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Found 13 results

  1. Many cities bum rush towards bankruptcy, raising taxes instead of cutting spending, but one city – Colorado Springs – has drawn the line. When sales tax revenues dropped, voters were asked to make up the shortfall by tripling their property taxes. Voters emphatically said no, despite the threat of reduced services. Those cuts have now arrived. More than a third of the streetlights in Colorado Springs will go dark Monday. The police helicopters are for sale on the Internet. The city is dumping firefighting jobs, a vice team, burglary investigators, beat cops — dozens of police and fire positions will go unfilled. The parks department removed trash cans last week, replacing them with signs urging users to pack out their own litter. Neighbors are encouraged to bring their own lawn mowers to local green spaces, because parks workers will mow them only once every two weeks… City recreation centers, indoor and outdoor pools, and a handful of museums will close for good March 31 unless they find private funding to stay open. I bet they do find private funding. That and community involvement is a better solution than throwing more money to government bureaucrats. A private enterprise task force is focusing on the real problem; the city’s soaring pension and health care costs for city employees. Broadmoor luxury resort chief executive Steve Bartolin wrote an open letter asking why the city spends $89,000 per employee, when his enterprise has a similar number of workers and spends only $24,000 on each. Good question, and also the subject of my Fox Business Network show tonight. Government employee unions are a big reason cities spend themselves into bankruptcy. Some union workers in Colorado Springs make it clear that they are not volunteering to help solve the budget problems. (A) small fraction of city employees have made perfectly clear they won’t stand for pay cuts, no matter what happens to the people who pay their wages. The attitude of a loud minority of employees, toward local taxpayers, sometimes sounds like “(expletive) them.” Maybe those workers should sense change in the air. Colorado Springs residents understand that if you can’t pay for it, you can’t have it. And if a rec center has to be closed, or the cops lose their helicopters, or government workers get a pay cut, so be it. Read more: http://stossel.blogs.foxbusiness.com/2010/02/11/colorado-springs-walks-the-walk/#ixzz0fH4d5Mpd
  2. Montreal's Greek consulate has already felt the impact of the Greek government's austerity measures, but many in the city's 80 thousand-strong Greek community are more angry at the rioters in their homeland than they are about the cuts. Hundreds of people rioted in the streets of Athens on the weekend, setting fires and looting stores, after the Greek parliament passed a new round of measures aimed at staving off bankruptcy. Politicians voted to slash the country's minimum wage and axe one-in-five civil service jobs over the next three years. Foreign consular offices have not been left unscathed. "We have had cuts, yes," confirmed the Greek consul-general for Montreal, Thanos Kafopoulos. "But we still try to maintain service, and we are also trying to increase revenues." Kafopoulos said many Greek expatriates living in Montreal own property and have investments in their native country - and they are divided over the solution. "There is concern. There is sadness, and there is worry about the process that Greece is going through," he said. http://www.cbc.ca/news/canada/montreal/story/2012/02/13/montreal-greeks-react.html
  3. September 10, 2009 Architecture Off With Its Top! City Cuts Tower to Size By NICOLAI OUROUSSOFF Does Manhattan have a future as a great metropolis? If you hope the answer is yes, you will be disheartened by the City Planning Department’s decision on Wednesday to chop off 200 feet from the top of a proposed tower next door to the Museum of Modern Art on 53rd Street in Manhattan. Designed by Jean Nouvel, the building would have been as tall as the Empire State Building minus its antenna, a fact that probably made planners tremble. Amanda Burden, the city planning commissioner, said the tower’s top, which culminates in three uneven peaks, did not meet the aesthetic standards of a building that would compete in height with the city’s most famous towers. And who, after all, wants to be responsible for ruining the most famous skyline in the world? Still, the notion of treating the Midtown skyline as a museum piece is more disturbing. The desire of each new generation of architects and builders to leave its mark on the city, to contribute its own forms, is essential to making New York what it is. The soaring height and slender silhouette of Mr. Nouvel’s tower not only captured the spirit of Midtown — the energy and hubris that transformed this island into a monument to American cosmopolitanism — it also brought that spirit forcefully into the present. Mr. Nouvel’s design was conceived as a giant spire, like the Empire State’s but without the boxy building. Supported by a matrix of interwoven steel