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Teck Resources warns of $1.13B charge if Frontier oilsands mine rejected

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Teck Resources Ltd. says it will take an impairment charge of about $1.13 billion if the federal government decides not to approve its proposed Frontier oilsands mining project in northeastern Alberta.

An impairment cost can be included under expenses when the book value of an asset exceeds its recoverable amount, reflecting the diminishment of the asset’s quality, strength or value.

A decision on the $20.6-billion, 260,000-barrel-per-day project in northeastern Alberta, which is expected to produce about four million tonnes of greenhouse gas emissions per year over 40 years, is expected before the end of the month.

At a conference in Banff in January, Teck CEO Don Lindsay said building the project requires “three P’s” — pipeline access, a partner and the right commodity prices.

On Friday, the company said the Frontier project has been optimized with improved technology and is believed to be “technically feasible and commercially viable,” despite lower commodity price projections.

“Assuming a positive federal decision statement, we intend to pursue further optimization studies and have not identified an impairment indicator as at Dec. 31, 2019,” the Vancouver-based miner said.

“A negative decision would result in an impairment of approximately $1.13 billion in the quarter in which the decision is received.”

$999 million in after-tax impairment charges

On a conference call Friday to discuss the company’s fourth-quarter results, Lindsay had little to say about Frontier.

“It’s right before federal cabinet now,” he said. “We don’t know what the decision’s going to be and, I think, we’ve come this far, we’re just going to wait and see what the answer is.”

Teck reported $999 million in after-tax impairment charges for the three months ended Dec. 31.

That included a charge of $910 million due to lower expectations for future oil prices for production from its 21.3 per cent stake in the Fort Hills oilsands mine operated by partner Suncor Energy Inc.

Teck’s financial returns from Fort Hills will likely rise over the next couple of years as more pipeline export capacity comes online and as Suncor boosts output with incremental projects, Lindsay said.

But he added that the company will look at spinning off or selling Fort Hills — along with Frontier — if those improvements aren’t recognized by the market in Teck’s share price.

Teck shares down

Shares in Teck were down $2.48 or about nearly 15 per cent at $14.61 in trading on the Toronto Stock Exchange after the company reported Friday a loss attributable to shareholders of $891 million or $1.62 per diluted share for the quarter ended Dec. 31. That compared with a profit of $433 million or 75 cents per diluted share a year earlier.

Revenue fell to nearly $2.66 billion compared with nearly $3.25 billion in the fourth quarter 2018.

On an adjusted basis, the company reported a profit attributable to shareholders was $122 million or 22 cents per diluted share compared with an adjusted profit attributable to shareholders of $500 million or 86 cents per diluted share in the fourth quarter of last year.

Analysts had expected an adjusted profit of 40 cents per share, according to financial markets data firm Refinitiv.

Teck said it has decided to shut down its Neptune shipping terminal on the West Coast for five months from May to September to match port capacity with reduced coal production and advance construction on the Neptune expansion expected to be completed in early 2021.

It said it started 2020 with high levels of steel-making coal inventory from its mines and is reducing production amid fears the novel coronavirus could reduce demand and out of concern ongoing rail blockades continue to interrupt shipping.

Coal production in 2020 is now expected to total between 23 million and 25 million tonnes, down from actual output of 25.7 million in 2019.

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Ageism: Does it Exist or Is It a Form of ‘I’m a Victim!’ Mentality? [ Part 4 ]

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How you think is everything.

This is the fourth and final column of a 4-part series dealing with ageism while job hunting.

The standard advice given by “experts” to overcome ageism revolves contorting yourself to “fit in,” “be accepted,” and “be invited.” Essentially, their advice is to conceal your age and hope the employer throughout the hiring process won’t figure it out and hire you.

It takes a lot of time and energy to be accepted into places where you aren’t welcome, and it can be heartbreaking.

Finding an employer who accepts you for who you are, regardless of age, gender, race, or whatever, is the key to happy employment. There’s no better feeling than the feeling you’re welcomed. Therefore, my advice to job seekers is: Be your best self and let the chips fall where they may. Doing your best and accepting the outcome will give you a Zen-like sense of freedom.

An attempt to infer someone’s biases based on their actions is usually just an assumption based on what you want to believe. If it benefits you to think someone is practicing ageism (e.g., a convenient excuse), then you’ll believe you’re the victim of ageism.

The fact is you don’t know what the hiring manager’s behind the scene looks like. The entire company’s leadership team judges their hiring decisions. Your fit with current employees needs to be considered. Budget constraints exist. Let’s not forget the biggest hiring influencer, and their past hiring mistakes, which they don’t want to repeat.

While reviewing resumes for a senior accounting position, the hiring manager thinks, “The Centennial College graduates I’ve hired didn’t last six months. While Bob has plenty of experience, he’s a Centennial College alumnus. Hiring another six months quitter won’t look good on me.” “Karen has worked for FrobozzCo International. If I recall, the company reportedly funneled money into offshore accounts to avoid paying taxes. I wonder if Karen was involved.”

