Tag Archives: business

The Globe and Mail – Report on Business | September 15, 2016 

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Michael Babad’s Top Business Stories of the day

 

Morning Briefing: Why we’re so beholden to our banks

What a 1-percentage-point rise in mortgage rates could mean Read more

Today’s Business Headlines

Wal-Mart’s ban on Visa spreads to Manitoba

Starting on Oct. 24, Wal-Mart will stop accepting Visa in all 16 of its Manitoba stores Read more

Golf Town to be sold off to debt holders, close some stores

Ailing specialty chain has been struggling to draw in customers while battling online competition in a weak market, and will be closing stores Read more

Canada given lukewarm grade on anti-money laundering efforts

Financial Action Task Force says efforts have improved, but significant gaps leave the country open to illicit financial activities Read more

Empire Co. profit falls as challenges in Western Canada persist

Parent company of the Sobeys grocery store chain earned $65.4-million in its latest quarter compared with $108.8-million a year ago Read more

Bayer-Monsanto deal the latest merger to sweep beleaguered agri-foods sector

Bayer agrees to $128 (U.S.) per share offer; companies agree on $2-billion break-up fee Read more

Source: The Globe and Mail 

Advocate for low-wage economy rebutted

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By Ken Georgetti, Vancouver Sun September 6, 2013

Re: The union disadvantage, Sept. 4 Terence Corcoran appears to be all for a low-wage Canadian economy.

He suggests workers are better off employed at $8 an hour rather than unemployed at $15. He fails to mention that the majority of Canadians stuck in low-wage jobs are employed by large, highly profitable corporations.

Corcoran is silent on record high corporate profits and the compensation of CEOs. He also fails to mention studies showing these corporations can well afford to pay decent, family-supporting wages.

He neglects to acknowledge the cost to our society of low-wage employers who fail to provide decent pensions and benefits. Decent wages are about fairness and economic growth. The IMF, the OECD and credible economists point to weak domestic demand as a principal constraint on that growth. They argue for measures to stimulate demand; the U.K. is the most recent country to come in for criticism for its austerity policies.

When the real wage paid to low-and middle-income workers increases, it means more money spent in the local economy and businesses. That creates jobs locally rather than having record profits hoarded by big corporations, or being invested abroad in low-wage economies.

Ken Georgetti President, Canadian Labour Congress, Ottawa