beams reminiscent of a spider’s web, it tapers jaggedly as it rises, evoking a shard of glass. The beams are flush with the building’s glass surface, giving it a taut muscular appearance; an underground restaurant and lounge, visible from the sidewalk, root the structure to the site. The design’s beauty stemmed from its elegant proportions, particularly the exaggerated relationship between its small footprint and enormous height. Seen from the street, its receding facades would have induced a delicious sense of vertigo. Ms. Burden’s objections were directed at the top of the building. “Members of the commission had to make a decision based on what was in front of them,” she said. “The development team had to show us that they were creating something as great or even greater than the Empire State Building and the design they showed us was unresolved.” It’s true that aspects of the design had yet to be developed fully. The three peaks were too symmetrical, which gave them a slightly static appearance. And they could have been sharpened to finer points. But Mr. Nouvel, one of the profession’s most creative forces, would have been more than capable of dealing with these issues. With the new height restriction in place, though, his original design concept will surely be diminished. And the loss of as much as 150,000 square feet of floor space could also lead to cuts in the design budget, which could mean cheaper materials and more cramped interiors. Or, just as bad, it could push Hines, the building’s developer, into finding a way to pack more space onto the lower floors, which could further distort the building’s proportions. But the greater sadness here has to do with New York and how the city sees itself. Both the Empire State and Chrysler buildings, built during the Great Depression, were celebrated in their time as emblems of the city’s fortitude. The Freedom Tower, our era’s most notable contribution to the skyline, is a symbol of posturing and political expediency. And now a real alternative to it, one of the most enchanting skyscraper designs of recent memory, may well be lost because some people worry that nothing in our current age can measure up to the past. It is a mentality that, once it takes hold, risks transforming a living city into an urban mausoleum. http://www.nytimes.com/2009/09/10/arts/design/10building.html?_r=1
  4. Pfizer buying rival drug firm Wyeth for $68B US Unclear how purchase would affect Pfizer facilities in Calgary, Kirkland, Que., Mississauga, Ont. Last Updated: Monday, January 26, 2009 | 11:59 AM ET Comments16Recommend12 The Associated Press Pfizer Inc. is buying rival drug-maker Wyeth in a $68-billion US cash-and-stock deal that will increase its revenue by 50 per cent, solidify its No. 1 rank in the troubled industry and transform it from a pure pharmaceutical company into a broadly diversified health-care giant. At the same time, Pfizer announced cost cuts that include slashing more than 8,000 jobs as it prepares for expected revenue declines when cholesterol drug Lipitor — the world's top-selling medicine — loses patent protection in 2011. The deal announced Monday comes as Pfizer's profit takes a brutal hit from a $2.3- billion legal settlement over allegations it marketed certain products for indications that have not been approved. The New York-based company is also cutting 10 per cent of its workforce of 83,400, slashing its dividend, and reducing the number of manufacturing plants. Canadian impact unknown A spokeswoman for Pfizer Canada Inc. said it was unclear how the round of job cuts would affect the company's domestic operations, which employ more than 1,400 workers at facilities in Calgary, Kirkland, Que., and Mississauga, Ont. "At this time we really aren't aware of any impact on the Canadian organization related to the layoffs that were announced," said Rhonda O'Gallagher in an interview. She suggested that any possible job cuts to the Canadian operations wouldn't be announced for a few weeks or possibly months. Early Monday, Pfizer, the maker of Lipitor and impotence pill Viagra, said it will pay $50.19 US per share under for Wyeth, valuing Madison, N.J.-based Wyeth at a 14.7 per cent premium to the company's closing price of $43.74 Friday. Both companies' boards of directors approved the deal but Wyeth shareholders must do so, antitrust regulators must review the deal and a consortium of banks lending the companies $22.5 billion must complete the financing. Pfizer has been under pressure from Wall Street to make a bold move as it faces what is referred to as a patent cliff in the coming years. As key drugs lose patent protection, they will face generic competition and declining sales. Lipitor is expected to face generic competition starting in November 2011. It brings in nearly $13 billion per year for the company. Diversifying revenues Acquiring Wyeth helps Pfizer diversify and become less-dependent on individual drugs — Lipitor now provides about one-fourth of all Pfizer revenue — while adding strength in biotech drugs, vaccines and consumer products. Wyeth makes the world's top-selling vaccines, Prevnar for meningitis and