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Carbon tax ruling: Supreme Court says feds' levy constitutional – CTV News

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OTTAWA —
The Supreme Court of Canada says the federal carbon price is entirely constitutional.

The split decision upholds a pivotal part of the Liberal climate-change plan, accounting for at least one-third of the emissions Canada aims to cut over the next decade.

Chief Justice Richard Wagner says in the written ruling that climate change is a real danger and evidence shows a price on pollution is a critical element in addressing it.

“It is a threat of the highest order to the country, and indeed to the world,” Wagner wrote for six of the nine judges.

Given that, said Wagner, Canada’s evidence that this is a matter of national concern, is sound.

“The undisputed existence of a threat to the future of humanity cannot be ignored,” he wrote.

Environment Minister Jonathan Wilkinson issued an immediate statement lauding the decision as “a win for the millions of Canadians who believe we must build a prosperous economy that fights climate change.”

“The question is whether this decision will put an end to the efforts of Conservative politicians fighting climate action in court, and whether they will join Canadians in fighting climate change.”

The onus was on the federal government to prove to the court that this is an issue of national concern that would allow it to take control of the matter rather than leaving it to the provinces.

The majority of the court found the federal government did that, noting all parties, including the provinces challenging the law, agreed climate change is “an existential challenge.”

“This context, on its own, provides some assurance that in the case at bar, Canada is not seeking to invoke the national concern doctrine too lightly,” Wagner wrote.

Wagner also wrote provinces can’t set minimum national standards on their own and if even one province fails to reduce its emissions, that could have an inordinate impact on other provinces.

He noted that the three provinces that challenged the ruling also withdrew from the Pan-Canadian Framework on Clean Growth and Climate Change. That agreement, signed in 2016, agreed to set a national carbon price.

“When provinces that are collectively responsible for more than two-thirds of Canada’s total GHG emissions opt out of a cooperative scheme, this illustrates the stark limitations of a non-binding cooperative approach,” he wrote.

That left the remaining provinces, responsible for only one-third of Canada’s total emissions, “vulnerable to the consequences of the lion’s share of the emissions being generated by the non-participating provinces.”

He also said climate change in Canada is having a disproportionate impact on the Canadian Arctic, coastal communities and Indigenous territories.

Justice Suzanne Cote dissented in part, agreeing climate change is an issue of national concern but taking issue with the power the federal cabinet gave itself to adjust the law’s scope, including which fuels the price would apply to.

Justices Malcolm Rowe and Russell Brown dissented with the entire decision, arguing Canada had not shown that climate change reaches the level of national concern. They objected that the precedent the majority’s decision sets would allow Ottawa to set minimum national standards in all areas of provincial jurisdiction.

Wagner pushed back, finding there is a limited scope for national standards that is unchanged by this ruling.

Canada implemented the Greenhouse Gas Pollution Pricing Act in 2019, setting a minimum price on carbon emissions in provinces that don’t have equivalent provincial prices, a law that was challenged by Saskatchewan, Ontario and Alberta.

The program applies a price per tonne to fuel purchases by individuals and businesses with lower emissions, and on part of the actual emissions produced by entities with large emissions, such as pipelines, manufacturing plants and coal-fired power plants.

The federal fuel-input charge applies in Ontario, Manitoba, Saskatchewan and Alberta, while the federal charge for big emitters currently covers only Manitoba and Prince Edward Island.

All other provinces have systems that meet the federal threshold.

The territories adopted the federal fuel charge.

This report by The Canadian Press was first published March 25, 2021.

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Wall Street’s plant-based love wilts

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By Siddharth Cavale and Uday Sampath Kumar

(Reuters) – A cooling of the U.S. stock market’s taste for plant-based meat makers has raised doubts among some investors and analysts about Impossible Foods’ plans to achieve a $10 billion flotation.

Impossible is seeking to go public through an initial public offering or via a merger with a blank-check company within the next 12 months, sources told Reuters this month.

The market value of larger competitor Beyond Meat, however, has sunk from a peak of $14 billion to closer to $8.5 billion and is predicted by several brokerages to fall further.

Both firms carry expectations of being big players in a so-called faux meat market which some predict could be worth $85 billion a year by 2030 as dietary habits shift.

But with retail sales of some products sliding, four sectoral investors told Reuters that Beyond’s 420% rise in value since listing in September 2019 was now seen as overcooked.

