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S&P/TSX composite rises Wednesday, U.S. stock markets also higher

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TORONTO – Canada’s main stock index rose on Wednesday, helped by strength in base metals and technology, while U.S. stock markets also climbed after a mix of retail earnings, economic data and insight into central bank deliberations over interest rates.

The S&P/TSX composite index closed up 84.29 points at 23,121.73.

In New York, the Dow Jones industrial average was up 55.52 points at 40,890.49. The S&P 500 index was up 23.73 points at 5,620.85, while the Nasdaq composite was up 102.05 points at 17,918.99.

“At the moment, we are seeing the hypersensitivity of the market to labour data on full display,” said Tamsin Wilding, principal and portfolio manager for fixed income at Leith Wheeler Investment Counsel Ltd.

The U.S. government released a preliminary revision suggesting the economy created 818,000 fewer jobs in the year through March than earlier reported — a smaller gap than some had feared.

Markets were “quite jumpy” before the revisions came out, because labour market data is likely going to dictate the interest-rate easing pathway for the U.S. Federal Reserve, said Wilding.

“They’re laser-focused on anything that shows a downside risk to growth of that labour market, and something that’s more severe than the gradual rebalancing that the Fed has assessed the labour market at.”

However, the data came in consistent with estimates, said Wilding.

Strong earnings from some large retail companies in the U.S. reinforced recent retail sales data, with Target and TJX both topping expectations. Target’s share price rose more than 11 per cent while TJX gained more than six per cent.

The Fed also released the minutes from its last interest-rate decision, which showed most officials in July agreed a cut in September was likely as long as inflation continued to cool.

The minutes reinforced the market’s expectation of a cut next month, said Wilding.

Now, markets are waiting for this weekend’s Jackson Hole symposium as well as further information on the labour market, said Wilding.

“The markets are on edge” over the labour market, she said — where before inflation was the biggest risk, that’s shifted to the labour market data and worries about deterioration there.

But she thinks it’s unlikely the Fed would cut its key rate by half a percentage point as some market watchers are betting on.

The Canadian dollar traded for 73.57 cents UScompared with 73.38 cents US on Tuesday.

The October crude oil contract was down US$1.24 at US$71.93 per barrel and the September natural gas contract was down two cents at US$2.18 per mmBTU.

The December gold contract was down US$3.10 at US$2,547.50 an ounce and the September copper contract was up three cents at US$4.19 a pound.

— With files from The Associated Press

This report by The Canadian Press was first published Aug. 21, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

The Canadian Press. All rights reserved.

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Fledgling Northern Super League adds four to front office ahead of April kickoff

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The Northern Super League has fleshed out its front office with four appointments.

Jose Maria Celestino da Costa was named vice-president and head of soccer operations while Marianne Brooks was appointed vice-president of partnerships, Kelly Shouldice as vice-president of brand and content and Joyce Sou as vice-president of finance and business operations.

The new six-team women’s pro league is set to kick off in April.

“Their unique expertise and leadership are crucial as we lay the foundation for not just a successful league in Canada, but one that stands among the top sports leagues in the world,” NSL president Christina Litz said in a statement. “By investing in top-tier talent and infrastructure, the Northern Super League is committed to creating a league that will elevate the game and set new standards for women’s professional soccer globally.”

Da Costa will oversee all on-field matters, including officiating. His resume includes stints with Estoril Praia, a men’s first-division team in Portugal, and the Portuguese Soccer Federation, where he helped develop the Portuguese women’s league.

Brooks spent a decade with Canucks Sports & Entertainment, working in “partnership sales and retention efforts” for the Vancouver Canucks, Vancouver Warriors, and Rogers Arena. Most recently, she served as senior director of account management at StellarAlgo, a software company that helps pro sports teams connect with their fans

Shouldice has worked for Corus Entertainment, the Canadian Football League, and most recently as vice-president of Content and Communications at True North Sports & Entertainment, where she managed original content as well as business and hockey communications.

Sou, who was involved in the league’s initial launch, will oversee financial planning, analysis and the league’s expansion strategy in her new role.

This report by The Canadian Press was first published Sept. 17, 2024.

The Canadian Press. All rights reserved.



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CP NewsAlert: Mounties warn of armed robbery suspects west of Edmonton

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MAYERTHORPE, Alta. – An emergency alert has been issued in an area west of Edmonton for two armed men.

Mounties say the men are on foot after a robbery.

They say people in the area of Mayerthorpe should not open their doors to strangers or pick up hitchhikers.

They say the suspects are dangerous and should not be approached.

One man is described as white, about 30 years-old, five feet 11 inches tall, 205 pounds with dark hair and dark eyes, who was last seen wearing a cowboy hat and black sweater.

The other man is six feet tall, about 220 pounds, with brown hair and blue eyes, wearing a black flat brim hat with red letters.

