U.S. president calls bonuses paid to Wall Street execs ’shameful’ January 31, 2009
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U.S. President Barack Obama says it is irresponsible and shameful for Wall Street bankers to be paid huge bonuses at a time when the American public is dealing with economic hardship.
The president reacted harshly Thursday to reports that corporate employees got paid more than $18 billion in bonuses last year.
“That is the height of irresponsibility. It is shameful,” said Obama.
The president said he and new Treasury Secretary Timothy Geithner will have direct conversations with corporate leaders to make the point.
Obama said there is a time for corporate leaders to make profits and get paid bonuses, but now is “not that time.”
He was reacting to a story in the New York Times that said while cash bonuses paid to employees of Wall Street firms declined 44 per cent last year ? the bonus pool was still the sixth biggest ever.
Despite the severe financial diminishing of Wall Street, the Times reported that firms disbursed $18.4 billion in 2008, compared with $32.9 billion in 2007.
Norbord loses $30M in Q4, forecasts dark 2009 January 31, 2009
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Norbord Inc. said Friday that it lost money for the ninth straight quarter in the final three months of 2008 as the particleboard maker continued to suffer from the global construction slump.
Toronto-based Norbord, one of the world’s largest producers of oriented strand board, a plywood substitute, lost $30 million, or 19 cents a share, in the October-to-December quarter, compared with a loss of $13 million, or nine cents a share, for the same period one year earlier.
Norbord said the decline in the U.S. housing market was an early indicator of the current global financial crisis since the industry is at the epicentre of North America’s recession.
“The past year has been the most difficult in Norbord’s history,” said Barrie Shineton, Norbord’s president and chief executive officer.
“The issues have been well-documented ? poor demand for our core products, high input costs, and a breakdown in the financial markets resulted in a lack of available credit for both individuals and corporations,” he said.
Three-month stock chart for Norbord Inc.
Norbord’s fourth-quarter loss boosted the company’s red ink for the year to $116 million, or 77 cents a share. The annual loss was more than twice the $45 million in negative earnings Norbord posted in 2007.
Norbord last broke into the profit column in the third quarter of 2006 when it made $7 million.
To deal with any potential funding shortfall, Norbord said that in the quarter it issued 110 million common shares plus 55 million in warrants which raised $240 million. The rights sale also made Brookfield Asset Management Inc. a 75 per cent shareholder in Norbord.
Housing slump
Norbord said the U.S. housing market has basically vaporized with only 900,000 housing starts in 2008, down 50 per cent from 2006’s level.
The company, which relies heavily upon the global house market for its business, said 2009 will not see much ? if any improvement ? in this sector.
“We don’t expect any recovery in the housing markets in North America or Europe during 2009,” Norbord said in a news release announcing its fourth-quarter results.
In anticipation of a tough year, Norbord has already cut jobs and chopped its capital spending program by $76 million to a mere $25 million for 2009.
Finance Minister Jim Flaherty is eyeing companies, such as Norbord, and industries, such as the housing sector, as beneficiaries from his Jan. 27 budget.
In that document, Ottawa extended tax relief to those consumers who renovate their homes, a policy the Conservative government hopes will boost Canada’s construction sector.
‘Buy American’ rule in U.S. stimulus bill could cost Canada jobs January 31, 2009
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U.S. President Barack Obama could step into a trade squabble when he visits Ottawa on Feb. 19.(Charles Dharapak/Associated Press)
There is unsettling news for Canada in U.S. President Barack Obama’s economic stimulus bill, or at least in the version approved Wednesday night by the House of Representatives.
It says that steel used in public projects under the $819-billion US plan must be made in the United States, an idea likely to cause trade disputes and block sales by Canadian mills.
As passed by the House, Section 1110 of the American Recovery and Reinvestment Act of 2009 says, “None of the funds appropriated or otherwise made available by this act may be used for a project for the construction, alteration, maintenance, or repair of a public building or public work unless all of the iron and steel used in the project is produced in the United States.”
The exceptions to the rule are if “the head of the federal department or agency involved finds that” the rule “would be inconsistent with the public interest,” there is insufficient U.S. iron and steel of satisfactory quality, or including U.S. iron and steel will increase the cost of the project by more than 25 per cent.
‘We obviously have grave, grave concerns.’?Mike Gilmor, Canadian Institute of Steel Construction
This language won’t necessarily be in the bill when it gets to Obama’s desk for signing, but the final version could be even worse from the point of view of U.S. trading partners.
