Connect with us

Business

More layoffs coming to Thunder Bay's Bombardier plant – CBC.ca

Published

 on


Workers at the Bombardier plant in Thunder Bay, Ont. received “devastating” news from management on Wednesday, with chief operating officer David Van der Wee announcing that more than 200 layoffs are expected in the coming months.

Despite recent work to bring in smaller contracts for the Thunder Bay plant, “by the end of 2021, there’s just simply nothing left in the pipeline,” Van der Wee said.

Van der Wee added, “just because we have work that brings us to the end of 2021, doesn’t mean it’s a problem we can solve in 2021. The decisions that need to be made to solve that problem and create a bridge to the next series of work needs to happen in the coming weeks.”

Bombardier chief operating officer for the Americas region, David Van der Wee, said 125 employees would be laid-off in October, with another 75 to be laid off in the new year. (Jeff Walters/CBC)

The layoffs don’t come as a surprise to Dominic Pasqualino, head of the union local representing the Thunder Bay Bombardier workers.

“To me, it’s not a surprise because I’m well aware of the amount of work that it takes to sustain this plant. At this point, we need some more work and unfortunately, if work doesn’t come in, then you’re looking at more and more layoffs and it’s devastating to every family.”

Bombardier is planning to issue its layoffs in two waves, with about 125 workers being laid off in October and another 75 to be laid off at the beginning of 2021. The Thunder Bay plant currently employs approximately 470 people.

Plant needs contract now as bridge to future jobs

Van der Wee says he expects to see a strong market in the coming years, largely thanks to the projects that have been announced by the Ford government, “however, the manufacturing portion of those projects won’t happen for several years.”

He says there is a need for smaller contracts to keep the plant running in the meantime, so the company can maintain an “industrial foundation that will enable [them] to compete.

“If you have an empty plant, it is very hard to compete on new projects,” said Van der Wee.

The company is looking to the Toronto Transit Commission (TTC) as a possible source for one of those “bridging contracts.” 

Bombardier is looking to secure a contract with the TTC to build 60 light rail transit cars, but it hasn’t been able to finalize a deal.

Dominic Pasqualino, president of the union local representing Bombardier workers in Thunder Bay, says if the company cannot secure more work to sustain the plant, “then you’re looking at more and more layoffs.” (Nicole Ireland/CBC)

“I think it’s a matter of alignment. It’s just the three levels of government aligning their priorities, making a decision that this is an important priority for the people of Toronto. And then secondly, that Thunder Bay offers the right solution,” said Van der Wee.

Pasqualino agreed with Van der Wee about the need for “alignment” among the federal, provincial and municipal governments. 

“When I talked to them all individually, they can see the benefit of it. But they need to all get together and to align and to get serious and sign some papers.”

He added, “in layman’s terms, you have to get them all to come to your house, order some pizza and some beers and get this thing solved.”

Let’s block ads! (Why?)



Source link

Business

Canadian security firm Garda goes hostile in $5.2B bid for British company G4S – CBC.ca

Published

 on


Garda World Security Corp. is making a hostile play for G4S after the British security company spurned its $5.2 billion US offer two weeks ago.

The Montreal-based company appealed directly to G4S shareholders by criticizing the firm’s directors and accusing them of acting in a “cavalier manner” by rejecting several approaches in recent months.

GardaWorld founder, president and CEO Stephane Cretier says that G4S faces profound difficulties and needs an owner and operator that understands the industry and has a well-defined plan.

The reputation of the GS4 has been damaged in recent years, especially for the lack of agents during the 2012 London Olympics to assure security.

Through its subsidiary Fleming Capital Securities, GardaWorld offered 190 pence for each share of the British company. On the London Stock Exchange, G4S shares gained 5.9 per cent at 200.30 pence in Wednesday trading.

GardaWorld unveiled the terms of its proposal on Sept. 14 in an attempt to force the hand of the British company, which has described the move as “highly opportunistic.”

Let’s block ads! (Why?)



