Connect with us

Business

Ottawa to ban e-cigarette ads in bid to curb youth vaping use – The Globe and Mail

Published

 on


The federal government is planning to ban e-cigarette promotions from convenience stores, public transit and all social-media platforms in response to a major rise in teen vaping and fears of health risks.

But the proposed new rules it announced on Thursday do not restrict the sale of flavoured e-cigarette products.

The move comes in response to months of increasing pressure to crack down on the vaping industry, which heavily promotes its products in stores, other public places and online. Social media are rife with ads and promotions from vaping companies.

Story continues below advertisement

A recent Globe and Mail investigation found that many e-cigarette companies use Instagram, Facebook and other platforms to post about their products and sponsor product giveaways, and hire paid influencers. Many of those activities, such as the use of influencers, are already illegal under current federal vaping rules, and health organizations said a blanket advertising ban would be necessary.

The plan announced on Thursday is the first new measure to address the rise in youth vaping. Last week, Prime Minister Justin Trudeau instructed Health Minister Patty Hajdu in her mandate letter to restrict vaping promotions and look at “additional measures.”

Ottawa now faces pressure to regulate e-cigarette flavours. Members of Canada’s vaping industry oppose a ban or restrictions on flavours, saying they are an essential component in attracting existing adult smokers. But health organizations cite flavours as the key driver of youth vaping, and say rules designed to stop the promotion of candy, dessert and other varieties that could appeal to teens aren’t working.

New figures released by Health Canada on Thursday show the number of students in Grades 7 to 12 who say they vaped in the past month doubled in 2018-19 compared with 2016-17. One in five students reported vaping in the previous 30 days, the new survey said.

Rob Cunningham, senior policy analyst at the Canadian Cancer Society, said the new measures are strong and that the ban on social-media ads would help curb ads aimed at young people.

“They will have a significant impact to reduce youth exposure to vaping promotions and, as a result, reduce youth vaping,” Mr. Cunningham said.

Under the proposed changes, vaping promotions would be permitted only in specialty vape shops for adults. Online promotions would also be limited to websites that restrict access to minors, although it’s unclear how this would be enforced. The new rules are subject to a 30-day comment period, after which the government can finalize them.

Story continues below advertisement

Flory Doucas, co-director of the Quebec Coalition for Tobacco Control, said she was encouraged by the crackdown on promotions. But she questioned why the government didn’t also regulate flavoured e-cigarettes.

“How much more time is required for this?” she said.

Ms. Hajdu’s office said new rules are expected in the coming months on flavoured e-cigarette products and nicotine concentrations.

Eric Gagnon, head of corporate and regulatory affairs with Imperial Tobacco Canada Ltd., said the government “needs to find a way to at least allow a dialogue with adult smokers.” Mr. Gagnon said the company wants to be able to indicate on e-cigarette products that they are less harmful than traditional cigarettes. Health Canada is considering whether to allow e-cigarette companies to use such claims.

He added that banning e-cigarette flavours would be “ridiculous” because adults want them, too.

In an e-mailed statement, Juul Labs Canada said it “supports Health Canada’s efforts to strike the right regulatory balance” for keeping products away from youth.

Story continues below advertisement

Darryl Tempest, executive director of the Canadian Vaping Association, which represents specialty vape shops, said the organization supports the advertising restrictions. But he added that he doesn’t think flavoured products should be banned, saying they are not responsible for youth uptake and that many adult smokers like them.

A recent survey conducted by Smoke-Free Nova Scotia found 96 per cent of 16- to 18-year-olds who vaped said they preferred flavoured products. Nearly half of the 16- to 24-year-olds surveyed said they would likely stop vaping if flavours were eliminated.

Enforcement of the new rules could pose a challenge. In a letter sent on Thursday to the vaping industry and posted on its website, Health Canada said a recent enforcement blitz found more than 80 per cent of specialty vape shops sell and promote products in ways that violate federal rules.

The most common infractions include promoting flavours that could appeal to young people, including candy or desserts, and the use of testimonials or endorsements. Federal law defines testimonials as the use of people, animals or characters.

Inspectors seized more than 80,000 units of non-complaint products, the letter said.

“This level of non-compliance is unacceptable,” wrote Krista Locke, director-general of the consumer products and controlled substances directorate at Health Canada.

Story continues below advertisement

Vaping-related illnesses have been in the spotlight recently amid accusations the makers of the products are targeting them at youth. Dr. James MacKillop outlines some strategies to use at home in conversations with your children about vaping. MacKillop is the director of the Peter Boris Centre For Addictions Research and co-director of the Michael G. Degroote Centre For Medicinal Cannabis Research. The Globe and Mail (staff)

Our Morning Update and Evening Update newsletters are written by Globe editors, giving you a concise summary of the day’s most important headlines. Sign up today.

Let’s block ads! (Why?)



Source link

Business

TD Bank CFO Ahmed to head securities unit, move seen as CEO succession play

Published

 on

TD Bank Group on Thursday named Chief Financial Officer Riaz Ahmed chief executive of its securities unit and head of wholesale banking, a move some investors interpreted as a sign he will succeed CEO Bharat Masrani.

For Ahmed, 58, the change marks a return to his TD roots. He began his career at the bank in 1996 as an investment banker in the securities division, following which he served as its CFO and chief administrative officer. He has been part of TD Bank‘s executive team for nine years, and CFO for over five.

“Cross-training in the capital markets role … increases the likelihood of (Ahmed) succeeding Masrani when he retires, but I doubt it would be soon, as that would create unnecessary turnover atop TD Securities,” said Brian Madden, portfolio manager at Goodreid Investment Counsel.

“Maybe Masrani announces his retirement next year (or the following) and leaves early in 2023” or 2024.

