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Premier Tech Announces a $251.2M Investment in Québec – Canada NewsWire

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RIVIÈRE-DU-LOUP, QC, Nov. 26, 2020 /CNW Telbec/ – Premier Tech is pleased to announce a $251.2M investment in the presence of Mr. Pierre Fitzgibbon, Minister of Economy and Innovation, Ms. Marie-Eve Proulx, Minister for Regional Economic Development and Minister responsible for the Chaudière-Appalaches, Bas-Saint-Laurent and Gaspésie-Îles-de-la-Madeleine regions, and Mr. Denis Tardif, Member for Rivière-du-Loup–Témiscouata. This announcement follows the signing of a contribution agreement in the form of a $45 million repayable, interest-free loan between Premier Tech and Investissement Québec.

This major investment by Premier Tech is part of a substantial acceleration of the company’s investments in manufacturing and Innovation, Research and Development (IR&D). This will take place over a five-year period and will allow Premier Tech to increase its IR&D activities, accelerate its digital transformation and intensify its manufacturing operations in Québec through the deployment of innovative manufacturing tools. This investment program also intends to develop new markets and accelerate the company’s international outreach by developing and perfecting several of its software and business platforms.

In addition to consolidating the operations and strengthening the teams working at the Premier Tech World Headquarters, located at its Rivière-du-Loup Campus, this investment will lead to the creation of some 500 new jobs in Québec, allowing the company to reaffirm its ongoing commitment to reinforce its presence in Québec and support its international development.

“Over the years, Premier Tech has been able to identify promising development and growth opportunities and implemented a unique and unparallelled innovation force within its various businesses around the world. Our significant growth directly reflects our sustained and ongoing investments in Innovation, Research and Development, and in the continuous improvement of our business processes,” says Jean Bélanger, president and chief executive officer of Premier Tech.

About Premier Tech
Making a difference, this is what we are all about at Premier Tech. One team driven by a shared passion to deliver solutions that will better the lives of people, businesses and communities. At Premier Tech, People and Technologies connect in lasting, transformative ways, giving life to products and services that help feed, protect and improve our world. We are committed to creating sustainable solutions that help bring beautiful gardens to life, increase crop yields, improve the efficiency of manufacturing facilities, treat and recycle water, and much more as we keep innovating.

For more than 95 years, Premier Tech has been growing internationally, driven by the collective power of its 4 600 team members in 27 countries, of which over 1 000 are based in Québec, mainly in Rivière-du-Loup. Backed by a quarter-century-long track record of solid growth, Premier Tech today records sales of one billion dollars.

People and Technologies making a difference
To learn more about Premier Tech, visit www.premiertech.com and follow twitter.com/_PremierTech.

SOURCE Premier Tech ltée

For further information: France Bégin Parent, Public relations director, Premier Tech, 418 867-8883, ext. 16059, [email protected], www.premiertech.com

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FCA tackles flurry of investment scams – Investment Executive

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The report indicated that the FCA received more than 24,000 reports of unauthorized activity during the 10-month period, up from 20,300 in all of 2019.

The regulator also opened 1,542 supervisory cases involving suspected scams or risky investments.

“New cases have remained high throughout the year,” the FCA said, with peaks in February, June and July.

The regulator also rejected applications for authorization from 343 firms or individuals during the 10-month period, amid concerns about possible investor harm. That represented about 10% of the applications received during the period.

The incidence of financial scams being promoted through online has also been a key focus for the regulator.

“We think online platform operators, like Google, should bear clear legal liability for the financial promotions advertised on their platforms,” the FCA said, adding that it’s considering extending rules regarding financial promotions to these kinds of companies. It’s also considering whether it needs any new powers over those firms.

“This work is relevant not just to the promotion of higher risk investments but to our work to address online harms — including scams — more generally,” the report said.

“The UK has one of the world’s leading financial services industries, offering consumers access to a wide range of investment products. In some areas however, the consumer investment market is not working as well as it should and too often consumers are offered unsuitable products or advice,” said Sheldon Mills, executive director, consumers and competition at the FCA, in a release.

