Q&A: What is behind Fiat Chrysler’s proposed mega-merger with Peugeot?

first_img Q&A: What is behind Fiat Chrysler’s proposed mega-merger with Peugeot? (Getty Images) Indeed, it follows an informal partnership between Volkswagen and Ford earlier this year, while Toyota and Subaru also announced they will strengthen ties last month. But as the industry consolidates at an unprecedented rate, many will be left scratching their heads as to what is going on. “Business and government always make uncomfortable bedfellows and despite the synergies a Fiat Chrysler and PSA merger would bring, it is important not to underestimate the political obstacles to a deal.” The sticking point? The French government also holds a major stake in Peugeot, of 14 per cent. Even worse for Fiat, the Italian giant is widely seen as lagging behind its peers in this department. The firm has spent comparatively little on EVs, but still has to find a way to meet new EU emissions rules which come into place next year. More From Our Partners Astounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgMatt Gaetz swindled by ‘malicious actors’ in $155K boat sale boondogglenypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgMark Eaton, former NBA All-Star, dead at 64nypost.comA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.com‘Neighbor from hell’ faces new charges after scaring off home buyersnypost.comWhy people are finding dryer sheets in their mailboxesnypost.comUK teen died on school trip after teachers allegedly refused her pleasnypost.comInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comConnecticut man dies after crashing Harley into live bearnypost.comKiller drone ‘hunted down a human target’ without being told tonypost.comI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.comBill Gates reportedly hoped Jeffrey Epstein would help him win a Nobelnypost.com These dual factors are piling pressure on manufacturers to join forces in a bid to share research costs, combine production and ramp up their sales. whatsapp After Fiat Chrysler’s (FCA) deal with Renault fell apart over the summer, chairman John Elkann has wasted no time in finding a new suitor – Peugeot-owner PSA. Share Read more: Renault board examining £28bn merger proposal from Fiat Chrysler What about Fiat and Peugeot? Will it go through? whatsapp Peugeot, meanwhile, lacks exposure to the US. Merging with Fiat, which is strong there, will give the French firm a bigger footprint across the globe, at a time when its core markets are struggling.center_img Wednesday 30 October 2019 12:20 pm Earlier this year, FCA entered a so-called pooling deal with Tesla, in which it agreed to pay hundreds of millions of euros to include the electric carmaker’s vehicles in its fleet. Read more: Car industry investment grinds to a halt as Brexit uncertainty cripples sector Whether FCA and PSA can force the deal through will be at the forefront of their minds, after Fiat’s proposed merger with Renault fall apart over the summer because the French government – a major shareholder – effectively blocked it. As the car industry hurtles towards an uncertain future, the fate of his company could depend on it. “It is hard not to see that this attempt by Fiat might well go the same way,” said CMC Markets analyst Michael Hewson. Read more: Fiat Chrysler and PSA enter merger talks to form $50bn car maker Car makers are racing to develop electric vehicle (EV) technology and bring it to the mass market – in the industry’s most extreme period of innovation for decades.  Nevertheless, Fiat Chrysler chairman John Elkann will hope Paris is reluctant to block another deal.  Alex Daniel But it doesn’t come cheap. About €300bn has been invested by car manufacturers into EVs over the last few years.  Why are car firms all getting together? The two European automakers are in talks over a potential tie-up that could create a £36bn giant, in a move which highlights how urgently car makers are looking to team up as they fight a raft of challenges facing the industry. At the same time, global revenues are slowing at an alarming rate. The industry’s biggest market, China, suffered a fall in sales in September for the 15th month in 16. Tags: Automotive industrylast_img read more

