’s restructure means we now have someone with immense operations experience making the final call on design decisions, and that’s got to be good news when it comes to product reliability.

There’s a reason Williams keeps his COO title

As for title, there’s likely a very good reason Williams remains COO on paper, whatever his real responsibilities. That title does indeed say ‘second in command,’ but more specifically it means ‘CEO designate.’ At some point, Williams is going to replace Cook.

That raises the question of when Cook will go, and what he will do. The ‘what’ is, I think, clear. Cook said back in 2015 that he plans to give away all his wealth, and to take a thoughtful approach to the way that money is used.

He plans to give away all his wealth, after providing for the college education of his 10-year-old nephew […] Cook says that he has already begun donating money quietly, but that he plans to take time to develop a systematic approach to philanthropy rather than simply writing checks.

The most obvious way to do that would be by establishing a foundation, and then running it himself. To do exactly what Bill Gates did, leaving his role as Chairman of Microsoft to establish the Bill & Melinda Gates Foundation.

Cook doesn’t have the same sums of money to play with, of course, but he’s still the kind of man who would want to take an extremely active role in ensuring that the money is spent in a way that achieves the biggest impact in the areas which matter most to him.

Cook also frequently speaks out on social issues, and has taken a certain amount of flack for doing so. There are those who feel that he should be focusing less on activism and more on his role at Apple, and I can see a time where he decides that the activism is more important to him. Right now, his role as Apple CEO amplifies his voice, but there will come a time when he feels his profile is high enough to maintain media interest without the job title.

When that will be is harder to predict. Cook clearly cares immensely about Apple, but that doesn’t mean he will necessarily want to continue running the company indefinitely. If he feels Williams represents a safe pair of hands – something already demonstrated by this restructure – then that makes it possible for him to hand over the reigns with a clean conscience sooner rather than later.

Apple can’t afford another major upheaval in its senior leadership anytime in the immediate future, but two years down the line? I could see that.

That’s my take on Apple’s restructure; what’s your view? Please share your thoughts in the comments.

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Image: TIME

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https://9to5mac.com/2019/07/04/apples-restructure/

2019-07-04 11:52:00Z
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