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Lululemon, MEC, Arc’teryx and Moosehead Breweries join Facebook ad boycott

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Canadian companies are joining a growing list of top international brands vowing not to advertise on Facebook Inc. in July because of the company’s refusal to deal with the spread of hateful content on its platform.

Vancouver athletic wear companies Lululemon Athletica Inc., Mountain Equipment Co-op and Arc’teryx and New Brunswick-based Moosehead Breweries are pulling their paid ads from Facebook and joining a boycott that has already been supported by Coca-Cola, Unilever, Honda America, Patagonia and more.

Champions of the #StopHateForProfit boycott — led by civil rights and advocacy groups including the Anti-Defamation League and National Association for the Advancement of Colored People — say Facebook has not done enough to keep racist, false and dangerous content or white supremacists off its platform.

They are also disappointed that the company has allowed users to call for violence against protesters fighting for racial justice in the wake of the deaths of several Black Americans.

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MEC’s boycott came into effect on June 25, when it pulled its organic content and paid ads from Facebook and Instagram until the end of July.

The company said it wants to raise “awareness of the harmful, racist content and misinformation that is shared on these social platforms.”

“We ask that Facebook strengthen their content-moderation policies and enforce them consistently,” MEC said in a statement emailed to The Canadian Press.

Lululemon, meanwhile, tweeted its support for #StopHateForProfit on Saturday, saying “We believe we all have a responsibility to create a truly inclusive society and are actively engaging with Facebook to seek meaningful change.”

In its tweets supporting the boycott, Arc’teryx said Facebook profits “will never be worth promoting hate, bigotry, racism, anti-Semitism and violence.”

Moosehead, which is behind the Moosehead Lager, Cracked Canoe, Alpine Lager and Hop City brands, joined the pledge on Monday afternoon and said it will stop advertising on both Facebook and Instagram.

“As a brewer, we talk a lot about the Canadian values that define us: boldness, independence, strength of character, but also openness, inclusivity and warmth,” Trevor Grant, Moosehead’s vice president of marketing and sales, said in a statement. “More needs to be done to protect those values on the world’s biggest social platforms, and to end hate speech online, and we stand in support of this much-needed change.”

Facebook, which is based in Menlo Park, Calif. and also owns Instagram and WhatsApp, said in a statement that it invests billions of dollars each year to keep its community safe and continuously works with outside experts to review and update its policies.

The company said it has opened itself up to a civil rights audit and banned 250 white supremacist organizations from Facebook and Instagram.

“The investments we have made in artificial intelligence mean that we find nearly 90 per cent of Hate Speech we action before users report it to us, while a recent European report found Facebook assessed more hate speech reports in 24 hours than Twitter and YouTube,” the company said in an email.

“We know we have more work to do, and we’ll continue to work with civil rights groups, Global Alliance for Responsible Media, and other experts to develop even more tools, technology and policies to continue this fight.”

Their boycott is significant because ad revenues generated almost US$69.66 billion for Facebook last year and is the company’s biggest money maker, according to research firm Statista.

Content moderation concerns have long dogged the company, which has often landed in regulators’ cross hairs as it struggles to balance freedom of speech with its responsibility to keep Facebook users safe.

While Facebook is a valuable tool for companies searching for eyeballs and customers willing to dip into their wallets, the boycott hurts the social media company more than the brands edging away from it, said Joanne McNeish, an associate professor of marketing at Ryerson University.

Many brands are not as reliant on Facebook as they once were because they have realized Instagram is more valuable for attracting younger customers and because Facebook has lost some of its more targeted advertising abilities after the data of up to 50 million Facebook users was misused by analytics firm Cambridge Analytica.

“Advertisers have various platforms that they have available, depending on the target group the company is looking for,” said McNeish. “They’re only boycotting Facebook, and that’s a very traditional way of doing a boycott in that you attack the market leader.”

After brands like Verizon, Eddie Bauer, Levi Strauss and Co. and Mozilla pulled their ads from the platform, Facebook’s stock slid by 8.3 per cent to US$216.08 on Friday, its biggest drop in three months.

The stock rebounded somewhat on Monday afternoon after dropping further in morning trading, gaining US$3.17 to US$219.25.

The fall erased $56 billion from Facebook’s market value and $7.2 billion from founder Mark Zuckerberg’s net worth.