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Upbeat entrepreneurs signal improved investment intentions for 2021: Survey – CTV News

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MONTREAL —
A growing number of Canadian entrepreneurs say they plan to invest more in 2021 than they did last year as the vaccine rollout, improving cash flow and a quick rebound in some sectors buoys optimism for the year ahead.

The findings of the Business Development Bank of Canada’s quarterly survey of 1,000 entrepreneurs released in a new report today are the most upbeat since the pandemic began.

Pierre Cleroux, chief economist of the Montreal-based bank, says the more positive results bode well for the country’s economic recovery.

He says investment intentions are improving, with technology emerging as the biggest focus of spending.

The bank’s survey found that the key reasons for investing in technology included improving processes to reduce costs, boosting a company’s online presence and investing in remote working.

Cleroux says while many entrepreneurs were wary about allowing employees to work from home before the pandemic, he says the last 10 months have shown it can benefit a business.

“The pandemic has changed the game,” he said. “It changed the perception of working from home.”

Cleroux said remote work can improve productivity, increase worker motivation and spur innovation.

“It can also reduce costs,” he said, noting that 18 per cent of business owners surveyed by the bank said they plan to reduce their office space.

Despite an increase in COVID-19 cases across much of the country, Cleroux said the optimism uncovered by the survey is unlikely to change.

Businesses understand that once restrictions are lifted, the economy will rebound much faster than with other recessions, he said.

“This optimism we’re seeing will likely survive the second wave of the virus because we all believe the vaccine is going to improve drastically the situation of the economy,” Cleroux said.

Still, while business confidence has improved for the first time since the pandemic began, the study found that investment intentions compared to previous years are still relatively weak.

Across Canada, business investment intentions for the next 12 months are down three per cent compared with last winter, for example, but have improved significantly from last spring’s rock bottom decrease of 32 per cent, according to the bank’s report.

Investment intentions is the difference between negative and positive business sentiment.

Of note are the investment intentions of small- and medium-sized enterprises in Atlantic Canada and Quebec, which at one per cent and four per cent, respectively, are the only positive results on investment intentions in the survey.

Meanwhile, investment intentions in B.C. are down three per cent, Ontario came in at four per cent lower, while the Prairie provinces were the lowest at a 13 per cent decline.

The online survey of business owners was completed between Dec. 3 and Dec. 18, 2020. The poll measures the confidence of entrepreneurs in the economy, business and hiring outlooks, as well as investment plans over the next 12 months.

According to the polling industry’s generally accepted standards, online surveys cannot be assigned a margin of error because they do not randomly sample the population.

This report by The Canadian Press was first published Jan. 18, 2021

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Crypto Is Everywhere, But Should You Invest? – Forbes

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Ten years ago, most people would have laughed if you said you hold part of your investment portfolio in cryptocurrency — a type of virtual currency that is secured through various cryptographic and computer-generated means. But these days, you might be seen as behind on the times if you don’t currently invest, or if you have never traded a single Bitcoin, Ethereum, or Litecoin in your life.

Like it or not, cryptocurrency is practically everywhere these days and no longer just for day traders and nerds. In fact, many traditional businesses are integrating cryptocurrency into their platforms in some form, or using it as a means to launch other types of products.

Cryptocurrency Continues Gaining Steam

Case in point: In October of 2020, PayPal launched a new service that made it possible for their account holders to buy, sell, or hold cryptocurrency, or to use it to buy stuff at 26 million different merchants.

According to the payment platform, mainstream use of cryptocurrencies has largely been “hindered by their limited utility as an instrument of exchange due to volatility, cost and speed to transact.” 

However, they believe their platform could provide a means to make cryptocurrency more useful as a payment method. 

“The shift to digital forms of currencies is inevitable, bringing with it clear advantages in terms of financial inclusion and access; efficiency, speed and resilience of the payments system; and the ability for governments to disburse funds to citizens quickly,” said Dan Schulman, president and CEO of PayPal in a press release.

Edmund McCormack, founder of crypto investment platform DChained, says this move on behalf of Paypal

PYPL
was expected but also needed to usher cryptocurrency into the mainstream.

“This decision directly addresses three of the most common objections that cryptocurrency has faced in the last 10 years, including practicality for day-to-day purchases, a clearly defined and easy to use marketplace, and legitimacy,” he says.