Association experiences contribute to most biases. You know the saying, “If it looks like a duck, swims like a duck, and quacks like a duck, then it probably is a duck.” If you met five rude redheads in a row, the next one will also be rude, right? The human brain is wired to look for patterns and predict future behavior based on those patterns. Call it a survival skill. When we first meet someone, we try to predict what behavior to expect from them using past experiences.

This quick assessment is why hiring managers decide, within as little as two minutes, whether a candidate is worth their time. While it’s important to try and make a good first impression (READ: image), you have no control over how others interpret it.

Bottom-line: You can’t control another person’s biases.

Based on how I hire, and conversations with hiring managers, I believe the following to be true. An employer is more interested in the results you can deliver for them than your age or whatever “ism” you believe is against you.

Can employers afford to pass up qualified candidates who could contribute to their bottom line? Of course not! (Okay, it’s “unlikely.”) You’ll be in demand if you can demonstrate a track record of adding value to your employers.

Having the belief that your age prevents you from finding the employment you want is a paralyzing belief. Ageism exists for all ages, which I think many people use as a crutch.

“They said I was overqualified. That’s ageism!”

“They hired someone younger than me. That’s ageism!”

“They said I wasn’t experienced enough. That’s ageism!”

Get over yourself!

Employers can hire whomever they deem to be the best fit for their business. It’s self-righteous to judge someone else’s biases (READ: preferences), especially when their biases don’t serve your interests. Let’s say, for example, you’re 52 years old, and the hiring manager prefers candidates between 45 and 55 (Yes, I know such hiring managers), and they hire you. Would you call out the hiring manager’s bias that worked in your favor?

If you believe your age is an obstacle, here’s my advice: Break the fourth wall. If you sense your age is the elephant in the room, put your age on the table and see what happens. When interviewing, I always mention, early in, that I’ve been managing call centers since 1996. I then let my interviewer do the mental math and wrestle with any age bias they may have. As I mentioned in my last column, the employer most likely Googled you and has a good idea of your age. Therefore, since you were vetted to determine if you were interview-worthy, tell yourself that your age is irrelevant.

When interviewing, don’t focus on “isms.” Doing so makes them your reality. Instead, focus on the problems the position you’re interviewing for is meant to solve.

______________________________________________________________

Nick Kossovan, a well-seasoned veteran of the corporate landscape, offers advice on searching for a job. You can send Nick your questions at artoffindingwork@gmail.com

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CMHC reports annual pace of housing starts up 1.1 per cent in July – CP24

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The Canadian Press


Published Tuesday, August 16, 2022 9:02AM EDT


Last Updated Tuesday, August 16, 2022 9:02AM EDT

Canada Mortgage and Housing Corp. says the annual pace of housing starts in July edged higher compared with June despite a slowdown in urban starts.

The housing agency says the seasonally adjusted annual rate of housing starts in July was 275,329 units, an increase of 1.1 per cent from June.

The annual rate of urban starts was down 0.8 per cent at 254,371 units in July, while multi-unit urban starts fell 0.3 per cent to 195,987 units.

The pace of single-detached urban starts dropped 2.3 per cent to 58,384 units.

Meanwhile, rural starts were estimated at a seasonally adjusted annual rate of 20,958 units.

The six-month moving average of the monthly seasonally adjusted annual rates was 264,426 units in July, up from 257,862 in June.

This report by The Canadian Press was first published Aug. 16, 2022.

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Recall: Baby rocker, swing recalled over strangulation risks – CTV News

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Two infant products, manufactured by baby gear company 4moms, are being recalled due to strangulation hazards, according to a consumer product notice issued by Health Canada.

Health Canada says the recall involves certain MamaRoo baby swings and the RockaRoo baby rockers.

Those products impacted by the recall include MamaRoo infant swing set models that use a 3-point harness including models 4M-005, 1026 and 1037, according to the recall notice.

The MamaRoo model that uses a 5-point harness is not included in the recall, according to Health Canada.

The affected RockaRoo baby rocker’s model number is 4M-012. The model numbers can be found on the bottom of the products.

Both products have restraint straps that can dangle below the seat, and infants who are not seated can become “entangled in the straps, posing a strangulation hazard,” Health Canada said in the recall notice.

“This issue does not present a hazard to infants placed in the seat of either product,” the agency noted.

According to the recall, there have been no reports of strangulation or injury submitted to the company as of Aug. 9.

“Consumers with infants who can crawl should immediately stop using the recalled products and place them in an area where crawling infants cannot access,” reads the statement.

Consumers who have purchased one of the recalled products can register on the 4moms recall registration website or by phone at 877-870-7390. After doing this, 4moms will send a strap fastener to consumers with instructions on how to install.

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