Mortuaries in India overwhelmed as desperate relatives plead for oxygen outside hospitals

first_img India has suffered an explosion in Covid cases in recent weeks, with daily cases hitting 250,000 and hospitals reporting oxygen shortages. (Getty Images) Also Read: Mortuaries in India overwhelmed as desperate relatives plead for oxygen outside hospitals Earlier today, World Health Organisation (WHO) director-general Tedros Adhanom Ghebreyesus said the devastating surge in India is “beyond heartbreaking.” President Joe Biden said the US is determined to help India, tweeting: “Just as India sent assistance to the United States as our hospitals were strained early in the pandemic, we are determined to help India in its time of need.” Indian families are being left to ferry people sick with Covid-19 from hospital to hospital in search of treatment, as the country suffers a surge in infections with oxygen in short supply. On social media and in television footage, desperate relatives can be seen pleading for oxygen outside hospitals or weeping in the street for loved ones who have died while waiting for treatment. Biden “The situation is fragile. The situation can grow if we allow it to and that is why it is important that every single person on the planet knows they have a role to play,” according to Van Kerkhove. One woman mourned the death of her younger brother, aged 50. He was turned away by two hospitals and died waiting to be seen at a third, gasping after his oxygen tank ran out. She blamed Prime Minister Narendra Modi’s government for the crisis. “He has lit funeral pyres in every house,” she said, in a video shot by The Caravan magazine. “We need governments to be able to support them in taking the actions that will inform them about what they need to do and keep them safe.” “We are just burning bodies as they arrive,” said Sharma. “It is as if we are in the middle of a war.” India has suffered an explosion in Covid cases in recent weeks, with daily cases hitting 250,000 and hospitals reporting oxygen shortages. (Getty Images) Also Read: Mortuaries in India overwhelmed as desperate relatives plead for oxygen outside hospitals “This can happen in any country if we let our guard down. I am not saying that India has let its guard down but I am saying that we are in a fragile situation,” she said. Tuesday 27 April 2021 5:30 am The unfolding crisis is most visceral in India’s overwhelmed graveyards and crematoriums, and in images of gasping patients dying on their way to hospitals due to a lack of oxygen. Burial grounds in the capital New Delhi are running out of space, and bright, glowing funeral pyres light up the night sky in other badly-hit cities. Now, with the death toll mounting, his Hindu nationalist government is trying to quell critical voices. India has suffered an explosion in Covid cases in recent weeks, with daily cases hitting 250,000 and hospitals reporting oxygen shortages. (Getty Images) Also Read: Mortuaries in India overwhelmed as desperate relatives plead for oxygen outside hospitals whatsapp In the central city of Bhopal, some crematoriums have increased their capacity from dozens of pyres to more than 50. Yet there are still hours-long waits. The unprecedented rush of bodies has forced the crematorium to skip individual ceremonies and exhaustive rituals that Hindus believe release the soul from the cycle of rebirth. At one such rally on 17 April, Modi expressed his delight at the huge crowd, even as experts warned that a deadly surge was inevitable with India already counting 250,000 new daily cases. Further consignments were due to be dispatched later this week, while part of the shipment of emergency medical supplies comprised 100 non-invasive breathing aids from University College London which could help to prevent a significant proportion of people from needing mechanical ventilation. “Nine weeks of case incidence increasing and almost 5.7m cases reported last week, that is almost certainly an underestimate of the true number of cases of infections that have occurred.” The UK’s Foreign, Commonwealth and Development Office has said the first of nine plane-loads of life-saving kit – including ventilators and oxygen concentrators – would arrive in New Delhi early on Tuesday. India has suffered an explosion in Covid cases in recent weeks, with daily cases hitting 250,000 and hospitals reporting oxygen shortages. (Getty Images) Also Read: Mortuaries in India overwhelmed as desperate relatives plead for oxygen outside hospitals whatsappcenter_img At the city’s Bhadbhada Vishram Ghat crematorium, workers said they cremated more than 110 people on Saturday, even as government figures in the entire city of 1.8m put the total number of virus deaths at just 10. The 349,691 new infections brought India’s total to more than 16.9m, behind only the United States. The health ministry reported another 2,767 deaths in the past 24 hours, pushing India’s fatalities to 192,311. U.S. ‘determined’ to help India: Biden 00:00/01:35 LIVE “The virus is swallowing our city’s people like a monster,” said Mamtesh Sharma, an official at the site. The death toll could be a huge undercount, as suspected cases are not included, and many Covid-19 deaths are being attributed to underlying conditions. Modi is facing mounting criticism for allowing Hindu festivals and attending mammoth election rallies which experts suspect accelerated the spread of infections. India has suffered an explosion in Covid cases in recent weeks, with daily cases hitting 250,000 and hospitals reporting oxygen shortages. (Getty Images) Also Read: Mortuaries in India overwhelmed as desperate relatives plead for oxygen outside hospitals Health officials are scrambling to expand critical care units and stock up on dwindling supplies of oxygen. Hospitals and patients alike are struggling to procure scarce medical equipment that is being sold on the black market at an exponential mark-up. The surge has undermined the government’s premature claims of victory over the pandemic. His comments at a press briefing in Geneva came as Maria van Kerkhove, of the WHO Health Emergencies Programme, described coronavirus rates globally as being in a “fragile situation” as several nations, including the UK, said they were sending help to India. ‘Beyond heartbreaking’ Mortuaries in India overwhelmed as desperate relatives plead for oxygen outside hospitals Caught off-guard by the latest deadly spike, the federal government has asked industrialists to increase the production of oxygen and other life-saving drugs in short supply. Health experts say India had an entire year to prepare for the inevitable — and it failed. The breakdown is a stark failure for a country whose prime minister had declared victory over Covid-19 in January, and which boasted of being the “world’s pharmacy”, a global producer of vaccines and a model for other developing nations. On Sunday, For the fourth straight day, India set a global daily record of new coronavirus infections, spurred by a new variant. Michiel Willems Intl community steps in to help India as cases surge 00:00/01:48 LIVE The situation is equally grim at packed hospitals, where desperate people are dying in queues, sometimes on the roads outside, waiting to see doctors. The drama is in direct contrast with government claims that “nobody in the country was left without oxygen”, in a statement made on Saturday by India’s solicitor general Tushar Mehta before Delhi High Court. Share Graveyards and crematoriums India has suffered an explosion in Covid cases in recent weeks, with daily cases hitting 250,000 and hospitals reporting oxygen shortages. (Getty Images) Show Comments ▼ Tags: Coronaviruslast_img read more

