LONDON, ONT. —
The unemployment rate in London increased dramatically in May, according to Statistics Canada.
London’s jobless rate climbed to 11.7 per cent in May, compared to 8.9 per cent in April.
It’s the lowest number of people working in London since 2003, when there were over 80,000 fewer people living in the area.
Based on a three-month rolling average, London-St. Thomas has lost 28,400 people from its labour force – and that’s just since February.
That figure includes Shannon Rumble, “Since the beginning when everything shut down, I haven’t been to work at all.”
Temporarily laid off from her job as a line cook, federal CERB payments are helping, but Rumble needs things to get back to normal soon.
“I’m a single mom, so (my daughter) can’t go to day care. My parents are helping out, but I can’t go to work if she can’t go to school or day care,” she explains.
“Its not just numbers, it’s people,” London Mayor Ed Holder isn’t sugar coating the situation, “It impacts people on a very personal level and if you are trying to make a mortgage (payment), or make sure your kids are alright, I get that.”
From the perspective of businesses, Holder says large employers who are part of his COVID-19 economic task force are balancing an urgent desire to get staff back to work, with the need to keep them safe from COVID-19.
“We will be doing business, we may just be doing it differently,” he says.
Holder predicts a moderate, consistent comeback as businesses reopen, “I am optimistic that, while I don’t think it’s a quick recovery, I think it will be steady.”
On a national level, Statistics Canada reported a record high unemployment rate even as the economy added 289,600 jobs in May, with businesses reopening amid easing public health restrictions.
The national unemployment rate rose to 13.7 per cent, topping the previous high of 13.1 per cent set in December 1982.
The increase in the unemployment rate came as more people started looking for work.
The increase in the number of jobs come after three million were lost over March and April.
The average estimate from economists is for the loss of 500,000 jobs in May and for the unemployment rate to rise to 15.0 per cent, according to financial markets data firm Refinitiv.
– With files from CTV’s Melanie Borrelli and The Canadian Press.
Service outages, compromised security possible unless government takes common-sense approach to Huawei – BT CEO – RT
Rushing to exclude Chinese telecom giant Huawei from the UK market may have serious consequences, including a failure to keep British networks safe, the head of telecommunications company BT has warned.
Downing Street is to announce on Tuesday whether it would reverse January’s decision to allow Huawei to provide equipment for developing 5G in Britain. London is under serious pressure from Washington to push the Chinese giant out of Britain over security concerns.
A rushed decision regarding Huawei may be disruptive for Britain, BT CEO Philip Jansen warned on Monday. Rather than keep the networks safe, it could compromise their security.
“We need to make sure that any change of direction does not lead to more risk in the short term,” he told BBC Radio 4.
For example, if all transactions with the Chinese company are forbidden, British operators currently using its equipment will not be able to keep the firmware up to date. In a best-case scenario, it would take five years to replace Huawei components in British networks, and, in that time, some 15 to 20 big software upgrades are likely to be released by the company, Jansen said.
“If we get to a situation where things need to go very, very fast, then, … potentially, service for 24 million BT Group mobile customers is put into question, [resulting in] outages,” he added.
Washington accuses Huawei of serving as an agent of the Chinese government and collecting intelligence through the equipment it sells. The company says it has been smeared, because the US has failed to catch up with Chinese vendors in developing 5G solutions and is brandishing the national security cudgel to undermine competition.
Jansen said BT was in talks with the British government to explain the potential ramifications of the decisions it may soon take, and hoped “common sense would prevail” in the end “and we will head the right direction here”.
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METALS-Supply angst helps copper scale two-year high – Kitco NEWS
* China industrial production data due Thursday
* Cash over three-month copper contract at 14-month high
By Pratima Desai
LONDON, July 13 (Reuters) – Copper prices reached two-year
highs on Monday in a buying frenzy triggered by worries over
strikes and supplies from top producer Chile and flooding in
Benchmark copper on the London Metal Exchange (LME)
was up 2.5% at $6,572 a tonne at 1602 GMT.
Prices of the metal used widely in the power and
construction industries earlier touched $6,633 a tonne, its
highest since June 2018 and up more than 50% since hitting
four-year lows in March.
“Miners at Antofagasta’s Zaldivar mine in Chile voting to
strike provided a tailwind to disruptions at Codelco due to
COVID-19,” said ING analyst Wenyu Yao. “Antofagasta’s Centinela mine will soon conclude voting on
whether to accept a wage offer or go on strike, which is another
upside risk for copper.”
CHILE: Codelco, the world’s largest copper producer, and
other miners in Chile have altered shift patterns, suspended
upgrades and smelter operations in an effort to stop the spread
of the new coronavirus. FLOODING: Traders are worried that flooding in China’s
Jiangxi province could eventually affect copper production. Jiangxi Copper , one of the country’s biggest
copper producers, has so far been largely unaffected by the
floods because most of its transportation is by rail. FUNDS: Much of the buying in base metals markets is by funds
in China and elsewhere, jumping on the uptrend of recent days.
DATA: Clues to demand prospects will come from Chinese urban
investment, house prices and industrial production data on
SPREADS: Worries about supplies on the LME market in the
face of falling stocks and cancelled warrants –
metal earmarked for delivery – pushed cash copper’s premium
over the three-month contract to a 14-month high above $11 a
Between May 2019 and June 2020 the cash contract mostly
traded at a discount .
OTHER METALS: Aluminium was up 0.1% at $1,691 a
tonne, zinc gained 2.9% to $2,257, lead rose
1.4% to $1,881, tin climbed 0.4% to $17,380 and nickel added 1.5% to $13,715.
(Reporting by Pratima Desai
Editing by Catherine Evans)
LME price overview COMEX copper futures All metals news All commodities news Foreign exchange rates SPEED GUIDES ))
China's imports and exports grew in June – MarketWatch
China’s imports and exports rose in June from a year earlier, mainly reflecting improving demand at home and abroad as the country largely brought the coronavirus pandemic under control and some developed countries began reopening.
China’s imports rose 2.7% in June, reversing a 16.7% slump in May, the General Administration of Customs said Tuesday. Economists polled by The Wall Street Journal expected June’s imports to drop 10.0%.
Exports edged up 0.5% in June, compared with a 3.3% decline in May, customs data showed. June’s exports were also better than economists’ median forecast of a 4.3% decline.
China recorded a trade surplus of $46.42 billion last month, much smaller than May’s $62.93 billion surplus and below the $59.30 billion surplus economists expected.
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