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Found 11 results

  1. C'est un bon cas d'étude pour les écoles de gestion... via Bloomberg Target Will Abandon Canada After Racking Up Billions in Losses Target Corp. (TGT) will abandon its operations in Canada after less than two years, putting an end to a mismanaged expansion that racked up billions in losses. The Canadian business is seeking court approval to begin liquidation, the Minneapolis-based retailer said today in a statement. The move will lead to a $5.4 billion writedown. This is the first major strategic shift made under Chief Executive Officer Brian Cornell, who took over for Gregg Steinhafel last year. Steinhafel had seen Canada as burgeoning market for Target, the second-largest U.S. discount chain, because so many Canadians already knew the brand and would cross the border to shop at American stores. Fixing the Canada unit, which amassed more than $2 billion in operating losses since 2011, has been a top priority for Cornell. After taking the reins in August, he spent a portion of his early days at the company touring operations in Canada. The woes plaguing the company’s 130 stores there ranged from empty shelves to prices being higher than locations in the U.S. “We were unable to find a realistic scenario that would get Target Canada to profitability until at least 2021,” Cornell said today. “This was a very difficult decision, but it was the right decision for our company.” Target announced its foray into Canada in 2011 with the purchase of 220 locations from Zellers Inc., a subsidiary of Hudson’s Bay Co., for about C$1.8 billion. The deal cemented the chain’s first expansion outside the U.S., where it had about 1,750 stores at the time. Target’s shares have rebounded since taking a hit following a data breach during the 2013 holiday season. The stock had gained 21 percent to $74.33 over the past 12 months through yesterday. To contact the reporter on this story: Matt Townsend in New York at [email protected]
  2. Hors Canada,mais intéressant de voir ce qui pourrait un jour nous arriver... Irish house prices to fall another 20pc, warns Fitch. Irish house prices could fall a further 20pc and inflict stiff losses on holders of mortgage bonds, with a growing risk of property defaults across the eurozone periphery, according to Fitch Ratings. http://www.telegraph.co.uk/finance/financialcrisis/9789129/Irish-house-prices-to-fall-another-20pc-warns-Fitch.html
  3. I've consulted the following document: http://www.stat.gouv.qc.ca/statistiques/population-demographie/bilan2015.pdf Page. 82 in 1996/1997 Quebec recorded its worst interprovincial demographic losses. In 2013/2014, we're getting very close to historical records. Not good. Toronto is uncorking the champagne at our cost.
  4. Almost 80,000 jobs lost in February: StatsCan By The Canadian Press OTTAWA - Non-farm payrolls lost 79,600 jobs in February, with manufacturing taking the worst hit, Statistics Canada reported Wednesday. The agency said those losses continue a slump that began last October and which has cost 296,000 jobs. The agency's survey of non-farm, payroll employment found the biggest February drop was in manufacturing, where 19,300 jobs were lost. Since October, 99,700 manufacturing jobs have disappeared, a loss of 6.1 per cent. That figure is three times the rate of decline of total payroll employment. Nearly a quarter of the manufacturing job losses came in the auto industry. The survey said the number of employees working in motor vehicle parts manufacturing has fallen by 13,300 since October, while motor vehicle and motor vehicle body manufacturing has dropped by 10,200. As of February, there were 111,500 employees in motor vehicle assembly and parts, down 65,000 or 37 per cent from the peak recorded in 2001. The auto slump has echoes in related industries. Payrolls in auto repair shops are down by 5,000 since October. Auto dealers have cut 4,200 jobs in the period, while parts dealers have 2,300 fewer workers. The construction sector lost 11,100 jobs in February. There were more modest declines other sectors, including non-Internet publishing (4,800), credit intermediaries and related activities (4,300) and truck transportation (4,200). But there were some job gains in health and education, including elementary and secondary schools, and community colleges and CEGEPs in Quebec. The February losses came in all provinces, but Quebec, Ontario, Alberta and British Columbia took the worst hits. Quebec lost 30,300 jobs in February, a 0.9 per cent drop. Ontario and Alberta each experienced a decline of 0.6 per cent, while British Columbia employment fell by 0.4 per cent. While Quebec experienced the largest monthly decline, both Ontario and British Columbia had the biggest drop between February 2008 and February 2009. Over the year, Ontario payrolls declined by 1.7 per cent or 97,800 jobs. The losses were mostly in manufacturing, with a 12.1 per cent drop of 94,000. In British Columbia, payroll employment was down 28,400 or 1.5 per cent in February compared with a year earlier. Much of this decline was linked to forestry and its related industries. Major communities in southwestern Ontario have all shown sharp losses and in March, Windsor had the highest unemployment rate of any large community in the country - 13.7 per cent. Average weekly earnings, including overtime, of payroll employees in February was $820.95, up 1.8 per from February 2008. This was slower than January's year-over-year increase of 2.4 per cent. From Yahoo news: http://ca.news.yahoo.com/s/capress/0...ness/jobs_lost
  5. 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.