Rail strikes are cancelled after new pay offer

first_img Rail strikes are cancelled after new pay offer Monday 1 June 2015 8:57 pm Read This NextRicky Schroder Calls Foo Fighters’ Dave Grohl ‘Ignorant Punk’ forThe Wrap’Drake & Josh’ Star Drake Bell Arrested in Ohio on Attempted ChildThe WrapCNN’s Brian Stelter Draws Criticism for Asking Jen Psaki: ‘What Does theThe Wrap’Kevin Can F**k Himself’ TV Review: Annie Murphy Blows Up the Idea of aThe WrapDid Donald Trump Wear His Pants Backwards? Kriss Kross Memes Have AlreadyThe WrapHarvey Weinstein to Be Extradited to California to Face Sexual AssaultThe WrapPink Floyd’s Roger Waters Denies Zuckerberg’s Request to Use Song in Ad:The Wrap’Black Widow’ First Reactions: ‘This Is Like the MCU’s Bond Movie’The WrapKatt Williams Explains Why He Believes There ‘Is No Cancel Culture’ inThe Wrap whatsapp NETWORK rail workers called off a planned strike yesterday after receiving a revised deal.Workers were set to walk out for 24 hours on Thursday, followed by a two-day strike next week, after rejecting two pay deals. But commuters across the country can now breathe a sigh of relief after the strike was called off following of hours of talks with arbitration service Acas.“After four days of intensive talks, Acas has helped Network Rail, RMT, TSSA and Unite formulate a set of revised proposals that the trades unions will now take away to consider,” said an Acas spokesperson.“Following extensive Acas talks throughout the weekend RMT has now received a revised offer that enables us to suspend the planned industrial action while we consult in full on the details of the revised package with our Network Rail representatives,” said Mick Cash, general secretary of the RMT union.Network rail chief Mark Carne said he hoped the new deal be accepted by the unions. Sharecenter_img whatsapp Express KCS Show Comments ▼ by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeTaonga: The Island FarmThe Most Relaxing Farm Game of 2021. No InstallTaonga: The Island FarmWolf & ShepherdNFL Star Rob Gronkowski Loves These ShoesWolf & ShepherdPast Factory4 Sisters Take The Same Picture For 40 Years. Don’t Cry When You See The Last One!Past FactoryMaternity WeekA Letter From The Devil Written By A Possessed Nun In 1676 Has Been TranslatedMaternity WeekPost FunKate & Meghan Are Very Different Mothers, These Photos Prove ItPost FunBill CruncherArizona Drivers With No DUI’s Getting A Pay Day This Month (Check If You Qualify)Bill CruncherTotal PastThis Was Found Hiding In An Oil Painting – Take A Closer LookTotal PastEquity MirrorThey Drained Niagara Falls — They Weren’t Prepared For This Sickening DiscoveryEquity MirrorRest WowCouple Makes A Bet: No Eating Out, No Alcohol, No Cheat Meals. A Year…Rest Wow Tags: NULLlast_img read more

