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Ontario announces local manufacturing sector investment – Belleville Intelligencer



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Two long-time belleville businesses will be benefiting from a million dollar investment from the province on behalf of the Regional Development Program.


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Supporting a combined investment of $14 million by Sprague Foods Ltd and Ontario Truss & Wall Ltd, the province is providing $1 million in funding split between both businesses to support the creation of 37 jobs.

“The Regional Development Program continues to support manufacturers through targeted investments that allow companies to create good local jobs,” said Vic Fedeli, Minister of Economic Development, Job Creation and Trade. “These two projects are making a significant impact in communities and economies in the Belleville region by helping to secure the private-sector investment to create the conditions for viable economic growth and job creation. We thank Sprague Foods and Ontario Truss & Wall for contributing to our province’s dynamic and diverse manufacturing sector.”

Following a tour of the Sprague facility, Fedeli gathered with other local leaders, including MPP for Bay of Quinte and Minister of Energy Todd Smith, MPP for Hastings-Lennox and Addington ​​Daryl Kramp and Belleville Mayor Mitch Panciuk, to announce the program. Sprague Foods Ltd. provides shelf-stable foods to customers in Canada and the U.S. They are investing more than $5.6 million in new equipment and the construction of a new storage facility at their project facility. With Ontario’s investment of $500,000 from the Eastern Ontario Development Fund, Sprague Foods will increase productivity and innovation, which will boost employment, total revenues, and sales into new markets. The project will create 14 jobs.


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“What’s happened more recently is amazing,” said Rick Sprague, President of Sprague Foods. “This investment will help us expand production capacity, allowing us to make more food for Canadian families, right here in Canada.”

After their facility tour, political leaders paid a visit to Ontario Truss & Wall Ltd in Frankford to see their prefabricated wall panel product line. Ontario Truss & Wall Ltd. is a wood truss manufacturer and floor joist reseller. They are investing more than $8.4 million to expand into two new product lines, including prefabricated wall panels and floor systems that are not currently manufactured in the Quinte and Belleville area. As part of the project, the company will build a new 24,000 sq. ft. facility on current land and relocate manufacturing operations. With Ontario’s investment of $500,000 from the Eastern Ontario Development Fund, the project will allow Ontario Truss & Wall to improve product accuracy and quality while improving facility output. The project will create 23 jobs, and the company will also provide significant training to both current and new team members.

“We are overly appreciative of the support received from our Ontario Government,” said Andrew Bryden, Vice President and Comptroller of Ontario Truss and Wall. “Their significant contribution has helped to create new jobs and maintain current positions. We are excited to see the continued growth initiated by this investment.”


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The government first launched the Regional Development Program for Eastern and Southwestern Ontario in November 2019. Businesses and municipalities can get financial support through the Eastern Ontario Development Fund (EODF) and Southwestern Ontario Development Fund (SWODF) and guided access to a range of complementary services and supports.

“This is a real vote of confidence in the Quinte area economy with this pair of announcements from Sprague Foods and Ontario Truss and Wall,” said Daryl Kramp, MPP for Hastings-Lennox and Addington. “These new jobs will mean more families can stay here and build their futures in our area and contribute to our community.”

Ontario is investing more than $100 million through the Regional Development Program from 2019 to 2023 to support distinct regional priorities and challenges. The program provides cost-shared funding to businesses, municipalities and economic development organizations to help local communities attract investment, diversify their economies, and create jobs.

“Provincial investments through the Eastern Ontario Development Fund are leveraging private dollars to encourage more jobs, new construction, and increased manufacturing capacity in the Quinte region,” said Todd Smith, MPP for Bay of Quinte and Minister of Energy. “We know this creates a multiplying effect producing significant economic returns. This is vital to our communities as we recover from the impacts of the COVID-19 pandemic.”


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Both businesses have been actively operating in the Quinte region for decades. For Sprague Foods, their nearly centuries old business spans six generations. Written in the company’s biography on the founding of the company can be traced to 1925.

