Rabu, 30 November 2022
Powell: There's a long way to go to restore price stability - CNBC Television
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2022-11-30 19:23:38Z
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DoorDash laying off 1,250 people, about 6% of its workforce - CBC News
DoorDash Inc. said on Wednesday it was cutting about 1,250 jobs, or six per cent of its total workforce, as the food-delivery company looks to keep a lid on costs to cope with a slowdown in demand.
DoorDash went on a hiring spree to cater to a flood of orders from people stuck at home during the height of the pandemic, but a sudden drop in demand from inflation-wary customers has left the company grappling with ballooning costs.
"We were not as rigorous as we should have been in managing our team growth ... That's on me. As a result, operating expenses grew quickly," chief executive Tony Xu said in a memo to employees that was posted on the company's website.
"Given how quickly we hired, our operating expenses — if left unabated — would continue to outgrow our revenue."
DoorDash has about 20,000 employees worldwide, and "some of the affected employees are based in Canada," the company told CBC News in a statement, without elaborating.
The company joins a growing list of technology firms, including Amazon, Facebook-owner Meta, Twitter, Shopify and others that have laid off thousands of employees in recent weeks as they brace for a potential economic downturn.
British food delivery company Deliveroo said in late October that sales growth would be at the lower end of its previous forecast. In September, Winnipeg-based food delivery app SkipTheDishes laid off 350 workers.
Earlier this month, DoorDash reported a bigger-than-expected quarterly net loss of $295 million US, raising questions about the growth prospect of delivery firms as economies reopen. The company's shares have lost two thirds of their value this year.
"Greater emphasis on its cost structure is a welcoming sign, especially given the potential for consumer spending to deteriorate faster than expected," said Angelo Zino, analyst at CFRA Research.
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2022-11-30 19:54:21Z
1678967047
RBC deal for HSBC Canada faces high regulatory, political hurdles - The Globe and Mail
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The Royal Bank of Canada's transaction of HSBC, pending regulatory approval, is expected to complete in 2023.CARLOS OSORIO/Reuters
Royal Bank of Canada RY-T has won the bidding war for HSBC Bank Canada, but the battle for regulatory approval is just beginning.
The $13.5-billion cash deal must survive a trio of regulatory reviews from the Competition Bureau of Canada, the Office of the Superintendent of Financial Institutions (OSFI) and the federal Minister of Finance before the transaction can be completed, which RBC hopes will happen by the end of 2023. All three will be taking a hard look at the proposed deal, legal experts say, as Canada’s other big banks will want to pursue potential acquisitions of their own should they notice any signs of a thaw in the otherwise rigid rules around bank takeovers.
Already, the country’s biggest bank is facing political opposition. In a statement calling for the Liberal minority government to block the deal, NDP Leader Jagmeet Singh said it “is only going to decrease the options for families in Canada and put more money into the pockets of big-bank executives.”
There is also skepticism on Bay Street about the deal’s potential to sail through the review process unscathed. Barclays analyst John Aiken said the deal represents an “excellent transaction” for RBC in a note to clients on Tuesday, though he added “the only fly in the ointment is that, as the largest player, there could be some regulatory concerns with the Competition Bureau.”
“While we believe that the deal will ultimately be approved, there is a risk that it may not ultimately be consummated in its current form,” Mr. Aiken said.
Under Commissioner Matthew Boswell, the Competition Bureau has taken an especially hard stance on transactions it views as negatively affecting consumer choice. Most recently, the bureau filed a legal challenge in an attempt to block Rogers Communications Inc.’s $26-billion takeover of Shaw Communications Inc.
Asked about those potential concerns on a Tuesday morning conference call with analysts, RBC chief executive officer Dave McKay said the bank was “not aware of any reason why Competition [Bureau] clearance will not be received.” HSBC Canada is “still a relatively small bank by market share of 2 per cent or less,” he said.
The Competition Bureau will review the proposed transaction, a spokesperson confirmed by e-mail, though declined to comment further as it is required by law to conduct its merger reviews confidentially.
According to one competition law expert close to the deal, whom The Globe is not identifying as they are not authorized to comment publicly, the deal review will be “unlike some of the more adversarial transactions of late [because] this one is going to be very co-operative and collaborative.” The Competition Bureau usually has concerns with four-to-three mergers, the source said, meaning deals that reduce the number of rivals in a given sector from four to three, and that is not the case here.
Ultimately, even if the bureau supports the deal, federal Finance Minister Chrystia Freeland could halt it. In a statement issued shortly after the RBC announcement, the Finance Department said the deal is subject to Ms. Freeland’s approval and that she “has the authority to impose any terms and conditions and to require any undertaking that she considers appropriate.”
Conversely, if the Competition Bureau moves to block the deal, the Finance Minister can overrule that decision and allow the transaction to go ahead. In a separate call with reporters on Tuesday afternoon, RBC’s Mr. McKay was asked if he was willing to divest some of HSBC Canada’s assets in order to win approval – as Rogers has offered to do in its attempt to acquire Shaw, and as Barclay’s Mr. Aiken has suggested may be required of RBC.
His response was a curt “no.”
Then there is the issue of whether approving RBC’s purchase of HSBC Canada would set a precedent, potentially spawning a larger wave of consolidation among Canadian banks. While precedent would likely not apply to regulatory reviews of proposed mergers, the case-by-case nature of such reviews is thought to make it difficult for such a contagion effect to occur.
With a report from James Bradshaw
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2022-11-30 10:00:54Z
1677195550
Oil Shoots Up On Huge Crude Inventory Draw - OilPrice.com
Crude oil prices moved further up today after the U.S. Energy Information Administration reported a crude oil inventory decline of 12.6 million barrels for the week to November 25.
At 419.1 million barrels, oil inventories are 8 percent below the five-year average for this time of the year.
Last week’s inventory move compared with a draw of 3.7 million barrels estimated for the previous week.