China stock market crackdown: Chinese government arrests nearly 200 over ‘illegal rumour-mongering’

first_img whatsapp Tags: Chinese economy City figures launched a broadside against China’s government last night, after authorities spent the weekend rounding up nearly 200  people deemed guilty of “illegal rumour-mongering”. Beijing appears to have lost faith in its ability to stem a decline in China’s shares through large-scale purchases. Instead, it has turned on traders, social media users and journalists whom it accuses of exacerbating last week’s market volatility. “It’s a joke. They don’t know what they’re doing,” said Alastair Winter, chief economist at City broker Daniel Stewart & Co. “I certainly wouldn’t advocate anybody putting money into China at the moment. They’ve just lost it. I think they’re going from  disaster to disaster.” Read more: China’s economic woes continue as factory activity contracts at fastest pace in three years George Magnus, an associate at Oxford University’s China Centre and a senior adviser to UBS, told City A.M. that the government’s actions over the weekend were “risible” and  “unacceptable”, saying: “This is just picking on scapegoats.” “The conduct and belief system which underlies their behaviour is not what cuts the mustard when it comes to investor confidence,” he added.  Earlier in the day state TV aired a confession from a local financial reporter who had been detained last week, in which he admitted to having spread false information that caused market “panic and disorder”. The treatment of reporters has drawn sharp criticism from human rights groups and raised concerns in the Square Mile. China’s ministry of public security yesterday published a statement saying that 197 people were accused of “violations” that “caused panic, misled the public and resulted in disorders in stock market or society”. Wang Xiaolu, a reporter for the Caijing business magazine, said: “I shouldn’t have sought to make a big splash just for the sake of sensationalism.” It remains unclear whether Wang made his confession under coercion, but campaign group Reporters Without Borders came to his defence: “The accusations against Wang are symptomatic of the Chinese government’s desire to control media coverage of share price movements.” Read more: Bank of England governor Mark Carney says China turmoil won’t affect interest rate decision “Suggesting that a business journalist was responsible for the spectacular fall in share prices is a denial of  reality,” they said, adding: “Blaming the stock market crisis on a lone reporter is beyond absurd.” Jason Hollands, a managing director at Tilney Bestinvest, told City A.M.: “There was a widespread view that Chinese authorities were very effective managers, both of state policy and the economy. But I think the lurching policies have really caused investors to wake up.” “It’s not just what’s been happening on the local exchanges, but the damage to Chinese credibility on the international stage,” he added.  “That makes us very cautious when you are investing in a market where ultimately the government can step in and direct businesses, even listed businesses to do its bidding.” Bloomberg reported that Li Yifei, a well-known business figure in China and chairwoman of Man Group’s Chinese business, had been taken into custody as part of an official probe into recent market fluctuations. Chinese equities have plunged about 40 per cent since June on  concerns of a slowing economy and a surprise devaluation of the yuan  last month. Show Comments ▼ Express KCS Sharecenter_img More From Our Partners Astounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgInstitutional Investors Turn To Options to Bet Against AMCvaluewalk.comMatt Gaetz swindled by ‘malicious actors’ in $155K boat sale boondogglenypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgWhite House Again Downplays Fourth Possible Coronvirus Checkvaluewalk.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.com Ad Unmute by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailUndoSwift VerdictChrissy Metz, 39, Shows Off Massive Weight Loss In Fierce New PhotoSwift VerdictUndoPost FunKate & Meghan Are Very Different Mothers, These Photos Prove ItPost FunUndoMaternity WeekA Letter From The Devil Written By A Possessed Nun In 1676 Has Been TranslatedMaternity WeekUndoEquity MirrorThey Drained Niagara Falls — They Weren’t Prepared For This Sickening DiscoveryEquity MirrorUndoGameday NewsNBA Wife Turns Heads Wherever She GoesGameday NewsUndozenherald.comMeghan Markle Changed This Major Detail On Archies Birth Certificatezenherald.comUndoPsoriatic Arthritis | Search AdsWhat Is Psoriatic Arthritis? See Signs (Some Symptoms May Surprise)Psoriatic Arthritis | Search AdsUndoTheFashionBallAlica Schmidt Is The Most Beautiful Athlete To ExistTheFashionBallUndo whatsapp Monday 31 August 2015 11:40 pm China stock market crackdown: Chinese government arrests nearly 200 over ‘illegal rumour-mongering’ last_img read more

