Rabu, 20 November 2019

Japan records ¥17.3 bil trade surplus in October - Japan Today

Japan's exports fell 9.2% in October from the year before, the biggest drop in three years as the U.S.-China trade war and tensions with South Korea bit into demand.

The tariff war between the U.S. and China has taken a toll across Asia, hurting manufacturers and supply chains.

Imports slumped nearly 15%, resulting in the country's first surplus in four months, according to customs data released Wednesday.

The weaker trade data reflect lower oil prices but also mounting pressure on the economy from a mainstay of growth at a time when consumers are adjusting to an Oct. 1 sales tax hike.

Exports to the U.S. dipped 11% from a year earlier in the third straight month of declines, with weaker shipments of cars, auto parts and machinery. Imports from the U.S. fell 17% year-on-year, the Finance Ministry said Wednesday.

Shipments to China, Japan's biggest export market, dropped 10%.

Two-way trade with South Korea in October sank 41%, with both exports and imports falling as relations between the neighbors and U.S. allies languish at their worst level in decades amid antagonisms over longstanding historical issues and disputes over high-tech exports.

Overall, imports totaled 6.56 trillion yen ($60.5 billion) while exports were 6.58 trillion yen ($60.6 billion), leaving a trade surplus of 17.3 billion yen ($159 million).

Analysts said lower export prices exaggerated the decline, but they forecast still weaker demand in coming months.

Adjusted for price changes, imports fell only 2.3% in October from the same month a year earlier, Tom Learmouth of Capital Economics said in a commentary.

That "supports our view that domestic demand was relatively resilient following the sales tax hike in October," he said.

But relatively weak global demand suggest that export volumes will fall further in 2020. Learmouth forecast a 2.7% decline in exports in the coming year after a 2% drop this year.

On the domestic front, the increase in the sales tax to 10% from 8% appears to have had less impact than earlier hikes, economists say.

A downturn in the high-tech industry, especially for computer chip makers, also is thought to have bottomed out, raising hopes for a recovery in that sector.

© Copyright 2019 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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https://japantoday.com/category/business/Japan-records-¥17.3-bil-trade-surplus-in-October

2019-11-20 04:58:00Z
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Selasa, 19 November 2019

Toronto Star shutting down StarMetro newspapers - CBC.ca

The Toronto Star is shutting down its StarMetro commuter newspapers across Canada, cutting 73 jobs.

The final editions in Vancouver, Edmonton, Calgary, Toronto and Halifax will be published Dec. 20, a spokesperson for Torstar Corp., the parent company of both newspaper brands, told CBC News in an email. 

"Commuter readers are using their smartphones, laptops and tablets to access their news," Bob Hepburn said in an email.

"This trend, coupled with a corresponding decline in print advertising volumes, has decreased the need for a free daily commuter newspaper in these cities."

Digital content will be offered in markets outside Ontario under the Toronto Star brand, Hepburn said; the StarMetro brand "will be no more." 

An internal email sent to staff by Torstar president and CEO John Boynton stated print advertising had "decreased significantly in recent months to levels below those required to make them commercially viable."

Boynton's memo, provided to CBC News, says the 73 lost jobs would be in editorial, advertising and distribution departments. 

The memo also said there are plans to open new Star bureaus in the coming weeks in Vancouver, Edmonton, Calgary and Halifax that will be staffed by Star journalists. The jobs were going to be posted internally on Tuesday and externally on Wednesday. 

CBC News has learned the new digital bureaus will be staffed by five reporters in Vancouver, five reporters in Alberta and one in Halifax.

It was only a year ago the company rebranded its free Metro daily newspapers across Canada. The rebrand included an investment that more than doubled the number of Metro journalists, the Star reported at the time.

By Tuesday afternoon, reporters for the paper were tweeting about the shutdown.

Hepburn said the 73 laid-off staff will receive severance packages based on their collective agreements, if they are unionized employees, and based on provincial regulations in they are non-union staff.

Eleven of the positions are with Unifor, according to Boynton's memo.

Torstar is offering a voluntary departure program to editorial employees, said a Torstar spokesperson in an email.