In fuels, the EIA estimated inventory builds.
Gasoline inventories added 2.8 million barrels in the reporting period, with production averaging 9.4 million bpd.
This compared with a build of 3.1 million barrels for the previous week, with production at 9.2 million barrels daily.
In middle distillates, the EIA reported an inventory increase of 3.5 million barrels for the week to November 25, with production averaging 5.3 million bpd.
This compared with an inventory build of 1.7 million barrels for the previous week and production of 5.1 million bpd.
Meanwhile, oil prices have been on the mend after a sharp drop at the start of this week amid Chinese protests against Covid restrictions. Countering demand concerns related to the Covid situation in China, there have been reports that OPEC+ might discuss deeper production cuts at its upcoming meeting on Sunday.
This has prompted at least one investment bank to reiterate its bullish forecast for oil prices despite the recent decline. According to Jeffrey Currie, the head of commodities at Goldman Sachs, Brent crude could yet rise to $110 per barrel next year.
At the same time, the head of the International Energy Agency has called on OPEC to consider the “fragile” state of the global economy at its next meeting, warning that some of the cartel’s biggest clients were n the brink of a recession.
At the time of writing, Brent crude was trading at $85.37 per barrel, with West Texas Intermediate at $80.90 per barrel. Both were up from opening.
By Irina Slav for Oilprice.com
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Irina Slav
Irina is a writer for Oilprice.com with over a decade of experience writing on the oil and gas industry.
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2022-11-30 15:37:00Z
1668034024
How RBC pulled off its highly-coveted $13.5-billion deal for HSBC Canada — with some unintended help from Ottawa - The Globe and Mail
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A combination of external and internal factors made RBC's HSBC deal a reality.Duane Cole/The Globe and Mail
He’ll never want to admit it, but Royal Bank of Canada RY-T chief executive Dave McKay can thank Prime Minister Justin Trudeau, at least in part, for landing Canada’s most coveted bank deal in decades.
Like many of his industry peers, Mr. McKay has been frustrated with Ottawa for slapping an additional, permanent tax on bank and life insurance company profits in the most recent federal budget, something Ottawa has attributed to clawing back some of the financial relief it provided during the COVID-19 pandemic.
While the federal government can taketh away, it can also provide, and seven months later, another pandemic financial policy has proven to be quite helpful to RBC – even if the assistance is unintended.
Because there was so much economic uncertainty when Canada entered its first COVID-19 lockdowns in March, 2020, the federal government and the country’s banking regulator wanted banks to preserve cash as a buffer against any shocks. To enforce this, they prevented the lenders from hiking their dividends, something they often did annually.
There was no way to know it then, but Canada’s banks kept churning out profits, even through multiple lockdowns. That meant all the cash they would have normally put toward dividend hikes piled up on their balance sheets.
RBC wasn’t the only lender that saw its coffers swell, but because it is Canada’s largest bank by profit, it was able to hoard large amounts each quarter. Ultimately, that money was deployed to win the HSBC Canada auction, in the form of a $13.5-billion, all-cash bid.
At the same time, HSBC Canada’s parent, London-based HSBC Holdings PLC, must have seen all that money piling up. So, even though HSBC’s global management team had long said it was committed to Canada, if there was any time to sell, this was it. All that excess cash gave HSBC a greater chance of selling for top dollar – and, crucially, an exit before any potential recession.
The second element of RBC’s winning strategy, and arguably the most important, is an internal one, and it is rooted in something so often overlooked in business: discipline.
Ever since Mr. McKay acquired California-based City National Corp., which specializes in banking for high-net-worth clients, for US$5.4-billion in 2015, just five months into his tenure, there have been endless questions from investors and analysts about what RBC would do next. Often, they centred on growth in the United States.
Mr. McKay has been batting these away for years, suggesting RBC isn’t all that interested in establishing a large retail banking footprint in the U.S. Doing so requires scale, which means it would take one or two large deals to make an impact. To his mind, it just isn’t worth it, considering where RBC is starting from, and because retail banking isn’t as profitable in the U.S. as it is in Canada.
But the questions kept coming, especially as the Big Six banks started accumulated gobs of cash during the pandemic. Then two of RBC’s Canadian rivals, Toronto-Dominion Bank and Bank of Montreal, splurged on deals of their own. Late last year, BMO bought California-based Bank of the West for $17.1-billion, the largest U.S. deal in Canadian banking history, and early this year TD bought First Horizon for US$13.4-billion.
Standing pat is incredibly tough when rivals are writing big cheques. The fear of missing out is real, and investors tend to be myopic, too, so they have a habit of rewarding short-term revenue growth.
RBC, though, never wavered. “Patience is really important,” Mr. McKay said on a conference call with reporters Tuesday.
Royal Bank wasn’t necessarily waiting for this precise opportunity. “We didn’t know [the HSBC Canada sale] was going to happen, or the timing,” he said. But sometimes executives get lucky. And having all that excess capital allowed RBC to splurge on what Mr. McKay called a “more sure-footed transaction” relative to rivals’ deals.
He didn’t go into specifics, but based on its financials, Bank of the West is a fixer-upper for BMO. It is also based in a state where BMO has almost no footprint. First Horizon, meanwhile, may not have even been TD CEO’s first choice for its most recent U.S. retail banking deal, after TD was reported to be in the auction for Bank of the West just a few months prior. HSBC, by contrast, is a very profitable bank, with a 14-per-cent return on equity over the past 12 months, rather healthy by global standards.
What RBC will have to prove now is that it hasn’t overpaid. Just because it had the cash to burn doesn’t mean it needs to use it all.
The bank’s executives are stressing that after making some adjustments, it’s paying about nine times HSBC Canada’s forward earnings, which is below the long-term average trading multiple for Canadian lenders. However, bank deals are also priced off of a multiple of the target’s book value, and at 2.5 times HSBC Canada’s, RBC is paying a healthy premium.
