The Liberal government is facing a new challenge over a decision to award an Irving company the contract to provide emergency ship towing services on the West Coast as part of its plan to protect the country’s oceans.
The Canadian International Trade Tribunal has started a second inquiry into the government’s procurement process that awarded the $67-million contract to the Irving company Atlantic Towing. A rival bidder has questioned the ability of those ships to do the job.
In January 2019, the CITT concluded that, “trade agreements were breached when (Procurement Canada) unreasonably concluded that (Atlantic Towing’s) bid was compliant” with the minimum towing requirements. The government’s evaluation of the Atlantic Towing bid was based on an assumption about the towing capabilities of the company’s ships, the CITT noted. Making such an assumption was “not only a serious breach of trade agreements but a serious deficiency as well,” the trade tribunal concluded.
Tuesday, August 6, 2019
CAISSE DE DEPOT REBUKES SNC-LAVALIN
SNC-Lavalin Group Inc.’s biggest investor sharpened its criticism of the beleaguered engineering company Monday, saying it needs to shake up its culture to improve its project execution and reverse its stock-price slide.
Pension fund giant Caisse de dépôt et placement du Québec, which holds a 20-per-cent stake in SNC-Lavalin, reaffirmed its long-term support for the Canadian engineering and construction company. But the Caisse, in its second public comment in recent weeks, said an internal overhaul is needed to better the company’s chances at future success. As a project-management company earning relatively slim profit margins, SNC-Lavalin needs to fine-tune its ability to complete projects and still make money, Caisse chief executive officer Michael Sabia said.
It was SNC-Lavalin’s third profit warning since January and prompted a public rebuke from the Caisse, which called out “the current unacceptable trend of the business” and urged “decisive and timely” action from the SNC-Lavalin board. Such a public statement is rare for the Caisse, which does not typically comment on its individual investments.
Pension fund giant Caisse de dépôt et placement du Québec, which holds a 20-per-cent stake in SNC-Lavalin, reaffirmed its long-term support for the Canadian engineering and construction company. But the Caisse, in its second public comment in recent weeks, said an internal overhaul is needed to better the company’s chances at future success. As a project-management company earning relatively slim profit margins, SNC-Lavalin needs to fine-tune its ability to complete projects and still make money, Caisse chief executive officer Michael Sabia said.
It was SNC-Lavalin’s third profit warning since January and prompted a public rebuke from the Caisse, which called out “the current unacceptable trend of the business” and urged “decisive and timely” action from the SNC-Lavalin board. Such a public statement is rare for the Caisse, which does not typically comment on its individual investments.
CHINA MANIPULATING ITS CURRENCY
“Secretary Mnuchin, under the auspices of President Trump, has today determined that China is a Currency Manipulator,” the Treasury Department said in a release.
“As a result of this determination, Secretary Mnuchin will engage with the International Monetary Fund to eliminate the unfair competitive advantage created by China’s latest actions.” "
"This pattern of actions is also a violation of China’s G20 commitments to refrain from competitive devaluation."
China wants, and desperately needs too, for the yuan to be a force in global financial markets. In very simple terms this is true because if it then wants to buy something, it can simply print the money for it. But only about 1% of global trade today is executed in yuan. That is not nearly enough. It means China needs dollars and euros, all the time. And devaluing the yuan means the country needs even more of those.
“As a result of this determination, Secretary Mnuchin will engage with the International Monetary Fund to eliminate the unfair competitive advantage created by China’s latest actions.” "
"This pattern of actions is also a violation of China’s G20 commitments to refrain from competitive devaluation."
China wants, and desperately needs too, for the yuan to be a force in global financial markets. In very simple terms this is true because if it then wants to buy something, it can simply print the money for it. But only about 1% of global trade today is executed in yuan. That is not nearly enough. It means China needs dollars and euros, all the time. And devaluing the yuan means the country needs even more of those.
