Rob and Marisol Thomas Honored at Annual Benefit for The Humane Society

first_imgThe Humane Society of the United States honored Sidewalk Angels Foundation, founded by Grammy Award-winning artist Rob Thomas and his philanthropist wife Marisol Thomas and luxury beauty brand Moroccanoil last week at the 2017 To the Rescue! New York gala at Cipriani 42nd Street.The evening raised $3 million for HSUS’ animal rescue efforts.Actress Malin Akerman presented the Thomases and their Sidewalk Angels Foundation with the HSUS Compassion in Action Award for making real change in helping those who have no voice. In her speech, Akerman praised the Thomases for their immediate reaction to animals in need during the tragic hurricanes that swept the U.S. this year.In their acceptance speech, Rob and Marisol Thomas thanked The HSUS for the honor and praised the organization’s unwavering dedication to helping animals out of harmful situations across the country.Marisol and Rob said: “This is a group effort. We need to all join forces to make real changes in this country and all over the world.”After accepting the Compassion in Action Award with his wife, Rob grabbed the mic to perform Matchbox Twenty’s classic hits, “Smooth,” “Little Wonders” and “Lonely No More.”The HSUS honored Moroccanoil with its Corporate Consciousness Award for making animal welfare and social responsibility its cornerstone.Caring for thousands of animals each year, The HSUS and its global affiliate Humane Society International deploy responders across the country and the world to help animals at risk or suffering in puppy mills, dogfighting rings, large scale-neglect cases and natural disasters.Guests enjoyed a three-course vegan meal prepared by Chef Chloe Coscarelli, a live auction, and exclusive entertainment by Thomas. Actress Kate Mara and Dylan’s Candy Bar founder Dylan Lauren co-presented the Animal Rescue Team portion of the program.Additional supporters in attendance included Nigel and Cristen Barker, Wes Gordon, Nicky Hilton Rothchild, Cathy Kangas, Joe Kernen (CNBC “Squawk Box”), Ariana Rockefeller, Sadie Sink, Jack Welch, and Paul Wesley.This year’s gala was chaired by David Brownstein and Suzy Welch, along with Co-Hosts Georgina Bloomberg, Amanda Hearst and Stephen Read.Moroccanoil sponored this year’s gala. The event was produced in partnership with Celebrity Event Planner Liron David of Eventiquelast_img read more

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Calgarybased clothing store wants girls to have a healthy relationship with fashion

first_imgAdvertisement Facebook Twitter There was an outcry earlier this summer when Discovery Girls magazine published (and quickly disavowed) an article called “What Swimsuit Best Suits You?” In it, the preteen demographic was asked whether they were “rounder in the middle” or “straight up and down,” and went on to suggest “curvy up top” girls wear side cut-outs to “draw they eyes down,” and curvy on the bottom girls were told to draw eyes up.Around the same time, Gap, which has had various flaps over tone-deaf messaging, pulled a GapKids ad featuring a boy in an Einstein shirt with the catchphrase “the little scholar,” and a girl with a cheerleader-style letter sweater and the words “the social butterfly.” Words matter a great deal, says Beth Malcolm, the director of the Girls’ Fund at the Canadian Women’s Foundation. Among the organization’s programs is a downloadable workshop called “As We Are,” which Triple Flip “took and ran with,” says Malcolm, of the pilot project at its stores earlier this year. More sessions are planned for the fall across the country. LEAVE A REPLY Cancel replyLog in to leave a comment center_img Advertisement Login/Register With: Sometimes the staff at Triple Flip, a Calgary-based, cross-Canada tween-girls clothing chain, has to go right into the change rooms to fight back against bullying. They have the heartbreaking challenge of soothing teary 9-year-olds lamenting the lack of “thigh gap” in their back-to-school leggings.“There are so many delicate issues in fashion for this age group. What you say to girls matters,” says Linda Maslechko, the Triple Flip founder and CEO whose mission is to build healthy relationships with fashion one 9-year-old at a time. “Parents, sales people, other girls. It all matters. This is the age when young girls are learning how to look at themselves, to make their own choices about clothes, to articulate who they are.”Add in some dodgy societal messaging and you have a body shaming stew. Advertisementlast_img read more