  6. Small-town life looking good to boomers Statistics Canada report; Montreal Island is bleeding population to outlying regions, new studies show David Johnston, The Gazette Published: 2 hours ago The Montreal metropolitan region, once a magnet for people from the rest of Quebec, is now losing more people to the outlying regions than it is gaining, Statistics Canada reported yesterday. Leading the way in this U-turn in the province's demographic history is the restless pitter-patter of retiring baby boomers in the Montreal region. Many are cashing out of the local real estate market and buying cheaper properties in outlying towns, or simply moving back to their home towns in the regions. Toronto, Vancouver and Calgary are seeing some of the same boomer-fuelled trends. In Quebec, the chief beneficiaries have been Joliette and St. Jean sur Richelieu, both situated a short hop outside the Montreal metropolitan region. The two towns ranked among the 10 fastest-growing medium-sized towns in Canada from 2001 to 2006, according to a Statistics Canada analysis of 2006 census data made public yesterday. "All of our own studies confirm what Statistics Canada is saying," Daniel Desroches, town manager of St. Jean, said in an interview yesterday. Overall, the metropolitan region registered a net loss of 29,195 people to other regions of Quebec from 2001 to 2006. This loss represents the birth of a new trend. The Montreal region had registered an overall gain in intra-provincial migration from 1996 to 2001, although relatively minor, as well as major gains in the decades before that. Despite the losses from 2001 to 2006, immigration, or international migration, has more than compensated for the region's internal population losses to the rest of Quebec and Canada. "What we can say is that most of those people leaving for the rest of Quebec are moving to smaller towns - not larger cities like Quebec City and Sherbrooke that have their own census metropolitan areas," said Patrice Dion, an analyst in the demography division of StatsCan. Some towns that had relatively minor population gains from 2001 to 2006 have since begun to show signs of a vigorous new construction boom, real estate experts say. Lachute, for example, 80 kilometres northwest of Montreal, has awarded $19 million in new housing construction permits this year, double last year's total at this time, which was double the comparable total for the first six months of 2006. The StatsCan study made public yesterday also confirmed previous studies showing a slowdown in the so-called exodus of Quebecers to other provinces. The inter-provincial losses from 2001-06 were the lowest recorded in any five-year census period since 1971-76, Dion said. From 2001 to 2006, Quebec lost only 8,000 anglophones to other provinces - fewer than 2,000 a year, compared with up to 50,000 a year in the late 1970s. But as a StatCan study made public last December showed, new influxes of anglophones into Quebec from other countries between 2001 and 2006 slightly outnumbered the 8,000 losses, meaning English Quebec is growing today for the first time since the early 1970s. StatsCan also examined population movement within the Montreal metropolitan region. It looked at all the household moves from one municipality in the region to another and found clear winners and losers. The city of Montreal was a heavy loser, mainly to off-island suburbs. But Boisbriand, St. Joseph du Lac and Pointe Calumet, all off-island suburbs, were also big losers. The only town on Montreal Island with a net gain of population from other parts of the region was Ste. Anne de Bellevue. Beaconsfield and Dollard des Ormeaux suffered mild losses, as did Westmount and Montreal East. Off-island suburbs Longueuil, Oka and Ste. Anne des Plaines also suffered slight net losses. The one bright spot for the region was its net gain of 12,795 people in the 15-to-29 age group. These gains came from both the rest of Quebec and the rest of Canada. They reflect continuing poor job prospects in some outlying Quebec regions for young people as well as strong interest nationally in Montreal as a city for post-secondary studies, Dion said. [email protected] - - - montrealgazette.com - - - Not-So-Small Towns Small and medium-sized urban centres experienced significant population growth from 2001 to 2006, figures from the 2006 census show. Here are the urban centres that experienced the biggest gains from population shifts within Canada: City Province 1. Okotoks Alta. 2. Parksville B.C. 3. Grande Prairie Alta. 4. Wood Buffalo Alta. 5. Chilliwack B.C. 6. Vernon B.C. 7. Joliette Que. 8. Red Deer Alta. 9. St. Jean sur Richelieu Que. 10. Courtenay B.C. Other centres in Quebec in the Top 50 23. Drummondville 30. Granby 32. St. Georges (Beauce) 37. Sorel-Tracy 38. Victoriaville 44. Cowansville 49. Rivière du Loup 50. St. Hyacinthe source: statistics Canada
