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Lok-Hin Yuen

CIBC World Markets - Press Releases - 1 views

micro.newswire.ca/release.cgi

Jobs Manufacturing Sector Competition Post-Recession

shared by Lok-Hin Yuen on 03 Jun 11 - No Cached
  • Canadian companies facing stiff competition from better-capitalized, more efficient facilities stateside
  • The economic recovery will add more manufacturing jobs in Canada relative to the U.S., but the gains may be shortlived amid stiffening competition south of the border
  • the improvement in the U.S. is not only stronger, but also much more capital intensive - a trend that will hinder Canada's competitive position in the post recession economy
  • ...4 more annotations...
  • "radical restructuring" of industry, Mr. Tal says, where "much more is being produced with less labour."
  • In Canada, where overall industrial production has stabilized in recent quarters, manufacturing activity in capital intensive sectors has also outpaced activity in labour intensive sectors, though to a lesser degree than in the U.S
  • Examples include Canada's chemical, electronics and computer manufacturing sectors that still utilize a much lower capital-to-labour ratio than in the U.S.
  • The high labour intensity of Canadian manufacturing means that jobs growth here will be relatively stronger during the economic recovery to meet demand, even with a strong Canadian dollar. "However, given the increased prevalence of better-capitalized and more efficient production facilities stateside, Canadian manufacturers will find it even more difficult to compete when the dust settles."
dani tav

Government Collaboration Builds Growth - 0 views

business-journal.com/ion-builds-growth-p19266-1.htm

Government Collaboration Building Growth USA

shared by dani tav on 31 May 11 - No Cached
  • effective local government would play in improving northeast Ohio's economic future
  • conomic competitiveness component of the Fund for Our Economic Future
  • government efficiency and collaboration are relevant and timely topics in our region
  • ...5 more annotations...
  • We are beginning to see the positive results collaboration can bring, including significant savings to protect vital services and ensure our communities invest in innovation and education to create jobs and keep the region competitive in the global economy."
  • he rate of local government spending in Northeast Ohio is 70 times the region's population growth, 2.8 times its inflation rate and 2.4 times its economic output
  • government entities spend $20 billion to operate
  • ortheast Ohio residents have made it clear that more efficient local government is a regional priorit
  • collaboration of 100 foundations, organizations and philanthropists from across Northeast Ohio
Mike Seo

Canada exporters face headwinds, new minister says | Reuters - 1 views

www.reuters.com/...my-trade-idUSN0225115820110602

Trade Export

shared by Mike Seo on 03 Jun 11 - No Cached
  • the strong currency and growing competition from emerging economies could stall the country's export growth.
  • Canada's trade-reliant economy has fully recovered from the recession but growth has been restrained by the exchange rate with the U.S. dollar, which erodes exporter competitiveness.
  • The central bank chief and finance minister have been hounding businesses to find ways to compete with the new normal of a currency on par with the U.S. dollar. These include investing in new technologies and taking other steps to outperform global competitors.
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  • Perrin Beatty, chief executive of the Canadian Chamber of Commerce and a former Conservative cabinet minister, warned Canada's dismal productivity rate, which he said is about 25 percent below that of the United States, was the biggest problem facing exporters.
Noah Schafer

Election sealed corporate tax cuts; Canada needs more - The Globe and Mail - 0 views

www.theglobeandmail.com/...article2017147

Canada NDP USA Corprate tax

shared by Noah Schafer on 05 Jun 11 - No Cached
  • The election determined only that corporate tax rates won’t go up. It did not determine that they won’t go down – as, almost certainly, they will – through the next four years.
  • The average rate in 28 of the member countries of the OECD is 20 per cent.
  • In the campaign, the government asserted correctly that Canada’s corporate tax rate was the lowest in the G7. This, alas, wasn’t saying much. Four of the G7 countries have the four highest corporate tax rates in the world: U.S. (39.2 per cent); Japan (35.5 per cent); France (34.4 per cent); and Germany (30.2 per cent).
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  • Canada’s rate (at this moment, 27 per cent).
  • As Canada trimmed, the world trimmed, too: 75 countries aggressively cut corporate tax rates in the past decade. China’s corporate tax rate is 20 per cent – discounted to 15 per cent for companies that invest in strategically important industries.
  • combined federal-provincial statutory tax rate of 25 per cent, won’t
  • The “Bowles-Simpson Plan,” proposed by President Barack Obama’s commission on fiscal reform, suggests a federal rate of 28 per cent. The Wyden-Gregg Plan, proposed by Democratic and Republican legislators, suggests 24 per cent. The China-OECD Plan, advanced by the non-partisan U.S. Tax Foundation, suggests 20 per cent
  • These rates are federal rates and don’t include corporate rates levied by the states: nominally, on average, 6.6 per cent; in fact, on average, 4.2 per cent. Thus a U.S. federal rate of 20 per cent (the China-OECD Plan) would produce a comprehensive “America rate” of 24.2 per cent
  • Canada’s goal assumed an “America rate” of 39.3 per cent: a competitive advantage for Canada of 14.3 percentage points.
  • when you add the federal rate and the average provincial rate (19 plus 12.5), you have a “Canada rate” of 31.5 per cent – the fourth-highest rate in the world: and twice as high as China’s most competitive rate.
  • The Conservative government took a lot of heat for incrementally lowering Canada’s corporate tax rate.
Molly Fraser