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Oscars Record Six Black Actors Nominated Diversity Improves After Controversy

first_img LEAVE A REPLY Cancel replyLog in to leave a comment Facebook Advertisement Twitter Advertisementcenter_img Advertisement After last year’s nominations spawned #OscarsSoWhite, all eyes were on the Academy Award nominations this morning – and in stark contrast to 2016, this year proved to be a much stronger year for diversity, both in front of and behind the camera.While no actors of color were nominated the last two years, this year saw every acting category recognizing a person of color. A record-tying (with 2007) seven minority actors were recognized, including a record-setting six black actors.In best actor, Denzel Washington landed his seventh nomination for “Fences,” extending his record as the most nominated black actor. His co-star Viola Davis was nominated in supporting actress, which also saw Davis’ “The Help” co-star Octavia Spencer nominated for “Hidden Figures” and Naomie Harris for “Moonlight.” With three nods, Davis is now the most nominated black actress. Login/Register With:last_img read more

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TIFF 2017 Deals The Complete List of Festival Purchases So Far

first_imgAdvertisement While the Toronto International Film Festival doesn’t boast a market as robust as other festivals, like Sundance or Cannes, the yearly event often plays home to some major buys of big contenders. Last year, films as diverse “I Am Not Your Negro,” “Salt and Fire,” and “A Quiet Passion” found a home at the festival, and this year will likely include a slate of picked-up offerings that are as wide-ranging as the festival itself. We will be tracking every buy below, so keep checking back to stay up to date.The Toronto International Film Festival runs September 7 – 17 in Toronto, Canada. Stay up to date on all of this year’s TIFF acquisitions below.– In an early deal that was announced before the festival even kicked off, AMC Networks’ streaming horror service Shudder picked up North American, U.K., Ireland and Australian rights to Coralie Fargeat’s debut “Revenge.” The film is billed as “a thriller about a woman who exacts bloody vengeance on her attackers” and is part of the festival’s well-loved Midnight Madness section. Login/Register With: Twitter Advertisementcenter_img Advertisement LEAVE A REPLY Cancel replyLog in to leave a comment Facebooklast_img read more

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North Island Film Commission North Island College Create Careers in Film TV

first_imgCAMPBELL RIVER_BC_Dec 8_2017: Set prep, lighting/gripping on Pulp Mill Fiction set. The NIC Film Industry Training Program with instructors John Helme, Lighting, Jeff Smith, Grips and Hal Keon, Carpenty, and all students on deck, at the Campbell River Discovery LNG mill. Photo by Kim Stallknecht Twitter Vancouver Island North Film Commission (INfilm) partners with North Island College (NIC) to celebrate the completion of BC’s first TV and Film Crew Training program–one that has successfully prepared more than 135 students in its first graduating cohort for careers in the motion picture industry. NIC launched the program last year, after the federal and provincial governments allocated almost $500,000 to deliver the pilot program on Vancouver Island.INfilm championed the inception of this program as the regional film commission that provides liaison and location services to film, television, commercial and media companies filming from Nanaimo northward. INfilm commissioner Joan Miller saw an opportunity to increase the region’s success through availability of local crew and led collaboration with NIC to deliver local training which now qualifies crew and creates a base of talent that can help attract a wider range of film projects to Vancouver Island. Advertisement LEAVE A REPLY Cancel replyLog in to leave a comment center_img Facebook Advertisement Login/Register With:last_img read more

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Toronto Transit Commission issues warning against Despacito accordion buskers