Masrani’s compensation arrangements anticipated his retirement in 2020, TD said in its 2019 shareholders meeting proxy circular. But he was granted stock options worth C$1.9 million ($1.5 million), vesting in five years, on the condition that he remain available to serve as CEO throughout that period.

Ahmed replaces Bob Dorrance, who will retire on Sept. 1 after about 16 years at the bank, Canada’s second-biggest lender by market value said in a statement.

When asked about TD’s succession plans, a spokesperson said: “Today we are celebrating Bob Dorrance’s incredible career and accomplishments, and the appointment of top executives to critical, leadership roles.”

At a time when diversity, particularly in executive and board ranks, has come under increased scrutiny, Ahmed’s appointment as CEO would mean TD, the only one of Canada’s six biggest lenders to have a non-Caucasian at its helm, would retain that aspect.

Ahmed’s appointment comes after TD’s wholesale banking unit recorded an 8% revenue decline in the second quarter from a year ago, contributing to the bank’s overall underperformance versus some rivals.

Kelvin Tran, currently executive vice president for enterprise finance, will replace Ahmed as finance chief.

Dorrance, who has headed TD Securities since 2005, will stay on as chairman of TD Securities and serve as special adviser to Masrani.

TD shares were flat at C$87.12 on Thursday afternoon, compared with a 0.2% gain in the Toronto stock index. The shares are up 21% this year, versus a 15% gain in the benchmark.

($1 = 1.2303 Canadian dollars)

(Reporting by Nichola Saminather in Toronto; Additional reporting by Noor Zainab Hussain in BengaluruEditing by Nick Zieminski and Matthew Lewis)

Continue Reading

Business

AIB agrees to life and pensions joint-venture with Canada Life

Published

 on

Allied Irish Banks on Wednesday said it would form a joint venture with Canada life as it seeks to plug gaps in its life, savings and wealth products.

The joint venture will be equally owned by Canada Life, a subsidiary of Great-West Lifeco Inc.

“The move to create this joint venture is aligned with AIB’s stated ambition to complete its customerproduct suite and diversify income,” AIB said in a statement.

“Through this strategic initiative AIB intends to offer customers a range of life protection, pensions, savings and investment options enhanced by integrated digital solutions withcontinued access to our qualified financial advisors.”

The Irish lender highlighted Canada Life’s “deep experience” of the Irish bancassurance market through Irish Life Assurance, which is also a subsidiary of Great-West Lifeco.

AIB currently operates under a tied agency distribution agreement with Irish Life, and will enter into a new distribution agreement with the new joint venture company.

Chief Executive Colin Hunt highlighted the need to plug gaps in AIB’s life, savings and wealth products when he set out the bank’s medium-term targets last December.

AIB expects its equity investment in the joint venture will be around 90 million euros ($107.51 million), equating to around 10bps of CET1.($1 = 0.8372 euros)

(Reporting by Graham Fahy;Editing by Elaine Hardcastle)

Continue Reading

Business

Interac: Canada’s Latest Payment Solution Phenomenon

Published

 on

Few can argue that digital payment methods aren’t central to modern-day society. In recent times, increasing numbers of payment solutions have come to the forefront, offering consumers more choice regarding their transaction preferences. Canada, in particular, has embraced a wide-ranging selection of secure, forward-thinking options. Of those available throughout the country, Interac has piqued the interests of local consumers the most. So, let’s look at why this payment solution is an especially popular option throughout Canada. 

Usable Across Various Markets 

It speaks volumes about Interac’s versatility in that it’s usable across a variety of different industries. Since being founded in 1984, the Canadian interbank network has become integral to numerous markets, including local air travel. Air Canada, which has been operating since 1937, has expanded their accepted payment methods, and now passengers can pay for their flights using Interac. According to the airline’s official website, the Interac Online service lets consumers pay for their tickets via the internet directly from their bank account. 

Not only that, but Interac is also available at Walmart. In November 2020, the two organizations partnered together to expand in-store and online payment options. Walmart has adapted well to the digital trend, with American Banker reporting that they’ve opened Interac Flash sale points throughout their stores. 


Source: Unsplash

Aside from the above, Interac has also taken the digital world by storm. Following its rapid rise to prominence, the solution has also altered the online casino industry, with platforms like Genesis Casino now accepting the transaction type. The provider, which features Interac Canadian casino options, uses the popular payment method to enhance transaction speeds of deposits and withdrawals, as well as security. Players can use Interac Online and Interac e-Transfer to make deposits or withdrawals from their desktops or mobiles as the platform is fully optimized. 

A Reflection of Modern-Day Society 

In recent times, Interac recorded a 55 percent increase in transactions between April and August 2020 compared to the same period the previous year, as per BNN Bloomberg. These figures somewhat reflect the current state of e-Commerce and modern consumerism. Following the rise of Interac and other payment methods, it’s now less troublesome for consumers to complete in-store and online purchases. 


Source: PxHere

There’s an ever-growing perception that land-based businesses need to adapt within the digital era and accept forward-thinking payment methods. According to Cision, Interac is of utmost importance to the Canadian economy, and a year-on-year increase in Interac Debit payments of 333 percent reflects that. Not only that, but Interac e-Transfer payments are growing at 52 percent each year. This Interac-oriented trend appears unlikely to fade over the coming years, with the network being selected as the country’s provider for a new real-time payment system, as per Lexology. 

Consumer Habits are Changing 

There can be no doubt that consumerism has changed drastically over the past decade. The popularity of Interac suggests that a cashless future may be on the horizon, with increasing numbers of shoppers enjoying the security of online payment methods. While it’s currently unclear if that will happen, Interac appears to be prevalent for the long run.

Continue Reading

Trending