Pharmalittle: Novartis wins added use for its CAR-T drug; former Valeant exec faces a fraud trial

first_img Daily reporting and analysis The most comprehensive industry coverage from a powerhouse team of reporters Subscriber-only newsletters Daily newsletters to brief you on the most important industry news of the day STAT+ Conversations Weekly opportunities to engage with our reporters and leading industry experts in live video conversations Exclusive industry events Premium access to subscriber-only networking events around the country The best reporters in the industry The most trusted and well-connected newsroom in the health care industry And much more Exclusive interviews with industry leaders, profiles, and premium tools, like our CRISPR Trackr. By Ed Silverman May 2, 2018 Reprints Pharmalittle: Novartis wins added use for its CAR-T drug; former Valeant exec faces a fraud trial What is it? Rise and shine, everyone. The middle of the week is upon us. Have heart, though. You made it this far, so why not hang on for another couple of days, yes? And what better way to make the time fly than to keep busy. So grab that cup of stimulation — our flavor today boasts the aroma of blueberries — and get started. Meanwhile, do keep us in mind if you hear anything interesting. Hope you have a productive and meaningful day …The fraud trial of a former Valeant Pharmaceuticals (VRX) executive is set to begin this week in Manhattan federal court, the first criminal prosecution to emerge from multiple investigations into the embattled drug maker over its sales practices, The Wall Street Journal writes. Using a statute often applied to public corruption cases, prosecutors accused Gary Tanner and a co-defendant, Andrew Davenport, of defrauding Valeant through an alleged multimillion-dollar kickback scheme involving Philidor Rx Services, a specialty mail-order pharmacy. Unlock this article — plus daily coverage and analysis of the pharma industry — by subscribing to STAT+. First 30 days free. GET STARTED Pharmalot Columnist, Senior Writer Ed covers the pharmaceutical industry. What’s included? STAT+ is STAT’s premium subscription service for in-depth biotech, pharma, policy, and life science coverage and analysis. Our award-winning team covers news on Wall Street, policy developments in Washington, early science breakthroughs and clinical trial results, and health care disruption in Silicon Valley and beyond. Pharmalot center_img Log In | Learn More GET STARTED Tags legalopioidspharmaceuticalspharmalittleSTAT+ About the Author Reprints @Pharmalot Alex Hogan/STAT [email protected] Ed Silvermanlast_img read more