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November 20, 2019 at 06:20AM

Why are CN rail workers striking and what do they want? - Global News

Thousands of workers with Canada’s largest rail network are on strike.

Teamsters Canada Rail Conference (TCRC), the union representing the workers, and Canadian National Railways (CN) failed to reach an agreement on a new contract before a midnight deadline Monday.

The union and the company have been in negotiations for seven months and have been working with federal mediators for the past five.

Talks between the two parties are ongoing in Montreal.

READ MORE: Over 3,000 Canadian National Railway rail workers on strike: union

“We are disappointed that the TCRC has initiated strike action,” a spokesperson for CN Rail told Global News in a statement on Tuesday.

“We will return to the negotiating table today, with the assistance of federal mediators.”

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The CN service disruption involves more than 3,000 workers, including conductors, trainpersons and yard workers. A number of them hit the picket lines Tuesday morning, after the deadline passed, halting freight trains across the country.

CN had been preparing for the strike by winding down certain operations and shuffling managers into operating roles, according to a Globe and Mail report, citing an internal memo. That preparation helps avoid leaving loaded trains in storage or on tracks.

What do workers want?

The two sides cannot agree on a number of concerns. Their focus is on working conditions.

The union says its members are concerned about certain “dangerous practices,” including the requirement that workers operate trains alone, from the outside of the train, “hanging on to moving trains with one hand while operating a remotely controlled locomotive with the other.”

“Railroaders are expected to do this in rain and in freezing temperatures, sometimes for distances of up to about 17 miles,” TCRC spokesperson Christopher Monette said in a statement.

Singh says he doesn’t support calling back House to legislate CN back to work
Singh says he doesn’t support calling back House to legislate CN back to work

Workers are also concerned with fatigue. The union claims CN is “making it harder” for its members to get needed rest by increasing work hours and reducing staffing levels.

“We want more rest,” said Matt Wade, a CN employee who is with TCRC, told Global News Edmonton.

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“We want more ability to take rest, more ownership over our own rest. Not just for safety — because that is very important — but because we also want to improve our quality of life.”

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The Transportation Safety Board identified fatigue as a major safety problem in the industry in its annual report, noting that fatigue was a contributing factor in more than 90 investigations since 1992.

Just last week, CN confirmed that it was cutting jobs across the railway, citing a weakening North American economy that’s chipping away at demand.

Wade said he typically gets a two-hour notice to go to work and a round-trip shift can last as long as 42 hours.

READ MORE: CN Rail confirms layoffs; declines to say how many affected

“That’s longer than the average workweek for any Canadian, and we make three of those usually a week,” he said.

“All we’re asking is to be fit and rested to go to work and have time with our loved ones. It’s as simple as that.”

The TCRC has also taken issue with prescription drug benefits.

According to the union, CN wants to set a lifetime cap on prescription drug coverage. The union says this deal would be “tantamount to denying workers and their families” sufficient treatment for a number of illnesses.

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Approximately 3,200 CN Rail workers prepare to strike
Approximately 3,200 CN Rail workers prepare to strike

Wages are not part of the dispute.

“I want to make it known that it’s not about the wages,” Wade said, adding that spirits are high among members.

“This strike is about the safety of the men and women at Teamster Rail, the conductors here. We work 24/7, 365 days a year — evening, days weekends, all major holidays, weather conditions.

“We dedicate our lives to this company and the company is asking us to even give them more.”

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Global News asked CN Rail for comment about the negotiations and TCRC’s concerns but was directed to their aforementioned statement while negotiations are ongoing.

What’s impacted?

CN Rail celebrates 100 years
CN Rail celebrates 100 years

The work stoppage brings CN’s operations to a halt. CN’s rail network stretches across approximately 20,000 route-miles of track and ships globally through ports on three coasts.

Grain companies, farmers and chemical manufacturers are among the industries that rely on CN. The halting of freight trains will cause headaches for the industries — some of which have already set in.

READ MORE: Grain shippers worried as CN Rail workers strike

CN services approximately half of all grain elevators in Western Canada. The service disruption is fueling worries about sales losses.

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What’s not impacted?

The strike does not affect public transportation in the country’s three biggest cities, including GO Transit and Toronto’s UP Express.