first_img Facebook The Toronto Transit Commission said enforcement officers came across the men a couple of times earlier this month and issued the warnings.“We have not received any formal complaints through our customer service department,” spokesman Stuart Green said Friday. “What we have seen is the online chatter and people posting videos.”Busking on trains is not allowed, Green said, and players must be approved before they can perform in designated areas on TTC property.“We have a TTC subway musicians’ program — auditions of which are actually open right now,” he said. “So if these guys are interested, they can apply to get a three-year licence to legally perform in the TTC system and earn some money at the same time.”Green said the men, who he identified as brothers, could be issued tickets if their on-train performances continue.Transit customers “have the right to enjoy a relatively peaceful ride,” Green said, adding that a common complaint from riders is about people playing their music too loudly without headphones.The accordion players have received both love and loathing from their audiences.One transit rider recently tweeted, “thank you accordion man on the subway for making this rainy commute home a little more entertaining.”Thank you accordion man on the subway for making this rainy commute home a little more entertaining. Also, all in favour of making #Despacito the official song of the #TTC ??‍♀️? #ILoveToronto— Alejandra Ortiz (@0rtizAle) April 3, 2018Another tweeted, “I’m getting a little tired of this Despacito accordion player riding the subway. Nothing fails to sour me faster.”I swear to god @TTChelps I’m getting a little tired of this Despacito accordion player riding the subway. Nothing fails to sour me faster. #TTC— Jack (@JackCox) April 17, 2018A Toronto-based professional accordion player who has seen the videos of the two men said “Despacito” isn’t a particularly difficult song to play, but performing on a moving train can make a performance more challenging.“The accordions are pretty heavy and it’s probably a bit difficult because on the subway you need to hold on to something when there is an abrupt stop,” said Claudio Santaluce. “It should definitely be a little bit tiring, because apparently they play for long periods of time standing up.”Santaluce added that he had personally enjoyed watching videos of the subway players.“I might be biased because I’m a musician, but if I was on that train, I’d actually enjoy it and I’d tell all my friends about it,” he said.“Despacito,” by Luis Fonsi, featuring Daddy Yankee, became the most viewed clip of all-time on YouTube last summer and the most-streamed track of all-time. However, the record-breaking video did not feature vocals by Canadian pop star Justin Bieber that appeared on a remix.A little subway accordion to brighten your afternoon! #toronto #ttc #busking— Astoria (@Local_Ginger) April 18, 2018 Advertisement Advertisement A busker is seen on a subway car in Toronto in this image taken from video. (Source: @Local_Ginger/Twitter) Advertisementcenter_img LEAVE A REPLY Cancel replyLog in to leave a comment Login/Register With: TORONTO — A pair of accordion players performing the summer hit “Despacito” while appearing on subway trains in Toronto have been warned to stop or risk being fined, the city’s transit agency said Friday.The two men have been spotted separately by commuters on various stretches of the subway system in recent days and videos of their performances have been circulating on social media.The reaction to the busking is divided, with some online expressing their dislike, while others applaud the men for the entertainment during their commute. Twitterlast_img read more

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first_imgBoJack (Will Arnett) inadvertently becomes a voice for woke men in Season 5 of BoJack Horseman, writes Johanna Schneller. (NETFLIX) It’s been quite the week for the question of forgiveness.There was Jian Ghomeshi’s tone-deaf feint toward atonement in the New York Review of Books, followed by Isaac Chotiner’s delicate vivisection of the Review’s editor, Ian Buruma, on Slate. Asked why he published Ghomeshi — and made the essay part of a package issue called “The Fall of Men” — Buruma stubbornly stuck to his older-white-male line. Because women have had, like, 11 full months of attention, so I guess it’s time to hand everything back over to the dudes?Then, on NBC’s Today show, Sean Penn called the #MeToo movement “a receptacle of the salacious,” calling for more nuance — for the men accused, not for the women. (Perhaps Sean should bone up on the meaning of the word “nuance.”) Julie Chen left her job as co-host of CBS’s The Talk, in the wake of her husband Les Moonves’s ouster as head of the network due to repeated alleged sexual misconduct. And Brett Kavanaugh, nominee for the U.S. Supreme Court, didn’t ask for forgiveness after being accused of sexual assault; he denied it ever happened. Advertisement Facebook Login/Register With: LEAVE A REPLY Cancel replyLog in to leave a comment Advertisement Advertisement Twitterlast_img read more



first_img Facebook Advertisement LEAVE A REPLY Cancel replyLog in to leave a comment Twitter Why is Céline Dion me at a Lady Gaga concert #Enigma— Lady Gaga 96 (@gagamonster96) December 31, 2018 Advertisementcenter_img Celine Dion and Lady Gaga (Getty Images) Login/Register With: Celine Dion may be the ultimate Lady Gaga fan.The Canadian music legend was spotted at Gaga’s Las Vegas residency show on Dec. 30 and fans captured video of her going wild during Gaga’s performance of her 2011 hit “The Edge of Glory”.Celine Dion getting her life at Lady Gaga’s show— Gaga Daily (@gagadaily) December 31, 2018 Advertisementlast_img read more