pneumococcal disease, and co-markets with Amgen Inc. the world's No. 1 biotech drug, Enbrel for rheumatoid arthritis. "The combination of Pfizer and Wyeth provides a powerful opportunity to transform our industry," Pfizer chair and CEO Jeffery Kindler said in a statement. "It will produce the world's premier biopharmaceutical company whose distinct blend of diversification, flexibility, and scale positions it for success in a dynamic global health care environment." Together, the two companies will have 17 different products with annual sales of $1 billion or more, including top antidepressant Effexor, Lyrica for fibromyalgia and nerve pain, Detrol for overactive bladder and blood pressure drug Norvasc. Shortly after announcing the Wyeth deal, Pfizer said fourth-quarter profit plunged on a charge to settle investigations into off-label marketing practices. The company earned $268 million, or four cents a share, compared to profit of $2.72 billion, or 40 cents per share, a year before. Revenue fell four per cent to $12.35 billion from $12.87 billion. Excluding about $2.3 billion in legal charges, the company says profit rose to 65 cents per share. Analysts polled by Thomson Reuters expected profit of 59 cents per share on revenue of $12.54 billion. Looking ahead, New York-based Pfizer expects earnings per share between $1.85 and $1.95 in 2009, below forecasts for $2.49.
  5. Article intéressant... IMF debunks myth: Taxing rich not bad for economy OTTAWA -- A new paper by researchers at the International Monetary Fund appears to debunk a tenet of conservative economic ideology -- that taxing the rich to give to the poor is bad for the economy. The paper by IMF researchers Jonathan Ostry, Andrew Berg and Charalambos Tsangarides will be applauded by politicians and economists who regard high levels of income inequality as not only a moral stain on society but also economically unsound. Labelled as the first study to incorporate recently compiled figures comparing pre- and post-tax data from a large number of countries, the authors say there is convincing evidence that lower net inequality is good economics, boosting growth and leading to longer-lasting periods of expansion. In the most controversial finding, the study concludes that redistributing wealth, largely through taxation, does not significantly impact growth unless the intervention is extreme. In fact, because redistributing wealth through taxation has the positive impact of reducing inequality, the overall affect on the economy is to boost growth, the researchers conclude. "We find that higher inequality seems to lower growth. Redistribution, in contrast, has a tiny and statistically insignificant (slightly negative) effect," the paper states. "This implies that, rather than a trade-off, the average result across the sample is a win-win situation, in which redistribution has an overall pro-growth effect." While the paper is heavy on the economics, there is no mistaking the political implications in the findings. In Canada, the Liberal party led by Justin Trudeau is set to make supporting the middle class a key plank in the upcoming election and the NDP has also stressed the importance of tackling income inequality. Stephen Harper's Conservatives have boasted that tax cuts, particularly deep reductions in corporate taxation, are at least partly responsible for why the Canadian economy outperformed other G7 countries both during and after the 2008-09 recession. In the Commons on Tuesday, Employment Minister Jason Kenney said the many tax cuts his government has introduced since 2006, including a two-percentage-point trim of the GST, has helped most Canadians. Speaking on a Statistics Canada report showing net median family wealth had increased by 44.5 per cent since 2005, he added: "It is no coincidence because, with the more than 160 tax cuts by this government, Canadian families, on average, have seen their after-tax disposable income increase by 10 per cent across all income categories. We are continuing to lead the world on economic growth and opportunity for working families." The authors concede that their conclusions tend to contradict some well-accepted orthodoxy, which holds that taxation is a job killer. But they say that many previous studies failed to make a distinction between pre-tax inequality and post-tax inequality, hence often compared apples to oranges, among other shortcomings. The data they looked at showed almost no negative impact from redistribution policies and that economies where incomes are more equally distributed tend to grow faster and have growth cycles that last longer. Meanwhile, they say the data is not crystal clear that even large redistributions have a direct negative impact, although "from history and first principles ... after some point redistribution will be destructive of growth." Still, they also stop short of saying their conclusions definitively settle the issue, acknowledging that it is a complex area of economic theory with many variables at play and a scarcity of hard data. Instead, they urge more rigorous study and say their findings "highlight the urgency of this agenda." The Washington-based institution released the study Wednesday morning but, perhaps due to the controversial nature of the conclusions, calls it a "staff discussion note" that does "not necessarily" represent the IMF views or policy. It was authorized for distribution by Olivier Blanchard, the IMF's chief economist. Read more: http://www.ctvnews.ca/business/imf-debunks-myth-taxing-rich-not-bad-for-economy-1.1704643#ixzz2uRo5ElZH