“Few small and medium-sized enterprises have a history as rich and interesting as Sprague Foods. The business began in 1925 with Rick’s great-grandfather, Grant Sprague. Grant grew up on Big Island in Prince Edward County, and eventually opened one of the many seasonal canning operations in the area,” it says. “Pumpkins and tomatoes were the initial two products canned by the Sprague family, with the produce coming from local farmers in the area.”

From their humble beginnings of commodity-canning, Sprague has advanced to providing fully fledged and formulated soups among other canned products.

“In the last number of years, we’ve converted to making higher value formulated products,” said Sprague. “Dozens and dozens of different products that we’re handling at various stages of preparation every day. So we need the real estate to do that efficiently.”



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1PointFive and Manulife Investment Management announce lease agreement for a carbon capture and sequestration project in Louisiana – GlobeNewswire



HOUSTON, June 27, 2022 (GLOBE NEWSWIRE) — 1PointFive, a subsidiary of Occidental’s (NYSE: OXY) Low Carbon Ventures (OLCV) business, and Manulife Investment Management today announced that OLCV and Manulife entered into a lease agreement for approximately 27,000 acres of timberland in Western Louisiana. The agreement provides 1PointFive with access to subsurface pore space and surface rights to develop and operate a carbon sequestration hub, with access to permanently store industrial carbon emissions. Two Class VI injection permits, required by the EPA for geologic sequestration, have already been filed for the site.

The lease agreement is a pivotal step in 1PointFive’s strategic vision to develop carbon capture and sequestration hubs, some of which are expected to be anchored by Direct Air Capture (DAC) facilities.

Manulife Investment Management’s acreage offers excellent storage capacity within proximity to point source industrial emitters, who would otherwise emit carbon dioxide to the atmosphere. 1PointFive would also like to recognize New Dawn Energy, which is a Manulife land lease partner, and has been cooperative and supportive of the project.

“We are excited to join with Manulife and lease the acreage to develop a hub that will provide sequestration infrastructure and services for industrial emitters and 1PointFive’s future DAC facilities,” said Dr. Doug Conquest, Vice President, OLCV. “This agreement strengthens our CCUS position and advances commercial-scale decarbonization solutions in line with Oxy’s net-zero goals.”

“We understand the importance our forests and underlying land play as a natural climate solution in decarbonization,” said Eduardo Hernandez, Managing Director and Global Head of Timberland Operations at Manulife Investment Management. “We focus on sustainably managing our forests for climate-positive and nature-positive impact, and we are excited to find additional opportunities to continue this work for clients.”

1PointFive and Manulife Investment Management are also exploring other locations and projects throughout the region and country with the potential to add additional acreage for carbon removal and sequestration. 1PointFive adheres to U.S. Environmental Protection Agency (EPA) standards for monitoring, reporting and verifying (MRV) the amount, safety and permanence of CO2 stored through secure geologic sequestration. The company and its affiliates hold three EPA-approved MRV plans for geologic sequestration. 1PointFive will apply this expertise toward the safe design and operation of the project.

Manulife Investment Management manages approximately 6 million acres of timberland across the United States, Canada, New Zealand, Australia, Brazil, and Chile. It also oversees approximately 400,000 acres of prime farmland in major agricultural regions of the United States and in Canada, Chile, and Australia.

About 1PointFive
1PointFive is a Carbon Capture, Utilization and Sequestration (CCUS) platform that is working to help curb global temperature rise to 1.5°C by 2050 through the deployment of decarbonization solutions, including Carbon Engineering’s Direct Air Capture (DAC) and AIR-TO-FUELS™ technologies alongside geologic sequestration hubs. More at

About Oxy Low Carbon Ventures (OLCV)
Oxy Low Carbon Ventures, LLC (OLCV) is a subsidiary of Occidental (Oxy), an international energy company with assets primarily in the United States, the Middle East and North Africa. OLCV is focused on advancing cutting-edge, low-carbon technologies and business solutions that enhance Oxy’s business while reducing emissions. OLCV also invests in the development of low-carbon fuels and products, as well as sequestration services to support carbon capture projects globally. Visit Carbon Innovation on for more information.