Pricey oil fuelling dirtier projects - 3 views

www.thestar.com/...-oil-fuelling-dirtier-projects

Commodity Prices Oil and Resource Shortages

shared by Molly Fraser on 30 May 11 - No Cached
  • Molly Fraser on 03 Jun 11
     
    It has often been said that even without a price on carbon there will be a meaningful shift to renewable energy sources once global oil supply peaks.
  • ...1 more comment...
  • Molly Fraser on 03 Jun 11
     
    So, has there been a mad rush to invest in cleaner, relatively more affordable alternatives to oil? Not really - it's been more like a casual stroll, even though such alternatives are highly competitive with oil above $100 (U.S.) a barrel.
  • Molly Fraser on 03 Jun 11
     
    Roberts is vice-chairman of renewable energy investments within CIBC's wholesale banking group. He says the big petroleum companies are making some investments in green energy, such a solar, wind and biofuels, but it's a "drop in the bucket" compared to the money being spent on the exploration, drilling and extraction of unconventional - i.e. heavy - oil.
  • Molly Fraser on 03 Jun 11
     
    Until there is a meaningful price on carbon in North America and China, oil companies will continue along this path. They'll go further, deeper and thicker. They'll take on more financial risk and take more chances with the environment. They'll scrape the bottom of the barrel, and they'll make generous profits doing it.
ngodup yaklha

http://www.theglobeandmail.com/report-on-business/greece-prepares-for-asset-fire-sale/a... - 0 views

www.theglobeandmail.com/...page2

Greece-Deregulation

shared by ngodup yaklha on 04 Jun 11 - No Cached
  • ngodup yaklha on 04 Jun 11
     
    Greece's first privatization effort was launched in the early 1990s under Stefanos Manos, who was minister of economy and finance at the time. Before he lost his job in 1993, the telecom industry deregulation was well under way and public-private partnerships were put in place. Later, banking was deregulated to some degree. But then the political will to keep going evaporated and the deregulation and privatization processes pretty much stopped. Mr. Mitsopoulos says the biggest potential obstacle to the success of the privatization program is a dragged-out process. Fast sales would do two things, he said. It would collect a lot of money quickly, which could be used to pay down debt, and it would deliver the message that Greece is finally serious about making its economy competitive. "All these state investments are burdens on the government," he said. "Privatizations will deliver productivity gains and they can be transformed into tax-paying entities." Privatizations are expected to pick up pace across the EU, as countries with budgets deficits above the 3-per-cent EU limit look for quick debt fixes in the absence of strong GDP growth. The Loterias privatization in Spain is expected to raise about €10-billion, valuing the company at as much as €25-billion, making it the second-largest gaming company in the world, behind casino manager Las Vegas Sands.
Kevin Yeo

Canada should match U.S. exemptions for cross-border travellers - The Globe and Mail - 1 views

www.theglobeandmail.com/...article2033327

Trade Border US Canada Exemptions

shared by Kevin Yeo on 03 Jun 11 - No Cached
  • We have learned this month that the Canadian government is resisting efforts by the United States to increase exemptions for cross-border travellers in both countries. We believe this is a mistake. Canada’s interests are generally better served by lower trade barriers with the United States.
  • First, under NAFTA, most products manufactured in the United States or Mexico are not subject to Canadian duties. Therefore, the duties collected are on the small fraction of goods manufactured overseas. Indeed, a 2007 Senate report noted that customs revenues amounted to just $95-million annually – just 0.04 per cent of federal revenues.
  • Cross-border purchases pressure Canadian retailers to be more competitive and provide better, cheaper services to Canadian shoppers.
  • ...2 more annotations...
  • we must recognize that public policy should be designed to benefit all Canadians, rather than a few large retailers. The currencies of resource exporters such as Australia, Canada and Brazil have appreciated sharply in recent years. We should all enjoy the higher standard of living the strong dollar entails, rather than allowing retailers to monopolize these benefits.
  • Therefore, we must embrace, rather than reject, the economic forces that drive the new U.S. thinking on this issue. Matching the $1,000 exemption would help Canadians realize greater gains from trade, while allowing CBSA to focus on its core mission.
Alejandro Enamorado