  6. U.S. jobless rate climbs to 5.7% JEANNINE AVERSA The Associated Press August 1, 2008 at 12:19 PM EDT WASHINGTON — The U.S. unemployment rate climbed to a four-year high of 5.7 per cent in July as employers cut 51,000 jobs, dashing the hopes of an influx of young people looking for summer work. Payroll cuts weren't as deep as the 72,000 predicted by economists, however. And, job losses for both May and June were smaller than previously reported. July's reductions marked the seventh straight month where employers eliminated jobs. The economy has lost a total of 463,000 jobs so far this year. The latest snapshot, released by the Labour Department on Friday, showed a lack of credit has stunted employers' expansion plans and willingness to hire. Fallout from the housing slump and high energy prices also are weighing on employers. The increase in the unemployment rate to 5.7 per cent, from 5.5 per cent in June, in part came as many young people streamed into the labour market looking for summer jobs. This year, fewer of them were able to find work, the government said. The unemployment rate for teenagers jumped to 20.3 per cent, the highest since late 1992. The economy is the top concern of voters and will figure prominently in their choices for president and other elected officials come November. The faltering labour market is a source of anxiety not only for those looking for work but also for those worried about keeping their jobs during uncertain times. Job losses in July were the heaviest in industries hard hit by the housing, credit and financial debacles. Manufacturers cut 35,000 positions, construction companies got rid of 22,000 and retailers shed 17,000 jobs. Temporary help firms — also viewed as a barometer of demand for future hiring — eliminated 29,000 jobs. Those losses swamped job gains elsewhere, including in the government, education and health care. In May and June combined, the economy lost 98,000 jobs, according to revised figures. That wasn't as bad as the 124,000 reductions previously reported. GM, Chrysler LLC, Wachovia Corp., Cox Enterprises Inc. and Pfizer are among the companies that have announced job cuts in July. GM Friday reported the third-worst quarterly loss in its history in the second quarter as North American vehicle sales plummeted and the company faced expenses due to labour unrest and its massive restructuring plan. On July 15, GM announced a plan to raise $15-billion (U.S.) for its restructuring by laying off thousands of hourly and salaried workers, speeding the closure of truck and SUV plants, suspending its dividend and raising cash through borrowing and the sale of assets. GM also said it would reduce production by another 300,000 vehicles, and that could prompt another wave of blue-collar early retirement and buyout offers. Meanwhile, Bennigan's restaurants owned by privately held Metromedia Restaurant Group, are closing, driving more people to unemployment lines. All told, there were 8.8 million unemployed people in July, up from 7.1 million last year. The jobless rate last July stood at 4.7 per cent. More job cuts are expected in coming months. There's growing concern that many people will pull back on their spending later this year when the bracing effect of the tax rebates fades, dealing a dangerous blow to the fragile economy. These worries are fanning recession fears. Still, workers saw wage gains in July. Average hourly earnings rose to $18.06 in July, a 0.3 per cent increase from the previous month. That matched economists' expectations. Over the past year, wages have grown 3.4 per cent. Paycheques aren't stretching as far because of high food and energy prices. Other reports out Friday showed stresses as companies cope with a sluggish economy. Spending on construction projects around the country dropped 0.4 per cent in June as cutbacks in home building eclipsed gains in commercial construction, the Commerce Department reported. And, manufacturers' business was flat in July. The Institute for Supply Management's reading of activity from the country's producers of cars, airplanes, appliances and other manufactured goods hit 50, down from 50.2 in June. A reading above 50 signals growth. The news forced Wall Street to reassess its initial positive reaction to the jobs data. The Dow, which opened higher, slid about 80 points by midmorning. The Federal Reserve is expected to hold rates steady next week as it tries to grapple with duelling concerns — weak economic activity and inflation. In June, the Fed halted a nearly yearlong rate-cutting campaign to shore up the economy because lower rates would aggravate inflation. On the other hand, boosting rates too soon to fend off inflation could hurt the economy.