“It’s pretty shocking when you see some of these valuations come out,” said Patrick Morris, whose Eat Beyond vehicle has invested in three Canada-listed plant-based ventures.

“The $10 billion for Impossible Foods, with Beyond Meat at $8 or $8.5 billion? The first reaction is that these valuations are coming from outer space,” added Morris, who said he is looking at investing in Impossible if it opens its books.

Some existing investors have told Impossible that it should aim to go public at a valuation below where Beyond is trading, a person familiar with the discussions told Reuters.

Impossible declined to comment.

BIG DEALS

While the signs remain positive for plant-based food, COVID-19 has halted restaurant sales, and sector studies suggest that the industry has yet to convincingly win over shoppers.

Nevertheless, both Beyond and Impossible have signed deals with major restaurant and grocery chains and the U.S. industry as a whole grew by 44% last year during the pandemic.

Revenues at Beyond and some other producers are growing, but the rate of volume sales growth of fresh and fully cooked plant-based meat alternatives has been declining steadily at U.S. retail stores since July last year, NielsenIQ data shows.

Unit sales growth eased from 32.6% in the July to September period last year to 1% in January to March quarter of 2021, when compared to the same period a year ago, the data showed.

Beyond’s sales overall were still just $407 million last year, and its stock trades at nearly 21 times sales per share, according to Refinitiv data, versus 1.6 times and 1.9 times for Kellogg Co and Kraft Heinz, which last year had sales of $13.78 billion and $26.19 billion respectively.

“Food companies need to trade in a multiple that has some logic to it,” said Christopher Kerr, Chief Investment Officer at Unovis Asset Management, an early investor in Beyond Meat who cashed out and now holds stakes in Oatly and Zero Egg.

“The question is can they get to something that represents market valuation tied to revenues … right now we’re seeing some pretty premium valuations out there,” Kerr added.

 

Graphic: Beyond Meat market cap – https://fingfx.thomsonreuters.com/gfx/buzz/jznpnandjvl/Beyond%20market%20cap.PNG

 

SPAC BOOM

One reason for the valuation floated for Impossible is the boom in special-purpose acquisition deals and initial offerings that has seen big jumps for a range of start-ups at launch.

Brian Schaeffer, managing director of private equity trading platform InvestX, which allows investors to trade in pre-IPO companies, said Impossible had been one of the top five traded stocks on the platform since introducing it this year.

“The SPAC trend is super aggressive right now …so those kind of public valuations are being translated into interest on the private platforms,” Schaeffer added.

Some market debuts, however, have not gone as well.

British-based food delivery service Deliveroo flopped on its debut last month.

While Impossible does not publish sales numbers, some industry estimates give it a less than 4% share of the U.S. imitation meat industry, compared with Beyond Meat’s 25%.

Beyond has signed deals with McDonald’s, PepsiCo and KFC and Taco Bell owner Yum Brands while Impossible last year gave up on McDonald’s, citing its inability to supply on the required scale.

Impossible’s burgers and sausages are available at only 20,000 stores globally, versus Beyond’s 122,000 and it is still seeking regulatory approval in Europe and mainland China, where the genetically modified yeast it uses is banned.

“There is so much money (from SPACs) looking for so few places to go, because the space is so new,” Curt Albright, managing member of alternative protein investment firm Clear Current Capital said.

“Whether the valuations are too much or too little, that the market will figure out eventually.”

 

(Reporting by Siddharth Cavale and Uday Sampath Kumar in Bengaluru; Editing by Patrick Graham and Alexander Smith)

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The Art of Finding Work

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By Nick Kossovan

Interviews Are Modern Greek Tragedies

Odds are the person interviewing you has a similar story as mine—they developed their interviewing skills “on the job.” Executives and managers are thrust into the recruiting part of their job without first developing skills to evaluate talent.

Outside of human resources, those whose job requires them to assess and interview candidates get little to no training. I never received any formal training regarding how to interview and evaluate a candidate. Yet, I’ve interviewed 1,000’s throughout my career.

I admit I stumbled through my first 150 – 200 interviews. I developed my interviewing skills, a skill I knew would serve me well, on job candidates, which I now admit was unfair to them.

Hiring the right people who’ll fit with the position, team and company can’t be overstated. I keep British-American author Simon Sinek’s words top of mind, “If you hire people just because they can do a job, they’ll work for the money. But if you hire people who believe what you believe, they’ll work for you with blood and sweat and tears.”