Elite BC school facing human rights complaint

first_imgAPTN National NewsSix months after enduring a tirade from a supervisor, a staff member at an elite British Columbia private school says going to work is now unbearable.Corinne Baker says she has complained to the provincial human rights commission after the school gave a mere slap on the wrist to a supervisor who allegedly said “Indians are dirty filthy pigs.”APTN National News reporter Rob Smith has more.last_img

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Layton remembered as ally to Indigenous people

first_imgAPTN National NewsOTTAWA–In a final letter, written before he died, NDP leader Jack Layton called on Canadians to build a more equal country where love trumped anger and hope trumped fear.The letter was released shortly after noon Monday, mere hours after Layton died in his Toronto home surrounded by family and loved ones.“My friends, love is better than anger. Hope is better than fear. Optimism is better than despair,” wrote Layton. “So let us be loving, hopeful and optimistic. And we’ll change the world.”Layton died Monday morning at around 4:45 a.m. from a still-undisclosed form of cancer, his family said in a statement. He was 61.Layton had been fighting prostate cancer and a fractured hip during the last election campaign where he took his party to an unprecedented showing, leading them to the cusp of power as the Official Opposition in the House of Commons.Layton announced he was fighting another form of cancer last month and appeared at the press conference in Toronto looking thin and weak.Layton, however, said he believed he’d be back by the start of Parliament on Sept. 19.“Unfortunately my treatment has not worked out as I hoped,” wrote Layton, in his final letter.The country’s political leaders all issued statements of condolences and the flag atop the Peace Tower was lowered to half-mast Monday where it will remain until after his funeral.“I was deeply saddened to learn this morning of the death of Jack Layton,” said Prime Minister Stephen Harper. “When I last spoke with Jack following his announcement in July, I wished him well and he told me he’d be seeing me in the House of Commons in the fall.”Harper later told reporters that he and Layton–both play musical instruments–always talked about having a “jam session,” but it never happened.“We always talked about getting together to jam, but it seemed we were always too busy. I will always regret the jam session that never was,” said Harper.While they were two politicians on opposite sides of the spectrum, Harper and Layton never displayed the level of bitter acrimony that often flared in the relationship between Harper and the Liberals.Harper actually credited Layton influencing the Conservative government’s decision to formally apologize for the Indian residential school system in 2008.Assembly of First Nations National Chief Shawn Atleo said he considered Layton a “friend” who would be missed by many First Nations leaders.“Jack understood the challenges of poverty and was determined to give voice to all struggles, including our struggle for fairness, equity and justice,” said Atleo, in a statement.In his letter to Canadians, Layton called on the country’s young to use their power of youth to change the country for the better.“As my time in political life draws to a close, I want to share with you my belief in your power to change this country and the world,” wrote Layton. “There are great challenges before you, from the overwhelming nature of climate change to the unfairness of an economy that exclude so many from our collective wealth…I believe in you. Your energy, your vision, your passion for justice are exactly what this country needs today.”Layton also offered words of encouragement for others who are battling cancer.“You must not lose your own hope,” wrote Layton. “Cherish every moment with those you love at every stage of your journey, as I have done this summer.”In the letter, Layton also left some final instructions for his party, saying he wished that the leadership vote to replace him be held early next year and that controversial NDP interim leader Nycole Turmel should remain at the post until a permanent replacement emerged.“Canada is a great country, one of the hopes of the world. We can be a better one, a country of greater equality, justice and opportunity,” wrote Layton.last_img read more

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Chiefs wary as they prepare for meeting with Harper

first_imgAPTN National NewsSeveral First Nations chiefs from across Canada met in Winnipeg this week to discuss what they want to bring to the table at the Jan. 24 First Nations-Crown gathering.APTN National News reporter Todd Lamirande went to gauge what chiefs expect from this meeting with the prime minister and his cabinet.last_img