  7. Small-town life looking good to boomers Statistics Canada report; Montreal Island is bleeding population to outlying regions, new studies show David Johnston, The Gazette Published: 2 hours ago The Montreal metropolitan region, once a magnet for people from the rest of Quebec, is now losing more people to the outlying regions than it is gaining, Statistics Canada reported yesterday. Leading the way in this U-turn in the province's demographic history is the restless pitter-patter of retiring baby boomers in the Montreal region. Many are cashing out of the local real estate market and buying cheaper properties in outlying towns, or simply moving back to their home towns in the regions. Toronto, Vancouver and Calgary are seeing some of the same boomer-fuelled trends. In Quebec, the chief beneficiaries have been Joliette and St. Jean sur Richelieu, both situated a short hop outside the Montreal metropolitan region. The two towns ranked among the 10 fastest-growing medium-sized towns in Canada from 2001 to 2006, according to a Statistics Canada analysis of 2006 census data made public yesterday. "All of our own studies confirm what Statistics Canada is saying," Daniel Desroches, town manager of St. Jean, said in an interview yesterday. Overall, the metropolitan region registered a net loss of 29,195 people to other regions of Quebec from 2001 to 2006. This loss represents the birth of a new trend. The Montreal region had registered an overall gain in intra-provincial migration from 1996 to 2001, although relatively minor, as well as major gains in the decades before that. Despite the losses from 2001 to 2006, immigration, or international migration, has more than compensated for the region's internal population losses to the rest of Quebec and Canada. "What we can say is that most of those people leaving for the rest of Quebec are moving to smaller towns - not larger cities like Quebec City and Sherbrooke that have their own census metropolitan areas," said Patrice Dion, an analyst in the demography division of StatsCan. Some towns that had relatively minor population gains from 2001 to 2006 have since begun to show signs of a vigorous new construction boom, real estate experts say. Lachute, for example, 80 kilometres northwest of Montreal, has awarded $19 million in new housing construction permits this year, double last year's total at this time, which was double the comparable total for the first six months of 2006. The StatsCan study made public yesterday also confirmed previous studies showing a slowdown in the so-called exodus of Quebecers to other provinces. The inter-provincial losses from 2001-06 were the lowest recorded in any five-year census period since 1971-76, Dion said. From 2001 to 2006, Quebec lost only 8,000 anglophones to other provinces - fewer than 2,000 a year, compared with up to 50,000 a year in the late 1970s. But as a StatCan study made public last December showed, new influxes of anglophones into Quebec from other countries between 2001 and 2006 slightly outnumbered the 8,000 losses, meaning English Quebec is growing today for the first time since the early 1970s. StatsCan also examined population movement within the Montreal metropolitan region. It looked at all the household moves from one municipality in the region to another and found clear winners and losers. The city of Montreal was a heavy loser, mainly to off-island suburbs. But Boisbriand, St. Joseph du Lac and Pointe Calumet, all off-island suburbs, were also big losers. The only town on Montreal Island with a net gain of population from other parts of the region was Ste. Anne de Bellevue. Beaconsfield and Dollard des Ormeaux suffered mild losses, as did Westmount and Montreal East. Off-island suburbs Longueuil, Oka and Ste. Anne des Plaines also suffered slight net losses. The one bright spot for the region was its net gain of 12,795 people in the 15-to-29 age group. These gains came from both the rest of Quebec and the rest of Canada. They reflect continuing poor job prospects in some outlying Quebec regions for young people as well as strong interest nationally in Montreal as a city for post-secondary studies, Dion said. [email protected] - - - montrealgazette.com - - - Not-So-Small Towns Small and medium-sized urban centres experienced significant population growth from 2001 to 2006, figures from the 2006 census show. Here are the urban centres that experienced the biggest gains from population shifts within Canada: City Province 1. Okotoks Alta. 2. Parksville B.C. 3. Grande Prairie Alta. 4. Wood Buffalo Alta. 5. Chilliwack B.C. 6. Vernon B.C. 7. Joliette Que. 8. Red Deer Alta. 9. St. Jean sur Richelieu Que. 10. Courtenay B.C. Other centres in Quebec in the Top 50 23. Drummondville 30. Granby 32. St. Georges (Beauce) 37. Sorel-Tracy 38. Victoriaville 44. Cowansville 49. Rivière du Loup 50. St. Hyacinthe source: statistics Canada