The Washington Post reported Thursday that a Senate version of the bill, yet to be acted upon, goes further, requiring, with few exceptions, that all stimulus-funded projects use only U.S.-made equipment and goods.
Differences between House and Senate bills are reconciled in a process called conference. Although the president may ask for legislation, he doesn’t get to write it, even when his party controls both chambers.
The CBC’s Rosemary Barton, reporting from Ottawa, said the suspense is considerable.
“We don’t exactly know what the final language will look like, so you can expect a big push from Canadian lobbyists down in the United States to try and get this as limited as possible so that there is little impact here in this country,” she said.
“Already, there are some American companies expressing concerns about it, about potential retaliation if this were to go further.”
‘Countries around the world are expressing grave concern’: PM
Asked about the issue during question period in the House of Commons, Prime Minister Stephen Harper agreed that it was a serious matter and a serious concern for the government.
?I know that countries around the world are expressing grave concern about some of these measures that go against, not just the obligations of the United States but, frankly, the spirit of our G20 discussions,? Harper said.
?We will be having these discussions with our friends in the United States and we expect the United States to respect its international obligations.?
‘We expect the United States to live up to its treaty obligations of open and fair trade.’?Industry Minister Tony Clement
Industry Minister Tony Clement also did not hide his unease.
“We’re always concerned when there are protectionist pressures in the United States,” he told CBC News.
“The U.S. Congress is a place where you get manifestations of protectionist pressures, there’s no doubt about that,” he added.
“At the same time, the United States has treaty obligations that they have signed on to ? NAFTA is one, the World Trade Organization is another ? and we expect the United States to live up to its treaty obligations of open and fair trade.”
Canadian steel producers and builders say they have “grave, grave concerns” about the bill.
`There’s no question about it that some of our members and even non-members export work to the U.S., and it’s a substantial part of their business,” said Mike Gilmor, president of the Canadian Institute of Steel Construction.
Canada’s big steelmakers, the former Dofasco, Stelco, Ipsco and Algoma Steel, which have all been bought by foreign buyers, sell to the energy, auto, construction and energy-pipe markets on both sides of the border.
The matter is likely to come up for discussion when Obama visits Ottawa on Feb. 19 in his first foreign trip as president, although the bill could be law by then, given his eagerness to start stimulating the economy.
There are already complaints from overseas about what’s being called the Buy American rule.
Europeans also upset
In Brussels, the European Union warned Thursday that it would protest the provision, the Associated Press reported. Europe will not “stand idly by and ignore” a provision that “prohibits the sale or purchase of European goods on American territory,” EU spokesman Peter Power said.
In Toronto, CBC business reporter Jeannie Lee said there is a great deal at stake for Canada ? and especially for southern Ontario, where Canada’s steel industry is concentrated and where the global slump has already gutted the auto industry.
Canadian steel plants produced almost 16 million tonnes of steel in 2007, employing about 32,000 people and, by one estimate, supporting 140,000 indirect jobs, she said.
Perrin Beatty, president of the Canadian Chamber of Commerce, said the proposed U.S. rule is bad for all concerned.
?It’s bad for Canada, it’s bad for the U.S., it’s bad for the global economy,” he said. “When you see people engaging in protectionism at the time of a recession, the fear is that other countries will retaliate as well.”
It would leave U.S. taxpayers paying higher prices for public works and could spark “tit for tat” in trade policies, he said.
“The temptation will always be there for someone to say, ‘Look, somebody has put up a barrier against us; we will put up a barrier against them,’ and everybody loses as a result,” he said.
With files from the Associated Press (more…)
Fed infrastructure money requires provincial spending January 30, 2009
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The federal government promised nearly $12 billion for infrastructure in the 2009 budget tabled Tuesday, but there’s a catch: the government is expecting other parties to come up with $11.8 billion more before it loosens the purse strings.
The requirement that provinces, territories and municipalities find matching funds has some of the potential recipients worried, although others are confident they can find the money to tap into the federal cash.
“Strict cost-sharing requirements would be a roadblock to getting work started on many worthwhile projects, particularly now that municipalities have approved their 2009 capital budgets,” said Jean Perrault, president of the Federation of Canadian Municipalities.