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Recent violence in Nunavut part of longterm trend

first_imgAPTN National NewsViolent crime has risen dramatically in Nunavut, with no fewer than six incidents involving firearms in the last four months.In two incidents this week, an RCMP officer shot and killed a man inside his home after being threatened with an unknown weapon, and earlier, another man is charged with firing nine shots into the homes of two RCMP officers and their families.APTN National News reporter Kent Driscoll and anchor Michael Hutchinson talk about the spate of violence and how it’s affecting the territory.last_img read more

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Bruce Carson a oneman stimulus package for the police says NDP MP

first_imgBy Jorge Barrera and Kenneth JacksonAPTN National NewsAboriginal Affairs Minister John Duncan is “hiding behind his staffers” and “ducking” questions on his relationship to Bruce Carson, a former aide to Prime Minister Stephen Harper currently under an RCMP investigation, the NDP said Wednesday.Timmins-James Bay NDP MP Charlie Angus said Duncan’s office was “at the centre” of the Carson scandal that broke after APTN National News revealed the former political operative nicknamed “The Mechanic,” was lobbying for a water company that had a financial deal with his fiancée, a former Ottawa escort, on the sale of filtration systems to impoverished First Nation communities.“At the centre of it is his office and the fact that Bruce Carson and his girlfriend were going to hit up a bunch of impoverished First Nations communities,” said Angus, in the House of Commons during Question Period. “What is (Duncan) trying to hide…what does he know and what was his involvement with the Bruce Carson gang?”Duncan responded saying he couldn’t comment because the matter was under investigation.“We know that the member from Timmins-James Bay likes to throw dirt around this place,” said Duncan. “All I can say is that it is under investigation, therefore it is inappropriate to comment. The member knows that and I don’t know why he is pursuing this type of questioning.”Duncan cancelled a planned interview with APTN National News on the budget Tuesday after his staff discovered that the minister would also face questions on his relationship to Carson.Carson is currently facing probes from the RCMP, the Lobbying Commissioner and the Conflict of Interest and Ethics Commissioner. The lobbying probe is ongoing, while the ethics probe was suspended last November. None of the investigations have reached their conclusions.The OPP is also investigating the water company, H2O Pros, for allegedly defrauding customers.“Talk about investigation. We have the Lobbying Commissioner, we have the Ethics Commissioner, we have the RCMP, we have the OPP,” said Angus. “When you think about the Conservative Party and Bruce Carson, this man is like a one-man stimulus package for the police.”APTN National News reported this week that the lobbying investigation was scrutinizing Carson’s claimed links to Duncan.Carson met with at least two officials in Duncan’s office about the water company and its product in January 2011, two months before Harper called for the three-pronged investigation. Carson and the president of the now shuttered company met at least three times with Aboriginal Affairs department officials in the fall of 2010.Carson told APTN National News that Duncan’s office was aware of the company and its product and he was hoping to involve Environment Minister Peter Kent in the discussions.Duncan and Kent both denied ever discussing the water company with Carson.Questions still linger over how Carson managed to obtain “secret” level clearance to work in the Prime Minister’s Office, despite being convicted on three counts of fraud in the 1990s. He was disbarred and convicted on two counts of fraud and sentenced to 18 months in jail in the 1980s. Carson also declared bankruptcy in 1993.“How a four time convicted fraudster gets an all-access-pass into the Prime Minister’s Office remains a mystery,” said Angus, during question period. “But we know that wherever Bruce Carson goes he leaves a lot of ethical violations and a lot of unanswered questions.”jbarrera@aptn.caKennethbrianjackson@gmail.comlast_img read more

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Library and Archives Canada hosts a summer of super heroes

first_imgAnnette Francis APTN National NewsA collection of super heroe comics is attracting a mixed crowd of young and old.The collection is at the Library and Archives Canada building in Ottawa.It includes a growing number of First Nation, Inuit and Métis characters.afrancis@aptn.calast_img

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These problems are well known Cree Nation government testifies at Quebec inquiry

first_imgTom Fennario APTN National NewsThe Cree Nation in Quebec stepped up and had its say in Val d’Or Wednesday.Representatives were testifying at inquiry examining the relationship between certain public services in Quebec and Indigenous peoples.Many Cree live or visit Val d’Or  – but the relationship with residents and public services is often acrimonious.“These problems are well known, and so are their causes,” said Matthew Coon Come, grand chief, Crees Nation government. “What has been lacking today is the will to address them.”tfennario@aptn.calast_img read more

