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Commercial fishers and wild salmon advocates cheer large returns to B.C. waters

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VICTORIA — The summer of 2022 is shaping up to be a bumper season for both pink and sockeye salmon in British Columbia rivers, with one veteran Indigenous fisherman reporting the biggest catches of sockeye in decades.

Mitch Dudoward has worked in the salmon industry for more than 40 years, and says fishing on the Skeena River in northwest B.C. has never been better.

“This is the best season I can recall in my lifetime with the numbers we are catching,” said Dudoward, who recently completely a big sockeye haul aboard his gillnetter Irenda.

Bob Chamberlin, chairman of the Indigenous-led First Nations Wild Salmon Alliance, meanwhile said that thousands of pink salmon are in Central Coast rivers after years of minimal returns.

The strong run comes two years after the closure of two open-net Atlantic salmon farms in the area.

“We had targeted those farms,” said Chamberlin, whose group wants open-net farms removed from B.C.’s waters. “We got them removed and two years later we went from 200 fish in the river to where we have several thousand to date. In our mind and knowledge that is a really clear indicator.”

Fisheries and Oceans Canada spokeswoman Lara Sloan said departmental observations indicated big returns of sockeye to the Skeena River.

“Test fisheries currently indicate that Skeena sockeye returns are tracking at the upper end of the forecast, with an in-season estimate of approximately four million sockeye,” said Sloan in a statement. “Sockeye populations returning to a number of areas in British Columbia, Washington and Alaska are returning better than forecast in 2022.”

The five-year average return of sockeye to the Skeena is 1.4 million and the 10-year average is 1.7 million, Sloan said.

Dudoward said the Skeena sockeye season ended this week, but it could have gone on longer.

“We should be fishing until the end of August when the sockeye stop running,” he said. “There’s plenty of them to take.”

But Sloan said the Fisheries Department was being careful about salmon stocks.

“For 2022, the department is taking a more precautionary approach toward managing impacts of commercial fisheries on stocks of conservation concern including smaller wild sockeye populations, chum and steelhead returning to the Skeena River,” she said.

The Fisheries Department also expects a large sockeye run to the Fraser River this summer, but returns of chinook, coho and chum to northern and Central Coast rivers and streams are expected to be low.

“The forecast range for Fraser River sockeye in 2022 is 2.3 million to 41.7 million, with a median forecast of 9.7 million,” said Sloan. “The median forecast means there is a 50 per cent chance returns will come in below that level.”

That is well above the estimated 2.5 million sockeye returns in 2021, according to Fisheries and Oceans Canada data.

The strong returns come amid debate over the future of open-net salmon farming in B.C. waters.

In 2018, the B.C. government, First Nations and the salmon farming industry reached an agreement to phase out 17 open-net farms in the Broughton Archipelago between 2019 and 2023.

The agreement was negotiated to establish a farm-free migration corridor to help reduce harm to wild salmon.

In June, federal Fisheries Minister Joyce Murray said the government will consult with First Nations communities and salmon farm operators in the Discovery Islands, near Campbell River on Vancouver Island, about the future of open-net farming in the area.

A final decision on the future of the farms is expected in January 2023, the minister said.

“That is such a key migratory route of all Fraser River salmon, in particular coho and chinook,” Chamberlin said. “If we are going to see Fraser runs return, we need to see removal of impediments.”

This report by The Canadian Press was first published Aug. 10, 2022.

 

Dirk Meissner, The Canadian Press

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Porsche Is Going Public At €82.50 A Share, Valuing Company At €75 Billion – CarScoops

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Porsche is going public this week and shares will each be available for €82.50 ($79.89), priced at the top of the company’s targeted price range.

The initial public offering (IPO) will see the Volkswagen Group sell 12.5 per cent of the company’s non-voting shares in a move that will raise approximately €9.4 billion ($9.1 billion) and value the automaker at €75.2 billion ($72.8 billion). This will make it Germany’s second-largest listing ever.

No less than 911 million shares will be sold in Porsche and approximately half of the proceeds generated by the listing on Frankfurt’s stock exchange will be distributed to shareholders. The rest of the funds will be used to help fund VW’s transition to all-electric vehicles.

Read More: VW Banking On Porsche IPO To Fund Future Electrification Plans

“In the event of a successful IPO, Volkswagen AG will convene an extraordinary general meeting in December 2022, at which it will propose to its shareholders to distribute in the beginning of 2023 a special dividend of 49 % of the total gross proceeds from the placement of the preferred shares and the sale of the ordinary shares,” the Volkswagen Group described in a statement.

The IPO is going ahead despite the current volatile state of the stock market and widespread economic concerns.

“This [IPO] is a key element for the group, especially because the possible proceeds would give us more flexibility to further accelerate the transformation,” Porsche CFO Arno Antlitz added in a statement earlier this month.

Speaking with the media last week, the head of VW’s works council, Daniela Cavallo, noted that the carmaker could sell more Porsche shares in the future in order to raise additional funds.

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Canada's economy grew by 0.1% in July, bucking expectations it would shrink – CBC News

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Canada’s gross domestic product expanded by 0.1 per cent in July, besting expectations of an imminent decline, as growth in mining, agriculture and the oil and gas sector offset shrinkage in manufacturing.

Statistics Canada reported Thursday that economic output from the oilsands sector increased sharply, by 5.1 per cent during the month. That was a change in direction after two straight months of decline, which brought second-quarter growth to 4.2 per cent thus far. 

The agriculture, forestry, fishing and hunting sector led growth with 3.2 per cent. Unlike the United States and Europe, both of which are facing drought conditions, Canada has had a good year for crop production said Scotiabank economist Derek Holt. 

