EU leaders reached a deal on Tuesday on a package of measures to boost their economies after the coronavirus pandemic, agreeing to borrow and spend hundreds of billions of euros in the next few years and pay them back from new taxes.Reuters
After an acrimonious four-day summit that nearly collapsed, European Union leaders early Tuesday signed off on an unprecedented stimulus package that will see the bloc issue €750-billion in joint debt to help member countries repair their pandemic-battered economies.
The agreement came at 5:30 a.m. in Brussels and was declared a landmark moment of unity by EU leaders and economists, who feared that failure to deliver the package would send the markets tumbling and delay the recovery of the EU economies, which are in deep recession.
The stimulus measures mark the first instance of massive borrowing in the EU’s history, and a big step toward issuing a common bond, a significant integration move.
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Giuseppe Conte, Prime Minister of Italy, the original epicentre of the European COVID-19 pandemic, called the recovery plan “an historic moment for Europe” at a press conference.
The recovery package came alongside the approval of a €1-trillion budget that will cover the bloc between 2021 and 2027. “We are 27 around the table, and we managed to produce a budget,” French President Emmanuel Macron told reporters. “In which other political sphere in the world is that possible, is that done? None.”
The pandemic in the EU has killed 135,000 people so far, with Italy seeing more than 35,000 fatalities, the highest tally in the bloc (Britain, which is no longer a member of the EU, has recorded more than 45,000 fatalities). Unemployment rates have soared, and growth in some EU economies will fall by about 10 per cent this year.
The recovery fund is composed of two elements: €390-billion in grants and €360-billion in low-interest loans. The EU will borrow the funds in the capital markets through 2026, and 70 per cent of the grants will go out the door in 2021 and 2022.
But the first payments to EU states will probably not be delivered until mid-2021, meaning the hardest hit countries – notably Italy, Spain and France – will have to find their own fiscal measures to prevent their economies from deteriorating for another year.
In a note, the European economists at ING said “In terms of size, the fund is still relatively small given the severity of the economic crisis … Still, given that more than a year ago, a meager euro-zone budget was almost impossible, and given how far apart member states had been at the start of the discussion, this morning’s outcome is still remarkable.”
The stimulus package will be welcomed by the European Central Bank, which had been propping up the euro-zone countries pretty much single-handedly since the pandemic shut down almost the entire continent in March. The ECB’s emergency-response program will see the central bank buy €1.35-trillion in financial assets such as government bonds.
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The EU’s package of grants and loans was originally proposed by Mr. Macron and German Chancellor Angela Merkel in May, when it became apparent that the pandemic would not vanish quickly. Its success was far from assured because of resistance from the leaders of the “Frugal Four” countries – Austria, Denmark, Netherlands and Sweden – who opposed the idea of handing out grants to member countries. They were less opposed to the idea of repayable loans, which, they argued, would instill some economic discipline on the governments.
In the end, the Frugal Four managed to whittle down the grant component of the stimulus package from €500-billion to €390-billion, with the balance in the form of loans. As a sweetener to break the deadlock, they were given significant rebates on their annual EU budget contributions.
Dutch Prime Minister Mark Rutte also secured an “emergency brake” that would temporarily halt transfers to a member country if that country was not honouring its commitment to reform its economy in exchange for the funds.
Hungarian Prime Minister Viktor Orban threatened to kill the entire package, whose approval required unanimity, if it came with strict rule-of-law conditions such as guarantees for judicial independence. A compromise was worked out that would allow only a weighted majority of governments to block payments over rule-of-law violations.
Economists said that Italy and Spain, the EU’s third- and fourth-largest economies, will emerge as the biggest beneficiaries of the stimulus package. ING calculated that in the first two years, they will receive grants worth about 2.5 per cent and 3.5 per cent, respectively, of their GDP. France, Germany and the Netherlands will see payments worth less than 1 per cent of their GDP.
Almost a third of the stimulus package is to be devoted to fighting climate change, though details were scant as to what kinds of projects would be eligible for the funding. The EU agreed that all spending must be consistent with the carbon-reduction goals of the 2015 Paris climate agreement.
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European markets rose in reaction to the approval of the stimulus package. In morning trading Tuesday, Germany’s DAX index was up 1.7 per cent. Brent crude oil was up by almost 1 per cent. European equities have outperformed U.S. and global equities since mid-May, when the EU stimulus package negotiations were launched.
Tense recovery talks have revealed deep political fractures in the European Union, questioning its ability to stay unified.Reuters
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Most job search advice is cookie-cutter. The advice you’re following is almost certainly the same advice other job seekers follow, making you just another candidate following the same script.
In today’s hyper-competitive job market, standing out is critical, a challenge most job seekers struggle with. Instead of relying on generic questions recommended by self-proclaimed career coaches, which often lead to a forgettable interview, ask unique, thought-provoking questions that’ll spark engaging conversations and leave a lasting impression.
Your level of interest in the company and the role.
Contributing to your employer’s success is essential.
You desire a cultural fit.
Here are the top four questions experts recommend candidates ask; hence, they’ve become cliché questions you should avoid asking:
“What are the key responsibilities of this position?”