Researcher Sees Provocations until 2012

first_img News Researcher Sees Provocations until 2012 RELATED ARTICLESMORE FROM AUTHOR SHARE By Mok Yong Jae – 2010.11.30 1:37pm Facebook Twitter News There are signs that North Korea is running into serious difficulties with its corn harvest center_img News Entire border patrol unit in North Hamgyong Province placed into quarantine following “paratyphoid” outbreak News [imText1]A researcher with the Korea Institute for National Reunification has suggested that not only will North Korea continue to provoke and attack South Korea between now and 2012, but that the next provocations stand a good chance of occurring around Seoul or nearby population centers.Jeon Sung Hoon explained his view during yesterday’s “Emergency Open Forum on North Korea’s Military Provocation,” hosted by Citizens United for Better Society.Jeon asserted that civilians were now once again seen as legitimate targets for attack by North Korea, saying, “If the sinking of the Cheonan targeted the South Korean military on Baengnyeong Island, then the assault on Yeonpyeong Island was aiming for the civilians living on the island, which is closer to the capital region,” and adding, “This implies that if they make an additional provocation, it may target the capital region.”Regarding the purpose behind North Korea’s provocation on Yeonpyeong Island, Jeon explained, “North Korea’s bombardment of Yeonpyeong Island was a different military provocation compared to those of the past in terms of belligerence and imprudence. Judging from several perspectives, the bigger purpose of the provocation on Yeonpyeong Island was to threaten South Korea.”In addition, he pointed out, “What North Korea is aiming for while making the choice to attack civilians is to spread fear of war and the horrors of the North Korean regime in South Korean society, and to dampen South Korean and the Lee government’s spirit, and eventually force them to submit.”Also, Jeon commented, “Believing the idea that if we satisfy all of the North Korean regime’s requests then they will end their nuclear program is indeed naive thinking. It is a painful lesson we must learn from negotiating with North Korea over the last 20 years.”Meanwhile, former Daily NK Chief Editor Sohn Kwang Ju criticized the Lee administration in his speech at the event, saying, “In his statement to the nation, important words like ‘punishment’ and ‘retaliation’ were missing. Even if those words were excluded, demanding that the Kim Jong Il regime take responsibility should have been included.”Also, Sohn asserted that, “We need to change the framework by which North Korea is the one who always makes the provocation and South Korea is the victim… In order to achieve this, we need to change the front of our North Korea strategy to inside North Korea.”He emphasized that the best method to achieve this is to give sovereignty to the 23 million North Korean people rather than the Kim family, stating, “The most rational method is to establish a government of the 23 million citizens of North Korea, where South Korea takes the lead and members of the international community cooperate.” AvatarMok Yong Jae North Korea tries to accelerate building of walls and fences along border with Chinalast_img read more

Investors Group adds new balanced fund

The new mandate will pursue a flexible approach to investing in fixed income and/or equity asset classes with no geographic restriction. Subject to regulatory approval, the fund is expected to be available in mid-January 2013. “With many people either retiring or heading into their final working years, the need to produce steady cash flow is an important factor in retirement income planning,” said Todd Asman, senior vice president, product and Financial Planning at Investors Group. “The added dimension of potential capital growth in the long term is also an important objective of this fund.” Winnipeg-based Investors Group has added a new balanced fund to its product offering, the firm said Friday. IG Mackenzie Sentinel Strategic Income Fund will seek income with the potential for long-term capital growth by investing primarily in fixed income investments and/or securities that pay equity income. IE Staff Share this article and your comments with peers on social media Facebook LinkedIn Twitter Related news Fidelity Investments unveils new climate-focused fund suite Keywords Fund launchesCompanies Investors Group BMO to launch six new mutual funds Wealthsimple launches Sharia-compliant ETF read more