Some jurisdictions that need infrastructure money are worried that the federal government’s red tape means the funds will dribble out slowly. That has been the experience with the Conservative’s 2007 infrastruture plan, Building Canada, they say.
Opposition Leader Michael Ignatieff said Wednesday the Liberals will support the budget, but the government has to make the money flow. “We’ve put down a very clear marker; this government has to get the money out the door,” he said.
The budget said the government will streamline federal approvals so projects can start in the upcoming construction season.
Ontario Premier Dalton McGuinty said he liked the infrastructure plans, even though he’ll have to come up with billions in matching funds.
The budget said that among the infrastructure proposals:
The $4-billion Infrastructure Stimulus Fund to rehabilitate provincial, territorial and municipal infrastructure rehabilitation requires other governments to cover at least half the costs.The $2 billion to pay for maintenance and repair projects at universities and colleges requires “other partners” to fund at least half the costs.Projects under the speeded up Building Canada base payments to provinces and territories, up to $1 billion, will be cost-shared.The $500 million for new community recreational facilities and upgrades to existing facilities will require provincial and municipal governments, community organizations and the private sector to come up with at least half the money.Costs under projects done through the $500 million accelerated spending under the communities component of the Building Canada fund will be cost shared.The five-year, $1 billion Green Infrastructure Fund, will be cost-shared.
For the single biggest new spending proposal, the $4-billion Infrastructure Stimulus Fund, the federal government made it clear that the provinces must use it or lose it.
“Should agreements not be reached expeditiously with a province or territory, funding may be used to support the rehabilitation of federal or other infrastructure,” the budget said.
Deal reached over Vale Inco plant in Newfoundland January 30, 2009
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(CBC)
The Newfoundland and Labrador government said Thursday it has reached a pact with Vale Inco on processing nickel at a high-tech plant planned for southern Newfoundland.
The agreement will allow Vale Inco to finish its plant in Long Harbour later than originally scheduled, although the new arrangement will involve greater local benefits, politicians said.
At a news conference late Thursday afternoon, Premier Danny Williams and Natural Resources Minister Kathy Dunderdale said Vale Inco has also agreed to drop clauses that it could have halted work on the $2-billion project if it could not find enough skilled labourers.
Construction on the hydrometallurgical plant is now expected to be completed in February 2013, 14 months later than expected. In a statement, the government said the delay is worthwhile because of “the increased size and complexity of the project’s construction.”
Vale Inco agreed to stop shipments of nickel concentrate from its massive Voisey’s Bay mine in northern Labrador last week, amid an ongoing disagreement with the government over the final details of how the processing plant would work.
Vale Inco committed last fall to the Long Harbour project. It will use a water-based technology to process concentrate from the mine.
Inco was given a deadline of Dec. 31 to file its final plans for the Long Harbour hydrometallurgical plant. The Newfoundland and Labrador government gave the company a three-week extension because it was not satisfied with a draft.
Until Thursday, the provincial government had not identified any of the issues that caused the delay. Vale Inco also has not commented on the reasons for the dispute.
Instead, Vale Inco has said it intended to proceed with the development, and start construction this spring.
Williams and Dunderdale said construction will still launch this spring, although they said Vale Inco’s final implementation plan is now not due until March 31.
Target is for 450 workers
The plant, which Vale Inco had wanted to start operating in 2012, will have a permanent staff of about 450 workers.
During the three-year construction period, though, more than 3,000 workers are expected to be needed. The company expects an average of 1,630 workers to work during each year of that period.
The project will likely be a boon for skilled labourers who have been losing work and potential opportunities elsewhere.
Trades unions have expressed alarm at the rapid pace at which expansion projects in Alberta’s oil industry ? a job magnet for workers from Newfoundland and Labrador, among other provinces ? have been abandoned since late last fall.
Voisey’s Bay Nickel, a subsidiary of Vale Inco, began shipping nickel concentrate from the mine in late 2005.
Under an agreement with the province, the company has promised to process an equivalent amount of ore at Long Harbour drawn from other mines.
U.S. House passes $819B economic stimulus January 30, 2009
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The Democratic-controlled U.S. House of Representatives has approved President Barack Obama’s $819-billion stimulus package.
The 244-188 vote on Wednesday night will now send the legislation to the Senate for consideration.
“We don’t have a moment to spare,” Obama declared at the White House as congressional allies hastened to do his bidding in the face of the worst economic crisis since the Great Depression.