Most likely, the job description answers this question. Therefore, asking this question indicates you didn’t read the job description. If you require clarification, ask, “How many outbound calls will I be required to make daily?” “What will be my monthly revenue target?”
“What does a typical day look like?”
Although it’s important to understand day-to-day expectations, this question tends to elicit vague responses and rarely leads to a deeper conversation. Don’t focus on what your day will look like; instead, focus on being clear on the results you need to deliver. Nobody I know has ever been fired for not following a “typical day.” However, I know several people who were fired for failing to meet expectations. Before accepting a job offer, ensure you’re capable of meeting the employer’s expectations.
“How would you describe the company culture?”
Asking this question screams, “I read somewhere to ask this question.” There are much better ways to research a company’s culture, such as speaking to current and former employees, reading online reviews and news articles. Furthermore, since your interviewer works for the company, they’re presumably comfortable with the culture. Do you expect your interviewer to give you the brutal truth? “Be careful of Craig; get on his bad side, and he’ll make your life miserable.” “Bob is close to retirement. I give him lots of slack, which the rest of the team needs to pick up.”
Truism: No matter how much due diligence you do, only when you start working for the employer will you experience and, therefore, know their culture firsthand.
“What opportunities are there for professional development?”
When asked this question, I immediately think the candidate cares more about gaining than contributing, a showstopper. Managing your career is your responsibility, not your employer’s.
Cliché questions don’t impress hiring managers, nor will they differentiate you from your competition. To transform your interaction with your interviewer from a Q&A session into a dynamic discussion, ask unique, insightful questions.
Here are my four go-to questions—I have many more—to accomplish this:
“Describe your management style. How will you manage me?”
This question gives your interviewer the opportunity to talk about themselves, which we all love doing. As well, being in sync with my boss is extremely important to me. The management style of who’ll be my boss is a determining factor in whether or not I’ll accept the job.
“What is the one thing I should never do that’ll piss you off and possibly damage our working relationship beyond repair?”
This question also allows me to determine whether I and my to-be boss would be in sync. Sometimes I ask, “What are your pet peeves?”
“When I join the team, what would be the most important contribution you’d want to see from me in the first six months?”
Setting myself up for failure is the last thing I want. As I mentioned, focus on the results you need to produce and timelines. How realistic are the expectations? It’s never about the question; it’s about what you want to know. It’s important to know whether you’ll be able to meet or even exceed your new boss’s expectations.
“If I wanted to sell you on an idea or suggestion, what do you need to know?”
Years ago, a candidate asked me this question. I was impressed he wasn’t looking just to put in time; he was looking for how he could be a contributing employee. Every time I ask this question, it leads to an in-depth discussion.
Other questions I’ve asked:
“What keeps you up at night?”
“If you were to leave this company, who would follow?”
“How do you handle an employee making a mistake?”
“If you were to give a Ted Talk, what topic would you talk about?”
“What are three highly valued skills at [company] that I should master to advance?”
“What are the informal expectations of the role?”
“What is one misconception people have about you [or the company]?”
Your questions reveal a great deal about your motivations, drive to make a meaningful impact on the business, and a chance to morph the questioning into a conversation. Cliché questions don’t lead to meaningful discussions, whereas unique, thought-provoking questions do and, in turn, make you memorable.
Nick Kossovan, a well-seasoned veteran of the corporate landscape, offers “unsweetened” job search advice. You can send Nick your questions to artoffindingwork@gmail.com.
CALGARY – Canadian Natural Resources Ltd. reported a third-quarter profit of $2.27 billion, down from $2.34 billion in the same quarter last year.
The company says the profit amounted to $1.06 per diluted share for the quarter that ended Sept. 30 compared with $1.06 per diluted share a year earlier.
Product sales totalled $10.40 billion, down from $11.76 billion in the same quarter last year.
Daily production for the quarter averaged 1,363,086 barrels of oil equivalent per day, down from 1,393,614 a year ago.
On an adjusted basis, Canadian Natural says it earned 97 cents per diluted share for the quarter, down from an adjusted profit of $1.30 per diluted share in the same quarter last year.
The average analyst estimate had been for a profit of 90 cents per share, according to LSEG Data & Analytics.
This report by The Canadian Press was first published Oct. 31, 2024.
CALGARY – Cenovus Energy Inc. reported its third-quarter profit fell compared with a year as its revenue edged lower.
The company says it earned $820 million or 42 cents per diluted share for the quarter ended Sept. 30, down from $1.86 billion or 97 cents per diluted share a year earlier.
Revenue for the quarter totalled $14.25 billion, down from $14.58 billion in the same quarter last year.
Total upstream production in the quarter amounted to 771,300 barrels of oil equivalent per day, down from 797,000 a year earlier.
Total downstream throughput was 642,900 barrels per day compared with 664,300 in the same quarter last year.
On an adjusted basis, Cenovus says its funds flow amounted to $1.05 per diluted share in its latest quarter, down from adjusted funds flow of $1.81 per diluted share a year earlier.
This report by The Canadian Press was first published Oct. 31, 2024.
