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First Nations partner with B.C. company in $1B purchase of Clearwater Seafoods – CBC.ca

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Halifax-based Clearwater Seafoods announced a billion-dollar deal Monday to sell the company to a partnership between Premium Brands of British Columbia and a coalition of Mi’kmaw First Nations.

It is “the single largest investment in the seafood industry by any Indigenous group in Canada,” said a news release jointly issued by the coalition and Clearwater.

The coalition will be led by the Membertou band in Cape Breton and Miawpukek in Newfoundland and Labrador.

Membertou Chief Terry Paul said the Mi’kmaq will hold Clearwater’s Canadian fishing licences within a fully Mi’kmaq-owned partnership.

“This deal is a transformational moment for all participating communities,” Paul told CBC News. “We will now have access to the offshore fishery from an ownership position.”

Chief Terry Paul said Membertou First Nation will be leading the coalition of Mi’kmaw communities in the purchase of Clearwater Seafoods. (CBC)

The Mi’kmaw coalition will put up $250 million for its share of the purchase and pay for it through a 30-year loan from the First Nations Finance Authority.

“I feel excited about it,” said Paul. “We’re a player now. In order to be in business, you first have to play the game.

“You have to play to win, and we won.”

North America’s shellfish leader

Clearwater is North America’s largest producer of shellfish and holds Canadian harvest licences for a variety of species including lobster, scallop, crab and clams.

It also has harvesting operations in the United Kingdom and South America and a worldwide sales operation.

The deal is being recommended by Clearwater directors and would see shareholders paid $8.25 a share. That’s a 15 per cent premium above the price last week and a 60 per cent premium compared to the price before Clearwater announced it was for sale in March.

The sale is expected to close in the first half of 2021.

Clearwater Seafoods was put up for sale earlier this year. (Robert Short/CBC)

“I am very pleased to recommend this transaction. It represents great value for shareholders, leverages the expertise within the company while advancing reconciliation in Canada,” Colin MacDonald, chair of the board of directors of Clearwater, said in a statement.

“I am confident that this transaction will enhance the culture of diversity and sustainable seafood excellence that exists at Clearwater.”

Other Mi’kmaw bands show interest

The agreement will see the Mi’kmaw coalition and Premium Brands create FNC Holdings to acquire Clearwater shares.

Several other Nova Scotia bands have confirmed their intention to join Membertou and Miawpukek, according to the announcement. They include Paqtnkek , Pictou Landing, Potlotek, Sipekne’katik and We’koqma’q.

Membertou said the purchase will not take away from the First Nation’s current revenues or financial position.

Moderate livelihood fishery not impacted

Paul said the Clearwater deal will not slow the push for a moderate livelihood fishery in Nova Scotia.

Membertou and several other bands have launched or intend to launch self-regulated lobster fisheries. 

They are exercising a treaty right recognized by the Supreme Court of Canada, but the move has angered — and even prompted violence — from some non-Indigenous commercial fishermen.

“Our investment in a commercial offshore fishery is completely separate from our commercial inshore and moderate livelihood fisheries,” Paul told CBC News.

“We’re still very incredibly committed to our other fisheries and to our communities on moderate livelihood. This deal does not impact the processes and the discussions taking place in other areas of the fishery.”

‘Globally respected brand’

George Paleologou, CEO and president of Premium Brands, praised Clearwater as “a world-class seafood company with a great management team, best-in-class products and a globally respected brand.”

“In partnership with us and the Mi’kmaw First Nations communities, it will become an even stronger business by leveraging the complementary strengths of our three organizations,” added Paleologou.

Clearwater was founded in 1978 by John Risley and Colin MacDonald.

Now in their 70s, they have said the company was put for sale earlier this year as part of succession planning since their children were not interested in taking over the business.

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Stop Asking Your Interviewer Cliché Questions

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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.

English philosopher Francis Bacon once said, “A prudent question is one half of wisdom.”

The questions you ask convey the following:

  • 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 moreto 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.

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Canadian Natural Resources reports $2.27-billion third-quarter profit

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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.

Companies in this story: (TSX:CNQ)

The Canadian Press. All rights reserved.

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Cenovus Energy reports $820M Q3 profit, down from $1.86B a year ago

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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.

Companies in this story: (TSX:CVE)

The Canadian Press. All rights reserved.

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