Since finding work is seeking approval, I often think of interviews as conduits to modern Greek tragedies.

We spend much of our youth and adulthood seeking approval, trying to “fit in” with the right clothes, car, house, job, etc. We’re constantly aware we’re being judged—a cause of much of why we second-guess ourselves and the stress this causes.

 

  • Am I good enough?
  • Do I fit in?

 

You desperately want to hear, “We want you.”

WARNING: Three interview truths coming.

  • When interviewing, everything goes into “the mix”—past hiring mistakes, bias, prejudices, commonalities.
  • At the core of every hiring decision is gut feel.
  • Likability is the most valuable currency a job seeker has, trumping education, skills, and experience.

 

When a candidate is sitting in front of me, I’m asking myself:

  • Will this person fit in with the current team members and the company’s culture?
  • Will this person be seen as a good hire by my boss and peers, and the team? (A bad hire = bad judgment, which is an X against my reputation.)

Acing an interview is extremely hard. Much of your success depends on whom you’re speaking to, and humans are the ultimate moving target. The best you can hope for is to stack the odds in your favour and hope your interviewer is in a good mood.

Keep top of mind: An interview is a sales meeting, and hiring is a business arrangement.

When interviewing, your job is to establish rapport (READ: connection), build trust and achieve the following goals of making the interviewer:

  • Believe in you.
  • See you as a fit.

You achieve these goals by:

  • Clearly demonstrating what value you can bring to the employer. Connect how yourtrack record, which needs to be quantified; otherwise, it’s just your opinion, would be an asset to the employer.
  • Presenting yourself as a problem solver. If you look at work holistically, you’ll realize every position within an organization exists to solve a problem(s). How can your experience and skills solve the problem(s) the position you applied to exists to solve?
  • Asking good questions. By asking good questions, your interviewer will talk about their pain points. You can then explain (sell yourself) how you’d go about solving their pain point.

Three things worth noting and using as guidance when interviewing:

  • An employer will hire you if they’re convinced you’ll bring more value than you cost, therefore offer as much value as possible.
  • Problem solvers, those with a proven track record of solving their employer’s pain points, will always be in demand.
  • People don’t have short attention spans. They have short interest spans. Make your interviewer interested in you!

 

There’s no blueprint to guarantee interview success. All you can do is stack the odds in your favour as much as possible. However, there’s one universal interview rule that’ll tip the odds in your favour: Always tell the person sitting across from you what they want to hear. When you develop the ability to read your interviewer and comfortably offer solutions to their pain points, you’ll have developed solid interviewing skills. Such skills will mitigate the number of Greek tragedies you’ll experience while job searching.

______________________________________________________________

 

Nick Kossovan, a well-seasoned veteran of the corporate landscape, offers advice on searching for a job. You can send him your questions at artoffindingwork@gmail.com.

 

 

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Judge Rules to delay Huawei CFO’s extradition hearings

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By Moira Warburton

VANCOUVER (Reuters) – A Canada judge has agreed to delay Huawei Chief Financial Officer Meng Wanzhou’s U.S. extradition hearings for three months, according to a ruling read in court on Wednesday, handing her defense team a win.

Meng, 49, was arrested at Vancouver International Airport on charges of bank fraud in the United States for allegedly misleading HSBC about Huawei’s business dealings in Iran, causing the bank to break U.S. sanctions.

Meng’s team had asked for more time to review additional documents that became available after HSBC and Huawei reached a settlement in Hong Kong. Extradition hearings were originally set to wrap up in May.

Defense attorney Richard Peck argued in court on Monday that they were requesting “a modest frame of time” to be able to read the documents and potentially file them as evidence in the British Columbia Supreme Court.

Lawyers representing the attorney general of Canada had fought the adjournment of hearings set to start on Monday, arguing that Meng’s team had been given more time than was usual in an extradition to make their case, and the contents of the documents were too redacted to be relied upon as significant to the case.

“The outstanding feature of this application is that it’s based on speculation,” prosecutor Robert Frater said on Monday.

But Associate Chief Justice Heather Holmes disagreed, siding with the defense in granting an adjournment.

Her reasons will be read out on in court on April 28.

 

(Reporting by Moira Warburton in Vancouver; Editing by Chris Reese and Marguerita Choy)

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