Businesses and workers are counting on Washington for “bold and swift” action to steady the country’s struggling economy, Obama said.
The Senate is expected to begin examining the proposed package on Monday, said U.S. Senate majority leader Harry Reid.
Reid told Reuters he would like to see the debate concluded by the end of next week.
Obama hopes to have the legislation signed into law by mid-February.
The White House-backed legislation includes an estimated $544 billion in federal spending and $275 billion in tax cuts for individuals and businesses.
Included is money for traditional job-creating programs such as highway construction and mass transit projects.
There are also increases to unemployment benefits, health care and food stamps that are designed to aid victims of the economic downturn.
The centrepiece tax cut calls for a $500 break for single workers and $1,000 for couples, including those who don’t earn enough to owe federal income taxes.
If passed, tens of billions of additional dollars will also go to the states to ease the recession’s impact on schools and law enforcement.
Obama hopes the plan will generate or save up to four million new jobs.
Obama thanked the House for its quick passing of the economic stimulus package. In a written statement, he added, “What we can’t do is drag our feet or allow the same partisan difference to get in our way.”
New era in U.S.
The passing of the legislation through the House marks a new era in the U.S., said Speaker Nancy Pelosi.
“The ship of state is difficult to turn,” Pelosi said. “But that is what we must do. That is what President Obama called us to do in his inaugural address.”
With unemployment at its highest level in a quarter-century, the banking industry wobbling despite the infusion of staggering sums of bailout money and states struggling with budget crises, Democrats said the legislation was desperately needed.
“Another week that we delay is another 100,000 or more people unemployed. I don’t think we want that on our consciences,” said Democratic Representative David Obey of Wisconsin, chairman of the House appropriations committee and one of the leading architects of the legislation.
But Republicans said the bill was short on tax cuts and contained too much spending, much of it wasteful and unlikely to help laid-off Americans.
The party’s leader, Representative John Boehner of Ohio, said the measure “won’t create many jobs, but it will create plenty of programs and projects through slow-moving government spending.”
A Republican alternative, consisting almost entirely of tax cuts, was defeated, 266-170, moments before the final vote.
On the final vote, the legislation drew overwhelming support among Democrats while Republicans unanimously opposed the legislation despite Obama’s frequent pleas for bipartisan support.
A more bipartisan measure is taking shape in the Senate.
Obama personally pledged to House and Senate Republicans in closed-door meetings on Tuesday that he is ready to accept modifications as the legislation advances.
Canadian implications
The Senate is expected to expand on a clause that indicates that none of the funds made available by the legislation can be used for a project unless all of the iron and steel used in it have been produced in the United States.
Perrin Beatty, president of the Canadian Chamber of Commerce, told CBC News if the protectionist clause is not removed before the bill is passed into law it could have implications for Canada.
“If we’re shut out of that, it will potentially be quite damaging for Canada,” Beatty said. “It will slow down the recovery.”
American businesses have also sent a letter to congressional leaders urging that the inclusion of such a clause could result in retaliation from other countries.
But trade treaties, including the North American Free Trade Agreement, forbid the kind of protectionism contained in the clause.
“I’m calm about these things,” said Industry Minister Tony Clement. “Lots of bills go before Congress ? there’s always room for debate and amendment to those bills.”
Canadian diplomats have also been lobbying to have the language removed because NAFTA violations can take a long time to appeal if the clause were to be included.
With files from the Associated Press (more…)
Politicians gush, business cautious after federal budget January 29, 2009
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Manitoba politicians are salivating at the prospect of new spending on roads, sewers, museums and stadiums but at least one business owner believes Ottawa’s spending splurge will do nothing to boost consumer confidence.
Manitoba Finance Minister Greg Selinger said that at first blush there was something for everyone in the Harper government’s budget.
“We think that waste water and sewers in Winnipeg and in Brandon are important,” he said. “We think that highways are important. We think that social housing is very important. We think specific signature projects such as the Canadian Museum for Human Rights should move forward. We can look at the football stadium as another signature project, so we have a number of things on the table that we can move on very quickly.”
Manitoba’s NDP government has already identified certain priority projects that it plans to cost-share with the federal government, he said.
“There’s no question that this budget has put resources on the table that will help stimulate the economy across the country.”
No confidence
But small business owner Joe Gupta said he’s disappointed since to him it appears the 2009 federal budget will drive the national government deep into debt and will not boost public confidence in the economy.