Of the 1%, by the 1%, for the 1% | Society | Vanity Fair - 0 views

www.vanityfair.com/...top-one-percent-201105

economics inequality USA stiglitz

shared by Alejandro Enamorado on 03 Jun 11 - No Cached
  • In terms of wealth rather than income, the top 1 percent control 40 percent. Their lot in life has improved considerably. Twenty-five years ago, the corresponding figures were 12 percent and 33 percent.
  • While the top 1 percent have seen their incomes rise 18 percent over the past decade, those in the middle have actually seen their incomes fall. For men with only high-school degrees, the decline has been precipitous—12 percent in the last quarter-century alone.
  • The justification they came up with was called “marginal-productivity theory.” In a nutshell, this theory associated higher incomes with higher productivity and a greater contribution to society.
  • ...2 more annotations...
  • The most obvious example involves tax policy. Lowering tax rates on capital gains, which is how the rich receive a large portion of their income, has given the wealthiest Americans close to a free ride.
  • Imagine what the world might look like if the rules were designed instead to encourage competition among countries for workers. Governments would compete in providing economic security, low taxes on ordinary wage earners, good education, and a clean environment—things workers care about.
Lok-Hin Yuen

CTV News | With temporary workers, flexibility's the name of the game - 1 views

www.ctv.ca/...article2045163.html

Jobs Temporary Workers Labour

shared by Lok-Hin Yuen on 03 Jun 11 - No Cached
  • Weak business confidence coming out of the global credit crisis is playing a major part in keeping jobless rates at painful levels – U.S. unemployment is nine per cent while Canada is stuck above 7.5 per cent in large part because companies are wary of hiring long-term.
  • Canada’s employment-services industry is mostly temporary staffing along with permanent placements and contract staffing, according to Statscan. Revenue has climbed steadily in the past decade, and employment in the sector has jumped six per cent in the past year alone, to 158,000 people.
  • But as the industry grows around the world – staffing firms are expanding in Europe and in emerging markets such as India and China – there’s an intensifying debate over the merits of an increasingly fluid work force. Proponents say it helps both employers and workers be nimble in globally competitive markets; opponents argue it’s part of a shift toward precarious, lower-pay work.
  • ...7 more annotations...
  • Temporary workers tend to earn less than permanent staff, they get little or no benefits and many can be fired without notice
  • The earnings gap between a permanent and a contract worker is about 13 per cent, while between a permanent and casual worker the gap is about 34 per cent
  • Labour is typically a company’s most expensive cost, and a contingent labour force helps reduce costs
  • What staffing agencies dub “flexible” work, unions call “precarious.”
  • With the recession and the resulting slackness, employers are in a position where they can offer no security, no benefits, unreliable hours and lousy pay – and still have people apply. And that will persist until either the labour market picks up or we put some restrictions in place on how precarious employment works
  • Lower pay leads to weaker consumer spending, restricts workers’ ability to get a mortgage and makes it more difficult to save for the future.
  • $8.7-billionRevenue from temp industry in Canada in 2009 (up from $1-billion in 1993).158,000Number of Canadians employed in temp services in the past year, up six per cent from year earlier.13%Estimated earnings gap between a permanent worker and a temporary contract worker.
Mike Seo

Canada firms may miss Chinese market - 1 views

www.calgaryherald.com/...story.html

Trade Energy Export China

shared by Mike Seo on 03 Jun 11 - No Cached
  • If Canada's energy firms don't start exporting to China now, others might beat them to it, according to an Enbridge Inc. vice-president.
  • They argued the window of opportunity to sell to China won't always be open largely due to competition and the chance the world's second largest economy may cease growing at its current staggering pace - reducing the money its investors can spend.
  • Colombian oil producer Ecopetrol plans to shift the majority of its oil exports from the United States to Asia in a decade due to higher sales profitability on the latter continent.Enbridge is on a similar quest.The company is seeking regulatory approval for its $5.5-billion Northern Gateway pipeline project to connect Canadian oilsands and natural gas fields to the West Coast, where liquefied natural gas could be shipped to Asia.
  • ...1 more annotation...
  • As some 300 million to 400 million people annually move from rural to urban China, the country becomes richer and people consume more, Abbott said, noting power consumption in 2010 of 3,248 terawatt hours should grow to 4,510 terawatt hours in 2015.
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