“Just to be clear, the strike does not involve unions that represent any of the employees that work on our buses or trains,” Anne Marie Aikins, senior media spokesperson with Metrolinx, said on Twitter.

“We are hopeful they resolve their issues but we have assurance there will be no impact to GO Transit service.”

Global News Morning Market & Business Report, November 19
Global News Morning Market & Business Report, November 19

VIA Rail Canada is also running as usual.

“VIA is not expecting any impact to VIA operations from the CN strike,” the company wrote on Twitter.

— With files from the Canadian Press 

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



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November 20, 2019 at 02:41AM

Major Encana shareholder rejects company's move to the U.S. - CTV News


CTVNewsCalgary.ca Staff
Published Tuesday, November 19, 2019 1:29PM MST
Last Updated Tuesday, November 19, 2019 4:24PM MST

CALGARY – A firm that owns about four per cent of Encana says it will be voting against its proposed plan to move its headquarters from Calgary to Denver, Colorado.

Letko, Brousseau & Associates Inc., an investment firm based in Montreal, says the company's move would affect Canadian investors and put pressure on the company's shares.

"The company argues that new U.S. index fund investors would replace Canadian shareholders," Letko Brosseau said in a release. "That expectation is at best speculative, and is outweighed by the certainty of forced sales by, and significant losses for, Canadian investors."

The firm says a move to the U.S. is against the company's best interests and shows it is not concerned about its shareholders.

Letko is the fourth largest shareholder in the company.

It's unclear whether or not other shareholders will get on board to oppose the move but if they do, it's likely the move to the U.S., the name change and share consolidation won't happen.

Encana's CEO Doug Suttles, in a release on Tuesday, said he is "disappointed" by Letko's decision to not support the change.

"We have had a long relationship with Letko and most certainly appreciate their investment in our Company," he said. "Our establishment of domicile in the U.S. was carefully considered by our leadership, Board of Directors and outside advisors. The rationale for the move is crystal clear—we want to expose our Company and all its stockholders to increasingly larger pools of investment in U.S. index funds and passively managed accounts. The change in corporate domicile will not change how we run our day-to-day business, nor diminish the important role our Canadian assets play in our portfolio today."

He said he believes the move will be beneficial for all shareholders as it will provide exposure to the larger U.S. market.

Encana first announced it would be moving its headquarters on Oct. 31 and renaming itself Ovintiv Inc.

Suttles also does not anticipate any changes to its Canadian workforce.

Since Sept. 30, 2018, Encana shares have dropped by almost 70 per cent.

Encana needs 66 per cent support for the 're-domiciling' to proceed.

The vote is expected to take place in early 2020.

(With files from BNN's Tara Weber and BNN Bloomberg)



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November 20, 2019 at 03:29AM

Metro Vancouver transit strike: Union to announce next escalation Wednesday - Global News

Metro Vancouver transit strike: Union to announce next escalation Wednesday

The union representing 5,000 Metro Vancouver bus drivers, SeaBus operators and maintenance workers is preparing to unveil the next phase of job action, amid stalled contract talks.

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Unifor Locals 2200 and 111 have been without a contract since March 31, and have been escalating job action against the Coast Mountain Bus Company for more than two weeks.

READ MORE: Metro Vancouver transit strike: Here’s how your commute may be affected

The union says it will announce the next escalation on Wednesday and provide “strike training” to members.

A union spokesperson said that training would include stapling together placard signs and other preparation for picket lines.

TransLink responded to the union’s announcement with a statement saying, “Unifor has not advised Coast Mountain of their plans for escalating job action and once again they’re focusing on stunts and disruption rather than working towards a resolution.”

More disruptions on day 18 of transit strike
More disruptions on day 18 of transit strike

The announcement came on a relatively quiet day of job action.

TransLink said no SeaBus sailings were cancelled Tuesday, and bus drivers were only refusing overtime Monday, Wednesday and Friday this week, meaning fewer delays on bus routes.

READ MORE: Metro Vancouver bus, SeaBus job action has begun. Here’s what you need to know

An ongoing overtime ban by maintenance workers meant some routes were still reporting trip cancellations.

