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Quebec election: Legault says language law ‘balanced’ amid criticism from businesses

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MONT-SAINT-GRÉGOIRE, Que. — Coalition Avenir Québec Leader François Legault remained undeterred Wednesday amid renewed criticism of his language law reform by business leaders who say the legislation will make it harder to recruit talent and will cause enormous damage to the economy.

On Day 4 of Quebec’s election campaign, the CAQ leader said that the government must balance economic growth with the protection of Quebecers’ language and culture.

“I think (it’s) a balanced bill and it’s important to have a balanced bill; it’s important to protect French, and French will always be vulnerable in North America,” Legault told reporters Wednesday during a campaign stop in Mont-St-Grégoire, Que., southeast of Montreal.

Nearly 160 CEOs and other top executives at Quebec companies signed an open letter calling for the implementation of Bill 96 to be suspended. Published by the Council of Canadian Innovators, the letter said the law “imposes an unrealistic deadline” on new immigrants to learn French and creates an additional regulatory burden for small companies.

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Pierre-Philippe Lortie, with the Council of Canadian Innovators, said the law may push people who are interested in Quebec to look for work in other parts of the country at a time when the province already faces a shortage of technology workers.

Bill 96, he said, risks leading fast-growing technology companies to delay investments, expand offices in other provinces or hire remote workers. “I don’t think that’s to the benefit of Quebec if we only hire outside and don’t have human presence in Quebec to tackle the new challenges we have, so it could potentially do enormous damage,” he said in an interview Wednesday.

The law, adopted by Legault’s government in late May, extends certain provisions of Quebec’s language charter to businesses of 25 or more employees. Those provisions had only applied to businesses with 50 or more employees. The bill also requires new immigrants to communicate with the government exclusively in French after they’ve been in the province for six months.

Legault said most governments provide information to newcomers in the local language, adding that immigrants can get help with translation if they need it.

For businesses, Legault said, there will be a three-year transition period. “They’ll have the time to adjust,” he added. “It’s important to have the two objectives: yes, create wealth, but yes, also protect French.”

First published in June with 37 signatures, the letter by the Council of Canadian Innovators has since been signed by 122 additional executives. Signatories include Louis Têtu, CEO of Quebec City-based software company Coveo, which employs more than 700 people; Eric Boyko, CEO of Stingray, which owns several music television channels and more than 100 radio stations; and Antoine Amiel, CEO of glasses retailer New Look.

Lortie said the CEOs support the goal of promoting the French language and want to work with the government on language education programs.

Dominique Samson, vice-president of external affairs at financial data company Flinks, whose CEO signed the letter, said the bill is a “massive hurdle” for recruitment.

“Montreal is competing globally for talent, for investors, for everything,” he said in an interview Wednesday, adding that Bill 96 is “isolationist.”

Samson said his company, which employs around 200 people, has 35 open positions, adding that knowledge of software languages is more important than what languages the candidates speak. Because the company was already subject to Quebec’s existing language law, and is largely francophone, Samson said the additional compliance requirements won’t be significant for Flinks. He said he worries, however, about the effect it will have on smaller companies.

During the stop in Mont-St-Grégoire, Legault promised to cap increases in government-set hydro rates, daycare fees and university tuition at three per cent a year. The town is in the electoral district of Iberville — a riding the party won in 2018 but then lost after its member joined the Conservatives.

Claire Samson, who was booted from the CAQ in June 2021 after it learned she had donated $100 to the Conservatives under leader Éric Duhaime, gave the Conservatives their only seat in the legislature.

Meanwhile, the Parti Québécois on Wednesday promised to help Quebecers fight inflation with a temporary and targeted allowance of $1,200 for people making less than $50,000 and of $750 for people making between $50,000 and $80,000.

The left-of-centre Québec solidaire party promised an additional $5.3 billion for public transit projects in the Quebec City region, while Liberal Leader Dominique Anglade, during a stop in St-Agapit, Que., south of Quebec City, encouraged people who say they were the victims of sexual misconduct by Win Butler, the leader of Montreal-based band Arcade Fire, to make formal complaints.

This report by The Canadian Press was first published Aug. 31, 2022.

 

Jacob Serebrin, The Canadian Press

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Dow Jones Rises But S&P, Nasdaq Fall; Nvidia, SMCI Flash Sell Signals As Bitcoin's Fourth Halving Arrives – Investor's Business Daily

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[unable to retrieve full-text content]

  1. Dow Jones Rises But S&P, Nasdaq Fall; Nvidia, SMCI Flash Sell Signals As Bitcoin’s Fourth Halving Arrives  Investor’s Business Daily
  2. Iran fires at apparent Israeli attack drones: Mideast tensions  The Associated Press
  3. S&P 500 extends losing streak to sixth day, Dow up 210 points  Yahoo Canada Finance
  4. Stock Market Today: Dow, S&P Live Updates for April 19  Bloomberg
  5. Stock market today: Wall Street limps toward its longest weekly losing streak since September  CityNews Kitchener

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Netflix stock sinks on disappointing revenue forecast, move to scrap membership metrics – Yahoo Canada Finance

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Netflix (NFLX) stock slid as much as 9.6% Friday after the company gave a second quarter revenue forecast that missed estimates and announced it would stop reporting quarterly subscriber metrics closely watched by Wall Street.

On Thursday, Netflix guided to second quarter revenue of $9.49 billion, a miss compared to consensus estimates of $9.51 billion.

The company said it will stop reporting quarterly membership numbers starting next year, along with average revenue per member, or ARM.