That isn’t necessarily a bad thing. In fact, during Mr. McKay’s tenure, it’s become a bit of a standard. When RBC bought City National, it paid 2.6 times book value, and at the time, almost everyone on Bay Street wondered if the bank overpaid. All those fears have subsided over the past seven years.
What’s become clear is that RBC is willing to pay up for quality. Some bankers chase cheap assets, and may get lucky and find a diamond in the rough. RBC, though, has tried that before, and it resulted in a disastrous acquisition of North Carolina-based Centura Banks Inc. in 2001. Unwinding the deal took a decade, and when RBC ultimately sold the division in 2012, it took a $1.5-billion charge in the process.
“We bought a franchise that had to be transformed and changed – it wasn’t the ‘Tier 1′ franchise,” Mr. McKay said about Centura in a 2015 interview with The Globe and Mail. “Our biggest [lesson] from that failed venture was that you have to buy the highest-quality franchise and build on it.” Sound familiar?
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2022-11-30 00:13:28Z
1677195550
Selasa, 29 November 2022
Elon Musk has put Apple back in the crosshairs over Twitter and free speech, says WSJ's Tim Higgins - CNBC Television
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2022-11-29 13:46:18Z
1675237125
Musk: Apple wants to block Twitter from its app store - Al Jazeera English
The billionaire CEO of Twitter and Tesla said on Monday that Apple was pressuring Twitter over content moderation demands.
Elon Musk has accused Apple Inc of threatening to block Twitter Inc from its app store without saying why in a series of tweets that also said the iPhone maker had stopped advertising on the social media platform.
The billionaire CEO of Twitter and Tesla said on Monday that Apple was pressuring Twitter over content moderation demands.
The action, unconfirmed by Apple, would not be unusual as the company has routinely enforced its rules and previously removed apps such as Gab and Parler.
Parler, which is popular with conservatives in the United States, was restored by Apple in 2021 after the app updated its content and moderation practices, the companies said at the time.
“Apple has mostly stopped advertising on Twitter. Do they hate free speech in America?” Musk, who took Twitter private for $44bn last month, said in a tweet.
He later tagged Apple Chief Executive Officer Tim Cook’s Twitter account in another tweet, asking, “What’s going on here?”
Apple did not immediately respond to requests for comment.
“It wasn’t clear to me how far up the Apple food chain that idea went internally and without knowing that, it isn’t clear how seriously to take any of this,” said Randal Picker, a professor at the University of Chicago Law School.
The world’s most valuable firm spent an estimated $131,600 on Twitter ads between November 10 and November 16, down from $220,800 between October 16 and October 22, the week before Musk closed the Twitter deal, according to ad measurement firm Pathmatics.
In the first quarter of 2022, Apple was the top advertiser on Twitter, spending $48m and accounting for more than 4 percent of total revenue for the period, the Washington Post reported, citing an internal Twitter document.
Twitter did not immediately respond to a Reuters news agency request for comment on the report.
‘Go to war’
Among the list of grievances tweeted by Musk was the up to 30 percent fee Apple charges software developers for in-app purchases, with Musk posting a meme suggesting he was willing to “go to war” with Apple rather than paying the commission.
The fee has drawn criticism and lawsuits from companies such as Fortnite-maker Epic Games while attracting the scrutiny of regulators globally.
The commission could weigh on Musk’s attempts to boost subscription revenue at Twitter, in part to make up for the exodus of advertisers over content moderation concerns.
Companies from General Mills Inc to luxury automaker Audi of America have stopped or paused advertising on Twitter since the acquisition, and Musk said earlier this month that the company had seen a “massive” drop in revenue.
Advertisement sales account for about 90 percent of Twitter’s revenue.
The self-described free speech absolutist, whose company has in the past few days reinstated several Twitter accounts including that of former US President Donald Trump, has blamed activist groups for pressuring advertisers.
Ben Bajarin, the head of consumer technologies at research firm Creative Strategies, said that Musk may be reading too much into a regular process Apple goes through for app reviews.
“App review from Apple is not perfect by any means and a consistently frustrating process for developers but from what I hear it is a two-way conversation,” he said.
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2022-11-28 23:47:11Z
1675237125
Senin, 28 November 2022
Crypto Lender BlockFi Goes Bankrupt in Aftermath of FTX - Yahoo News Canada
(Bloomberg) -- BlockFi Inc. filed for bankruptcy, the latest crypto firm to collapse in the wake of crypto exchange FTX’s rapid downfall.
Most Read from Bloomberg
BlockFi said in a statement Monday that it will use the Chapter 11 process to “focus on recovering all obligations owed to BlockFi by its counterparties, including FTX and associated corporate entities,” adding that recoveries are likely to be delayed by FTX’s own bankruptcy. Chapter 11 bankruptcy allows a company to continue operating while working out a plan to repay creditors.
The petition, filed in New Jersey, lists BlockFi’s assets and liabilities at between $1 billion and $10 billion each. The company said in the statement that it had around $257 million of cash on hand, and is starting an “internal plan to considerably reduce expenses, including labor costs.”
Citing “a lack of clarity” over the status of bankrupt FTX and Alameda Research, the Jersey City, New Jersey-based company earlier halted withdrawals and said it was exploring “all options” with outside advisers.
Following investigations into FTX by the US Securities Exchange Commission and Commodity Futures Trading Commission over potential misuse of customer funds, it became unclear to BlockFi where funding for a credit line from FTX US and collateral on loans to Alameda, which included Robinhood Markets Inc. stock, came from, Bloomberg News reported earlier this month. BlockFi had also been in the process of shifting over its assets over to FTX for custody, but the majority of the assets had not been moved prior to FTX’s collapse.
FTX US is listed in the company’s petition as one of its top unsecured creditors, with a $275 million loan.