About Manulife Investment Management 
Manulife Investment Management is the global brand for the global wealth and asset management segment of Manulife Financial Corporation. We draw on more than a century of financial stewardship and the full resources of our parent company to serve individuals, institutions, and retirement plan members worldwide. Headquartered in Toronto, our leading capabilities in public and private markets are strengthened by an investment footprint that spans 19 geographies. We complement these capabilities by providing access to a network of unaffiliated asset managers from around the world. We’re committed to investing responsibly across our businesses. We develop innovative global frameworks for sustainable investing, collaboratively engage with companies in our securities portfolios, and maintain a high standard of stewardship where we own and operate assets, and we believe in supporting financial well-being through our workplace retirement plans. Today, plan sponsors around the world rely on our retirement plan administration and investment expertise to help their employees plan for, save for, and live a better retirement. Not all offerings are available in all jurisdictions. For additional information, please visit

Forward-Looking Statements
This news release contains “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, including those relating to OLCV’s strategy, 1PointFive’s strategy’s impact on the environment, the agreement’s benefits and related impact on carbon emissions, and 1PointFive’s plans to build, acquire and operate multiple sequestration hubs as part of Oxy’s net-zero strategy. These statements are based on Oxy’s current expectations, beliefs, plans, estimates, and forecasts. All statements other than statements of historical fact are forward-looking statements for purposes of federal and state securities laws. Words such as “will,” “may,” “expect,” “plan,” or similar expressions that convey the prospective nature of events or outcomes are generally indicative of forward-looking statements. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this news release. Unless legally required, Oxy does not undertake any obligation to update, modify, or withdraw any forward-looking statements as a result of new information, future events, or otherwise.

These statements are not guarantees of future performance as they involve assumptions that may prove to be incorrect and risks and uncertainties, including those that are beyond Oxy’s control. Factors that may cause actual results to differ materially from forward-looking statements include Oxy’s, OLCV’s and 1PointFive’s ability to access necessary technology, to develop and employ existing or new technology on a commercial scale, to acquire requisite pore space, to access capital, to collaborate with third parties and customers, and to receive approvals from regulatory bodies, as well as market conditions, geopolitical events, and scientific developments. Additional factors that may affect 1PointFive’s ability to build, acquire and operate multiple sequestration hubs can be found in Oxy’s public disclosure and its filings with the U.S. Securities and Exchange Commission (SEC), which may be accessed at Oxy’s website at or the SEC’s website at Information included herein is not necessarily material to an investor in Oxy’s securities.

1PointFive media relations contact
Eric Moses
Phone: +1 (713) 497-2017

1PointFive investor relations contact
Jeff Alvarez
Phone: +1 (713) 215-7864

Manulife Investment Management media relations contact
Elizabeth Bartlett

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Don"t let investment goals be blinded by interest rate rise – Proactive Investors Australia



A week ahead of the next expected interest rate rise, Wealth Management principal at Picher Partners, Andrew Wilson, discusses how the landscape will change for leveraged investors, but why this isn’t time to panic.

In this article:

More than $650 million in loans were drawn down in April alone for the purpose of personal investment and that doesn’t include financing property.

Investors have enjoyed low interest rates across the last few years but now the cost of money is turning skywards. Indications are that the Reserve Bank is not yet finished hiking interest rates, and as lenders inevitably follow suit, the landscape will change for leveraged investors.

Rates going up should not mean hitting the panic button and ripping up investment plans, but it might mean tweaking the strategy to make sure your goals stay in view.

Start your review with remembering why you borrowed in the first place – to deliver on your unique investment objectives. Whether it’s planning for retirement or funding a project, your goals give direction and purpose to the financial plan.