The Bloomberg Billionaires Index now estimates he’s worth $82.3 billion and is the fourth richest person after Amazon.com Inc.’s Jeff Bezos, Microsoft Corp. co-founder Bill Gates and LVMH Moet Hennessy titan Bernard Arnault.

McNeish doesn’t think the losses will weigh on Facebook or Zuckerberg much.

“Mark Zuckerberg has a long tradition of not really caring what people think,” she said.

“He’s a huge organization, he can take quite a big hit on this and still be profitable and still continue to operate.”

This report by The Canadian Press was first published June 29, 2020.

Tara Deschamps, The Canadian Press

Source:- Yahoo Canada Finance

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Calgary breaks all-time record in housing starts but increasing demand keeps inventory low – CBC.ca

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Soaring housing demands in Calgary led to an all-time record for new residential builds last year, but inventory levels of completed and unsold units remained low due to demand outpacing supply.

According to the latest report from Canada Mortgage and Housing Corporation (CMHC), total housing starts increased by 13 per cent in Calgary, reaching a total of 19,579 units with growth across all dwelling types in the city.

That compares to a decline of 0.5 per cent overall for housing starts in the six major Canadian cities surveyed by CMHC.

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Calgary also had the highest housing starts by population.

“Part of the reason why we think that might have happened is that developers are responding to low vacancies in the rental market,” said Adebola Omosola, a housing economics specialist with CMHC.

“The population of Calgary is still growing, a record number of people moved here last year, and we still expect that to remain at least in the short term.”

Earlier this year, the Calgary Real Estate Board also predicted that demand, especially for rental apartments, wouldn’t let up any time soon. 

Industry can cope with demand, expert says

According to numbers from the report, average construction times were higher in 2023 for all dwelling types except for apartments.

The agency’s report suggests the increase in the number of under-construction residential projects might mean builders are operating at or near full capacity.

However, there’s optimism the construction industry can match the increasing need.

Brian Hahn, CEO of BILD Calgary Region, said despite concerns around about construction costs, project timelines and labour shortages, the industry has kept up with the demand for new builds.

Demand is expected to remain robust, but the construction industry can keep up, according to BILD Calgary region CEO Brian Hahn.
Demand is expected to remain robust, but the construction industry can keep up, according to BILD Calgary Region chief executive officer Brian Hahn. (Shaun Best/Reuters)

“I’ve heard that kind of conversation at the end of 2022 and I heard it in 2023,” Hahn said.

“Yet here we are early in 2024, and January and February were record numbers again.”

Hahn added he believes the current pace of construction will continue for at least the next six months and that the industry is looking at initiatives to attract more people to the trades.

Increase in row house and apartment construction

Construction growth was largely driven by new apartment projects, making up almost half of the housing starts in Calgary in 2023.

The federal housing agency says 9,034 apartment units were started that year, an increase of 17 per cent from the previous year. Of those, about 54 per cent were purpose-built rentals.

Apartments made up around two-thirds of all units under construction, CMHC said, with the total number of units under construction reaching 23,473.

Growth, however, was seen across all dwelling types. Row homes increased by 34 per cent from the previous year while groundbreaking on single-detached homes grew by two per cent.

“Notwithstanding challenges, our members and the industry counterparts that support them managed to produce a record amount of starts and completions,” Hahn said.

“I have little doubt that the industry will do their very best to keep pace at those levels.”

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Ottawa real estate: House starts down, apartments up in 2023 – CTV News Ottawa

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Rental housing dominated construction in Ottawa last year, according to a new report from the Canada Mortgage and Housing Corporation (CMHC).

Residential construction declined significantly in 2023, with housing starts dropping to 9,245 units, a 19.5 per cent decline from the record high observed in 2022. But while single-detached and row housing starts fell compared to 2022, new construction for rental units and condominiums rose.

“There’s been a shift toward rental construction over the past two years. Rental housing starts made up nearly one third of total starts in 2023, close to double the average of the previous five years,” the report stated.

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Apartment starts reached their highest level since the 1970s.

“The trend toward rental and condominium apartment construction follows increased demand in these market segments due to population growth, households looking for affordable options, and some seniors downsizing to smaller units,” the CMHC said.

Demand from international migration and students, the high cost of home ownership, and people moving to Ottawa from other parts of Ontario were the main drivers for rental housing starts in 2023. The CMHC says rental and condominium apartment starts made up 63 per cent of total starts in 2023, compared to the average of 37 per cent for the period 2018-2022.