On the downside, the manufacturing sector shrank by 0.5 per cent, its third decline in four months. Canada’s export market with the United States has softened and global supply chain issues linger, said Holt. The latter are gradually easing, which could create a better picture for the sector in the second half of the quarter. 

Wholesale trade shrank by 0.7 per cent, and the retail sector declined by 1.9 per cent. That’s the smallest output for retail since December. 

“What happened this summer was a big rotation away from goods spending towards services spending,” Holt said. Activities like haircuts, travel or outings to the theatre, made popular with the lifting of pandemic restrictions, leave out retail.

While the economy eked out slight growth in July, the data agency’s early look at August’s numbers shows no growth.

“The economy fared better than anticipated this summer, but the showing still wasn’t much to write home about,” said economist Royce Mendes with Desjardins. “While the data did beat expectations today, the numbers didn’t move the needle enough to see a material market reaction.”

The performance of Canada’s economy throughout the fiscal year — 3.6 per cent growth in Q1 and 4.2 per cent thus far in Q2 — remains one of the best in the world, Holt said. 

Mendes said he expects growth will stay under one per cent this year: half of the Bank of Canada’s two per cent prediction and a third of the growth seen in the first two quarters. 

“We’re definitely slowing, and more of that is coming in a lagged response to higher interest rates and all the challenges of the world economy,” Holt said. “But relative to the rest of the world, for the year as a whole, Canada has been in a sweet spot.”

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Employers and Your Ego Are Constantly at Odds Over Your Value

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When considering the value of an item from a holistic perspective and through the philosophical lenses of existentialism, you realize an item has no value until someone is willing to pay for it, whether it’s a Porsche 911 GT3, a 26th-floor condo in Vancouver, a cup of Starbucks coffee or pair of Levi’s jeans.

Have you ever bought an item, a leather jacket, for example, for $400 and then a month later, it was on sale for $250? The retailer reduced the price of the leather jacket because the number of customers willing to pay $400 had dwindled to the point where it wasn’t selling. Taking this analogy further, the jackets that ended up not selling had no value.

Value doesn’t simply exist. Value is assigned by supply and demand—demand being the keyword. The value of your skills and experience on the job market is determined by how much employers are willing to pay for them, which constantly fluctuates.

It’s no secret most employees feel underpaid. The perception is mostly personal, based on:

  • Your assessment of your worth, which is highly subjective, and
  • The amount of money you need for the lifestyle you created.

 

Neither is relevant.

In general, compensation isn’t arbitrary. A job’s value is determined by:

  • Job-specific educational requirements
  • Skillset required
  • Experience level
  • Responsibilities
  • Location

 

Additionally, those who criticize what employers are offering them never think about the scenario that the employer may have ten employees currently earning $65,000, whereas you want $75,000. It would cause turmoil to hire you at your asking salary.

“Getting paid what you’re worth!” has become a popular sentiment. In reality, though, the value you place on yourself and the value employers in your region are willing to pay you are two entirely different perspectives.

Recently, someone asked me if I felt underpaid. “Nope,” I replied, “I’m getting paid the amount I agreed to when I joined my employer.” I have never understood nor empathized with people who accept jobs and then complain about the pay.

Your ego and sense of entitlement may have convinced you that you deserve $75,000, but you may find that employers disagree with your value assessment. Anyone with a slight sense of business acumen understands an employee’s compensation needs to correlate with the value they bring to their employer.

Hiring involves taking a candidate’s words at face value, especially regarding their work ethic, past results, and ability to work well with others. Gut feel plays a significant role during interviews. Skills and aptitude can be tested, but only to a certain extent.

A hiring manager can only do so much due diligence (multiple interviews, testing, reference checks). Work ethic, ability to achieve results, having the skills they claimed, and being a team player are only proven or disproven after a new hire starts. Most of the tension between job seekers and employers results from job seekers expecting employers to pay them “their value” for abilities that they haven’t actually proven. In contrast, an employer’s best interest is to mitigate hiring risks by starting new hires at the low end of their budgeted salary range.

There’re 2 types of candidates:

  1. Unemployed
  2. Employed

 

Those employed should not accept a starting salary less than 20% higher than their current salary. Unless your motivation is other than money, it’s not worth the stress of starting a new job and reproving yourself for your current salary.

On the other hand, if you’re jobless, your income is $0. Unless the compensation offered is insultingly low, I don’t suggest you try and negotiate for the starting salary (WARNING: Brutal truth ahead.) you made up based on what you think of yourself. Financially and emotionally, having no job and, therefore, no income is a worst-case scenario for many.

I know you’re now asking, “But Nick, how will I get the compensation I feel I deserve if I accept what I’m offered?” Whether employed or not, you need to prove your worth, which requires the following:

 

  1. Getting the job (Proving your worth is impossible without a job.), and
  2. Negotiate and get in writing that upon achieving specific metrics, milestones, revenue targets, or whatever else you can think of, within your first six months, you’ll get a 15% salary increase or whatever percentage you feel appropriate.

 

IMPORTANT: I can’t stress enough to be sure your employment offer letter includes everything you and the hiring manager discussed and agreed to.

 

Number two makes it much easier for an employer to say “Yes” to you since they aren’t taking all the risks of hiring you at a salary you want and then finding out you can’t deliver. Offering this option demonstrates you’re confident in your skills and abilities and aren’t afraid to prove them.

 

Who would you choose if you had two more-or-less equally qualified candidates to choose from and one of the candidates offered you the option of proving their worth before getting the salary they feel they deserve?

______________________________________________________________

 

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

 

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