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Costco won't accept returns on hoarded items – Richmond News

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Costco’s Richmond location won’t accept returns on some of the items, such as toilet paper and Lysol products, that people have been hoarding in the past weeks.

A note appeared on the whiteboard of Richmond’s Costco warning customers that they wouldn’t accept returns on paper towels, toilet paper, rice, water, sanitizing wipes and Lysol products.

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Meanwhile, Costco is also placing restrictions on the number of customers allowed inside the store at any one time. Some shoppers may be asked to wait outside until others have left to ensure people can practise social distancing, explains the store’s president and CEO.

Staff at Costco told the Richmond News that the store can usually accommodate 300 people, but they now will only allow 30 people in at one time.

A video shared on social media earlier this week, shows a huge line-up of shoppers and their carts curving around the north end of the building and onto Beckwith Road.

Another photo, also circulating online, shows two signs posted at Costco’s entrance: one lists out-of-stock items, another notes that the purchase of certain items, such as water, toilet paper, paper towel, thermometers, facial tissue, soft soap and eggs, would be limited per member.

According to a release from Craig Jelinek, president and CEO of Costco, the store has taken steps to “control the number of members in their warehouses and asked members and employees to practice social distancing.

“Limits have been implemented on certain items to help ensure more members are able to access the merchandise they want and need. Our buyers and suppliers are working to ensure in-demand merchandise, as well as everyday favourites, are available in our warehouses,”states the release.

For all the latest news on COVID-19, click here.

 

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WestJet to rehire nearly 6,400 workers with help of federal wage subsidy – CBC.ca

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WestJet says 6,400 workers will be brought back onto its payroll once the federal government has approved an emergency wage subsidy program.

In a statement Wednesday night, WestJet CEO Ed Sims cautioned that there might not be enough work for the rehired employees, but noted “it does help them make ends meet.

“We will be communicating with those WestJetters who are affected by this decision as soon as we can,” said Sims.

Last month, WestJet announced it was cutting roughly half of its 14,000 employees with the elimination of 6,900 positions.

Canada’s airline industry has seen a dramatic reduction in demand due to lockdowns to control the spread of the coronavirus that causes COVID-19. 

The Calgary-based airline’s move to rehire its employees follows a similar move by Air Canada, which announced Wednesday that it would rehire 16,500 laid-off workers with assistance from the same federal wage subsidy program. 

The federal government’s emergency wage subsidy — originally targeted only at small- and medium-sized businesses — was expanded earlier in April to cover a 75-per-cent wage subsidy for Canadian companies that had lost 30 per cent of revenue due to the pandemic.

WestJet said it can’t guarantee that all employees will be coming back to work in the short-term, but the new subsidy will help out.

After announcing layoffs in late March, WestJet executives took a 50-per-cent pay cut and vice-presidents and directors took a 25-per-cent cut.

The airline also said it would reduce the number of flights offered in Canada by about half due to a reduced demand for travel.

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Oil Prices Surge with Production Cut Anticipation By – Investing.com

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© Reuters.

By Gina Lee

Investing.com – Oil prices built on the momentum from the previous session as the price war between Russia and Saudi Arabia seems to be nearing a truce.

Russia said overnight that it was willing to reduce output by around 1.6 barrels daily, or 15%.  The announcement saw WTI futures surging to almost 12% as the session closed.

International  rose 2.62% to $33.7 by 10:1PM ET (3:19 AM GMT) and U.S.  jumped 3.71% to $26.02.

As the oil industry continues to grapple with a supply glut, with the COVID-19 pandemic shrinking demand, Russia’s declaration comes at an opportune time. The Energy Information Administration (EIA) said overnight that the U.S. crude oil inventory increased by 15.2 million barrels for the week ending April 3, against analyst expectations of a 9.37-million-barrel build.

The American Petroleum Institute (API) also estimated a build of 11.9 million barrels yesterday.

Investors are waiting to see if Russia will hold to its word at OPEC+’s virtual meeting later in the day.

“The coming extraordinary producing-countries meeting is the only hope in the horizon for the market that could prevent a total price collapse and production shut-ins,” Rystad Energy’s head of oil markets Bjornar Tonhaugen told CNBC.

“At the moment, prices are so volatile that any news or leaks about the direction of the negotiations could move them [prices] either way. As you have seen in recent days, price swings from gains to losses and back are not unusual in such times,” he added.

But some investors took a more skeptical view.

“OPEC+ is trying mightily to cobble together a sizable production cut, and they are in full spin mode to try and rally prices,” Again Capital’s John Kilduff told CNBC.

[OPEC’s meeting] will be a make-or-break moment for the oil market. The math on a 10 million barrel per day cutback, which is the minimum necessary to stabilize the situation, is almost impossible to compute. I expect a bad day for OPEC+ tomorrow,” he added.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

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Why Canadian dairy farmers are dumping milk – Canada News – Castanet.net

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Some Canadian dairy farmers started dumping milk last week to rid the system of surplus production as demand from restaurants plummeted amid the COVID-19 pandemic that forced eateries across the country to close their doors.

“We first started seeing milk being discarded last week,” said David Wiens, vice president of the Dairy Farmers of Canada, a national organization for dairy producers. Though, it’s a bit early to know exactly how much milk farmers dumped at this point.

Dairy farms in British Columbia started disposing of raw milk on April 3, according to a statement on the BC Dairy Association website. The group did not respond to a request for comment

The Dairy Farmers of Ontario, which represents about 3,400 farms, informed producers “these measures would be necessary on a select and rotating basis” last week, said Cheryl Smith, chief executive, in an emailed statement.

It’s “very, very disheartening for farmers,” Wiens said. “It goes against every grain in their body.”

Dairy production in the country is controlled under a system known as supply management. It’s a controversial system that has seen its share of opposition. U.S. President Donald Trump called on Canada to end the practice for dairy.

Canada adopted this model for dairy in the early 1970s to overcome production surpluses in the two decades prior, according to the Dairy Farmers of Canada website. Egg and poultry farmers started to operate under the system in later years.

The Canadian Dairy Commission administers supply management for dairy producers, with the Canadian Milk Supply Management Committee assessing national demand for milk products and setting targets for production annually. Dairy farmers own what’s known as quotas, which allow them to produce a set amount of milk that depends on the anticipated demand. The production amount for their quota can be moved up or down as needed.

Dairy farmers sell their product at a fixed price that accounts for production costs and other factors. Grocers set retail prices.

The supply management system attempts to ensure farmers produce the right amount of milk to feed Canadians’ desire for dairy products.

The outbreak of COVID-19, however, resulted in unforeseen fluctuations, said Wiens.

“A few weeks ago, nobody would have predicted that it would have this impact on the marketplace,” he said.

On the retail front, demand soared as people descended on grocery stores and stocked up on essentials. Some grocery stores placed limits on the amount of butter and other dairy products customers could buy as their just-in-time distribution system couldn’t handle the new milk volumes and keep shelves stocked fast enough, he said.

Farmers have a “a huge surplus of milk now, which had nowhere to go,” said Wiens.

But demand plummeted from food service clients, like restaurants. Eateries across the country shut their doors — some on provincial government orders and others in an effort to help stop the spread of the coronavirus. Nearly all dine-in services across Canada remain shuttered, with some restaurants continuing to operate serving only food to go.

Meanwhile, as demand fluctuates, cows keep producing milk daily.

“There’s no tap that you can just slow down, and, you know, turn on and off as we wish,” said Wiens, who operates a dairy farm near a small town about 70 kilometres south of Winnipeg. “It doesn’t work that way.”

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