  7. Le renouvellement perpétuel qui se passe dans les 50 états et milliers de villes que forment les USA. State of renewal The federal government could learn some lessons from the states Jun 2nd 2012 | from the print edition THE American political system, as all the world thinks it knows, is gridlocked, not to mention dysfunctional and broken. The tea-maddened Republicans who seized control of the House of Representatives are holding Barack Obama and the Democrat-controlled Senate to ransom, refusing either to balance the federal budget or to pass any of the administration’s legislation without first getting swingeing cuts in taxes for the rich and in aid for the poor. In the White House Mr Obama is too busy planning his re-election to govern, while the economy races towards a “fiscal cliff” of tax increases and spending cuts that will take effect on January 1st next year unless they can find consensus; that seems more elusive than at any time since the end of the civil war. All true, up to a point; but not the whole story. Across America, most obviously in the battered Midwest and the property-busted sunnier climes of Florida and Nevada, a turnaround is under way. Thank many things for that: lower energy prices, recovering demand in at least a few places abroad, exceptionally loose monetary policy at home and the effects of the stimulus that Mr Obama was able to push through Congress before he lost control of it at the 2010 mid-terms. But also thank the fact that gridlock in Washington does not mean gridlock in the real drivers of America’s prosperity, its 50 competing states and its hundreds of self-governing cities. It is in those states and those cities that America is endlessly renewing itself. It is at city and state level, for instance, that America’s education system is being rewired, thanks to the independent or “charter” school revolution that was pioneered in places as diverse as New York City and Texas and is growing all the time. Experiments with health care in states as far apart in every way as Utah and Massachusetts pre-dated anything done at the federal level. A clutch of new Republican governors elected at those mid-terms have been driving forward the reform of the public sector, often controversially but in the long-term interest of their states. In Republican Indiana Mitch Daniels, the governor, has made his state the only one in the Midwest to ban the closed shop; other states in the region may have to do the same if they don’t want to be left behind. And, it bears repeating, since states and cities are not supposed to run deficits, it is at these levels that most progress has been made in restoring public finances. Jon Kasich, the new Republican governor of Ohio, for instance, has made up an $8 billion shortfall while cutting taxes. A number of states, mostly Republican ones, have “rainy-day funds” which saw them through the worst of the post-Lehman storm, though the federal government also helped a lot. Slashing red tape and opening government to inspection by the public by means of “sunshine laws” have also played their part; here again, the record of Republican states has been better than Democratic ones. California, for the eighth year in a row, has just been voted the worst state in which to do business, with New York (also strongly Democratic) a close second, thanks to high taxes and excessive regulation. According to Chief Executive magazine, which did the survey, all top ten spots are held by Republican states, with Texas in the lead. As we report here, a feature of the past year or so of the recovery is that among the dozen “swing states” that will determine the outcome of the election, unemployment has fallen by more than the national average. You might think that this is bad news for Mr Romney: his pitch is that Mr Obama has failed to sort out the economy and that he can do better. Actually, it is potentially good news for the man who this week clinched his nomination with a spectacular victory in Texas. Florida, Michigan, Ohio, Virginia and Wisconsin, probably the five states most critical to the election, are all run by new small-government Republican deficit hawks. Mr President, learn from your enemies The newcomers do not deserve all the credit, of course. The bail-out of the car industry, for instance, was what saved Michigan. Yet Mr Obama should take note. Sound public finances, opening up government, taking on unions, privatising services: the mid-terms showed that there is a great appetite in America for these right-of-centre remedies. http://www.economist.com/node/21556247
  8. Ottawa pledges tax cuts as surplus soars STEVEN CHASE Globe and Mail Update September 27, 2007 at 1:02 PM EDT The Canadian government racked up a monster surplus of about $14-billion for the last fiscal year, Ottawa reported Thursday. It said it has used the surplus to retire national debt and will funnel the $725-million interest saved as a result to Canadian taxpayers through tax cuts. That is a break of about $30 to $40 per tax filer in annual savings, depending on how it is allocated. That surplus far exceeds the $9.2 billion forecast in the last budget. Prime Minister Stephen Harper congratulates Finance Minister Jim Flaherty on March 19 after the government's budget speech. It is an embarrassment of riches for the Conservative government of Prime Minister Stephen Harper, which said Canadians were overtaxed when it took office and vowed that there would be no more surplus surprises. Ottawa's coffers are swollen by extra personal and corporate income-tax revenue generated by richer profits from a commodity boom. By law, all this excess cash – $14.2 billion – has been used to pay down Canada's debt and is not available for spending. However, the interest savings generated by the debt paydown – a fraction of the overall surplus – will be used to fund tax reductions, as promised by the Harper government. The surplus hit $13.8-billion and Ottawa ultimately reduced its debt by $14.2-billion last year, the government announced.