  8. Job picture may be worse than it looks Many losses were full-time positions. Weakness in U.S. saps Canada as unemployment rate rises to 6.6% By SHEILA MCGOVERN, The Gazette; Reuters contributed to this report January 10, 2009 Canada's unemployment rate shot up more than expected in December, but avoided the carnage witnessed in the U.S. where the jobless rate is now the highest in 16 years. Still, Canadian economists aren't heaving a sigh of relief. The country is definitely in recession, there's more bad news ahead and it would be naive to think Canada won't feel repercussions from the bloodbath to the south, said Carlos Leitao, chief economist at Laurentian Bank Securities. And that includes Quebec, he quickly added. "This week, we've seen articles here and there stating somehow Quebec was on some other planet, able to ride out this storm. Well, not. We are on the same planet as everyone else." And the dreadful situation in the U.S. will sap Canada's manufacturing sector, based in Quebec and Ontario, he said. Canada lost 34,400 jobs in December, driving the unemployment rate to 6.6 per cent from 6.3 per cent, fuelled by losses in construction. Canada Mortgage and Housing Corp. says housing starts slid 11.8 per cent in November, the third double-digit decrease in four months. Quebec saw its unemployment rate rise to 7.3 per cent from 7.1 per cent, because of losses in construction, trade and the tourism industry. And the figures are actually more troubling than they appear, Leitao said. There were major losses in full-time jobs, he said, which were partly offset by gains in part-time work. "That's not exactly a recipe for great prosperity. We have weak job creation and the quality is less than a year ago." And it isn't about to get better, said Krishen Rangasamy of CIBC World Markets. "With forthcoming plant closures and layoffs already announced, it's clear the worst is yet to come on the employment front, with the unemployment rate likely to creep up steadily toward eight per cent." However, economists said we can take some solace: for a rare moment, our unemployment rate is less than that of the U.S. Though the past two months have been tough here, employment in Canada at least grew between December 2007 and December 2008, albeit by a scant 0.6 per cent (an addition of 98,000 jobs, 100 of them in Quebec.) The U.S. has been losing all year and, in December, was hit with a massive drop of 524,000 jobs, driven by layoffs in all major sectors except government, education and health. That pushed its unemployment rate to 7.2 per cent from 6.8 per cent in November, higher than the seven per cent analysts were forecasting and a peak not seen since January 1993. Total job loses for 2008 reached 2.6 million, the largest decline since a 2.75-million drop in 1945. "The job situation is ugly and is going to get uglier. There's no reason to expect hiring anytime in the next three to six months. We are not going to see any hiring until the government steps in and acts. Talk doesn't work," said Richard Yamarone, chief economist at Argus Research in New York. The collapse of the U.S. housing market and the resulting financial crisis have triggered the worst financial environment since the Great Depression, and businesses and consumers have both retrenched. The darkening labour market picture underscored the sense of urgency President-elect Barack Obama and lawmakers feel about enacting a huge economic stimulus plan. "Clearly the situation is dire. It is deteriorating and it demands urgent and immediate action," Obama told a news conference yesterday. "This morning, we received a stark reminder about how urgently action is needed." [email protected] thegazette.canwest.com
  9. Le Canada gagne 35 900 emplois en avril Publié le 08 mai 2009 à 08h06 | Mis à jour à 08h09 Agence France-Presse Ottawa Le Canada a gagné 35 900 emplois en avril, de façon inattendue, essentiellement grâce aux travailleurs indépendants, tandis que le taux de chômage se maintenait à 8%, son niveau le plus élevé en sept ans, a annoncé vendredi l'institut de la statistique. Les analystes s'attendaient à une perte de quelque 50 000 emplois en avril après une saignée de 61 000 le mois précédent et à ce que le taux de chômage passe à 8,2%. Ce taux est resté inchangé à 8,0 % en avril par rapport à mars, car la hausse de l'emploi a coïncidé avec une croissance de la population active, note Statistique Canada. Malgré l'augmentation enregistrée en avril, 321 000 emplois ont été perdus au Canada depuis octobre 2008. En avril, le nombre de travailleurs indépendants a cru de 37 000, indique Statistique Canada dans un communiqué, précisant que 39 000 emplois à temps plein ont été créés, alors que 3600 emplois à temps partiel étaient perdus. Le secteur manufacturier, durement frappé par la crise, a gagné 6 700 postes en avril, mais il en a perdu 106 300 au cours des 12 derniers mois. La hausse de l'emploi en avril s'est manifestée pour l'essentiel dans les provinces du Québec (+22 000) et de Colombie-Britannique (+17 000). En avril le salaire horaire moyen avait progressé de 4,3% par rapport au même mois l'an dernier. __________________________________________________________________________________________ Canada adds 36,000 jobs HEATHER SCOFFIELD Globe and Mail Update May 8, 2009 at 8:13 AM EDT OTTAWA — The Canadian work