There was a modest increase in rental housing starts in 2023 over the record-high seen the year prior and a jump in new condominiums. The report shows 5,846 new apartments were built in Ottawa last year, up 2.1 per cent compared to 2022.

Housing starts in Ottawa by year. (CMHC)

Big demand for condos

The CMHC said condo starts reached a new high in 2023, increasing 3 per cent from 2022 numbers.

“As of the end of 2023, there were only 13 completed and unsold condominium units, highlighting continued demand for new units,” the CMHC said.

Condominum starts increased in areas such as Chinatown, Hintonburg, Vanier and Alta Vista, as well as some suburban areas like Kanata, Stittsville, and western Orléans. Condo apartment construction declined in denser parts of the city like downtown, Lowertown and Centretown, the report says.

Taller buildings are also becoming more common, as the cranes dotting the skyline can attest. The CMHC notes that buildings with more than 20 storeys accounted for nearly 10 per cent of apartment structure starts in 2022 and 2023, compared to an average of 2 per cent over the 2017-2021 period. The number of units per building also rose 7 per cent compared to 2022.

Apartment building heights in Ottawa by year. (CMHC)

Single-detached home construction down significantly

The number of new single-detached homes built in Ottawa last year was the lowest level seen in the city since the mid 1990s, CMHC said.

“The Ottawa area experienced a slowdown in residential construction in 2023, driven by a significant decline in single-detached and row housing starts,” the CMHC said.

Single-detached housing starts were down 45 per cent compared to 2022. Row house starts dropped by 38 per cent compared to 2022, marking a third year of declines in a row.

“Demand for single-detached and row houses also declined in 2023. Higher mortgage rates and home prices have led to a shift in demand toward more affordable rental and condominium units,” the report said.

There were 1,535 single-detached housing starts in Ottawa last year, 208 new semi-detached homes and 1,678 new row houses.

The majority of single-detached and row housing starts were built in suburban communities such as Barrhaven, Stittsville, Kanata, Orléans and rural parts of the city.

“Increased construction costs resulting from higher financing rates and inflation that occurred in 2022 and 2023 contributed to the decline in construction in the region,” the CMHC said. 

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Trump’s media company ticker leads to fleeting windfall for some investors

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A man looks at a screen that displays trading information about shares of Truth Social and Trump Media & Technology Group, outside the Nasdaq Market site in New York City, U.S., March 26.Brendan McDermid/Reuters

Possible confusion over the new stock symbol for former President Donald Trump’s Truth Social (DJT-Q) saw some investor brokerage balances briefly jump by hundreds of thousands of dollars on Tuesday, the first day Trump’s “DJT” ticker traded.

Several people complained on social media about briefly seeing the value of their DJT stock holdings on Charles Schwab platforms inflated to figures more in line with what they would be worth if the shares traded at the level of the Dow Jones Transportation Average.

Some users said they faced a similar issue in pre-market hours on Morgan Stanley’s E*Trade trading platform.

Shares of Trump Media & Technology Group opened Tuesday at $70.90, while the Dow Jones Transportation Average started the session at 15,937.73 points.

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For one trader, the Schwab brokerage balance jumped by more than $1 million due to the error, according to a screen grab shared on social media platform X. Reuters was unable to contact the trader or independently verify the brokerage balance.

“It sure was nice seeing millions in the account, even if it wasn’t real,” another person, going by the username @DanielBenjamin8, who faced the issue in his E*Trade account, posted on X.

Two X users and one on Reddit surmised that the inflated balances were due to the ticker symbol for the company being nearly identical to the index.

A spokeswoman for Charles Schwab said that certain users on some of Schwab’s trading platforms saw their brokerage balances briefly inflated due to a technical issue.

The issue has been resolved and investors are able to trade equities and options on Schwab platforms, she said. Schwab declined to describe the exact cause of the issue.

E*Trade did not immediately respond to a request for comment outside of regular business hours.

Trump Media & Technology Group and S&P Dow Jones Indices, which maintains the Dow Jones Transportation Average Index, did not immediately comment on the issue.

While social media users said the issue appeared to have been resolved, many rued not being able to cash out their supposed gains from the error.

“I better go tell my boss that I’m actually not retiring,” the trader whose account balance had briefly jump by more than $1 million, wrote on X.

Trump Media & Technology Group shares surged more than 36% on Tuesday in their debut on the Nasdaq that comes more than two years since its merger with a blank-check firm was announced.

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