Readjust your stride

Hurdles are not just for track athletes. The hurdle rate is a factor taken into consideration when borrowing for investment.

Let’s assume the cost of borrowing for investment purposes is 3%. With a salary in the top marginal income tax rate, the after-tax interest cost, or hurdle rate, is approximately 1.5%.

A borrowing to invest strategy is profitable, if the investment return exceeds the hurdle rate.

Over the last two years, the hurdle rate has been exceptionally low, around 1.5% to 2%. Most asset classes have exceeded that with ease and therefore investors have generated a profit.

As interest rates rise, that hurdle rate will start to get higher and more challenging to get over.

It is still plausible to clear a hurdle rate that reaches 4% or 5% if you’re investing in growth assets but an annual return below the hurdle rate will become more frequent and the strategy can oscillate more frequently between a gain and loss position.

Investors will need to be more selective about the assets they invest in and focus more on the cash flow of the gearing strategy.

A buffer is an amount added to the hurdle rate to allow for interest rate increases and unforeseen cash flow issues. It is prudent for investors to review what their cash flow would look like if interest rates increased by 1.5-2.5%.

If this extra interest cost is not manageable, investors can get ahead of the curve by reducing their gearing level before their financial position becomes too tight. Equally, you can re-assess whether borrowing is required at all to achieve your objectives.

If you can achieve your objectives without borrowing to invest, you may be taking unnecessary risk by implementing a gearing strategy.  

Cut your interest bill down

Many investors have multiple debts – some deductible, some non-deductible. As a rule of thumb, it makes sense to repay your non-deductible debt sooner than your deductible debt, because a tax benefit can be claimed on the deductible debt.

Consolidating debt is a common strategy for investors with multiple loans. Consider refinancing higher-cost loans into your lowest-cost loan to reduce your overall interest cost. Noting that it is generally not recommended to consolidate deductible and non-deductible debt.

An offset or a redraw facility is also useful for borrowers. These allow investors to offset the interest costs incurred on the loan. For investors with a debt outstanding, it does not make sense to accrue cash in a bank account, earning a lower rate of interest, while incurring a higher rate of interest on outstanding debts.

Any income, including a salary, could be directed straight into the offset account, even if it only saves a week or two weeks of interest cost on a loan. When that’s compounded over a 10- or 20-year period, it makes an enormous difference.

Consider the exit strategy

Often people get frustrated that financial institutions won’t lend them large sums against a high-value asset. In the investor’s mind, the calculations make sense – they want to borrow $1 million and they have $2 million in assets to secure it against, so why doesn’t the bank provide the financing?

The bank needs an investor to have sufficient cash flow to repay the debt because that is the primary exit for a debt. Selling the asset to repay the loan is the backup strategy, not plan A.

Use this mindset when examining a personal gearing strategy by making sure you have enough cash flow to repay the debt, plus a margin of safety. If you’ve borrowed at 3%, borrowing costs of 5% should be factored in as a buffer against interest rate rises in the future.

If you are relying on selling assets to extinguish the debt at retirement, there is considerable timing risk in trying to sell the asset at a high point. For a portfolio of assets, consider gradually selling down over an extended period to average your exit price. Or, for single-asset strategies, such as real property, be prepared to be flexible on your sale date.

Being a forced seller when markets are down will be a painful experience.

There’s no doubt there are a few investors feeling edgy about what the future holds, with the rising cost of borrowing and concerns about growing their wealth.

As rates go up, use it as a catalyst for reviewing the investment plan, and factoring in the additional risk that comes with borrowing to invest. Take some time out to assess your position and make sensible adjustments but don’t lose sight of your goals.

About the author

After a decade working in two senior roles at Australia’s largest and longest-standing financial institutions, Andrew Wilson joined Pitcher Partners, working his way up to principal in a short time. He provides his clients counsel and guidance on all financial matters as part of an ongoing relationship, focusing on helping clients build sufficient passive investment income. Andrew’s expertise cover investment management, tax minimisation, debt management, asset protection, retirement planning and estate planning.

