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Markets

Wall Street hesitates to open in a climate of trade tensions

The New York Stock Exchange is trying to rebound Friday, but the technology stocks are still down, investors are still concerned about the commercial offensive launched by Donald Trump against China.

The Dow Jones index gained 96.96 points, or 0.4%, to 24,054.85 points after half an hour of trading. The broader Standard & Poor’s 500 rose by 0.19% to 2648.59 points, but the NASDAQ Composite lost 0.12% to 7158.10 points.

The semiconductor sector remains in the red and Intel (-1.24%) shows the largest decline in the Dow.

On Thursday, the three major indexes on Wall Street ended on declines of 2.4% to 2.9% after signature by Donald Trump a document that could impose tariffs on up to 60 billion dollars of Chinese imports.

The US president’s decision fueled investors’ fears that the world’s first two economies would engage in a trade war, a risk destabilizing the financial markets, worried about the consequences for global growth.

China ready to fight back

The Chinese authorities were quick to react and announced plans to deal with some $ 3 billion of US imports.

The list unveiled by China, less consistent than that of the United States, “suggests that, perhaps, there will be no real trade war and that there is room for negotiations,” says Robert Pavlik, Head of Investment Strategy at SlateStone Wealth in New York.

At the same time, the US president has provisionally exempted the European Union and six third countries from the tariffs that will apply to imports of steel and aluminum as of this Friday.

At the time of the opening of the American markets, Europe reduced its losses in the wake of Wall Street. The CAC 40 lost 0.98% and the Stoxx 600 yielded 0.5% after dropping to more than 1.6%.

Categories
Economy

WestJet flight attendants claim they are paid less than the minimum wage

Some WestJet flight attendants claim that the airline usually pays its crew less than the minimum wage, since agents are only paid for the hours they spend in the air and not for their actual work time.

The industry standard for flight attendant compensation is based on the time between flight and landing, although most airlines also offer compensation for the time spent by flight attendants in airports before and after flights.

WestJet does not do this, and it has become a sticking point with flight attendants because the minimum wage is increasing across the country. The airlines’ compensation for flight attendants could, in fact, violate federal labor rules, according to one union.

Billionaire365 spoke with two flight attendants who each have more than 10 years of experience with WestJet and whose identity has been protected for fear of reprisal.

WestJet does not pay for its flight attendants like other airlines, it’s frustrating.

A WestJet employee

Flight attendants say that the way WestJet calculates their wages puts them at a disadvantage.

For example, crew members on a one-hour flight between Calgary and Vancouver could end up with a four-hour shift between arriving at the Calgary airport and leaving Vancouver airport.

WestJet would pay its employees for the one hour flight. For example, the rate of $26 per hour spread over four hours is equivalent to $6.50 per hour. This is well below the minimum wage in Alberta, $13.60, and in British Columbia, $11.35.

Full-time flight attendants have a base salary of $25.29 per flight hour, and the maximum salary is $ 47.50 per hour. Based on the expectation of about 80 hours of theft per month, the annual base salary starts at about $ 24,500 and peaks at about $46,500.

“A high school student will see the hourly rate of $ 25 and think it’s fantastic, not understanding that it’s per flight hour, not hours of work,” said a flight attendant.

“Everyone is talking about minimum wage increases and is angry at Tim Hortons, whose employees deserve better. What about the person responsible for your safety aboard an airplane? “Yes, they serve you coffee most of the time, but it’s not really their job,” says the employee.

Compensation is “generous” says airline

The Calgary-based carrier’s flight attendants have been trying to organize for a number of years, and they would like that to happen, especially as a result of the unionization of pilots, who are currently negotiating their first contract.

WestJet denied interview requests and did not respond to requests for clarification of information.

In an email sent to CBC News, WestJet stated, “We are providing our cabin crew members with a salary and total compensation that offers [a] variety of unique features.”

WestJet offers full-time crew members benefits, an optional share purchase plan and profit sharing when the company is profitable.

“WestJet’s profit sharing is among the best in the airline industry,” the statement said. “We believe that the total compensation offered to our cabin crew is generous and compares favorably with carriers of similar size. ”

Federal rules

The way WestJet pays for its flight attendants could be a violation of federal labor rules, which provide that federally-regulated industries, such as aviation, must pay employees for all the work they do.

