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Snapchat’s Parent Files For a Stock Offering



The clock has started for one of the most eagerly awaited market debuts of 2017: that of Snapchat, the popular messaging service.

The social network’s parent, Snap Inc., has filed confidentially to go public, with an eye toward being valued at more than $30 billion (U.S.), people briefed on the matter said. That would make Snap the third-most-valuable technology company at the time of its market debut, after Alibaba and Facebook.

The company is aiming to begin having its shares traded as soon as March, although the final timing for an offering has not been determined.

The confidential filing, made with the Securities and Exchange Commission before the presidential election last week, comes amid a relative drought in the market for initial public offerings. There have been 96 offerings of companies with a market value of more than $50 million in the U.S. so far this year, down 41 per cent from 2015, according to data from Renaissance Capital.

A successful debut of Snap could help revive that market, encouraging other technology companies to go public. It would be the first top-tier “unicorn” — Silicon Valley lingo for a private company valued at $1 billion or more — to go public next year. Unlike Uber, Airbnb or the lender SoFi, however, Snap has a main business that is not subject to a web of government regulations that make a public listing complicated.

A Snap share sale is also expected to eschew the complexities of previous technology IPOs such as Google’s in 2004. Still, like Google, Facebook and other tech companies, Snap’s recently amended corporate charter shows that a different class of stock would enable its top executives, including its co-founder Evan Spiegel, to maintain control even after the service is publicly traded.

Yet Snap will encounter intense scrutiny from potential investors, as rivals try to encroach on its turf by copying some of the photo messaging service’s signature features. In August, Facebook’s Instagram rolled out its version of the Snapchat Stories photo and video service.

A spokesman for Snap declined to comment on the filing, which was reported earlier by Reuters.

Founded in a Stanford University dorm room in 2011, Snapchat has become a darling of the tech world, as it has grown from a simple disappearing-messages service into a digital video phenomenon. Its lofty goal is to essentially become the online generation’s equivalent to television.

It has built up its popular Stories service, in which users upload photos or videos and share them with followers. And it gained new levels of popularity after rolling out features like lenses, which lets users transform their likenesses into cartoon dogs, silly faces — or Taco Bell tacos, paid for by sponsors.

Such has been the popularity of Snapchat that media organizations have rushed to establish beachheads on the service. Even the White House has set up a Snapchat account, and President Barack Obama has given an interview on the company’s in-house political show.

Analysts have estimated that Snap, which began its advertising business less than two years ago, could reach $1 billion in sales next year, up from more than $350 million this year.

Snap’s financial information will be known when its offering filing is publicly disclosed — if the company decides to go ahead with a sale of its shares.

The confidentiality of Snap’s filing was made possible by the Jumpstart Our Business Startups, or JOBS, Act of 2012, which permits companies with less than $1 billion in revenue to conduct much of their preparation for an IPO away from the glare of public scrutiny. Twitter, GoPro, Box and even the English soccer club Manchester United have filed confidentially for stock listings in the U.S. in this way.

Under the law, companies must publicly disclose their offering documents some 21 days before they start pitching the proposed share offering to prospective investors in what is known as a “road show.” Investment banks Morgan Stanley and Goldman Sachs have been hired to lead the offering, people briefed on the matter have previously said.

Unlike some private companies, Snap has had no trouble raising money on the private markets, so investors were not given preferential treatment regarding how many shares they will get in the event of a public offering, according to corporate documents filed in Delaware.

This sets Snap apart from offerings from Square and Box. Both of those companies had to give some of their private investors special deals that diluted other early shareholders. When Square went public last November, some investors received an additional 10.3 million shares, which came at the expense of other investors.

Similarly, when Box went public in 2014, some of the company’s earlier private investors were entitled to extra shares.

“Snapchat will certainly be an indicator of whether there is a big pile of investor cash ready to go into the market,” said Doug Bontemps, Silicon Valley Bank’s managing director of corporate finance. “But Snapchat is unique. It’s growing quickly, is doing some interesting things with glasses and has gotten a lot of attention. There aren’t a lot of that ilk.”

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Beauty Week is back at Hudson’s Bay in Toronto and it’s time to get glam



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.

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The Canadian Armed Forces are hiring for several non-combat military jobs



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.

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Porter’s new loyalty program promises to match Air Canada’s Aeroplan status



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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