force managed to grow slightly in April, adding 36,000 positions, mainly through self-employment, Statistics Canada said Friday. As a result, the unemployment rate was unchanged at 8 per cent last month, the highest in seven years. “This is a better-than-expected report that no one saw coming,” said economists at ScotiaCapital Inc. “Yes, there were distortions including the heavy influence of a gain in self-employment that we mistrust at this point in the cycle. But the losses elsewhere were much less significant than feared.” The unexpected gain in employment sent the dollar up by 0.93 cent (U.S.) against the U.S currency. Economists had been expecting the pace of job loss to let up a little bit in April after months of steep decline, forecasting the elimination of 50,000 positions compared to 61,000 in March. They had predicted an 8.3 per cent unemployment rate, up from 8 per cent in March. While economists expect self-employment to expand during a recession, as laid-off workers create opportunities of their own, the increase in April was substantial. About 37,000 new self-employed positions were added to the work force, accounting for well over half of the 61,800 increase in self-employment over the past year. Jobs among people employed by others, on the other hand, fell a statistically insignificant 1,100 positions. Stabilization was also evident in the sectors that have shed the most jobs during the recession – manufacturing and construction. Employment in both those categories was changed very little in April, with construction employment declining 7,500 jobs and manufacturing employment growing 6,700 positions. In the goods side of the economy overall, employment barely budged in April, but has declined by a sharp 6.3 per cent since last October. The services side of the economy, which has been less touched by the recession, added 35,100 positions in April, particularly in the information sector and in culture and recreation. Since October, when the labour market began to slide, employment economy-wide has fallen by 321,000 positions. That's a decline of 1.9 per cent, with the losses concentrated in constructing, manufacturing and natural resources. Full-time employment rose by 39,000 positions in April, while part-time was little changed. However, full-time employment is still down 2.5 per cent since October. By region, employment rose in both Quebec and British Columbia. Quebec gained 22,000 positions, but because more people joined the work force, its unemployment rate rose to 8.4 per cent, from 8.3 per cent in March. British Columbia added 17,000 jobs, and its unemployment rate stayed still at 7.4 per cent. Still, the gains don't come close to making up for losses in the previous months. Ontario, where job losses have been severe, managed to stabilize in April, shedding 3,000 positions. Its unemployment rate stayed stable at 8.7 per cent. Ontario's job losses account for half of the country's total decline since October. By demographic, the April employment gains went mainly to adult men, and to women over the age of 55. Economists were surprised by the job creation, even though some indicators have suggested lately that the Canadian economy was showing signs of life. They warned that the job creation probably wouldn't last, since the all-important auto and manufacturing sectors are poised to cut severely in coming months, and because mothballed natural resource projects aren't about to roar back to life. Economists are often skeptical of self-employment numbers because they suspect that respondents to Statistics Canada's survey of households would rather say they're working for themselves than admit to being unemployed. Plus, many self-employed people earn considerably less than employed people. “That said, we can't dismiss the headline because of dubious self-employment gains, as there were only 1,100 job losses beyond the self-employment component,” the Scotia economists said. The labour report was undeniably good news, agreed Douglas Porter, deputy chief economist at BMO Nesbitt Burns. “Now that's what I would call a green shoot,” he said. Still, he warned against getting too carried away. “While quite encouraging, it's important to recall that head fakes are always possible,” he said. During the darkest days of the recession of the early 1990s, for example, Canadian employment managed to rise in five separate months. “Still, this marks a huge improvement from the wicked job losses seen over the winter, and is yet another strong signal that the economy may be approaching bottom – certainly sooner than most forecasters believed possible just a few weeks ago.” Indeed, there are a growing number of signs that the free-fall that inflicted the Canadian economy at the end of last year and the beginning of this year began to let up in February and March. Auto and housing sales have picked up, the drop in exports slowed, manufacturing output stopped plunging and financial markets showed signs of recovery.
  10. 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."