And he said measures for small business won’t make much difference to his Winnipeg-based company, India Spice House, because consumers just aren’t spending. Tuesday’s federal budget is not going to reverse public worry about the economy or create an environment where consumers will suddenly start spending again, he predicted.
“There’s a lot of unemployment,” said Gupta. “People are not secure with their jobs and all that. They have a scary feeling and they will buy only what is required.”
‘Heart of the Continent’
Winnipeg Mayor Sam Katz said he’s pleased to see Ottawa will fast-track development of an inland port in the city.
The CentrePort idea is to build on Winnipeg’s reputation as an air cargo, rail and trucking transportation hub in the geographic centre of North America. About 20,000 acres of land around Winnipeg’s James Richardson International airport would be dedicated to building transport and storage terminals.
Katz says it capitalizes on the city’s location at “the heart of the continent.”
“There’s a lot more discussion to go on,” said Katz. “But there’s certainly a fantastic opportunity for us.”
Katz echoed Selinger’s comments ? hoping the budget provisions will open the door to construction of a new football stadium for the CFL’s Winnipeg Blue Bombers at the University of Manitoba.
The mayor said the city has placed a priority on repairing back lanes, bike paths and roads. But he said Winnipeg has yet to determine how projects will be cost-shared between governments before deciding how to proceed.
Treasury Board President Vic Toews, the federal minister responsible for Manitoba, said upgrading a dangerous stretch of the Trans-Canada Highway through Headingley, just west of Winnipeg, was specifically mentioned in the budget.
And he said the federal share of funding for a new football stadium will be easier to find. “[The stadium is] not specifically mentioned but it certainly makes it much easier for me to come up with $15 million of taxpayers’ money,” Toews said.
AGF takes Q4 loss as sign of the times January 29, 2009
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Toronto’s AGF Management Ltd. saw more than $60 million melt away from its bottom line as plunging stock markets left the mutual fund heavyweight with a loss in the final three months of 2008.
AGF, which manages some $36 billion in assets, lost $19 million in the quarter ended Nov. 30. That translates into a loss of 21 cents a share.
The quarterly red ink represented a drop of $60.4 million on the profit line of AGF’s income statement. In the previous quarter, the company earned $41.4 million, or 46 cents a share.
The company said awful equity markets in Canada and other major economies pounded AGF’s revenue and profits.
“The extraordinary instability of financial markets over the past year has significantly impacted global investment management companies, placing downward pressure on assets under management and revenue,” said Blake Goldring, AGF’s chair and chief executive officer.
AGF’s revenue from its continued operations tumbled significantly in the fourth quarter compared to the previous three months, $152.2 million versus $184.7 million.
Even on the operating line, the company had a negative change of fortunes, chopping an $81.5-million continuing operating profit in the third quarter by 34 per cent, earning $54 million in operational earnings for the final three months of the fiscal year.
Also harming AGF’s results in the last quarter was a $46.3-million impairment charge. That amount consisted of $7 million in lost goodwill and $39.3 million because of the reduced net worth of some of the company’s high-net-worth clients.
3-month stock chart for AGF Management Ltd.
Like other investment companies in North America, AGF has suffered financially because of falling equity markets.
Toronto’s main stock exchange, the TSX, currently trades at a level 42 per cent lower than the index’s 52-week high.
As a reflection of this trend, AGF saw its assets under management fall by 33 per cent in the fourth quarter, to $35.5 billion, down from $53.7 billion.
In addition, the company posted mutual fund sales of $651 million in the September-to-November period, down 49 per cent compared to the previous period.
Calgary businesses, professionals doubt budget will spur spending January 29, 2009
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Some Calgary business people wonder whether the spending plans and tax changes in Tuesday’s federal budget will actually get consumers buying and boost the economy as expected.
Although the tax reductions are welcome, consumers are more likely to save the extra few hundred dollars rather than spend it, said Carlos Santos, who owns a photography shop in the city’s southeast.
The extra $200 to $500 left in people’s pockets is not going to be enough for them to make a major purchase, he said.
“You can’t even buy a refrigerator if you need one, right? Buy a DVD player? Maybe a Game Boy for the kids?” he said.
The billions earmarked for infrastructure as well as the home renovation tax credit may be have more success, but the overall deficit spending is cause for concern, Santos said.
