Business
Braving Brexit: The View From Canada
Brexit caught the world by surprise as the citizens of the United Kingdom voted narrowly to leave the European Union (EU). On the eve of the referendum, markets warmed to early predictions that the “Remain” camp would emerge victorious. Just as quickly, markets reacted to news of the “Exit” victory with a major sell-off that sent stocks and sterling into sudden decline.
The bottom line for Canada? What happens in Britain doesn’t exactly stay in Britain, say financial experts at BlackRock Canada — but investors should be able to weather the fallout.
“While the full impact of Brexit is currently unknown, Canadian investors will definitely have to tread some choppy waters over the short run,” says Aubrey Basdeo, head of fixed income at BlackRock Canada.
As a small, open economy heavily dependent on trade, Basdeo says the combination of political uncertainty and potentially weaker global trade flows that stem from Brexit leave Canada in a vulnerable position.
In particular, it may mean relying on the already stretched sectors of housing and domestic consumption and less on exports and investments — sectors that the Bank of Canada is hoping will contribute more to the current expansion.
The British referendum’s fallout on global equity markets, meanwhile, has been more acutely felt in Europe and concentrated particularly in the European financials sector. Canadian stocks have sold off as well, notes Kurt Reiman, chief investment strategist at BlackRock Canada, but less so given the rally in gold prices, which has helped buoy shares in domestic gold miners and offset the negatives of lower oil prices on the energy sector.
“Given our outlook, we continue to focus on opportunities in dividend growth stocks, a quality orientation and lower volatility exposure amid elevated uncertainty and a global search for income,” Reiman says.
Brexit will also likely be a poke in the eye for the recovering Canadian dollar, although Basdeo sees sustained higher gold prices helping to mitigate some of that weakness and to keep the loonie trading in a narrow range of US74 cents to US77 cents.
“Brexit has so far resulted in a further surge in gold prices and a modest decline in oil prices,” he says. “That helps to explain the modest decline in the Canadian dollar despite the overwhelming rush into safe haven assets such as the U.S. dollar and Japanese yen.”
Outside Canada, the U.K. vote to leave the European Union is weighing on the decision making of global central banks including the U.S. Federal Reserve, which will now almost surely stand pat in July. But it’s still too early to determine what moves the Fed might make later this year, says Reiman. “That will depend critically on the data coming out of the U.S. economy over the next few months.”
The Bank of England, meanwhile, may need to cut its key lending rate, while the European Central Bank might be expected to lean toward further quantitative easing.
Perhaps the biggest long term implication of Brexit, however, is its potential influence on other European countries dissatisfied with EU membership.
Brexit could embolden other countries to flee the EU, says Reiman, leaving European leaders to fend off domestic populist movements to keep the European Union from falling apart.
A stronger European economy would probably go a long way in keeping the EU intact, Reiman adds, but there’s no sure bet that will happen any time soon given all of the monetary stimulus that has already been pumped into the system to little avail.
“This is a pivotal moment and perhaps the last opportunity for Europe to step up and create an environment that generates economic growth for its citizens,” he says.
iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc., or its subsidiaries in the United States and elsewhere. Used with permission. iSC-2384-0616
This story was created by Content Works, Postmedia’s commercial content division, on behalf of iShares by BlackRock.
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.
-
Lifestyle9 months agoOntario Line subway construction permanently shuts down beloved Toronto bakery
-
Business9 months agoThe Canadian Armed Forces are hiring for several non-combat military jobs
-
Business9 months agoPorter’s new loyalty program promises to match Air Canada’s Aeroplan status
-
Lifestyle9 months agoWoman crashes car and runs around highway with bottle of booze on typical day in Toronto
-
Business9 months ago‘Here, everything feels much closer’: Entrepreneur says leaving Toronto for Innisfil good for business
-
Business9 months agoPeople call out Sobeys for ridiculous prices after another expensive find at Ontario store
-
Lifestyle9 months agoCanada considers capping international student visas to address housing crisis
-
Business9 months agoBeauty Week is back at Hudson’s Bay in Toronto and it’s time to get glam