McCormack also points to the payment platform Square

SQ
, which reportedly invested $50 million into Bitcoin in October of last year. 

At the moment, you can choose from a nice selection of cryptocurrency savings accounts. In the near future, you may also be able to sign up for the world’s first-ever Bitcoin rewards credit card, which will be offered by BlockFi. The BlockFi Bitcoin Rewards Credit Card will work like traditional rewards credit cards, except that you’ll earn 1.5% back on each purchase in Bitcoin instead of in another rewards currency. Currently, this card is on a waitlist. 

What does all of this mean? As more and more businesses and platforms find ways to utilize cryptocurrency — or let their customers use it — it will become even more mainstream than it already is. But, should you invest in cryptocurrency? 

The answer depends on who you ask.

Why You Should Consider Investing In Crypto

According to Claire Lovell, Associate Director of Product Management at Gemini (a cryptocurrency investment platform), Bitcoin reaching all-time highs and legacy financial institutions adopting cryptocurrency means that digital currencies have finally become an important part of finance and FinTech. 

In terms of advantages, Lovell says cryptocurrency gives consumers greater choice, independence, and opportunity in their finances. Further, cryptocurrency’s decentralized, open-source nature helps “eliminate the weak points of the modern banking system by bringing access directly to consumers,” she says. This makes it easier to buy, sell, store, and trade the best performing assets of the last decade. 

Not only that, but Drew Hamilton, CEO of Rubix.io (a cryptocurrency platform) says cryptocurrency is in its infancy. This means that, if you invest now, you could be getting in on the ground floor “even though the prices seem high.” 

After all, some experts have suggested that Bitcoin could be worth as much as $100,000 one day. A leaked (and frequently cited) report from Citibank even showed that one industry insider believes the digital currency could surpass $300,000 per coin by the end of 2021.

Attorney Len Garza, Esq. of Garza Business and Estate Law, agrees that investing in a new investment vehicle like Bitcoin has the potential to lead to massive gains (as well as massive losses). Further, cryptocurrency is easily one of the most liquid investment assets since trading platforms have been established across the globe.

The Case Against Cryptocurrency

But, not everyone thinks investing in cryptocurrency is a good idea — at least not for the average investor. 

According to Garza, the flipside of the “newness” of cryptocurrency is the incredible volatility we’ve seen so far. Simply put, investing in cryptocurrency isn’t for the faint of heart.

For example, one Litecoin would have set you back more than $300 at the end of 2017 ($306.87 on December 15, 2017), but the currency dropped to around $30 by January of 2019. At the time of this writing, one Litcoin is worth $140.96. 

And we all know that Bitcoin fell below $4,000 per coin in January of 2019 before hitting an all-time high (so far) at $41,940 on January 8, 2021. While it’s always fun to win, that’s a wild ride many people would never want to be on.

Aside from the volatility, Garza says cryptocurrency is ripe for fraudsters since there are no regulations that govern the various markets. 

“Buyer beware,” he says. 

Finally, hacking is a big threat if you’re a crypto investor. Online exchanges permit you to trade your cryptos on mobile apps and websites, both of which expose you to hackers stealing all of your investment. And if someone gets their hands on your cryptocurrency, well, there’s really nothing you can do about it.

Ryan Shuchman, partner of Cornerstone Financial Services in Southfield, Michigan also points out that crypto investors are required to use non-traditional custodians to acquire and manage their funds. Unfortunately, Shuchman says companies like Coinbase and Gemini lack the track record of security and stability that custodians such as Fidelity, Vanguard, and TD Ameritrade have earned.

For these reasons and others, Robert R. Johnson, PhD, CFA, CAIA and Professor of Finance at Heider College of Business, Creighton University, says that Bitcoin and other cryptocurrencies are “the purview of speculators.” No one should consider buying Bitcoin or any other cryptocurrency as an investment, he says.

Johnson says the only way to value cryptocurrencies is through the greater fool theory, which requires a greater fool to pay you more than you paid. 

But, he says you don’t have to listen to him. Instead, Johnson says to listen to Berkshire Hathaway

BRK.B
Vice Chairman Charlie Munger who is famous for sharing his thoughts on investing in cryptocurrency:

“It’s like somebody else is trading turds and you decide you can’t be left out.”

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