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MMIWG safety recommendations collecting dust 12 years later advocates

first_img(Bernie Williams is pictured in this Facebook photo.)Kathleen Martens APTN NewsTwo self-proclaimed “street sisters” and advocates for missing and murdered Indigenous women and girls took to the microphone this week to talk about themselves for a change.“I thought that nobody loved me,” said Gladys Radek. “I went in search of love, a sense of belonging.”Radek, a household name in the fight to bring attention to the issue of missing and murdered Indigenous women and girls, testified before the national inquiry Friday.Her “sister” Bernie Williams helped open the five-day event in Richmond, B.C. Wednesday.At this, the inquiry’s second stop in B.C. after Smithers last fall, Radek got personal.“The first time I did heroin I OD’d and was put in the hospital for three weeks…at that point I was 14,” she said.She ran away from reform school to the Downtown Eastside (DTES), she said, “where I met a lot of my street sisters and a lot of my own relatives.“I was really angry when I hit the DTES because of all the violence I was subjected to as a child.”Radek was drinking and didn’t stop until about 10 years ago.“It was actually my niece Tamara that made me realize I couldn’t do the work that I’m doing for our missing and murdered women if I was drinking.“When Tamara went missing in 2005 it didn’t take long for me to realize that there was lots of other Tamaras out there that were missing.”Tamara Chipman vanished near Prince Rupert, B.C., along Highway 16, also referred to as the Highway of Tears because of all the disappearances along the route.“So many of our young relatives have been murdered for no reason,” said Radek, wearing a t-shirt with her niece’s smiling face on the front.“Because they were society’s throwaways.”Like Radek, Williams also lost relatives to violence – her mother and three sisters were murdered. The pair founded Walk4Justice and, as part of their lobbying, called for a national public inquiry.“When Tamara went missing I couldn’t take it anymore because all these years I watched my friends disappear, I watched my relatives disappear…up in northern B.C. where nobody wants to talk about it,” said Radek, who now lives in her missing niece’s home of Terrace, B.C.Williams has been on a few awareness-raising walks with Radek and stood behind her Friday as she testified before the inquiry.“I thought Gladys was crazy. I still feel that way,” she said with affection.“The last walk we did with the commissioners last year…that was one of the hardest walks we ever did.”The two now want to memorialize the women missing from northern B.C. with a totem pole Williams will carve with a group of women.“Terrace is the hub with about 80 reserves around it. They’re all affected by the loss of a loved one,” Radek said.Williams agreed, and called for safety recommendations developed by Indigenous families in 2006 in Prince George to be revisited.  She said only one recommendation – erecting billboards along the highway – was fulfilled.“So we’re sitting here 12 years later and nothing is done. Women are still going missing,” she said. “Those 32 recommendations need to be revisited.”kmartens@aptn.calast_img read more

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Partners pull plug on Aurora LNG project near Prince Rupert for economic

first_imgCALGARY – In the latest setback to B.C.’s liquefied natural gas export industry prospects, the partners developing the Aurora LNG project say they are ending a feasibility study after four years.Nexen Energy, a Calgary-based subsidiary of Chinese oil giant CNOOC Ltd., says it has decided with Japanese partner INPEX Gas British Columbia Ltd. to stop work on the proposal effective immediately.The company says in a statement the current “macro-economic environment” doesn’t support building a large LNG business as proposed at Digby Island, west of Prince Rupert, B.C.In July, a consortium led by Malaysia’s state-owned Petronas cancelled its $36-billion Pacific NorthWest LNG project near Port Edward, B.C., citing a downturn in market conditions.The project would have included a natural gas export terminal on Lelu Island on the province’s northern coast and a 900-kilometre pipeline to bring the natural gas in from northeastern B.C.The Aurora project was awaiting word on a B.C. environmental assessment certificate. Phase 1 was tentatively set to begin construction in 2020 and begin supercooling natural gas and shipping it to world markets by 2025.Like Petronas, CNOOC says the Aurora partners will continue to produce natural gas from their Horn River wells in northeastern B.C. while monitoring the North American market to evaluate future investments.In a statement Thursday, B.C.’s energy minister said Nexen and their partners were always clear that the project would be based entirely on global market conditions and low commodity prices.“We will continue to work with industry to ensure that LNG development creates jobs and training opportunities for British Columbians, provides a fair rate of return for our resources, engages with First Nations as partners, and protects our air, land and water,” Michelle Mungall said.In a recent report, the National Energy Board warned that Canada is a late entrant to the global LNG market and the next seven years will be critical to the development of the industry.last_img read more