Fund industry fuels Ontario economy

first_img The research also estimates the total economic footprint of the industry (which includes direct, indirect, and induced impacts) at $11.4 billion, or 1.8% of the province’s total real GDP. Indirect impacts include the business created for other industries such as legal and accounting services, and induced impacts include the resulting spending of employee income and corporate profits. Consider these various knock-on effects detailed in the report: the total number jobs in the provincial economy that are sustained by the funds industry is 119,100; the total lift in economic activity resulted in $7.9 billion in personal income and $1.6 billion in corporate profits; and the total tax revenues collected from this economic activity were $2.8 billion in 2013, including indirect taxes and corporate and personal income taxes. The Conference Board report says that Ontario’s funds industry has an economic multiplier of 2.8, which means that every $1 million increase in real GDP generated by the industry increases provincial real GDP by a total of $2.8 million when accounting for the supply chain and induced impacts. Within the province, the largest supply chain and induced impacts occur in the finance, insurance, and real estate industries, the report notes, along with commercial services, and the information and cultural industries. These effects are also felt outside the province, as the industry creates demand that benefits industries in other provinces, too. The report says that notable supply chain and induced impacts are also felt in the Prairies, in British Columbia and in Quebec. However, Ontario captures a disproportionate share of direct employment and GDP in the fund industry. The report finds that for the country overall, the funds industry directly employed an estimated 67,941 people in 2013, with Ontario accounting for about two thirds of that, despite the fact that the province represents only about half of assets under management (AUM). The report says that Ontario’s share of industry employment (and GDP) is larger than its share of AUM “due to the large proportion of headquarters — where portfolio management occurs — located in the province.” Citing data from Investor Economics, the report also notes that mutual fund and exchange traded fund (ETF) assets almost doubled between 2004 and 2013. It says that Ontario residents account for about 49% of industry assets, and that AUM in Ontario were valued at an estimated $257 billion in 2004, which grew to $489 billion by 2013. “One of the reasons that funds assets have increased so significantly is the changing landscape of retirement planning. Declining pension coverage and a move away from defined benefit pensions have resulted in a situation where Ontarians are increasingly responsible for their own retirement savings and funds have become a popular vehicle for these retirement savings,” the report notes. “The funds industry has grown in importance as the 21st century has ushered in a period of economic change in Ontario,” said Pedro Antunes, executive director, economic outlook and analysis, at the Conference Board. “This report concludes that Ontario’s funds industry plays a valuable and significant role in the Ontario economy based on all leading economic measures,” noted Joanne De Laurentiis, IFIC president and CEO. “In addition to its primary purpose — to help Ontarians save to meet their financial goals — the industry is making a significant contribution to the province’s employment, GDP and tax revenue.” “The industry is proud of its contribution to a strong provincial economy,” added De Laurentiis. “While putting investors’ money to work for their own financial security, we are raising capital to finance business growth and innovation for companies — large and small — in the province. We also provide capital to governments in the province through the purchase of provincial and municipal bonds.” James Langton U.S. action on climate benefits banks, asset managers: Moody’s Research finds that diversity in asset management pays off Ontario unlikely to balance budget by 2030: FAO New research that aims to quantify the fund industry’s economic impact in Ontario finds that fund management is an important source of jobs and tax revenue and also contributes significantly to the province’s gross domestic product (GDP). According to a new report from the Conference Board of Canada — which was funded by industry lobby group, the Investment Funds Institute of Canada (IFIC) — in 2013, the funds industry directly employed 44,413 people in the province, and generated $4.1 billion in direct real GDP in Ontario (up from an estimated $2.8 billion in 2005). Keywords Asset management companies,  OntarioCompanies Investment Funds Institute of Canada Related news Share this article and your comments with peers on social media Facebook LinkedIn Twitterlast_img read more