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Hugo Ekitike: Bayern Munich Consider $40m Investment For Future Star – Forbes



Bayern Munich is ready to jump in the Hugo Ekitike sweepstakes should they sell Robert Lewandowski to Barcelona this summer. Internally, the decision-makers at the Rekordmeister rate the 20-year-old French striker very highly; however, there are some obstacles before a deal even be considered.

The primary question is the future of star striker Lewandowski. The Polish forward has made it quite clear that he wants to leave Bayern this summer and join Barcelona. Publicly, Bayern bosses Hasan Salihamidzic and Oliver Kahn have been very outspoken when it comes to not selling Lewandowski.

Internally, the situation is a bit different. With Lewandowski making strong comments about wanting to leave, many players in the squad have voiced their discontent and doubts about whether the 33-year-old can be re-integrated into the squad.

The bosses at the Säbener Straße know this, and a hardline is very much a negotiation tactic. Furthermore, they want to press Barca hard to accept a deal. The Catalans will have to pay at least €50 million, and because of Barcelona’s financial situation, Bayern is unlikely to accept any structured or bonus-heavy deals—in fact, the German champions want the lump sum in one go.

Should the Lewandowski deal go ahead, Bayern will be looking for a successor. The market for number 9s is, however, problematic. One candidate was Darwin Núñez, who recently joined Liverpool. Another is Sébastien Haller, the Ivorian national team player who has already agreed on terms with Bayern’s competitor Borussia Dortmund and will be presented in July. Finally, Sasa Kalajdzic is considered a backup rather than a full-time starter.

In the short-term, newly signed Sadio Mané is expected to fill that void. The problem with the Senegalese forward is that he is not a traditional number 9 and, despite being a prolific forward, will not be able to match Lewandowski’s goalscoring output right away.

Short-term, Bayern head coach Julian Nagelsmann seems to be happy to start a flexible attack with three natural wingers—Mané, Kingsley Coman, Serge Gnabry, and Leroy Sané. Long-term, there cannot be a future with a traditional number 9.

That is where Ekitie comes in. The 20-year-old French striker has already agreed on personal terms with Newcastle, and the Premier
League club has come to terms with his club Stade Reims. But that deal has now been stalled for weeks, and increasingly it appears that the highly talented forward could be signing elsewhere, with Bayern being one of the candidates.

Signing Ekitike, in fact, is seen as the sort of visionary transfer that could aid the club for the coming decade. There are, however, some doubts.

The $30.8 million rated forward would require an investment above his market value of at least $40 million. Then there is his recent injury history—Ekitike missed ten Ligue 1 games with a hamstring injury this season.

When he played, he was a force. The forward managed ten goals and four assists in just 24 Ligue 1 games this season—scoring every 128 minutes. Ekitike’s 0.64 goals per 90 minutes are, of course, a significant drop from Lewandowski’s 1 goal per 90 minutes scored for Bayern last season—but the Frenchman is 20.

Ekitike, in fact, had a higher goal conversion (34.375 vs. 26.027) than Lewandowski and managed to have a higher percentage of shots on target (62.5% to 54.34%). Ekitike is also better in one-v-one situations both in the number of dribbles attempted but also in the number of dribbles completed successfully.

Naturally, those numbers have to be taken with a grain of salt. Ekitike is 20 and has only just completed his first-ever professional season. Furthermore, Lewandowski—together with Karim Benzema—is the best number 9 on the planet. Still, the numbers show that Ekitike has enormous upside and underline why the Rekordmeister is seriously considering him as a potential signing this summer.

Manuel Veth is the host of the Bundesliga Gegenpressing Podcast and the Area Manager USA at Transfermarkt. He has also been published in the Guardian, Newsweek, Howler, Pro Soccer USA, and several other outlets. Follow him on Twitter: @ManuelVeth

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