TORONTO, Nov. 3, 2020 /CNW/ – OPSEU/SEFPO President Warren (Smokey) Thomas is calling on the Ford government to make major investments into public services in this week’s budget to cope with the COVID-19 pandemic and address decades of neglect of successive governments.
“In a word, it has to be about a collective investment in the heart and soul of this province, or as the Premier likes to say, the ‘every day folks,'” says Thomas.
Front-line public sector workers have heroically held the line and carried Ontario through the COVID-19 pandemic so far, but they won’t be able to get us through the second wave without more support, said Thomas. “Previous governments have blamed front-line workers for their budget problems, but that is a myth and it’s unfair.”
A massive investment in health care, including more hospitals, long-term care homes and public labs, is vital to ensure Ontario can both cope with the current pandemic and future ones, said Thomas, who added that it’s also vital that long-term care be fully public and private operators kicked out.
“The private corporations and their greedy executives have pocketed huge profits off the backs of our elderly, the infirmed and sadly, those no longer with us,” said Thomas. “That must end now.”
Hand in hand with infrastructure, more front-line workers will be needed, and Thomas says to prepare a trained workforce, increased investments are needed throughout Ontario’s post-secondary system.
“For example, let’s use our community colleges as former Premier Bill Davis intended, as a source of a highly trained workforce certified by world class academics,” said Thomas.
OPSEU/SEFPO First Vice-President/Treasurer Eduardo (Eddy) Almeida gives credit to the Ford government for stepping up to increase staffing and improve infrastructure in the Corrections system but says there needs to be follow up.
“More investment is needed to ensure Correctional Institutions are safe for staff and inmates, and our Probation and Parole Officers have the resources they need to ensure Ontarians are safe,” said Almeida, who is himself a Correctional Officer. “Since I’m in the process of putting together OPSEU/SEFPO’s budget, I know only too well that you need to make difficult decisions sometimes and for the Premier and Finance Minister now is the time to put people — and the public services they depend on — first.”
Thomas also called on the government to reverse course on the trend to allow private retailers to sell alcoholic beverages, and make the LCBO the engine to fund the investment essential to equip Ontario to get through the pandemic and head into a recovery.
“We must ensure that the LCBO remains the crown jewel of government revenue and stop the slow creep of privatization and tax dollars away from the public purse,” Thomas said.
Thomas says there are dozens of other areas that need investment as well, such as Children’s Aid, Children’s Mental Health and Developmental Services, legal aid clinics, homeless shelters, the Ontario Public Service, and municipalities.
“If this government is to be for the people of Ontario, paid for by the people of Ontario, then it must address the needs, wants and desires of the people Ontario,” Thomas said.
SOURCE Ontario Public Service Employees Union (OPSEU/SEFPO)
For further information: OPSEU/SEFPO President Warren (Smokey) Thomas, 613-329-1931
TORONTO – Canada’s main stock index was down more than 200 points in late-morning trading, weighed down by losses in the technology, base metal and energy sectors, while U.S. stock markets also fell.
The S&P/TSX composite index was down 239.24 points at 22,749.04.
In New York, the Dow Jones industrial average was down 312.36 points at 40,443.39. The S&P 500 index was down 80.94 points at 5,422.47, while the Nasdaq composite was down 380.17 points at 16,747.49.
The Canadian dollar traded for 73.80 cents US compared with 74.00 cents US on Thursday.
The October crude oil contract was down US$1.07 at US$68.08 per barrel and the October natural gas contract was up less than a penny at US$2.26 per mmBTU.
The December gold contract was down US$2.10 at US$2,541.00 an ounce and the December copper contract was down four cents at US$4.10 a pound.
This report by The Canadian Press was first published Sept. 6, 2024.
TORONTO – Canada’s main stock index was up more than 150 points in late-morning trading, helped by strength in technology, financial and energy stocks, while U.S. stock markets also pushed higher.
The S&P/TSX composite index was up 171.41 points at 23,298.39.
In New York, the Dow Jones industrial average was up 278.37 points at 41,369.79. The S&P 500 index was up 38.17 points at 5,630.35, while the Nasdaq composite was up 177.15 points at 17,733.18.
The Canadian dollar traded for 74.19 cents US compared with 74.23 cents US on Wednesday.
The October crude oil contract was up US$1.75 at US$76.27 per barrel and the October natural gas contract was up less than a penny at US$2.10 per mmBTU.
The December gold contract was up US$18.70 at US$2,556.50 an ounce and the December copper contract was down less than a penny at US$4.22 a pound.
This report by The Canadian Press was first published Aug. 29, 2024.
The crypto market has recently experienced a significant downturn, mirroring broader risk asset sell-offs. Over the past week, Bitcoin’s price dropped by 24%, reaching $53,000, while Ethereum plummeted nearly a third to $2,340. Major altcoins also suffered, with Cardano down 27.7%, Solana 36.2%, Dogecoin 34.6%, XRP 23.1%, Shiba Inu 30.1%, and BNB 25.7%.
The severe downturn in the crypto market appears to be part of a broader flight to safety, triggered by disappointing economic data. A worse-than-expected unemployment report on Friday marked the beginning of a technical recession, as defined by the Sahm Rule. This rule identifies a recession when the three-month average unemployment rate rises by at least half a percentage point from its lowest point in the past year.
Friday’s figures met this threshold, signaling an abrupt economic downshift. Consequently, investors sought safer assets, leading to declines in major stock indices: the S&P 500 dropped 2%, the Nasdaq 2.5%, and the Dow 1.5%. This trend continued into Monday with further sell-offs overseas.
The crypto market’s rapid decline raises questions about its role as either a speculative asset or a hedge against inflation and recession. Despite hopes that crypto could act as a risk hedge, the recent crash suggests it remains a speculative investment.
Since the downturn, the crypto market has seen its largest three-day sell-off in nearly a year, losing over $500 billion in market value. According to CoinGlass data, this bloodbath wiped out more than $1 billion in leveraged positions within the last 24 hours, including $365 million in Bitcoin and $348 million in Ether.
Khushboo Khullar of Lightning Ventures, speaking to Bloomberg, argued that the crypto sell-off is part of a broader liquidity panic as traders rush to cover margin calls. Khullar views this as a temporary sell-off, presenting a potential buying opportunity.
Josh Gilbert, an eToro market analyst, supports Khullar’s perspective, suggesting that the expected Federal Reserve rate cuts could benefit crypto assets. “Crypto assets have sold off, but many investors will see an opportunity. We see Federal Reserve rate cuts, which are now likely to come sharper than expected, as hugely positive for crypto assets,” Gilbert told Coindesk.
Despite the recent volatility, crypto continues to make strides toward mainstream acceptance. Notably, Morgan Stanley will allow its advisors to offer Bitcoin ETFs starting Wednesday. This follows more than half a year after the introduction of the first Bitcoin ETF. The investment bank will enable over 15,000 of its financial advisors to sell BlackRock’s IBIT and Fidelity’s FBTC. This move is seen as a significant step toward the “mainstreamization” of crypto, given the lengthy regulatory and company processes in major investment banks.
The recent crypto market downturn highlights its volatility and the broader economic concerns affecting all risk assets. While some analysts see the current situation as a temporary sell-off and a buying opportunity, others caution against the speculative nature of crypto. As the market evolves, its role as a mainstream alternative asset continues to grow, marked by increasing institutional acceptance and new investment opportunities.