The Canadian Union of Public Employees (CUPE) said it was looking at whether federal labor rules were being broken. “It’s a possibility we’re exploring,” said David Fleming, a CUPE representative who has been working for about a year organizing WestJet flight attendants.

Mr. Fleming does not provide timelines for possible unionization, he only says “things are going well”.

He stated that the challenges facing unionization include turnover among flight attendants and the difficulty of communicating with crew members who, by the very nature of their jobs, are in transit most of the time.

Flight attendants who spoke to CBC News say they do not want to quit because they appreciate the flexibility of the position and they will lose their seniority by joining another airline .

Comparison of airline remuneration

The scenario of the flight attendant flying between Calgary and Vancouver would result in a salary increase if he worked for another airline. If the flight attendant worked for the Jazz carrier and was on the same shift, he would receive a minimum wage of 4.5 hours instead of the hour paid by WestJet.

The union representing Jazz’s flight attendants has ensured that there are daily minimums in its contracts.

“It is essential to ensure that employees do not come to work and potentially go into debt because of the expenses they incur to get to work and the wages they receive for the amount of work they do. when they show up, “said Trevor Beattie, president of the union representing the crew of the carrier Jazz.

The airline and the union bind the departure wages of flight attendants to twice the minimum wage in the province where the employee is based.

“That means the starting salary in Toronto for our flight attendants is $ 28 an hour,” said Beattie.

It also states that at Jazz, there is a standard for the minimum number of paid hours for flight attendants, whether they report to work or not.

In another example, if a flight attendant completes a 12-hour shift with four hours of flying, he will receive four hours of pay at WestJet, six hours at Jazz and eight hours at Air Canada. Jazz pays for flight time or half-pay for each hour of work, whichever is greater. Air Canada pays the total number of flying hours or total time at work less four hours, whichever is greater.

Categories
Markets

Facebook St rock Plummets Following Data Breech Scandal

Facebook lost 6.77% of its value on Wall Street on Monday, two days after reports that an analyst firm has collected private data from 50 million social network users to improve data quality. visibility and effectiveness of Donald Trump’s election campaign.

The group’s market capitalization, which stood at 538 billion US dollars at the closing on Friday, has melted by more than 30 billion dollars on this difficult day for the company.

The stock is down more than 13% from its US $ 195.32 record reached 1 February and more than 3% since the beginning of the year.

Facebook has resulted in Twitter and Snap, the company with the social network Snapchat. NASDAQ, a technology-weighted index, dropped 1.84%.

Investigations in view

The President of the European Parliament, Antonio Tajani, announced on Monday that MEPs would investigate the possible misuse of these data, adding that these allegations constitute “an unacceptable violation of the privacy rights of our citizens”.

In the United States, some members of Congress had already expressed their fears the day before about a possible violation of privacy as a result of this information.

“It’s clear that these platforms do not know how to be self-disciplined,” said Democratic Senator Amy Klobuchar on her Twitter account.

On Monday, Republican Senator John Kennedy rallied to his Democratic colleague to call Facebook CEO Mark Zuckerberg to testify before Congress.

In a joint letter, the two senators asked the chair of the Senate Judiciary Committee, Chuck Grassley, to hear Mr. Zuckerberg, as well as the bosses of Google and Twitter, an initiative that reflects the rise of a bipartisan front in Washington on how these companies use private data.

Information of concern

“We think this episode is a new sign of Facebook’s systemic problems,” said Brian Wieser, analyst at Pivotal Research Group.

For Brian Wieser, the risk that regulators will intensify their surveillance increases and the use of data for advertising purposes will become riskier. But he adds that this is unlikely to have a significant impact on the company’s current operations, as advertisers may be reluctant to “suddenly redirect their investments to the platform.”

“This episode is likely to taint the group’s image again and more seriously and could lead regulators to strengthen their monitoring,” said Petr Stabler, an analyst at Wells Fargo.