  9. Nortel sheds 1,300 jobs as losses mount Bert Hill, Canwest News Service Published: 3 hours ago OTTAWA - Nortel Networks announced 1,300 more layoffs Monday, the departure of several top executives, and pay and hiring freezes as it struggles with tough economic conditions and internal trouble. The company also announced big write-downs of assets and other costs, which drove losses to $3.41 billion in the third quarter ending in September, compared to a profit of $27 million a year earlier and almost 30 times the losses of $113 million in the June quarter. Sales fell 14 per cent to $2.32 billion and the company warned that overall sales for the full year will fall by four per cent, at the low end of a major warning announcement in September. Nortel said that chief technology officer John Roese will leave the company Jan. 1. He is the top executive responsible for the 4,600-employee Ottawa operation. Other people leaving include chief marketing officer Lauren Flaherty, global services president Dietmar Wendt, executive vice-president global sales Bill Nelson and chief legal officer David Drinkwater. In addition to more than 2,000 job cuts announced earlier this year, Nortel said another 1,300 jobs will be eliminated, with 25 per cent of the cuts this year and the balance in 2009. Nortel said that 1,200 jobs still have to go from the earlier rounds of layoffs. "In September, we signalled our view that a slowdown in the market was taking place. In the weeks since, we have seen worsening economic conditions, together with extreme volatility in the financial, foreign exchange and credit markets globally, further impacting the industry, Nortel and its customers," said chief executive officer Mike Zafirovski. "We are therefore taking further decisive actions in an environment of decreased visibility and customer spending levels."
  10. Let us decide its own cultural priorities, Charest says Quebec premier calls for reversal of arts funding cuts KEVIN DOUGHERTY, The Gazette Published: 8 hours ago (The Gazette)
  11. Bachand attacks Feds over funding cut Don Macdonald, The Gazette Published: Wednesday, June 04 Quebec's economic development minister is on the warpath over federal funding cuts to about 60 non-profit organizations involved in economic development across the province. Raymond Bachand said he's been unable to persuade federal minister Jean-Pierre Blackburn to reconsider the cuts so now he's taking the battle public. Bachand said the policy will damage the province's economy and called for the intervention of Prime Minister Stephen Harper. "This is going to be a political fight," he said in an interview. "It's a bad policy of that minister. And, at the end of the day, it's a bad policy of the government if the prime minister does not intervene to change that policy, or change the minister." The federal agency is eliminating operating grants over three years to non-profit organizations across a wide swath of sectors including such groups as Montréal International, the Quebec Film and Television Council, Aéro Montreal, Institut National d'Optique and Fur Council of Canada, according to a list provided by Bachand's office. Bachand said the organizations play an important role in developing the economy. They bring companies, government and research centres around the same table and work together on common initiatives such as marketing campaigns and making international contacts, he said. The mininster calculated the cuts will total between $20 million and $30 million by the third year. "It doesn't make sense," Bachand said. "You need people do that job. It's part of the infrastructure...How do you make progress without having the specific players of an industry around the table and developing business plans?" A Blackburn aide said the economic development agency is eliminating its funding for operating budgets to redirect the money to assisting small and medium-sized businesses "that are in a position to actually create jobs." Pierre Miquelon, a senior adviser to Blackburn, said about 70 per cent of the agency's budget has been going to the non-profits and it's time for the companies in the different sectors to pony up more money to support the groups if they believe it's deserved. "Maybe it's time that the community pays for the operations of the non-profit in question," Miquelon said. "If the community