The company’s largest unsecured creditor, Ankura Trust Company, is owed about $729 million, according to the petition. Ankura acts as a trustee for BlockFi’s interest-bearing crypto accounts, according to its website.
BlockFi was founded in 2017 by Zac Prince and Flori Marquez and in its early days had backing from influential Wall Street investors like Mike Novogratz and, later on, Valar Ventures, a Peter Thiel-backed venture fund as well as Winklevoss Capital, among others. It made waves in 2019 when it began providing interest-bearing accounts with returns paid in Bitcoin and Ether, with its program attracting millions of dollars in deposits right away.
The company grew during the pandemic years and had offices in New York, New Jersey, Singapore, Poland and Argentina, according to its website. Co-founder Prince in a March 2021 interview with Bloomberg said BlockFi was using proceeds from a $350-million funding round to expand into new markets and fund new products. Bain Capital Ventures and Tiger Global were among the investors in the that round.
Originally valued at $3 billion in March 2021, BlockFi looked to raise money at a reduced valuation of about $1 billion in June. The firm also faced scrutiny from financial regulators over its interest-bearing accounts and agreed to pay $100 million in penalties to the SEC and several US states in February. The SEC is listed on the bankruptcy filing as BlockFi’s fourth-largest creditor, with $30 million owed to the agency.
BlockFi worked with FTX US after it took an $80 million hit from the bad debt of crypto hedge fund Three Arrows Capital, which imploded after the TerraUSD stablecoin wipeout in May.
The company had significant exposure to the empire of companies founded by former FTX Chief Executive Officer Sam Bankman-Fried. The company received a $400 million credit line from FTX US in an agreement that also gave the company the option to acquire BlockFi through a bailout orchestrated by Bankman-Fried over the summer. BlockFi also had collateralized loans to Alameda Research, the trading firm co-founded by Bankman-Fried.
The company is the latest crypto firm to seek bankruptcy amid a prolonged slump in digital asset prices. Lenders Celsius Network LLC and Voyager Digital Holdings Inc. also filed for court protection this year.
The case is BlockFi Inc., 22-19361, U.S. Bankruptcy Court for the District of New Jersey (Trenton).
--With assistance from Jeremy Hill and Vildana Hajric.
(Adds history of the company’s entanglement with FTX beginning in the fifth paragraph.)
Most Read from Bloomberg Businessweek
©2022 Bloomberg L.P.
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2022-11-28 16:49:44Z
1675899958
The Problem With Oil And Gas Price Caps - OilPrice.com
- The price cap on Russian oil is now just days away from being implemented, yet the EU and G7 have been unable to agree upon a price range.
- While the details of the price cap still haven’t been agreed upon, reports that it will be in the $65-$70 range have led some critics to describe the cap as toothless.
- Meanwhile, the proposed natural gas price cap has received even harsher criticism, with analysts warning it would have no upside and plenty of downside.
This week saw two documents published by two government departments: the European Commission in Brussels and the Department of Treasury in Washington. The Commission’s document was a proposal for “a new instrument” aimed at limiting excessive gas prices in Europe. The Treasury’s document was guidance on the implementation of a price cap policy towards crude oil originating in the Russian Federation. Both were slammed by critics within hours of their publication.
The two documents represent the long-awaited price caps that have been discussed since June for the oil price cap on Russian crude and since September for the gas price cap. Neither of the final results appears to be satisfactory.
The U.S. Treasury’s oil price cap guidance, for instance, provides 12 pages of information on how the cap would be enforced but stops short of actually naming the level of the cap. The reason is that it is still being discussed and there is no consensus on what it should be.
The cap needs to be agreed upon by both the G7 and the EU. As the EU acts as an eighth partner in the group in addition to having three members in G7 itself, the U.S. is now waiting for the EU to agree on a cap level. This is proving to be a challenge.
Reuters reported on Thursday that the European Union’s leaders had failed to agree on a cap level because the G7’s proposal to consider a band of between $65 and $70 per barrel was considered to be too low for some EU members and too high for others.
For others, such as U.S. oil industry vet and commentator David Blackmon, the cap was a joke - Russia is already selling its oil to China and India at prices in the proposed range, so the cap will not, in fact, cap anything at all.
Energy Intelligence’s OPEC correspondent Amena Bakr was also blunt. In a tweet thread on Wednesday, she said that “If you can’t deliver on something then don’t make false promises! The EU looking to cap oil at 65-70 is a joke. How will that price range hurt Russia’s war financing?” after which she called the proposed cap range toothless.
Yet Bakr also said that if this is the level the price “cap” is agreed at, it would be evidence that the EU has recognized the importance of energy security over geopolitics. Whether will be an agreement remains uncertain because differences appear to be quite significant.
Poland, for instance, would not agree to a cap above $30 per barrel, while Cyprus wants compensation for the shipping business it would lose because of the cap. Even before it is finalized, the Russian oil price cap is already being ridiculed.
Meanwhile, the European Commission proposed a gas price cap for all imports in the European Union that immediately became a target for jokes. At 275 euros per MWh, the cap price is way too high, according to some. And it won’t be triggered even in a price spike like the one the EU saw this summer, the FT reports.
The EC’s proposal says that gas prices on the EU market need to stay at the level of 275 euros for two weeks before the capping mechanism is triggered, but the FT recalls that even this summer, when prices soared to 300 euros per MWh temporarily, they never stayed at 275 euros per MWh for two entire weeks.
This is enough to make the cap useless but in addition to being useless, some have warned it could be harmful to the European gas market. Traders and exchanges slammed the Commission for risking disturbing the energy markets on the continent and pushing deals from the transparent exchanges to the opaque over-the-counter market.
When talking about the gas price cap, the European Federation of Energy Traders said this week that “even a short intervention would have severe, unintended and irreversible consequences in harming market confidence that the value of gas is known and transparent”.