This report by The Canadian Press was first published Sept. 17, 2024.

The Canadian Press. All rights reserved.



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The #1 Skill I Look For When Hiring

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File this column under “for what it’s worth.”

“Communication is one of the most important skills you require for a successful life.” — Catherine Pulsifer, author.

I’m one hundred percent in agreement with Pulsifer, which is why my evaluation of candidates begins with their writing skills. If a candidate’s writing skills and verbal communication skills, which I’ll assess when interviewing, aren’t well above average, I’ll pass on them regardless of their skills and experience.

 

Why?

 

Because business is fundamentally about getting other people to do things—getting employees to be productive, getting customers to buy your products or services, and getting vendors to agree to a counteroffer price. In business, as in life in general, you can’t make anything happen without effective communication; this is especially true when job searching when your writing is often an employer’s first impression of you.

 

Think of all the writing you engage in during a job search (resumes, cover letters, emails, texts) and all your other writing (LinkedIn profile, as well as posts and comments, blogs, articles, tweets, etc.) employers will read when they Google you to determine if you’re interview-worthy.

 

With so much of our communication today taking place via writing (email, text, collaboration platforms such as Microsoft Teams, Slack, ClickUp, WhatsApp and Rocket.Chat), the importance of proficient writing skills can’t be overstated.

 

When assessing a candidate’s writing skills, you probably think I’m looking for grammar and spelling errors. Although error-free writing is important—it shows professionalism and attention to detail—it’s not the primary reason I look at a candidate’s writing skills.

 

The way someone writes reveals how they think.

 

  • Clear writing = Clear thinking
  • Structured paragraphs = Structured mind
  • Impactful sentences = Impactful ideas

 

Effective writing isn’t about using sophisticated vocabulary. Hemingway demonstrated that deceptively simple, stripped-down prose can captivate readers. Effective writing takes intricate thoughts and presents them in a way that makes the reader think, “Damn! Why didn’t I see it that way?” A good writer is a dead giveaway for a good thinker. More than ever, the business world needs “good thinkers.”

 

Therefore, when I come across a candidate who’s a good writer, hence a good thinker, I know they’re likely to be able to write:

 

  • Emails that don’t get deleted immediately and are responded to
  • Simple, concise, and unambiguous instructions
  • Pitches that are likely to get read
  • Social media content that stops thumbs
  • Human-sounding website copy
  • Persuasively, while attuned to the reader’s possible sensitivities

 

Now, let’s talk about the elephant in the room: AI, which job seekers are using en masse. Earlier this year, I wrote that AI’s ability to hyper-increase an employee’s productivity—AI is still in its infancy; we’ve seen nothing yet—in certain professions, such as writing, sales and marketing, computer programming, office and admin, and customer service, makes it a “fewer employees needed” tool, which understandably greatly appeals to employers. In my opinion, the recent layoffs aren’t related to the economy; they’re due to employers adopting AI. Additionally, companies are trying to balance investing in AI with cost-cutting measures. CEOs who’ve previously said, “Our people are everything,” have arguably created today’s job market by obsessively focusing on AI to gain competitive advantages and reduce their largest expense, their payroll.

 

It wouldn’t be a stretch to assume that most AI usage involves generating written content, content that’s obvious to me, and likely to you as well, to have been written by AI. However, here’s the twist: I don’t particularly care.

 

Why?

 

Because the fundamental skill I’m looking for is the ability to organize thoughts and communicate effectively. What I care about is whether the candidate can take AI-generated content and transform it into something uniquely valuable. If they can, they’re demonstrating the skills of being a good thinker and communicator. It’s like being a great DJ; anyone can push play, but it takes skill to read a room and mix music that gets people pumped.

 

Using AI requires prompting effectively, which requires good writing skills to write clear and precise instructions that guide the AI to produce desired outcomes. Prompting AI effectively requires understanding structure, flow and impact. You need to know how to shape raw information, such as milestones throughout your career when you achieved quantitative results, into a compelling narrative.

So, what’s the best way to gain and enhance your writing skills? As with any skill, you’ve got to work at it.

Two rules guide my writing:

 

  • Use strong verbs and nouns instead of relying on adverbs, such as “She dashed to the store.” instead of “She ran quickly to the store.” or “He whispered to the child.” instead of “He spoke softly to the child.”
  • Avoid using long words when a shorter one will do, such as “use” instead of “utilize” or “ask” instead of “inquire.” As attention spans get shorter, I aim for clarity, simplicity and, most importantly, brevity in my writing.

 

Don’t just string words together; learn to organize your thoughts, think critically, and communicate clearly. Solid writing skills will significantly set you apart from your competition, giving you an advantage in your job search and career.

_____________________________________________________________________

 

Nick Kossovan, a well-seasoned veteran of the corporate landscape, offers “unsweetened” job search advice. You can send Nick your questions to artoffindingwork@gmail.com.

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