Business
Canada Faces Hard Truth on Global Performance: Wells
Canada, we’ve got a problem.
Dominic Barton did not deploy that precise phrase in the speech he delivered in Toronto this week, but it’s a reasonable distillation of the message coming from the chair of Canada’s Advisory Council on Economic Growth.
We are not doing very well on foreign direct investment — the Organization for Economic Co-operation and Development (OECD) ranks Canada as a difficult place to invest. Our global trade arrangements are relatively few in number (Mexico has more than 40 free trade deals), our trade relations with some regions have weakened (see Asia) and our share of global trade has been declining. We are productivity underperformers, the ongoing demographic shift points to a severe attenuation of the labour force and a concomitant slashing of GDP growth, we don’t do as much research and development as we should and could, we don’t “scale” our companies as fast as other countries, we’re losing our share of global corporate champions (he means companies measured by market capitalization), a crazily high proportion of jobs are at risk from accelerated automation and we’ve got, roughly, a $500-billion “infrastructure gap” today, not even considering where we need to be going forward.
Set against so-called endowment attributes, including a highly educated workforce, that’s a pretty long list. And one that underscores the challenge facing the 14-member advisory group charged by the Trudeau government, under the aegis of Finance Minister Bill Morneau, with setting a long-term economic strategy that will grow Canada’s middle class.
I’ve written about Barton before, lauding his campaign against “quarterly capitalism” and his advocacy of a reimagined, socially conscious, “stakeholder-oriented” capitalism focused on the long term. His allies in this include Unilever’s Paul Polman, Larry Fink from global asset manager BlackRock, Inc. and Mark Wiseman, ex of the Canada Pension Plan Investment Board and now global head of active equities at BlackRock. (Wiseman continues to sit on Morneau’s advisory council.)
But it’s one thing to use the power of the institutional investor to nudge individual corporate behaviour. It’s quite another to be empowered to design a strategy not for a single company, but an entire country.
Perhaps inevitably, much of the language coming from Barton is regurgitated McKinsey. He is global managing director of the consulting firm and has said elsewhere that this is his final term. McKinsey has been a primary source for crunching global numbers on that much-discussed infrastructure investment gap and has made a theme of the challenge of zeroing in on productivity-driven infrastructure as opposed to, say, new community swimming pools.
On Wednesday, Barton outlined the four “buckets” the advisory council has established. Capital investment in infrastructure came out on top. Competitive market environments (freer trade), talent and labour markets (re-skilling) and innovation are the other three.
Step two, I take it, is determining areas of potential growth. So far, the council has an unwieldy 15 areas on its list. Barton would only say that more focus was needed. What those potential areas are, he did not specify. Presumably, defining a new economic Canada means focusing in on areas where the buckets intersect. Say health care, which Barton once called a “technology retarded industry,” intersecting with information sharing (tech/innovation) and a need for specifically skilled workers clustered in high-tech health-care hubs. Barton did say that health care is an area where Canada could easily be a global champion.
Or agri-food, which offers enormous potential for high-tech growth and newly skilled labour.
That leads to roads, railroads, pipelines and rail cars. “That’s what we need,” Barton said Wednesday, not for the first time. He did not elaborate, so it’s left to our imagination to think of replacing the country’s federally owned and outdated fleet of hopper cars or refurbishing ports, etcetera.
Unlocking private capital for infrastructure projects will be a trick. Consider cost overruns, construction delays, ill-chosen projects and interprovincial bickering, not to mention what a McKinsey report once referred to as the complication of the political cycle, “which is often much shorter” than the project.
Who chooses? Well, Barton said, no private sector investor is going to trust cabinet to make that decision. Yet, he believes that a “significant amount” of private capital could be secured in advance and then “unleashed.”
He must know, being close to Fink and Wiseman, who guide $4.9 trillion (U.S.) in assets. BlackRock is the world’s largest asset manager.
If you’re expecting to one day receive a report that lays out the whole plan, you can forget about it. Barton says the council will release its strategy in waves, like sets of hockey cards. He didn’t attach a timeline to their release, but we’re just days away from the first anniversary of the Trudeau government, an obvious moment for elaboration.
If Barton can reimagine capitalism, can he reimagine Canada? We eagerly await developments. As he said on Wednesday, “No other countries are really doing this.”
Beauty enthusiasts rejoice! Beauty Week at Hudson’s Bay is back in Toronto for another year. It’s time to stock up on all of your fall essentials and, maybe discover some new ones.
From Friday, August 18 to Sunday, August 27, you can expect a truly elevated beauty experience in-store with incredible special offers, limited-time gifts, and exciting activations.
If you’re a diehard beauty lover, you’ll already know that Hudson’s Bay is the place to shop thanks to its extensive range of over 195 skin and makeup brands from both luxury labels and masstige brands — including Tata Harper, Estée Lauder, YSL, Nars Cosmetics, Bobbi Brown, and so much more.
Throughout The Bay’s Beauty Week, visitors can take in some at-counter activations and interactive expert-led tutorials, where there will be chances to get makeup touch-ups from top-tier brands, try a spritz of the most alluring fragrances, and sample tons of new products.
This year’s Beauty Week highlight is the ‘Best in Beauty’ tote, a meticulously-curated selection of 30 deluxe samples from an array of top-tier brands like Dr. Barbara Sturm and Shiseido spanning skincare, fragrance, and makeup — all in a super sleek bag.
The tote, which is valued at over $300, is retailing for just $39 and is a fantastic way to explore new products (without breaking the bank). However, there is a limited quantity, so if you want to get your hands on one, you’ll need to be fast.
Wondering exactly what Beauty Week’s free gifts with purchases entail? If you spend over $95 at Lancôme, you will receive a six-piece set valued at $130. Or, you can get an Estée Lauder gift valued at $170 with purchases over $80. (And that’s just to name a few.)