RBC Insurance reduces fees on some seg funds

first_img Keywords Segregated fundsCompanies RBC Insurance Mississauga, Ont.-based RBC Insurance Holdings Inc. (RBC Insurance) has reduced the management fees on seven of its balanced segregated funds by 20 basis points, the company announced on Monday. Empire Life expands digital applications to seg funds vizafoto/123RF Megan Harman Related news Empire Life launches three new seg funds CI GAM and Empire Life launch seg fund suite The changes are effective June 5 and apply to all new and existing clients. There are no minimum investment requirements or other restrictions. The fee reductions apply to: RBC Balanced Guaranteed Investment Fund (GIF) RBC Conservative Growth & Income GIF RBC Balanced Growth & Income GIF RBC PH&N Monthly Income GIF RBC Global Balanced GIF RBC Select Conservative Guaranteed Investment Portfolios (GIP) RBC Select Balanced GIP The new management expense ratios (MERs) on the applicable funds range from 1.99% to 2.74%. Balanced funds are the most popular investment choice for seg fund investors, according to 2016 gross sales figures from Strategic Insights. “Lower fees allow us to keep more money in our clients’ portfolios, providing even more value for the additional benefits that segregated funds provide to our clients,” said Jean Salvadore, director of wealth insurance at RBC Insurance, in a statement. “And with no eligibility requirements, no tiers and no additional paperwork, advisors will find it easier than ever to do business with us.” Photo copyright: vizafoto/123RF Facebook LinkedIn Twitter Share this article and your comments with peers on social media Canada Life to launch new shelf of mutual fundslast_img read more

State-wide grant recipients for 2021 Youth Week WA announced

first_imgState-wide grant recipients for 2021 Youth Week WA announced $79,980 funding for 2021 Youth Week WA grants programGrants to help fund 44 separate events and activities planned across WAYouth Week WA runs from 9 -16 April Youth Minister Dave Kelly today announced the successful applicants for the 2021 Youth Week WA grants program.Funding from the McGowan Government’s Youth Week WA grants program will assist 44 youth-focused community organisations and local governments stage a diverse range of events and activities across the State during this year’s Youth Week WA.Grants of up to $1,500 were available to eligible organisations as a contribution to activities or events celebrating Youth Week WA 2021, and grants of up to $3,000 were available for collaborative, community-wide events involving a range of partners.Youth Week WA, which runs from April 9-16 this year, is an annual State-wide celebration of the significant contributions that young people make to our communityAs an annual week dedicated to young people, Youth Week provides young Western Australians with the opportunity to express their ideas, raise important issues, make decisions and connect with each other.The opportunity to participate in Youth Week WA takes on greater significance for young people this year, following the challenges they have faced over the last 12 months and the forced cancellation of last year’s event due to the COVID-19 pandemic.For more information about Youth Week WA, visit https://www.communities.wa.gov.au/youthweekwaAs stated by Youth Minister Dave Kelly:“Youth Week WA is the State’s largest annual celebration of young people aged 10 to 25.“By supporting Youth Week WA events and activities, the McGowan Government is providing young people right across the State with an opportunity to have their voices heard and their contributions celebrated.“Many of the events and activities are planned, developed and organised by enthusiastic and dedicated young people, giving them a great platform to develop and showcase their skills and talents.“The 2021 theme for Youth Week WA is “Our Path”, and calls on young people to express what is important to them and reflect on their life journey and the choices they make for their future.” /Public Release. This material comes from the originating organization and may be of a point-in-time nature, edited for clarity, style and length. View in full here. Why?Well, unlike many news organisations, we have no sponsors, no corporate or ideological interests. We don’t put up a paywall – we believe in free access to information of public interest. Media ownership in Australia is one of the most concentrated in the world (Learn more). Since the trend of consolidation is and has historically been upward, fewer and fewer individuals or organizations control increasing shares of the mass media in our country. According to independent assessment, about 98% of the media sector is held by three conglomerates. This tendency is not only totally unacceptable, but also to a degree frightening). Learn more hereWe endeavour to provide the community with real-time access to true unfiltered news firsthand from primary sources. It is a bumpy road with all sorties of difficulties. We can only achieve this goal together. Our website is open to any citizen journalists and organizations who want to contribute, publish high-quality insights or send media releases to improve public access to impartial information. You and we have the right to know, learn, read, hear what and how we deem appropriate.Your support is greatly appreciated. All donations are kept completely private and confidential.Thank you in advance!Tags:Australia, community, covid-19, future, Government, grants program, Minister, pandemic, visit, WA, Western Australia, Youthlast_img read more