ICE, the exchange operator, went further and claimed the cost of such an intervention would be $33 billion. This is the size of additional margin payments for traders operating on the TTF market as these payments increase by 80 percent because of the cap. This, ICE said in a memo to the EC seen by the FT, could destabilize the market.
So, on the one hand, the G7 is proposing a price cap on Russian oil that aims to reduce Russia’s oil revenues while keeping the oil flowing to international markets—a paradoxical goal—and, on the other, the EC is proposing a price cap mechanism for natural gas prices that will likely never be used given the price level set for the cap.
This is certainly worth ridiculing, but at the same time, a more serious look is warranted because both moves tell the same story. Trying to cap the price at which Russia sells its oil is risky and that’s a risk not worth taking right now with inflation already where it is. Trying to cap natural gas imports to the EU is also risky and that’s another risk not worth taking, especially as winter begins in Europe.
By Tsvetana Paraskova for Oilprice.com
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Tsvetana Paraskova
Tsvetana is a writer for Oilprice.com with over a decade of experience writing for news outlets such as iNVEZZ and SeeNews.
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2022-11-27 22:00:00Z
1657198475
Sabtu, 26 November 2022
Black Friday impacted by changing shopping habits - CP24
Tara Deschamps, The Canadian Press
Published Saturday, November 26, 2022 2:04PM EST
When Shopify Inc.'s Harley Finkelstein surveys November's retail landscape, he finds it hard to see where Black Friday stops and Cyber Monday begins.
The annual pre-holiday sales blitzes meant to encourage customers to drop cash on discounted goods have bled together in recent years, with stores extending Black Friday promotions beyond a single day and online retailers offering Cyber Monday deals all week — or all month.
"Black Friday/Cyber Monday used to be a weekend, now it's more of a season," said the president of the Ottawa e-commerce giant.
Many in the retail industry feel the divisions will be even more hazy this Cyber Monday as the COVID-19 health crisis continues to reshape shopping habits.
During the pandemic, which saw stores temporarily close and people retreat inside their homes, there was a surge in online shopping.
As measures meant to quell the virus eased, many kept shopping online — but not at the rate some brands anticipated.
"Online shopping grew in popularity, obviously, through the pandemic, but it's actually fallen off now because people are returning back to the store," said Lisa Hutcheson, managing partner at J.C. Williams Group, a consulting firm.
"E-commerce spending is actually down year-to-date 11.5 per cent."
The consumer shift back to brick-and-mortar stores blindsided Shopify, which had banked on online shopping continuing to accelerate at pandemic rates.
"It's now clear that bet didn't pay off," chief executive Tobi Lutke said in a July statement announcing the company was laying off 10 per cent of staff as a result of the misjudgment.
The company's stock traded for as high as $212 in the past year but has averaged closer to $50 in recent days.
So there's a lot riding on the Black Friday/Cyber Monday weekend.
"Black Friday/Cyber Monday is sort of our Super Bowl," said Finkelstein. "The culture and the energy at the company is really high right now."
A survey his company conducted with 24,000 consumers and 9,000 small and medium businesses around the world found 59 per cent of Canadians planned to spend the same amount as or more than last year on Black Friday and Cyber Monday weekend. That figure rose to 74 per cent for those between the age of 25 and 34.
Finkelstein finds it hard to predict how the weekend will go, though he suspects it will be very different from last year, when the country was consumed with product shortages and the Omicron wave of COVID-19.
"This Black Friday/Cyber Monday seems far less frantic than last year," he said. "There are less supply chain issues, more physical stores are open, there's more inventory. There's better capacity planning at the shipping companies."
However, there is a new problem: inflation remains stubbornly high.
Michelle Wasylyshen of the Retail Council of Canada says "consumers tightened their belts a little" in recent months but still plan to spend the same as they did last holiday season, roughly $790.
"The difference this year is that they will be looking for more meaningful or practical gifts," she wrote in an email. "They might also decrease the number of people they buy for or will give fewer gifts per person, but they do plan to shop."
Finkelstein also foresees a more measured approach.
"They may not buy five things they have mediocre love for. They may buy two things they deeply want," said Finkelstein.
"And they may also be thoughtful about how they buy ... Is there a discount coming? I'll wait until Thursday night or until Cyber Monday."
The term Cyber Monday was coined in 2005 by the National Retail Federation, which noticed the Monday after Black Friday had delivered a big spike for online sales and traffic in the prior two years.
"We won't be seeing quite the same spike that we have in the past," Hutcheson predicted.
Some of that forecast comes from the stretched shopping window but also because some people are going to stick with their pandemic habits of online shopping.
Moneris is predicting Cyber Monday will be the busiest online shopping day, following a trend set in 2019 and 2020. However, Black Friday is still expected to be the busiest day in terms of total transaction count and dollars spent across all mediums.
Hutcheson said the week will play out as an "omnichannel view."
Omnichannel is an industry term referring to making shopping seamless across online and mobile platforms as well as brick-and-mortar stores.
Finkelstein likes the term because the retail industry "is no longer online versus offline."
"Saying omnichannel is a strategy will soon be akin to saying colour TV," he said. "It is the norm and so consumers are shopping everywhere and everywhere."
This report by The Canadian Press was first published Nov. 25, 2022.
Companies in this story: (TSX:SHOP)
https://news.google.com/__i/rss/rd/articles/CBMiZWh0dHBzOi8vd3d3LmNwMjQuY29tL25ld3MvYmxhY2stZnJpZGF5LWN5YmVyLW1vbmRheS1kaXZpc2lvbnMtYmx1ci1hcy1zaG9wcGluZy1oYWJpdHMtc2hpZnQtMS42MTY5OTg20gEA?oc=5
2022-11-26 19:04:25Z
1669699831
Motorcycle helmets bought from online platforms had counterfeit safety certifications, test finds - CBC News
Experts are warning consumers to think carefully before purchasing safety equipment online, especially when it comes to protecting their heads.