If you’re a Hudson’s Bay Rewards member, you’ll also get $20 in Hudson’s Bay rewards when you spend over $100 on beauty.
The Canadian Armed Forces (CAF) have several non-combat jobs, some of which do not require a college degree or past work experience.
Life in the forces has several benefits, such as paid education plans (college, university and graduate-level programs), 20 paid vacation days, health and dental coverage for you and your family, maternity and paternal leave, and pension plans. You can learn more about the benefits in detail here.
And to make it easier to gauge if you qualify, the listings also include related civilian jobs to see if it’s your ideal role.
Financial services administrator
Related civilian jobs: Financial records entry clerk, financial manager, accounting technician, bookkeeper, budget officer, cashier clerk, business planner technician, and verification manager.
Description: You’ll help budget resources for all military activities besides providing financial assistance.
Education: You need to have completed Grade 10.
Duties: As a financial services administrator, you’ll be responsible for bookkeeping and managing budgets. You’ll also provide support in accounts payable and accounts receivable.
Work environment: Those in this role work at CAF bases, on ships or overseas. You might also be expected to help special operation units, recruiting offices, schools, and medical organizations.
Postal clerk
Related civilian jobs: Mail clerk, mail sorter.
Description: You’ll provide postal services to members and their families at bases and establishments.
Education: Grade 10. No previous work experience or related career skills are required.
Duties: As the postal clerk, you’ll handle mail duties.
Work environment: Besides a postal office, you may work on a ship or a mobile postal van. You might be expected to serve with Royal Canadian Navy, the Army, and the Royal Canadian Air Force in Canada and abroad.
Dental technician
Related civilian jobs: Dental assistant, dental hygienist.
Description: You’ll be helping dental officers provide dental services to CAF members, their families, and dependents.
Education: Level II dental assisting diploma from an accredited college or a National Dental Assisting Examining Board (NDAEB) certificate.
Duties: Those in this role will be responsible for various responsibilities, including disinfection and sterilization of dental equipment, applying rubber dams, placing cavity liners, and controlling bleeding. In addition, you’ll assist in laboratory procedures like creating casts, custom trays, and mouthguards.
Work environment: This role will require you to work in a military dental clinic, a Mobile Dental Clinic, an Air Transportable Dental System, or onboard a ship. You might be expected to work on a base in Canada or other operations in other parts of the world.
Human resources administrator
Related civilian jobs: Records administrator, data entry supervisor, receptionist, office manager, executive assistant, payroll clerk, and information management technician.
Description: Provide administrative and general human resources support.
Education: Grade 10. No previous work experience or related career skills are required.
Duties: In addition to human resources administration and services, you’ll be handling pay and allowances, managing automated pay systems, and maintaining personnel records.
Work environment: HR administrators work at all CAF bases in Canada. They also work on ships and overseas to support the Canadian Army, Royal Canadian Navy, or Royal Canadian Air Force operations.
Medical assistant
Related civilian jobs: Emergency medical responder, ambulance and first aid attendant, registered nursing assistant, licensed practical nurse, and hospital orderly.
Description: Successful candidates will help treat the sick and injured in CAF units. You’ll be assisting and supporting nursing and medical officers.
Education: Minimum of Grade 11 biology, Grade 10 physics or chemistry, and Grade 10 math.
Duties: You’ll provide initial care and essential life support treatments in trauma cases. You’ll help with health assessments (hearing and vision tests, perform basic lab procedures, etc.) and initiate and manage medical records and reports. You’ll also be expected to provide support and first aid during training exercises.
Work environment: Medical assistants may serve with the Royal Canadian Navy, the Royal Canadian Air Force or the Canadian Army as part of the Canadian Forces Health Services Group. Those in this role are exposed to the same risks as the forces they support.
Porter Airlines is once again stirring the pot among Canadian airline rivals, now going after Air Canada’s Aeroplan members by offering to match their loyalty status to an equivalent of their own.
The beloved airline, which recently ranked as having the best cabin service in North America, challenged the competition for the second time this year, after previously deploying a similar tactic against WestJet in the spring.
Earlier in April, Porter presented customers with a limited-time offer to match the loyalty status of WestJet’s patrons with VIPorter levels.
Now, they’re offering Aeroplan members to seamlessly transition to an equivalent VIPorter Avid Traveller status based on their existing membership tier.
Members can then take advantage of an array of travel perks that come with flying Porter, including seat selection, baggage, and flight changes.
For those currently holding an Aeroplan membership, there are two ways to acquire the Avid Traveller status for the rest of 2023:
Status-Based Match:
- Aeroplan 25K members = VIPorter Venture
- Aeroplan 35K members = VIPorter Ascent
- Aeroplan 50K, 75K, and Super Elite = VIPorter First
Flight Segments-Based Match:
- 5 flight segments = VIPorter Passport
- 8 segments = VIPorter Venture
- 17 segments = VIPorter Ascent
- 28 or more segments = VIPorter First
Members will have to first submit their applications on Porter’s website. Registration will remain open until September 6, 2023.
In order to maintain their membership level through 2024, customers will have until the end of 2023 to reach the following reduced qualifying spend (QS) targets:
- Passport = $500 in QS
- Venture = $750 in QS
- Ascent = $1500 in QS
- First = $2500 in QS
Over the past year, Porter has launched an aggressive expansion strategy, including everything from introducing longer flights on newly-purchased jet planes flying out of Toronto Pearson, free WiFi, and a new all-inclusive economy experience.
With Canadians losing both Swoop and Sunwing as WestJet incorporates both into their mainline business, Porter’s direct competition is welcome to keep prices competitive.
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