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U.S. Futures Slide After Spat Over Fed Stimulus: Markets Wrap – Yahoo Canada Finance

Published

4 years ago

November 19, 2020

The Canadian Press

Sanders, Warren under scrutiny as Biden weighs Cabinet picks

WILMINGTON, Del. — Bernie Sanders and Elizabeth Warren, leaders of the Democratic Party’s left wing, are at risk of being excluded from the senior ranks of President-elect Joe Biden’s administration as the incoming president balances the demands of his party’s progressive base against the political realities of a narrowly divided Senate.The liberal New England senators remain interested in serving in Biden’s Cabinet, but even some of their allies recognize they face major political hurdles getting there. Sensing disappointment, progressive leaders have reluctantly begun to express support for less-controversial alternatives.Warren, whose political career has been defined by efforts to diminish the power of big banks, is the progressive movement’s top choice for Treasury secretary. Sanders, a self-described democratic socialist, reiterated his desire to serve as Biden’s Labor secretary on Thursday, describing himself as particularly well-suited “to focus on the many crises facing working families in this country.”Whether he is included in Biden’s cabinet or not, Sanders warned Biden not to freeze out progressives as he shapes his government.“It seems to me pretty clear that progressive views need to be expressed within a Biden administration,” Sanders told The Associated Press. “It would be, for example, enormously insulting if Biden put together a ‘team of rivals’ — and there’s some discussion that that’s what he intends to do — which might include Republicans and conservative Democrats — but which ignored the progressive community. I think that would be very, very unfortunate.”The scrutiny on Biden’s staffing decisions reflects the tremendous pressure the president-elect faces as he cobbles together a senior team to execute his policy priorities drawing from his party’s disparate factions. He will almost certainly face criticism no matter whom he picks for the most powerful positions, but he can perhaps least afford to lose the support of his vocal progressive base.In a nod to the left wing, Biden’s transition team has hired Analilia Mejia, a Sanders’ adviser who served as his presidential campaign’s political director, to work on progressive outreach. It’s unlikely, however, that mid-level hires during the transition will be enough to satisfy progressives.Biden told reporters Thursday that he had finalized his choice for Treasury secretary and said the pick would be “someone who will be accepted by all elements of the Democratic party, moderates and progressives.” He sidestepped a specific question about Sanders joining his Cabinet as he walked off stage.Likely facing a divided Congress that could push back against the vast majority of his agenda, Biden is eyeing a series of executive actions to be implemented by his Cabinet that would force significant changes in health care, banking, environmental regulation, immigration and foreign policy, among other major issues.Biden’s transition team declined to comment publicly about Sanders or Warren.And while progressives have not given up hope that one or both might still be nominated, they acknowledged the possibility — even the likelihood — that the high-profile liberal senators would remain in the Senate.“It’s safe to say that Elizabeth Warren has definitely earned the trust and the ear of Joe Biden, and will surely have an influential role in agenda setting going forward whether it’s being a very powerful senator or a more formal role in his administration,” said Adam Green, co-founder of the Progressive Change Campaign Committee, among Warren’s most vocal supporters in Washington. “No matter what, she’ll be powerful when it comes to agenda setting for the Democratic Party.”Waleed Shahid, a spokesman for the Sanders-aligned Justice Democrats, said his group and others recognize that “not every single member of the administration is going to be progressive — that’s not who Joe Biden is.” He said progressives simply want ”adequate representation” in the Cabinet.“We are advocating for them to be included, but we also have backup choices,” he said of Warren and Sanders.Indeed, liberal groups have tried to rally behind lesser-known progressive leaders such as Michigan Rep. Andy Levin for Labor secretary and former Federal Reserve Chair Janet Yellen to lead the Department of Treasury.Like their party’s establishment leaders, progressives understand the political challenge Democrats would face should either Sanders or Warren leave the Senate. In both cases, Republican governors would have the ability to nominate their replacements, at least in the short-term.Sanders noted that Vermont Gov. Phil Scott has promised to fill a prospective vacancy with an independent who caucuses with Democrats, just as Sanders does.“Gov. Scott is a moderate Republican. He is not a right-wing Republican,” Sanders said. “He understands that this is a progressive state and the wise and appropriate thing to do would be, as an interim appointment before the special election took place — would be to appoint somebody whose views were consistent with mine.”In a best-case scenario for Democrats, the Senate would be divided 50-50 in January when the new Congress is sworn in, with Vice-President-elect Kamala Harris in position to break the tie. But that’s only if Democrats win both of Georgia’s special elections on Jan. 5.Senate Majority Leader Mitch McConnell holds great sway over Biden’s Cabinet nominees regardless of which party ends up in control.The Senate’s top Republican has yet to tip his hand about how he’ll navigate the confirmation process, preferring to wait for Trump to accept the election results and Georgia’s Senate elections to play out. But Senate Democrats expect McConnell to impose a full-scale blockade on Cabinet picks he doesn’t like.Biden will be the first Democrat president in modern times trying to set up a first-term administration without his party controlling the Senate, a rare dynamic that will play out before a bitterly divided nation and a hyper-partisan Senate.The more controversial potential nominees, Warren and Sanders among them, would likely struggle to win confirmation. Some are already running into partisan opposition.Previewing the intense battles ahead, Texas GOP Sen. Ted Cruz has been producing a series of campaign-style videos opposing both Warren and Sanders.Yet there is also evidence of resistance from Biden’s own coalition, which includes moderate Democrats, independents and even some Republicans.“Choosing Elizabeth Warren or Bernie Sanders, who represent the far left — and in Bernie’s case an openly socialist view of the world — is not the leadership that the American people just voted for,” said Jennifer Horn, a co-founder of the anti-Trump Lincoln Project that spent millions to support Biden’s presidential bid. “I think Joe Biden understands that.”___AP writers Lisa Mascaro and Chris Rugaber in Washington contributed.Steve Peoples, The Associated Press