A CBC Marketplace investigation has found that some motorcycle helmets purchased on popular websites would crack and fall apart in a crash — and that the safety certifications on them are counterfeit.
Marketplace purchased helmets for sale on Amazon, eBay and Walmart's marketplace advertised as U.S. Department of Transportation (DOT) certified. Manufacturers, who are responsible for conducting testing, include the letters "DOT" on the back of a helmet to indicate the helmet has met or exceeded the U.S. Federal Motor Vehicle Safety Standard. It's one of the three required safety certifications for motorcycle helmets in Canada.
But despite advertising that the helmets were safety certified, Marketplace found that each helmet failed portions of the safety standard, which, according to experts, means the DOT certifications were counterfeit.
Chris Withnall, senior engineer with Biokinetics lab in Ottawa, which tested the helmets, said it can be "a matter of life and death."
"A helmet might look like a motorcycle helmet, but it might not actually behave like a motorcycle helmet when you need it most," he said.
After Marketplace told Amazon, eBay and Walmart about the helmets' counterfeit safety certifications, all platforms removed the listings the show had identified.
In an emailed statement, a spokesperson for eBay wrote that it invests millions of dollars into keeping its platform safe. A spokesperson for Amazon wrote that its partners are "contractually obligated to ensure that their products comply with all applicable laws and Amazon policies," and it urged concerned consumers to contact its customer service team. A spokesperson for Walmart wrote that the sellers are responsible for "ensuring their products meet all legal and regulatory requirements."
Marketplace also asked the U.S. Department of Transportation's National Highway Traffic Safety Administration to respond to the investigation. In an email, the agency wrote that it relies on a self-certification process and will sometimes conduct random tests on some helmets, but it does take feedback and complaints from consumers into account. It also said it will recall helmets if necessary and acknowledged there are retailers that use fake DOT labels.
When shopping for helmets, Milan Uzelac, a senior motorcycle instructor with the Rider Training Institute, urges riders to stick with reputable brands and try helmets on in-person.
"If and when things happen, you want to be confident that the helmet you're wearing is going to protect you," he said.
Watch the full Marketplace investigation to see exactly how each helmet failed the testing, and for tips on red flags to look for when shopping for helmets.
https://news.google.com/__i/rss/rd/articles/CBMiV2h0dHBzOi8vd3d3LmNiYy5jYS9uZXdzL2J1c2luZXNzL21vdG9yY3ljbGUtaGVsbWV0cy1vbmxpbmUtY291bnRlcmZlaXQtc2FmZXR5LTEuNjY2NDY1NNIBAA?oc=5
2022-11-26 09:00:00Z
1671855893
Unrest at world's biggest iphone factory in China #shorts - CBC News: The National
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2022-11-25 22:47:14Z
1651718738
Jumat, 25 November 2022
Facing excess inventory and inflation-weary shoppers, retailers pitch Black Friday bargains - CBC News
High inflation has left Canadians counting their pennies far more than usual this year, making the job of retailers to convince them to spend this holiday season harder than ever.
Friday marks the unofficial start of the holiday shopping season, as U.S.-style Black Friday sales are now firmly entrenched in Canada, too.
The annual spending bonanza is different this year, however, as experts say that while there are more deals than usual, they're coming against a backdrop of consumers who are more cost conscious than ever.
"It's the year of the discount, it really is," retail consultant Bruce Winder said in an interview. "Consumers have shown that they're frugal, they're stingy this year, and they're not going to buy unless it's on sale."
A lot of excess product
Excess inventory levels are a big reason why discounts may be deeper than usual this year.
In the early days of the pandemic, retailers struggled with supply chain issues that led to empty shelves in many product categories. But Winder says the pendulum has swung the other way now, as many retailers have far more inventory to move than they normally would this time of year — which is pushing them to discount it more deeply and earlier than they normally would.
"It went from being out of stock to having too much stock in some circumstances, but that bodes well for consumers," Winder said.
Elliot Morris, grocery and consumer packaged goods leader at EY Canada, says retailers are caught between a rock and a hard place. "As the economy slows, there are areas of inventory which clearly have built up with retailers," he said. "As we get through the balance of the holiday season, if that inventory continues to sit on shelves ... you will see deeper discounts."
Retailers themselves are keenly aware that customers are choosier than ever this year, which is pushing some new names to get into the Black Friday game.
Melissa Austria runs Gotstyle, a unisex clothing store in Toronto. She typically doesn't have across-the-board sales this time of year, but today her store will be offering some suits and sport jackets at 50 per cent off.
"We're noticing we have to bring in things that are a little bit more price sensitive for the everyday casual customer that normally wouldn't shop here," she told CBC News in an interview. "The more casual customer who wouldn't normally buy a high-ticket item is definitely putting the brakes a little bit."
Michelle Wasylyshen with the Retail Council of Canada says she's optimistic about the outlook this year, but it's clear that pricing will be the biggest consideration.
"I think everybody has concerns of a slowing economy, but it does look like consumers are still spending, they're just spending more wisely," she told CBC News in an interview.
Shopping in Toronto's Distillery District, Pradheepa Simonpillai says she plans to spend less than she normally would this holiday season, even with a young child to care for.
"I don't buy anything unless it's absolutely necessary," she said. "I'm going to find really creative ways not to spend money this season."
Another shopper, Amir Ali, says he plans to be out shopping on Friday precisely because he thinks there will be deals to be had.
"You've just got to make different decisions [but] I'm still going to get some gifts for the kids and stuff like that," he said.
Annie Titheridge also plans to brave the crowds this year because she likes to be able to touch and feel products before buying them, something she can't do with online shopping.