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UK central bank warns over rise in consumer credit

first_imgLONDON – The Bank of England warned Monday of “a pocket of risk” in the rapid growth of consumer credit in the British economy, and is compelling lenders to hold an extra 10 billion pounds ($13.5 billion) in capital to cover themselves against potential losses.The fast rise in credit like car loans or credit card debt may not be a threat to the overall economy, accounting for just 11 per cent of household debt, but it represents a risk to “banks’ ability to withstand severe economic downturns, because this asset class is disproportionately more likely to default,” the Bank of England’s Financial Policy Committee said.The committee said lenders have placed too much weight on the recent performance of consumer lending in benign conditions, which has seen default rates fall. As a result, the committee said, lenders “have been underestimating the losses they could incur in a downturn.” Though growth in consumer credit has slowed in recent months, it’s still high — up 9.8 per cent in the year to July 2017.“Growth of consumer credit remains well above the rate of growth in household disposable income,” the committee said in a report on a meeting held Sept. 20.Banks, the committee added, could end up incurring 30 billion pounds worth of losses in the event that interest rates and unemployment rise sharply. That’s around 20 per cent of their outstanding loans and 10 billion pounds more than previously thought under a “very deep recession” scenario.The extra capital they require is relatively small compared with the 280 billion pound that banks already have to keep back against potential losses, a buffer that the regulators hope will prevent a repeat of the financial crisis of a decade ago.Individual banks will be evaluated later this year in so-called stress tests, in which banks’ finances are put through a simulation of economic duress.The warning from the committee, which assesses the financial risks to the British economy on a quarterly basis, comes on the day that Britain’s main opposition Labour Party is calling for limits on credit card interest rates so that no one pays back more than twice the amount of their original borrowing.Though consumer credit has increased over the past year amid low interest rates, Paul Hollingsworth, U.K. economist at Capital Economics, noted the recent slowdown. And with inflation likely to fall back in coming months, and wages set to rise, he said “the foundations for spending growth next year should be stronger, so concerns about consumer credit are likely to diminish, rather than build further.”On Brexit, the committee voiced concerns about the potential financial impact on British firms, saying Britain and the European Union would need an agreement.last_img read more

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US Emirates strike deal resolving airline spat