Daniel Ives, an analyst at GBH Insights, believes that Facebook will ease the concern of regulators by investing in security and improving its algorithms.

Facebook said Friday it was learned in 2015 that a professor of psychology at Cambridge University had lied to the company and violated its rules by transferring data to Cambridge Analytica for an application of psychological tests it had created.

The network suspended the companies and researchers concerned, adding that the data had been misused but not stolen, users having given their consent to their consultation.

Cambridge Analytica and his boss were not available immediately to comment on this information on Monday.

The UK Information Commissioner’s Office (ICO) said over the weekend that it would include these potential new elements in its own civil and criminal investigation to find out if Facebook data was misused as part of British elections.

Categories
Economy

Compensation for the bosses of the big five Canadian banks has climbed

Major executives of Canada’s five largest banks received approximately $53.6 million in compensation during the last fiscal year, up more than 7% from the previous year.

The year was particularly good for TD Bank CEO Bharat Masrani, who saw his total direct compensation jump 20% to $10.85 million in the 12 months ended March 31. October.

Even so, Royal Bank CEO Dave McKay has earned the highest compensation among his peers.

Total compensation totaled $ 12.43 million, up 7.9% from last year, according to the most recent solicitation circulars sent to shareholders of financial institutions.

Brian Porter of Scotiabank earned $ 10.86 million in pay, up 7.4% from fiscal 2016.

Bill Downe of Bank of Montreal – who retired on October 31 – was paid $10.5 million, down about 1% from the previous year.

The CEO of Canada’s fifth largest bank, Victor Dodig of CIBC, received $8.94 million in total direct compensation, up 1.71% from the previous year.

The publication last week of the National Bank solicitation circular had revealed that the grand boss of the country’s sixth largest bank, Louis Vachon, had seen his total remuneration reach $9.34 million – up 15% over the previous year.

Categories
Economy

Canadian Companies Cracking Down On Psychological Harassment

Sexual harassment denunciations last fall have led to a lot of awareness in the workplace. The complaints of psychological harassment have since taken over and there has been a flood of complaints that are pushing a large number of companies to take action to stop the phenomenon.

“People who talk to others with disrespect, who can scream, make violent gestures. Not necessarily physical, it can be slamming doors. When it’s an environment like that, it’s harassment,” explains Manon Poirier, Executive Director of the Order of Human Resources Advisors, whose primary mission is to protect Quebec employees.

The harassment argument as a “corporate culture” is “no longer acceptable” to Ms. Poirier. “No matter the industry, no matter the sector, it does not justify the lack of civility […]. In 60% of cases, [harassment] starts from a problem of lack of civility, “she adds.

Since last fall, Poirier has seen a rise in the level of sensitivity of companies on this subject.

This increase echoes the growing number of complaints filed.

In one year, complaints received by the Commission for Standards, Equity, Health and Safety at Work (CNESST) for psychological harassment have increased.

We are talking about 4669 complaints in 2017, an increase of 269 complaints compared to 2016, and 647 complaints compared to 2011.

Different methods to help companies fight against psychological harassment

As a result, many employers are calling on the College to update their behavioral policies, but also to request internships or training to manage and identify this type of crisis.

Other companies seek the services of private investigators specialized in the workplace.

Anaïs Lacroix, a lawyer specializing in labor law, found that applications have exploded since last fall, so she decided to start her own business.

“We are absolutely overwhelmed, we are recruiting,” says the lawyer. The company places special emphasis on prevention and provides follow-up.

Requests come from all walks of life, from restaurants, shops, small and medium-sized businesses to multinationals. Surveys can take four to six weeks.

Since 2004, psychological harassment has been recognized by law in Quebec. Many companies have a code of conduct, but the workplace is changing very quickly, which is causing a lot of stress. Nobody is safe and it starts very often with a lack of courtesy and civility.

It is often difficult to define psychological harassment, which is why “there is a need for education […] and certain notions to be clarified,” adds Lacroix.

For Manon Lacroix, there lies the difficulty of investigations when there is a complaint. We have to “preserve reputations and pay attention to colleagues … we make sure to look for the right elements, to be rigorous in our method, to conclude whether or not there has been harassment,” she concludes.

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