"My husband and daughter think I'm mad going shopping on Black Friday," said Titheridge, who will drive from King City north of Toronto to the Yorkdale Shopping Centre for the day. "But if the deals are good and something jumps out at me, what can I do?"
https://news.google.com/__i/rss/rd/articles/CBMiQGh0dHBzOi8vd3d3LmNiYy5jYS9uZXdzL2J1c2luZXNzL2JsYWNrLWZyaWRheS1zaG9wcGluZy0xLjY2NjMwNzLSAQA?oc=5
2022-11-25 18:16:34Z
1669699831
Black Friday discounts deeper than usual as retailers deal with excess inventory and inflation-weary shoppers - CBC News
High inflation has left Canadians counting their pennies far more than usual this year, making the job of retailers to convince them to spend this holiday season harder than ever.
Friday marks the unofficial start of the holiday shopping season, as U.S.-style Black Friday sales are now firmly entrenched in Canada, too.
The annual spending bonanza is different this year, however, as experts say that while there are more deals than usual, they're coming against a backdrop of consumers who are more cost conscious than ever.
"It's the year of the discount, it really is," retail consultant Bruce Winder said in an interview. "Consumers have shown that they're frugal, they're stingy this year, and they're not going to buy unless it's on sale."
A lot of excess product
Excess inventory levels are a big reason why discounts may be deeper than usual this year.
In the early days of the pandemic, retailers struggled with supply chain issues that led to empty shelves in many product categories. But Winder says the pendulum has swung the other way now, as many retailers have far more inventory to move than they normally would this time of year — which is pushing them to discount it more deeply and earlier than they normally would.
"It went from being out of stock to having too much stock in some circumstances, but that bodes well for consumers," Winder said.
Elliot Morris, grocery and consumer packaged goods leader at EY Canada, says retailers are caught between a rock and a hard place. "As the economy slows, there are areas of inventory which clearly have built up with retailers," he said. "As we get through the balance of the holiday season, if that inventory continues to sit on shelves ... you will see deeper discounts."
Retailers themselves are keenly aware that customers are choosier than ever this year, which is pushing some new names to get into the Black Friday game.
Melissa Austria runs GotStyle, a unisex clothing store in Toronto. She typically doesn't have across-the-board sales this time of year, but today her store will be offering some suits and sport jackets at 50 per cent off.
"We're noticing we have to bring in things that are a little bit more price sensitive for the everyday casual customer that normally wouldn't shop here," she told CBC News in an interview. "The more casual customer who wouldn't normally buy a high-ticket item is definitely putting the brakes a little bit."
Michelle Wasylyshen with the Retail Council of Canada says she's optimistic about the outlook this year, but it's clear that pricing will be the biggest consideration.
"I think everybody has concerns of a slowing economy, but it does look like consumers are still spending, they're just spending more wisely," she told CBC News in an interview.
On the streets of Toronto, shopper Pradheepa Simonpillai says she plans to spend less than she normally would this holiday season, even with a young child to care for.
"I don't buy anything unless it's absolutely necessary," she said. "I'm going to find really creative ways not to spend money this season."
Another shopper, Amir Ali, says he plans to be out shopping on Friday precisely because he thinks there will be deals to be had.
"You've just got to make different decisions [but] I'm still going to get some gifts for the kids and stuff like that," he said.
Annie Titheridge also plans to brave the crowds this year because she likes to be able to touch and feel products before buying them, something she can't do with online shopping.
"My husband and daughter think I'm mad going shopping on Black Friday," said Titheridge, who will drive from King City north of Toronto to the Yorkdale Shopping Centre for the day. "But if the deals are good and something jumps out at me, what can I do?"
https://news.google.com/__i/rss/rd/articles/CBMiQGh0dHBzOi8vd3d3LmNiYy5jYS9uZXdzL2J1c2luZXNzL2JsYWNrLWZyaWRheS1zaG9wcGluZy0xLjY2NjMwNzLSAQA?oc=5
2022-11-25 11:28:22Z
1671238346
Kamis, 24 November 2022
EU members discuss gas price cap | DW News - DW News
https://news.google.com/__i/rss/rd/articles/CBMiK2h0dHBzOi8vd3d3LnlvdXR1YmUuY29tL3dhdGNoP3Y9OExSaXI3RHIyN2vSAQA?oc=5
2022-11-24 12:33:32Z
1659168068
Only weeks after launch, TD hits pause on loan program partnering with Canada Post - CBC News
It only launched last month, but TD Bank and Canada Post have already put a new program offering loans for customers in remote communities on pause, citing unspecified "processing issues."
Known as the MyMoney program, the mail carrier and lender announced just last month that 6,000 Canada Post locations across the country would soon be able to offer individuals small loans of between $1,000 and $30,000.
Targeting remote communities that lack full service bank branches but do have Canada Post locations, the program was an example of what's known as postal banking — a system that countries such as Italy, Brazil, New Zealand, Switzerland and others have, to varying degrees of success, but one that hasn't existed in Canada in more than 50 years.
While customers would apply either in person or online via Canada Post, the loans themselves would be with TD Bank, and come with rates of up to 20 per cent per year — much higher than many other traditional lines of credit, but less than what instalment and payday lenders tend to charge in communities without full-service bank facilities.
A report from the Canadian Postmasters and Assistants Association in 2015 found that almost 1,200 Canada Post locations are located in communities that don't have a bank or credit union branch. That's almost half of all locations, and those are the communities that the program is trying to target.
When the program was launched in October, TD said it planned to expand the program to even more banking services, but after barely a month, CBC News has learned that the lender has put the program on temporary hiatus.
"Since the launch, the product was paused both online and in physical locations, after experiencing processing issues," the bank said, without elaborating. "We're still working through this and will update accordingly."
The website where Canadians can apply for the loans has an advisory that the loans are "temporarily unavailable."
Unanswered questions
Duff Conacher, co-founder of civic advocacy group Democracy Watch, supports the concept of postal banking generally, but was underwhelmed when he heard the details of the program.