Source link

Continue Reading

Business

Everything you need to know about the Canada Recovery Benefit, the new program replacing CERB – National Post

Published

 on


Article content continued

More On This Topic

How do I know if I qualify for EI?

For the next year, accessing EI benefits is much easier. To qualify for EI, you must have been employed for at least 120 insurable hours in the past 52 weeks. If you received CERB, that 52-week deadline can be extended.

These changes will also establish a minimum weekly benefit rate of $500 for EI recipients, at the same level as CRB.

How much are the CRB payments and how often will I get them?

You will receive $500 per week for up to 26 weeks.

What other benefits are there?

The Canada Recovery Sickness Benefit (CRSB) provides $500 per week for up to two weeks for workers who are sick, or who must self-isolate for reasons related to COVID-19. People who receive paid sick leave from their employer are not eligible.

The Canada Recovery Caregiving Benefit (CRCB) provides $500 per week for up to 26 weeks per household for eligible Canadians unable to work because they must care for a child or family member.

You cannot claim CRCB or CRSB while on EI or CRB.

Is CRB taxable?

All benefits received under the three Canada Recovery Benefit programs are considered taxable income.

Where do I apply for CRB

Just like CERB, you will be able to apply for CRB through the Canada Revenue Agency (CRA) portal.

For more information, see the government’s website.

Let’s block ads! (Why?)



Source link

Continue Reading

Business

Canada's GDP grew 3 per cent in July – Yahoo Canada Finance

Published

 on


EDMONTON, ALBERTA - AUGUST 28: Construction continues on the LRT - Light Rail Transit through the city centre as photographed on August 28, 2020 in Edmonton, Alberta, Canada. (Photo by Bruce Bennett/Getty Images)
EDMONTON, ALBERTA – AUGUST 28: Construction continues on the LRT – Light Rail Transit through the city centre as photographed on August 28, 2020 in Edmonton, Alberta, Canada. (Photo by Bruce Bennett/Getty Images)

Canadian GDP expanded by 3 per cent in July, as the economic recovery from the effects of COVID-19 continues.

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Statistics Canada says it was the third straight month-over-month increase, but the economy remains 6 per cent below its pre-pandemic level.” data-reactid=”24″>Statistics Canada says it was the third straight month-over-month increase, but the economy remains 6 per cent below its pre-pandemic level.

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Growth is also slowing, considering June’s increase was 6.5 per cent.” data-reactid=”25″>Growth is also slowing, considering June’s increase was 6.5 per cent.

All 20 industrial sectors were higher.

Some industries faired better than before the pandemic. Agriculture, utilities, finance and insurance, and real estate rental and leasing sectors surpassed February’s levels.

The manufacturing sector grew 5.7 per cent as factories continued to ramp up production. Accommodation and food services jumped 20.1 per cent, the third straight double digit advance.

“But those figures come off a very low base and are still facing the deepest slump versus year-ago levels. With the resurgence in virus cases, the struggles in those sectors could actually deepen further in the near-term,” said Benjamin Reitzes, director, Canadian rates & macro strategist at BMO.

In another sign of slowing growth going forward, Statistics Canada estimates GDP grew by 1 per cent in August.

“Together, the data are consistent with our call for a roughly 46 per cent annualized gain in Q3 GDP, but the slowing in August, coupled with the surge in the virus in recent weeks, suggest a much smaller gain is in store for Q4,” said Avery Shenfeld, chief economist at CIBC World Markets.

For comparison, annualized GDP fell 38.7 per cent in the second quarter — the worst since Statistics Canada started tracking it in 1961.

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Jessy Bains is a senior reporter at Yahoo Finance Canada. Follow him on Twitter&nbsp;@jessysbains.” data-reactid=”33″>Jessy Bains is a senior reporter at Yahoo Finance Canada. Follow him on Twitter @jessysbains.

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Download the Yahoo Finance app, available for&nbsp;Apple&nbsp;and&nbsp;Android.” data-reactid=”34″>Download the Yahoo Finance app, available for Apple and Android.

Let’s block ads! (Why?)



Source link

Continue Reading

Trending