Calgary immigration consultant Gita Boyd said it looks like the government is using the budget to try to buy its way out of the recession.
“I think they’re hoping to get a few more years in government,” Boyd said. “I think it’s not going to do us much good. It’s going to be a burden for my children and grandchildren to repay.”
Calgary tax expert Doug Ng said the budget was clearly focused on stimulus spending, with tax cuts given only secondary consideration.
Although the home renovation tax credit may encourage people to spend, he said, it only helps people who make enough money to pay taxes in the first place.
None of the tax reductions will help people in the near future since they will not kick in until the 2009 tax year, he added.
The budget was a big disappointment and will do little to increase the country’s productivity, said business columnist Deborah Yedlin.
The government failed to take the bold measures needed to aid the economy and to provide a strong vision for the country, she said.
“There’s none of it, and that’s what is really unfortunate,” she said.
The budget didn’t have much for the province’s oil and gas sector, she said. The industry needs access to financing and higher commodity prices to ensure stability.
Unemployed workers get boost in budget January 28, 2009
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Employment insurance and other programs to help Canadians who don’t have jobs would get a temporary boost over the next two years under Tuesday’s federal budget.
“They [the unemployed] will need greater support in this time of recession,” Finance Minister Jim Flaherty said in his budget speech.
The support would include:
Extending funding for workers searching for new jobs and for retraining.Extra help for individuals who have lost their jobs as a result of employers going bankrupt.Additional funding to help younger, older, aboriginal workers and immigrant workers find jobs.EI serves 600,000 a year
Much of the new funding would be funnelled through the existing EI program, which serves about 600,000 Canadians a year, according to Department of Finance figures.
Under the budget, over the next two years, the government would temporarily allow people to claim EI benefits for an extra five weeks, up to a maximum total of 50 weeks a measure expected to cost the government $1.15 billion. EI users living in areas with higher unemployment rates would be eligible for more weeks of benefits.
Air Canada employees protest in front of Pierre Elliott Trudeau Airport in Montreal on Tuesday after the company announced that more than 600 flight attendants are being cut. (Peter McCabe/Canadian Press)
Up to 10,000 people who have worked for a single company or in a single industry for a long time would be eligible to have their benefits extended for an even longer period than 50 weeks while they participate in longer-term training programs. That measure would cost about $500 million over the two years.
The budget also provides help for Canadians at risk of layoffs due to the precarious state of their employers.
The government would spend $200 million over two years to boost work-sharing agreements that would allow workers to receive EI benefits if they work fewer hours while their employers recover.
For workers losing their jobs due to companies going bankrupt, there?s the proposed expansion of the Wage Earner Protection Program ? to cover severance pay owed to eligible employees, at a cost of an estimated $50 million over two years.
The program already covers wages and vacation pay worth up to four weeks of maximum insurable earnings under the Employment Insurance Act.
Some EI benefits could also be extended down the road to self-employed workers. The budget says the government would consult with the public to develop ways to provide EI paternity and maternity benefits to people with their own businesses.
Measures target Canadians in training
The 2009 budget includes some new money for workers training to enter or re-enter the workforce:
$1 billion over two years for training through EI.$500 million over two years to help fund training for individuals who don’t qualify for EI training, such as self-employed people or Canadians who have not worked for a while.$40 million a year to launch a $2,000 grant as an incentive to complete apprenticeship training. About 20,000 people a year who have completed their training would qualify for the taxable grant.$87.5 million a year to boost the number of Canadian Graduate Scholarships, providing funding for 500 more doctoral and 1,000 more master’s students. Of that, $70 million would go to students in sciences and engineering. The remaining $17.5 million would be directed towards students working on business-related degrees.Help for young, older, immigrant, aboriginal workers
Funding would also go to specific groups facing unusually high unemployment to help them land jobs:
Young workers: $55 million over two years to help them find summer jobs.Older workers: An additional $60 million over three years for the Targeted Initiative for Older Workers and its expansion to include workers in more communities.Immigrants: $50 million over two years to help develop a national framework in partnership with provinces and territories that would make it easier for their foreign credentials to be recognized.Aboriginal workers: An additional $100 million over three years for training through the Aboriginal Skills and Employment Partnership, which would be expected to support the creation of 6,000 jobs; and $75 million toward a two-year Aboriginal Skills and Training Strategic Investment Fund for short-term, partnership-based programs (more…)