first_imgWASHINGTON – The United States and the United Arab Emirates signed a deal Friday to resolve a years-old spat over alleged Emirati government subsidies to its airlines and accusations of unfair competition in the U.S.After months of negotiations, a deal was reached that was carefully constructed to allow both sides to claim victory. Yet in a sign of how testy the issue has become, the Emiratis and the U.S. airlines immediately disagreed about what the deal said about the most controversial issue: flights to the U.S. that don’t stop in the UAE.The deal was signed in private at the State Department by Assistant Secretary of State Manisha Singh and Emirati Ambassador to the U.S. Yousef al-Otaiba. The State Department declined to comment. The Associated Press obtained the text of the agreement, known as a “record of discussion.”Under the deal, Dubai-based Emirates and Abu Dhabi-based Etihad Airways agreed to voluntarily open up their accounting books by publishing annual financial statements “consistent with internationally recognized accounting standards.” The major U.S. carriers — Delta Air Lines, American Airlines and United Airlines — have long alleged those financials obscure billions in hidden subsidies by the Emirati government.The more sensitive issue related to so-called “Fifth Freedom flights” in which passengers can fly to or from the United States to third countries without ever setting foot in the UAE.The U.S. airlines had sought a “freeze” — a binding commitment that they wouldn’t offer any more Fifth Freedom flights — from the Gulf airlines. Instead, they got a side letter in which the Emiratis state they currently have no plans to add more of the flights. Currently, Emirates offers flights directly from New York-area airports to Milan, Italy, and Athens.Otaiba, the Emirati ambassador, called that a victory, because Emirati airlines would remain “free to continue to add and adjust routes and services.”“The UAE is very pleased that our understanding with the U.S. preserves all of the benefits of Open Skies for travellers, airlines, communities and aerospace companies in both countries and around the world,” Otaiba said, referring to the so-called open skies agreements that govern international civilian air travel.Not so, said Scott Reed of the coalition representing the big three U.S. airlines.“This agreement will freeze Emirates and Etihad Airways from adding additional direct flights from the United States to Europe and Asia,” Reed said in a statement.The reality is somewhere in between. In the side letter, the Emiratis do not explicitly promise never to add more such routes, but simply indicate none are planned. Still, the agreement rests on a tacit understanding between the U.S. and Emirati governments that more routes won’t be added, several individuals familiar with the negotiations said.The deal is expected to be announced Monday when the Emirati foreign minister visits Washington, according to a State Department official, who wasn’t authorized to speak to reporters about the agreement and requested anonymity.The U.S. airlines can also point to language included in the agreement that affirms their longstanding claim that Emirati government subsidies are hurting their business. The agreement says that both sides agree “that such government support in whatever form may adversely impact competition in providing international air transportation.”That led Reed, the U.S. airlines representative, to call it a “win.”“We are extremely pleased that the UAE has finally admitted what we have said all along: that their government subsidies harm competition,” Reed said.Yet in another example of how the deal gives both sides room to say that the other side caved, it also includes language that effectively states the opposite.“The delegations stated that government support in whatever form — including policies, practices, and rules — is neither uncommon nor necessarily problematic in the global aviation sector,” the agreement says, paradoxically.Both of the Emirati airlines have long denied receiving unfair government subsidies. The three U.S. carriers have spent huge sums over the last three years pressing the Obama administration and Trump administration for tough action, and have been eager to show a win on the issue. The airlines have hoped that if they have more visibility into the finances of the state-owned Emirati airlines, the Emiratis will no longer be able to get away with unfair subsidies.The deal closely mirrors one reached in January between the U.S. and Qatar. For the UAE, the agreement averts the more serious step U.S. airlines wanted: re-opening the open skies treaties, which could ultimately lead to less favourable conditions for Persian Gulf airlines.___Reach Josh Lederman on Twitter at read more

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Most actively traded companies on the TSX

first_imgSome of the most active companies traded Thursday on the Toronto Stock Exchange:Toronto Stock Exchange (16,161.30, down 101.58 points).Aurora Cannabis Inc. (TSX:ACB). Health care. Up 15 cents, or 1.7 per cent, to $8.95 on 18.4 million shares.Aphria Inc. (TSX:APH). Health care. Up $1.57, or 9.25 per cent, to $18.55 on 16.6 million sharesBombardier Inc. (TSX:BBD.B). Industrials. Down 11 cents, or 2.55 per cent, to $4.20 on 14.6 million shares.Canopy Growth Corp. (TSX:WEED). Health care. Up $9.19, or 15.4 per cent, to $68.83 on 13.8 million shares.Cronos Group Inc. (TSX:CRON). Health care. Up $1.84, or 14.4 per cent, to $14.65 on 7.7 million shares.The Green Organic Dutchman Holdings Ltd. Health care. Up $1.44, or 25.4 per cent, to $7.10 on 7 million shares.Companies reporting major news:Restaurant Brands International Inc. (TSX:QSR). Retail. Up six cents to $74.91 on 710,000 shares traded. The parent company of Tim Hortons seized the restaurants of the head of an unsanctioned franchisee group after he allegedly leaked sensitive corporate news to the media. David Hughes, president of the Great White North Franchisee Association, received a phone call Sunday afternoon, roughly four minutes before the company locked him out of his four Lethbridge, Alta., coffee shops, he said.Laurentian Bank. (TSX:LB). Financials. Down 2.89 or 6.2 per cent to $43.63 on 1.77 million shares traded. Laurentian Bank of Canada’s net income was virtually flat in the third quarter compared with last year at $54.9 million, as the company recorded acquisition-related costs and other expense increases that offset five per cent higher revenue. Adjusted earnings fell to $59.4 million or $1.34 per share for the three months ended July 31, down from $59.9 million or $1.63 per share in last year’s third quarter. Revenues rose $12.7 million to $260.7 million.last_img read more

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