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Talks between the union and CMBC broke off last Thursday, when the union accused the company of a “bait-and-switch,” saying it was only willing to negotiate on working conditions, but had refused to address wages.

Overtime ban for bus drivers expected to disrupt service for passengers
Overtime ban for bus drivers expected to disrupt service for passengers

CMBC says it has made a generous offer to the union in excess of other public sector settlements, which includes a $6,000 annual pay bump for transit operators and a $10,000 annual pay bump for skilled trades workers.

READ MORE: Transit workers are refusing to work overtime. How much does the system rely on it?

The company says the union needs to be more “realistic” in its demands, and is urging members to accept mediation in the dispute.

When talks broke off again last week, CMBC said the wage gap between what the employer is offering and what the union wants is about $150 million over 10 years.

The union says that’s not good enough and that transit operators’ pay should be looked at in comparison to Toronto’s transit system, while the pay of trades workers should be looked at in comparison to their counterparts in the SkyTrain system.

No date has been scheduled for talks to resume.

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



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November 20, 2019 at 03:41AM

Grain shippers worried about strike as feds urge CN and union to continue talks - CTV News

MONTREAL -- Grain shippers are concerned about the impact of a strike by about 3,200 Canadian National Railway Co. workers in an already tough harvest year.

The Teamsters Canada Rail Conference announced the work stoppage Monday night after the two parties failed to reach a deal by the midnight deadline.

Conductors, trainpersons and yard workers were on the picket lines, halting freight trains across the country and triggering worries about lost sales and contract penalties among grain elevator operators and farmers.

"When you lose a day of shipping you never recover it," said Wade Sobkowich, head of the Western Grain Elevator Association.

"There's really nothing that can be done. Once they're not moving trains, you're basically shut down without any alternatives until the issue is resolved."

CN services about half the elevators in Western Canada, Sobkowich said, on top of exclusive access to the grain terminal on Vancouver's North Shore and the port in Prince Rupert, B.C.

The federal government urged CN Rail and the Teamsters Canada Rail Conference to continue negotiating.

Labour Minister Patty Hajdu said Tuesday the government is concerned about the impact of a work stoppage on Canadians, but remains hopeful the two sides will reach an agreement.

Union spokesman Christopher Monette said they are still in talks with CN in hopes of reaching ending the labour dispute as soon as possible.

The union has said passenger rail services in the country's three biggest cities would not be affected by the strike.

A delayed grain crop has already caused headaches for the industry following a dry spring and wet summer. Though the yield was big, some of it remains in the field, increasing pressure on the rail system.

Meanwhile wet Prairie weather produced a crop with more mildew, sprout damage and frost. A worse product means lower prices, affecting all players along the supply chain, Sobkowich said.

Canola exports have also slumped following China's ban on Canadian canola.

The threat of a strike has already had an impact, as grain companies and foreign importers cut back on orders to avoid paying contract extension fees, demurrage charges "or, God forbid, defaulting on a contract," Sobkowich said.

The railway workers, who have been without a contract since July 23, have said they're concerned about long hours, fatigue and what they consider dangerous working conditions.

The dispute comes as CN confirmed last week that it was cutting jobs across the railway as it deals with a weakening North American economy that has eroded demand.

Janet Drysdale, CN's vice-president of financial planning, said Tuesday the layoffs were aimed at "aligning the overall labour expense to the reality of what we're seeing on the demand side."

This report by The Canadian Press was first published Nov. 19, 2019.



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November 19, 2019 at 11:04PM

Oil Falls Most in Five Weeks as Supplies Rise, Trade Deal Stalls - Bloomberg

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  1. Oil Falls Most in Five Weeks as Supplies Rise, Trade Deal Stalls  Bloomberg
  2. Oil extends losses as trade talks drag on  CNBC
  3. Oil Price Fundamental Daily Forecast – Rising Supply, Lower Demand Worries Outweighing Trade Talk Optimism  FX Empire
  4. Oil Price Vulnerable to Wait-and-See OPEC Amid Record US Crude Output  DailyFX
  5. U.S. Shale Producers Slash Spending Once Again  OilPrice.com
  6. View full coverage on Google News


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November 19, 2019 at 07:47AM