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“As we’ve evolved our pricing and plans from a single to multiple tiers with different price points depending on the country, each incremental paid membership has a very different business impact,” the company said.

Netflix reported first quarter earnings that beat across the board on Thursday, with another 9 million-plus subscribers added in the quarter.

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Subscriber additions of 9.3 million beat expectations of 4.8 million and followed the 13 million net additions the streamer added in the fourth quarter. The company added 1.7 million paying users in Q1 2023.

Revenue beat Bloomberg consensus estimates of $9.27 billion to hit $9.37 billion in the quarter, an increase of 14.8% compared to the same period last year as the streamer leaned on revenue initiatives like its crackdown on password-sharing and ad-supported tier, in addition to the recent price hikes on certain subscription plans.

Netflix’s stock has been on a tear in recent months, with shares currently trading near the high end of its 52-week range. Wall Street analysts had warned that high expectations heading into the print could serve as an inherent risk to the stock price.

Earnings per share (EPS) beat estimates in the quarter, with the company reporting EPS of $5.28, well above consensus expectations of $4.52 and nearly double the $2.88 EPS figure it reported in the year-ago period. Netflix guided to second quarter EPS of $4.68, ahead of consensus calls for $4.54.

Profitability metrics also came in strong, with operating margins sitting at 28.1% for the first quarter compared to 21% in the same period last year.

The company previously guided to full-year 2024 operating margins of 24% after the metric grew to 21% from 18% in 2023. Netflix expects margins to tick down slightly in Q2 to 26.6%.

Free cash flow came in at $2.14 billion in the quarter, above consensus calls of $1.9 billion.

Meanwhile, ARM ticked up 1% year over year — matching the fourth quarter results. Wall Street analysts expect ARM to pick up later this year as both the ad-tier impact and price hike effects take hold.

On the ads front, ad-tier memberships increased 65% quarter over quarter after rising nearly 70% sequentially in Q3 2023 and Q4 2023. The ads plan now accounts for over 40% of all Netflix sign-ups in the markets it’s offered in.

FILE PHOTO: Netflix reported first quarter earnings after the bell on Thursday. REUTERS/Dado Ruvic/File PhotoFILE PHOTO: Netflix reported first quarter earnings after the bell on Thursday. REUTERS/Dado Ruvic/File Photo

Netflix reported first quarter earnings after the bell on Thursday. REUTERS/Dado Ruvic/File Photo (REUTERS / Reuters)

Alexandra Canal is a Senior Reporter at Yahoo Finance. Follow her on X @allie_canal, LinkedIn, and email her at alexandra.canal@yahoofinance.com.

For the latest earnings reports and analysis, earnings whispers and expectations, and company earnings news, click here

Read the latest financial and business news from Yahoo Finance

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Oil Prices Erase Gains as Iran Downplays Reports of Israeli Missile Attack – OilPrice.com

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Oil Prices Erase Gains as Iran Downplays Reports of Israeli Missile Attack | OilPrice.com



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Tsvetana Paraskova

Tsvetana Paraskova

Tsvetana is a writer for Oilprice.com with over a decade of experience writing for news outlets such as iNVEZZ and SeeNews. 

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  • Oil prices initially spiked on Friday due to unconfirmed reports of an Israeli missile strike on Iran.
  • Prices briefly reached above $90 per barrel before falling back as Iran denied the attack.
  • Iranian media reported activating their air defense systems, not an Israeli strike.

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Oil prices gave up nearly all of early Friday’s gains after an Iranian official told Reuters that there hadn’t been a missile attack against Iran.

Oil surged by as much as $3 per barrel in Asian trade early on Friday after a U.S. official told ABC News today that Israel launched missile strikes against Iran in the early morning hours today. After briefly spiking to above $90 per barrel early on Friday in Asian trade, Brent fell back to $87.10 per barrel in the morning in Europe.

The news was later confirmed by Iranian media, which said the country’s air defense system took down three drones over the city of Isfahan, according to Al Jazeera. Flights to three cities including Tehran and Isfahan were suspended, Iranian media also reported.

Israel’s retaliation for Iran’s missile strikes last week was seen by most as a guarantee of escalation of the Middle East conflict since Iran had warned Tel Aviv that if it retaliates, so will Tehran in its turn and that retaliation would be on a greater scale than the missile strikes from last week. These developments were naturally seen as strongly bullish for oil prices.

However, hours after unconfirmed reports of an Israeli attack first emerged, Reuters quoted an Iranian official as saying that there was no missile strike carried out against Iran. The explosions that were heard in the large Iranian city of Isfahan were the result of the activation of the air defense systems of Iran, the official told Reuters.

Overall, Iran appears to downplay the event, with most official comments and news reports not mentioning Israel, Reuters notes.

The International Atomic Energy Agency (IAEA) said that “there is no damage to Iran’s nuclear sites,” confirming Iranian reports on the matter.

The Isfahan province is home to Iran’s nuclear site for uranium enrichment.

“Brent briefly soared back above $90 before reversing lower after Iranian media downplayed a retaliatory strike by Israel,” Saxo Bank said in a Friday note.

The $5 a barrel trading range in oil prices over the past week has been driven by traders attempting to “quantify the level of risk premium needed to reflect heightened tensions but with no impact on supply,” the bank said, adding “Expect prices to bid ahead of the weekend.”

At the time of writing Brent was trading at $87.34 and WTI at $83.14.

By Tsvetana Paraskova for Oilprice.com

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