"It's gouging on the top end," he said in an interview. "A line of credit should be around 10 to 12 per cent right now, unless it's tied to a mortgage and then it should be lower."
"There's no reason to go above that."
Ben Dachis, the associate vice-president of public affairs at the C.D. Howe Institute think-tank, told CBC News in an interview Thursday that he was "not surprised that this isn't taking off as easily as one would expect."
He is among those who is skeptical of the idea of postal banking in the first place, noting that online banking options and credit unions already do a good job of filling the void for banking needs in areas where they lack.
"Postal banking has always been a solution looking for a problem."
CBC News has asked Canada Post and TD Bank for more details on what sort of "processing issues" led to the decision — and what the status of existing applications is.
Canada Post directed all inquiries to TD Bank, which has so far declined to elaborate on the nature of the processing issues.
https://news.google.com/__i/rss/rd/articles/CBMiRGh0dHBzOi8vd3d3LmNiYy5jYS9uZXdzL2J1c2luZXNzL3RkLWJhbmstY2FuYWRhLXBvc3QtcGF1c2UtMS42NjYyODEz0gEA?oc=5
2022-11-24 18:29:19Z
CAIiEGG84RAIh-nFq_JdU6OeHIoqFggEKg4IACoGCAowqKNmMKjdCjDGlx0
Gas Price Cap Could Cause Irreversible Harm To Energy Markets - OilPrice.com
- The European Commission issued a statement declaring what it called a “safety price ceiling” for gas prices set at 275 euros per MWh.
- The threat of a gas price cap on front-month gas contracts would strain the market and effectively make it less transparent.
- Traders are especially concerned about the idea to tie the price of LNG to the price of benchmark EU gas futures.
Earlier this week, the European Commission issued a statement declaring what it called a “safety price ceiling” for gas prices set at 275 euros, or $283 dollars, per megawatt-hour.
Hailed as the long-awaited gas price cap that EU members have been discussing for weeks now, the ceiling’s aim, according to the Commission, will be used as a “temporary and well-targeted instrument to automatically intervene on the gas markets in case of extreme gas price hikes.”
While national governments may be happy with this new instrument, market players are the opposite of happy. In fact, traders have warned that using the instrument could cause irreversible harm to energy markets in Europe.
“Even a short intervention would have severe, unintended and irreversible consequences in harming market confidence that the value of gas is known and transparent,” said the European Federation of Energy Traders this week, following the news broken by the European Commission, as quoted by the Financial Times. What traders—and exchanges—argue is that the threat of a gas price cap on front-month gas contracts would strain the market and effectively make it less transparent. Even worse, according to them, is the EC’s idea to basically tie benchmark European gas futures prices to the price of liquefied natural gas on the spot market.
Related: Europe Gas Crisis Subsides: Trafigura
The tie to LNG prices is one of two conditions that must be met for the “safety price ceiling” to be triggered automatically. As stated by the EC, these are, first, when “the front-month TTF derivate settlement price exceeds €275 for two weeks” and, second, when “TTF prices are €58 higher than the LNG reference price for 10 consecutive trading days within the two weeks.”
As soon as both of these things happen, regulators will swing into action, and after a day of notifications to all relevant authorities, the ceiling will enter into effect, and front-month orders for gas naming prices that are above 275 euros will not be accepted.
According to the Commission, the fact that the price cap is limited to front-month contracts ensures the stability of the financial system and futures markets by leaving traders free to trade gas over the counter and on the spot market.
According to traders and exchange operators, this is not the case. Per the FT report on the topic, the industry is worried about unexpected and excessively high margin calls on the over-the-counter market, as well as the ability of exchanges to tackle defaults.
The LNG tie is of particular concern because, according to traders, LNG markets are a lot more illiquid and volatile than the TTF market, which is based on actual transactions.
The trading world is so concerned about the gas price cap that the European Federation of Energy Traders warned the Commission this week that the cap might force exchanges to suspend trading in case they could “not meet obligations on running fair and orderly markets.”
Meanwhile, the European Central Bank has also warned against moving trades from exchanges to over-the-counter market, which, featuring direct transactions between parties, is a lot more opaque and a lot less regulated than the exchange.
The traders are not alone in their concerns, which also include a worry that the proposed cap mechanism has not been tested for faults. The Commission just said it would become effective next January.
“It is unrealistic to assume this [ensuring the cap won’t put markets in jeopardy] can be achieved within a short timeframe and certainly not before the end of this winter,” the head of the European association of energy exchanges, Christian Baer, said.
Some European diplomats appear to share these concerns, according to the FT. One unnamed member of the diplomatic body said this week that “Safeguards checks are only applied ex-post [so] how can compliance with the safeguards be ensured when the measure is in place? It is similar to installing airbags after you ran your car into an accident.”
Per the Commission’s proposal, there are two ways to ensure the cap does no harm to markets: one, by deactivating it or by preventing its activation “in case relevant authorities, including the ECB, warn of such risks materialising.”
The language of the statement about the price cap is quite general, as the language of all such statements tends to be. There is little specificity or, indeed, examples of the risks mentioned above that would trigger the deactivation of the cap—facts that no doubt intensify traders’ worries.
There is also another worry that may potentially be a bigger one, and it has nothing to do with trading and financial markets. Several EU members are concerned that the price cap will encourage greater gas demand at a time when demand needs to be reduced.
The Commission has a response to that: triggering the mandatory energy savings mechanism agreed upon earlier this year and launched in its voluntary version a couple of months ago. Whether this would be enough and, more importantly, whether it would not have some severe unintended consequences remains an open question for now.
By Irina Slav for Oilprice.com
More Top Reads From Oilprice.com:
Irina Slav
Irina is a writer for Oilprice.com with over a decade of experience writing on the oil and gas industry.
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2022-11-24 02:00:00Z
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