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Alberta Economic Ft Mac

Court Rules Against Wrongful Termination Suit by Syncrude Employee Accused of Sexual Harassment

sexual harassment, Syncrude employee, wrongful termination
sexual harassment, Syncrude employee, wrongful termination

John A. Clark, a former Syncrude employee who was fired for sexual harassment and who sued for wrongful termination, has lost his case in front of the Alberta Court of Appeal. There is no doubt as to what Clark did during a 2004 formal Syncrude dinner event in Toronto, or to the fact that he was highly intoxicated that day. Clark smacked one woman on the buttocks, groped another, and then pulled a third down onto his lap while the dinner was in progress. Another victim was a female representative of Sun Life Financial, who was groped in the taxi after the dinner. Shortly after the trip Clark was terminated as a Syncrude employee for sexual harassment, and he then filed for wrongful termination.

John Clark engaged in sexual harassment while at an event in his capacity as a Syncrude employee, and the Alberta Court of Appeal dismissed his wrongful termination suit. According to Justice J.D. Bruce McDonald “Given the egregious nature of the behavior, the leadership position held by Clarke, Syncrude’s clear and unequivocal policies prohibiting harassment of any sort which were well known to Clarke, and the adverse impact it had on a key business relationship, as well as the adverse impact it had on key business advisors working for its pension fund administrator.” The court also found that “Contrary to Clarke’s submissions, there were adverse consequences for Syncrude and the pension fund administrator. Syncrude’s reputation with one of its key business partners was adversely affected and the pension fund administrator’s staff suffered humiliation and stress as a result of the harassment.”

Categories
Economic

Rate Announcement to come at 10:00 (ET)

In this issue, Bank staff discuss recent developments in experimental macroeconomics, research results on price-level and unemployment thresholds in forward guidance, and the spillover effects of quantitative easing in advance economies. Articles also explore the competitiveness strategies of Canadian firms as well as their use of financial derivatives.

Source:: http://www.bankofcanada.ca/2014/12/fad-press-release-2014-12-03/

      

Categories
Canada Economic

Fee Hikes for Canadian Passports Brings in Millions

Fee Hikes for Canadian Passports Brings in Millions
Canadian passports, fee hikes

The fee hikes for Canadian passports has managed to bring in millions of dollars for the government, but Canadian citizens should not expect the fees to decrease any time soon. Figures which were recently released by the Canadian government show that Canadians paid a total last year of $462.5 million in passport fees, but the government only spent $256.5 million in order to create the documents necessary for issuing passports. The funds paid to Passport Canada are managed differently than government agencies, and the law allows the entity to bank any surplus funds that are generated from the fee hikes on Canadian passports. According to Nancy Caron, a spokesperson for the Citizenship and Immigration entity “We are not forecasting any change to passport fees to cover revolving fund requirements at this time.”

Some are upset with the fee hikes enacted for Canadian passports, and these individuals point out that the program generated more than $200 million dollars and that the passport fees should be adjusted accordingly. The fee hikes for Canadian passports were substantial. A 5 year passport used to be $87 but that increased to $120, and those who want a 10 year passport now have the option of paying $160. In the fiscal year 2013-2014 Canada issued almost 5 million passports. When the fee hikes for Canadian passports were first introduced the reasoning was that these increases were essential. Canada Passport outlined the new structure for passport fees and explained that “At a time when Canadians are increasingly concerned about identity fraud, Passport Canada is quickly reaching a point where not only will new advancements be impossible, but the organization’s ability to maintain current operations will be jeopardized.”

Categories
Alberta Economic

Vandalism at Natural Gas Pipeline Causes Damage and Gas Leak

Vandalism at Natural Gas Pipeline Causes Damage and Gas Leak
natural gas pipeline, vandalism

Vandalism at a natural gas pipeline in western Alberta has caused damage to the pipeline components and was responsible for natural gas leaking into the atmosphere around the damaged part. According to the police someone used a high power rifle to shoot the high pressure pipeline that carries natural gas, and the incident occurred last weekend but the exact day and time is still unknown. On Monday morning the Mounties were alerted that the Talisman Energy natural gas pipeline had sustained damage. Before the vandalism was detected by the company large quantities of natural gas had been released into the air, and when the damage was discovered company employees shut down that section of the pipeline using safety devices. These safety devices stopped the natural gas leak until repairs can be made and the damaged section can be used again.

The latest act of vandalism against a natural gas pipeline is just one of many, although these incidents have decreased in recent years. The natural gas industry is often the target of vandalism by environmentalists and eco terror groups, and one of the biggest was Wiebo Ludwig who often targeted energy company AEC West because the company had wells in operation which were close to Ludwig’s land. Anyone who has any information about the individual responsible for the natural gas pipeline vandalism that happened last weekend is urged to contact local law enforcement. The damaged pipeline will be repaired as soon as possible so that it can be put back into operation.

Categories
Economic

Bank of Canada is Keeping a Close Eye on E-Money, Says Senior Deputy Governor Carolyn Wilkins

Available as: PDF

The Bank of Canada is keeping a close eye on the risks posed by new forms of electronic money, given that the Bank’s job is to issue currency, promote financial stability and oversee Canada’s payment systems, Senior Deputy Governor Carolyn Wilkins said today in Waterloo, Ontario.

E-money is electronically-stored value that is not linked to a bank account. The Senior Deputy Governor talked about two types of e-money: the first is denominated in a national currency and is a claim on the issuer, such as PayPal balances or stored-value cards; the second is cryptocurrency such as Bitcoin, which is not denominated in a national currency.

E-money and the technology that enables it are circumventing old models of payments and fast creating new efficiencies and new risks. “People who use these technologies need to be aware of the risk of putting their trust in an e-money scheme that is lightly regulated with limited or no user protection,” Ms. Wilkins told students at Wilfrid Laurier University.

So far, Canadians still prefer debit cards and cash over e-money. “E-money is not big enough to pose material risk to financial stability in Canada at this time. That said, money and payments technology is progressing in leaps and bounds, and so the Bank of Canada is watching developments closely,” the Senior Deputy Governor said.

E-money has the potential over time to alter the fundamental payments architecture around the world and could pose risks both to individuals and the Canadian financial system as a whole. That is why Canada is modernizing its oversight framework for payments.

“Money and payments is at the core of central banking. The Bank of Canada is working through the tough issues today so that we can support the benefits of innovation, while safeguarding the integrity of Canada’s money and payments systems and, ultimately, financial stability,” Ms. Wilkins said.

Source:: http://www.bankofcanada.ca/2014/11/keeping-close-eye-e-money-carolyn-wilkins/

      

Categories
Economic

Bank of Canada announces signing of reciprocal 3-year Canadian- dollar/renminbi bilateral swap arrangement

Available as: PDF

As part of the initiative announced today by the Government of Canada to promote increased trade and investment between Canada and China, as well as to support domestic financial stability should market conditions warrant, Governor Stephen S. Poloz and Governor Zhou Xiaochuan of the People’s Bank of China have signed an agreement establishing a reciprocal 3-year, Canadian-dollar (Can$)/renminbi (RMB) currency swap line.

The maximum value of the swap is RMB 200 billion, with a reciprocal maximum value of Can$30 billon. 

The Bank of Canada has also signed a memorandum of understanding with the People’s Bank of China to establish a regular dialogue on the conduct of renminbi business and on renminbi liquidity conditions in Canada, and to support the establishment of a renminbi clearing bank in Canada.

Source:: http://www.bankofcanada.ca/2014/11/bofc-announces-signing-reciprocal-bilateral-swap/