Monday, August 5, 2019
THE REAL COST OF MEDICARE FOR ALL
During the most recent round of Democratic presidential debates, nearly all the leading candidates reiterated their commitment to transition the U.S. health insurance industry to a "Medicare-for-All," government-run model. Some promised to do it more quickly than others, but in the end, the result would be the same: the federal government would control health care within a decade.
Contrary to the claims made by the leading Democratic candidates, millions of middle-class earners would be hit particularly hard under "Medicare-for-All." For example, filers earning $50,000 to $75,000 would likely need to pay on average $7,773 to $9,171 more in new taxes. Those families earning $75,000 to $100,000 would pay $12,612 to $14,880 more. Most households with more than $100,000 income would pay close to or more than $20,000 in additional taxes.
Contrary to the claims made by the leading Democratic candidates, millions of middle-class earners would be hit particularly hard under "Medicare-for-All." For example, filers earning $50,000 to $75,000 would likely need to pay on average $7,773 to $9,171 more in new taxes. Those families earning $75,000 to $100,000 would pay $12,612 to $14,880 more. Most households with more than $100,000 income would pay close to or more than $20,000 in additional taxes.
CANADIANS PAY 44% OF INCOME ON TAXES
The average Canadian family now spends
more of its income on taxes (44.2%) than it does
on basic necessities such as food, shelter, and
clothing combined (36.3%). By comparison,
33.5% of the average family’s income went to
pay taxes in 1961 while 56.5% went to basic necessities.
In 2018, the average Canadian family earned an income of $88,865 and paid total taxes equaling $39,299 (44.2%). In 1961, the average family had an income of $5,000 and paid a total tax bill of $1,675 (33.5%).
In 2018, the average Canadian family earned an income of $88,865 and paid total taxes equaling $39,299 (44.2%). In 1961, the average family had an income of $5,000 and paid a total tax bill of $1,675 (33.5%).
Sunday, August 4, 2019
LIBERAL OPPONENTS ARE RACIST ISLAMOPHOBES
Liberal Immigration Minister Ahmed Hussen
FRANCE SINKING INTO CHAOS
Taxes, duties, social charges and government spending remain at the same level now as when Macron came in. The debt-to-GDP ratio is 100% and growing. The French economy is not creating jobs. Poverty remains extremely high: 14% of the population earn less than 855 euros ($950) a month.
Macron pays no attention to the growing cultural disaster also seizing the country. The educational system is crumbling. An increasing percentage of students graduate from high school without knowing how to write a sentence free of errors that make incomprehensible anything they write. Christianity is disappearing. Most non-Muslim French no longer define themselves as Christians. The fire that ravaged the Cathedral of Notre Dame de Paris was officially an "accident," but it was only one of the many Christian religious buildings in the country that were recently destroyed. Every week, churches are vandalized -- to the general indifference of the public. In just the first half of 2019, 22 churches burned down.
The main concern of Macron and the French government seems not to be the risk of riots, the public's discontent, the disappearance of Christianity, the disastrous economic situation, or Islamization and its consequences. Instead, it is climate change. Although the amount of France's carbon dioxide emissions is infinitesimal(less than 1% of the global total), combatting "human-induced climate change" appears Macron's absolute priority.
Macron pays no attention to the growing cultural disaster also seizing the country. The educational system is crumbling. An increasing percentage of students graduate from high school without knowing how to write a sentence free of errors that make incomprehensible anything they write. Christianity is disappearing. Most non-Muslim French no longer define themselves as Christians. The fire that ravaged the Cathedral of Notre Dame de Paris was officially an "accident," but it was only one of the many Christian religious buildings in the country that were recently destroyed. Every week, churches are vandalized -- to the general indifference of the public. In just the first half of 2019, 22 churches burned down.
The main concern of Macron and the French government seems not to be the risk of riots, the public's discontent, the disappearance of Christianity, the disastrous economic situation, or Islamization and its consequences. Instead, it is climate change. Although the amount of France's carbon dioxide emissions is infinitesimal(less than 1% of the global total), combatting "human-induced climate change" appears Macron's absolute priority.
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