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Bombardier to lay off 200 workers – Tbnewswatch.com

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THUNDER BAY – The local Bombardier plant will be facing more layoffs this fall, as work manufacturing components for ventilators is expected to be competed in the coming months and no additional contracts secured.

Dominic Pasqualino, president of Unifor Local 1075, confirmed 125 workers will be laid off by mid-October and an additional 75 in early 2021 as work continues to empty.

“The biggest concern is getting more contracts,” he said. “Unfortunately, it looks like the ventilators will be completed in the next couple of months and also we will be slowing the line down so we will have continuity and that’s on the bi-level cars.”

Earlier this year, the Bombardier plant in Thunder Bay began work on manufacturing ventilator components for Southern Ontario-based company O-Two Medical Industries to help in the fight against COVID-19.

Workers were informed of the layoffs during a town hall meeting on Wednesday with David Van Der Wee, chief operating officer for Bombardier Transportation in the Americas.

Last May, Bombardier secured a contract to build 28 bi-level cars for two U.S. transit authorities.

At the time, the contract was seen as a way to bridge the gap to more substantial work for the local plant.

“Everybody knows we are trying to get the LRV contracts and its vital that we get those contracts,” Pasqualino said.

“Having said that, we are going to need more than that. They are just beginning to talk about more subway cars. That is a contract we are going to need to sustain any kind of level that we would be comfortable with at the plant to make us profitable.”

Bombardier Transportation is also in the process of being acquired by the Paris-based company Alstom, and Pasqualino said there are concerns what that acquisition will look like for the local plant if no new contracts are secured.

“Frankly that doesn’t bode well if we hand over an empty plant or a slow plant,” he said.

“I know these hurdles are what we have to face. It’s really important we have all levels of government realize the urgency of this situation and work at getting us more work. Everyone knows we need more transit.”

The Thunder Bay Bombardier plant has faced many challenges in the last year, with more than 500 workers of the 1,100 laid off last November after two major contracts concluded at the end of 2019.

Van Der Wee will be speaking with local media at noon on Wednesday.

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Canadian police charged a Tesla owner for sleeping while driving – Engadget

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Police in Canada say they recently charged a Tesla Model S owner with driving dangerously for sleeping at his car’s wheel. In July, the Royal Canadian Mounted Police (RCMP) say they responded to a speeding complaint on Highway 2 near Ponoka — a town in Alberta, south of the province’s capital of Edmonton. Those who saw the car report it was traveling faster than 140 kilometers per hour (86MPH), with the front seats “completely reclined,” and both the driver and passenger seemingly asleep. When a police officer found the 2019 Model S and turned on their emergency lights, the vehicle accelerated to 150 kilometers per hour (about 93MPH) before it eventually stopped.

Police initially charged the driver, a 20-year-old man from the province of British Columbia, with speeding and handed him a 24-hour license suspension for driving while fatigued. He was also later charged with dangerous driving and has a court date in December.

It’s unclear how the Model S driver misused Autopilot in the way that they did. The incident occurred before Tesla updated the system to give it the ability to detect speed limit signs using a vehicle’s cameras. However, as The Verge notes, Tesla has said Autopilot will only work when it detects that the driver has their hands on the steering wheel. If that’s not the case, the car will try to get the driver’s attention with visual and audio warnings before disabling Autopilot.

But the fact that drivers can disengage from Autopilot is something that the National Transportation Safety Board (NTSB) in the US has criticized Tesla over repeatedly. In March, the agency published a report that said a Model 3 driver’s overreliance on the system — in a situation it wasn’t designed to handle — led to a deadly crash in Delray Beach, Florida in 2019.

In this latest incident, the RCMP similarly warned against overlying on Autopilot. “Although manufacturers of new vehicles have built in safeguards to prevent drivers from taking advantage of the new safety systems in vehicles, those systems are just that — supplemental safety systems,” said Superintendent Gary Graham of Alberta RCMP Traffic Services. “They are not self-driving systems, they still come with the responsibility of driving.”

All products recommended by Engadget are selected by our editorial team, independent of our parent company. Some of our stories include affiliate links. If you buy something through one of these links, we may earn an affiliate commission.