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Business

A timeline of events in the bread price-fixing scandal

Published

2 hours ago

September 19, 2024

Anne Joseph

Almost seven years since news broke of an alleged conspiracy to fix the price of packaged bread across Canada, the saga isn’t over: the Competition Bureau continues to investigate the companies that may have been involved, and two class-action lawsuits continue to work their way through the courts.

Here’s a timeline of key events in the bread price-fixing case.

Oct. 31, 2017: The Competition Bureau says it’s investigating allegations of bread price-fixing and that it was granted search warrants in the case. Several grocers confirm they are co-operating in the probe.

Dec. 19, 2017: Loblaw and George Weston say they participated in an “industry-wide price-fixing arrangement” to raise the price of packaged bread. The companies say they have been co-operating in the Competition Bureau’s investigation since March 2015, when they self-reported to the bureau upon discovering anti-competitive behaviour, and are receiving immunity from prosecution. They announce they are offering $25 gift cards to customers amid the ongoing investigation into alleged bread price-fixing.

Jan. 31, 2018: In court documents, the Competition Bureau says at least $1.50 was added to the price of a loaf of bread between about 2001 and 2016.

Dec. 20, 2019: A class-action lawsuit in a Quebec court against multiple grocers and food companies is certified against a number of companies allegedly involved in bread price-fixing, including Loblaw, George Weston, Metro, Sobeys, Walmart Canada, Canada Bread and Giant Tiger (which have all denied involvement, except for Loblaw and George Weston, which later settled with the plaintiffs).

Dec. 31, 2021: A class-action lawsuit in an Ontario court covering all Canadian residents except those in Quebec who bought packaged bread from a company named in the suit is certified against roughly the same group of companies.

June 21, 2023: Bakery giant Canada Bread Co. is fined $50 million after pleading guilty to four counts of price-fixing under the Competition Act as part of the Competition Bureau’s ongoing investigation.

Oct. 25 2023: Canada Bread files a statement of defence in the Ontario class action denying participating in the alleged conspiracy and saying any anti-competitive behaviour it participated in was at the direction and to the benefit of its then-majority owner Maple Leaf Foods, which is not a defendant in the case (neither is its current owner Grupo Bimbo). Maple Leaf calls Canada Bread’s accusations “baseless.”

Dec. 20, 2023: Metro files new documents in the Ontario class action accusing Loblaw and its parent company George Weston of conspiring to implicate it in the alleged scheme, denying involvement. Sobeys has made a similar claim. The two companies deny the allegations.

July 25, 2024: Loblaw and George Weston say they agreed to pay a combined $500 million to settle both the Ontario and Quebec class-action lawsuits. Loblaw’s share of the settlement includes a $96-million credit for the gift cards it gave out years earlier.

Sept. 12, 2024: Canada Bread files new documents in Ontario court as part of the class action, claiming Maple Leaf used it as a “shield” to avoid liability in the alleged scheme. Maple Leaf was a majority shareholder of Canada Bread until 2014, and the company claims it’s liable for any price-fixing activity. Maple Leaf refutes the claims.

This report by The Canadian Press was first published Sept. 19, 2024.

Companies in this story: (TSX:L, TSX:MFI, TSX:MRU, TSX:EMP.A, TSX:WN)

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Business

TD CEO to retire next year, takes responsibility for money laundering failures

Published

5 hours ago

September 19, 2024

Anne Joseph

TORONTO – TD Bank Group, which is mired in a money laundering scandal in the U.S., says chief executive Bharat Masrani will retire next year.

Masrani, who will retire officially on April 10, 2025, says the bank’s, “anti-money laundering challenges,” took place on his watch and he takes full responsibility.

The bank named Raymond Chun, TD’s group head, Canadian personal banking, as his successor.

As part of a transition plan, Chun will become chief operating officer on Nov. 1 before taking over the top job when Masrani steps down at the bank’s annual meeting next year.

TD also announced that Riaz Ahmed, group head, wholesale banking and president and CEO of TD Securities, will retire at the end of January 2025.

TD has taken billions in charges related to ongoing U.S. investigations into the failure of its anti-money laundering program.

This report by The Canadian Press was first published Sept. 19, 2024.

Companies in this story: (TSX:TD)

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Business

The #1 Skill I Look For When Hiring

Published

2 days ago

September 17, 2024

Nick Kossovan

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.

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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.