will not provide the cash for operating costs why should the Canadian taxpayer do so?" He added the agency will continue to subsidize organizations for individual projects with "a beginning, a middle and an end." But Bachand suggested there's a political motive behind the cuts. "Politicians like to give money and have their picture in newspapers," he said. "And if you give money to Montréal International and these groups...you don't get your photo in the newspaper." Hans Fraiken, head of the Quebec Film and Television Council, said his organization, which promotes Quebec as a shooting location, has lost $400,000 in federal funding plus another $200,000 in municipal money that was contingent on it. Those cuts, on a $1.5 million budget, may force the closure of the two-year-old organization that Fraiken said brought $260 million in foreign capital to the province last year and generated $12 million to $14 million in federal revenue. Alan Herscovici, executive vice president of the Fur Council of Canada, said Blackburn's agency cut $50,000 in funding to promote the annual North American Fur and Fashion Exposition in Montreal to foreign buyers. Bachand's department ended up replacing the federal funding but Herscovici questioned the wisdom of the cuts for what is the largest fashion trade show in Canada. "We know that manufacturers are under siege with the rise of the Canadian dollar and the weakening U.S. economy," said Hersovici, who noted the Fur Council receives federal funding for other initiatives. "In supporting the show they support all the manufacturers. They don't have to pick winners and losers." "It's a small investment to help a lot of people." [email protected] http://www.canada.com/montrealgazette/news/business/story.html?id=473e52e9-b789-4f48-9cee-b296c5b86cfe
  12. Announced new routes: Toronto-LA, Toronto-Nashville and Calgary-Thunder Bay. No new routes in Montreal, no new growth in frequencies despite considerable cuts in Western Canada
  13. New York évoque la faillite Devoir Le Édition du vendredi 10 avril 2009 Le maire de New York, Michael Bloomberg, a affirmé hier que la Ville allait devoir supprimer de nombreux emplois pour éviter la faillite. Le maire, engagé dans des négociations tendues avec les syndicats d'employés municipaux, a affirmé que 7000 emplois supplémentaires devraient être supprimés, à moins de réduire drastiquement les avantages des salariés. «Nous ne pouvons pas continuer. Le coût des retraites et de la couverture maladie pour nos employés va provoquer la faillite de cette ville», a-t-il déclaré sur la chaîne de télévision NY1. M. Bloomberg doit présenter le budget de la Ville, qui ne peut pas statutairement être déficitaire, d'ici la fin du mois. Les dirigeants des différents services municipaux ont jusqu'à lundi pour proposer des réductions de dépenses. La récession et la crise à Wall Street ont provoqué un trou béant dans les finances de la Ville, qui reposent lourdement sur les taxes imposées aux entreprises financières. _____________________________________________________________________________________ Job cuts needed to stop NY bankruptcy: mayor 22 hours ago NEW YORK (AFP) — Sweeping layoffs of government employees are needed to prevent New York going bankrupt, Mayor Michael Bloomberg said Thursday. Bloomberg, who is in tense negotiations with municipal workers' unions, said an extra 7,000 jobs would have to go unless major reductions are made in employee benefits. "We cannot continue. Our pension costs and health care costs for our employees are going to bankrupt this city," he said in comments broadcast on NY1 television. Bloomberg, running for a third mayoral term at the end of this year, said that proposals from unions so far were "nowhere near what is adequate." The possible job cuts, first announced Wednesday, would be on top of 1,300 already proposed and another 8,000 that could be axed through attrition. Department heads have until Monday to propose cuts and Bloomberg must present the city budget by the end of the month. The city is barred by law from running deficits. The recession and the Wall Street crisis have knocked a huge hole in city finances that traditionally relied heavily on taxes from financial companies. The budget office on Wednesday said that 7,000 extra job cuts would allow the city to cut a further 350 million dollars in expenditure.