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Canadian retail sales slow after surpassing pandemic losses – BNN

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Gains for Canadian retailers slowed sharply in July and August, suggesting pent-up demand from prior months has been largely extinguished.

Sales grew 0.6 per cent in July, versus 23 per cent in June and 21 per cent in May, Statistics Canada said Friday in Ottawa. Excluding vehicles, receipts unexpectedly dropped 0.4 per cent, versus a forecast gain of 0.5 per cent. Preliminary estimates from the agency show receipts climbed 1.1 per cent in August, suggesting the weaker trend will continue.

The report reinforces warnings that the pace of the recovery will slow in the second half of the year, after a strong V-shaped rebound through the early summer.

“All in all, the numbers imply that retail activity is normalizing after the whipsaw of a huge downturn and recovery,” said Scotiabank economist Brett House in a note.

Core retail sales, or those excluding vehicles and gasoline, dropped 1.2 per cent.

Still, the rebound has been impressive. In July, retail sales were up 2.7 per cent compared with year earlier levels.

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1 TSX Stock With a 12% DIVIDEND YIELD to Buy Today – The Motley Fool Canada

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The year 2020 is continuing to be highly volatile for the Toronto Stock Exchange. In March, the index saw a sharp surge in volatility after the COVID-19 cases started rising in the country. While the market seems to be on a path of a sharp recovery, massive sell-offs every now and then (like the one we saw in the first week of September) continue to haunt investors.

Market volatility is likely to continue

Despite the broader market recovery in recent months, the ongoing pandemic-related uncertainties are expected to keep stocks highly volatile in the near term. Also, the upcoming U.S. general elections could add to this volatility.

That’s why it’s a good idea for Canadian investors to play it safe and start minimizing their risk exposure. Adding some stocks with good fundamentals from various industries is one way to minimize risks.

Role of dividends in minimizing risks

Another great option is to add some high-dividend-yielding stocks in your portfolio right now. Doing so would not only help you minimize your risk exposure but would also ensure that you continue to get regular income from your investments in the form of dividends.

If you don’t want to use this annual income yourself, you can reinvest these dividends in stocks to boost the overall investment return.

The top TSX dividend stock

Brookfield Property Partners (TSX:BPY.UN)(NASDAQ:BPY) is the highest-dividend-yielding stock on TSX. Currently, it has a solid double-digit dividend yield of nearly 12% — much higher than any other Canadian company.

It’s a Hamilton-based commercial real estate firm. Apart from its unbelievably attractive dividend yield, its strong fundamentals give you more reasons to buy Brookfield Property Partners stock and hold it forever.

Solid fundamentals

In 2019, Brookfield Property Partners rose by 37% to about US$7 billion. The company reported US$1.95 billion adjusted net profit last year with an amazingly high net profit margin of 27.9%.

In the first half of this year, the COVID-19-related restrictions and shutdowns took a big toll on the real estate business and the housing market. As a result, Brookfield reported a US$1.2 billion net loss in the second quarter of 2020. Nonetheless, analysts expect the ongoing recovery in the real estate business to boost the company’s bottom line in the next couple of quarters. According to Bay Street analysts’ estimates, its 2020 net profit is likely to be at around US$104 million.

In 2021, Brookfield Property Partners’s net profit is expected to be over US$2.1 billion — much higher as compared to its 2019 profits. Overall, it proves that analysts expect the COVID-19-related headwinds to be temporary for the company, as the pandemic might not affect its long-term financial growth trend.

Brookfield Property Partners stock

On a year-to-date basis, Brookfield Property Partners stock is trading deep in negative territory with 37% losses. However, its stock has already started a sharp recovery in the third quarter as it has risen by 11.2% in the ongoing quarter so far. These gains are much higher as compared to only 5.3% quarter-to-date rise in the S&P/TSX60 Index.

That’s why you should consider buying this amazing dividend stock right now — especially when you’re getting it so cheap.

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Fool contributor Jitendra Parashar has no position in any of the stocks mentioned. The Motley Fool recommends Brookfield Property Partners LP.

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