A Tale of Two Economies...

[astonas]

Re: A Tale of Two Economies...

I learned to really appreciate the experiment that is Canada, flaws and all, only after I moved overseas for nearly a decade. After witnessing first hand the tribalism that seems to be rooted in most of the peoples in every other part of the world in which I lived, worked and traveled, I came to the conclusion that Canada is a rather unique place. We have people from all over the world, all cultures, religions, languages, and ethnic backgrounds living together in relative harmony. I didn't realize how rare that is until I left this place for a while, and I don't take it for granted any more...

I think you've selected a very appropriate word there. Tribalism.

That's a lot of what I see as well, even here in the US. Political affiliation, for example, is seeming more and more a tribal affiliation than it used to be. Or maybe it always was, and it was less acceptable to be open about it. People are self-segregating based on ideology.

And when strife or hardship happens, people always seem to be in a rush to decide where they want to draw the line between "us" and "them" (with the implicit reasoning being that "us" must always be the good guys, and "them" the bad guys).

I'm not saying there is a way to change things, but it wouldn't hurt us to take a peak over the border occasionally and see if there might be a better way of thinking.

If you were pressed to identify what differences might have brought about the apparently idyllic circumstances you describe, what would you point to? Are they mostly accidents of history, or was there a specific guiding principle at play, that was notably different from the US?

[GRG55]

Re: A Tale of Two Economies...

I think you've selected a very appropriate word there. Tribalism.

That's a lot of what I see as well, even here in the US. Political affiliation, for example, is seeming more and more a tribal affiliation than it used to be. Or maybe it always was, and it was less acceptable to be open about it. People are self-segregating based on ideology.

And when strife or hardship happens, people always seem to be in a rush to decide where they want to draw the line between "us" and "them" (with the implicit reasoning being that "us" must always be the good guys, and "them" the bad guys).

I'm not saying there is a way to change things, but it wouldn't hurt us to take a peak over the border occasionally and see if there might be a better way of thinking.

If you were pressed to identify what differences might have brought about the apparently idyllic circumstances you describe, what would you point to? Are they mostly accidents of history, or was there a specific guiding principle at play, that was notably different from the US?

Quick, flippant answer: How do you tell the difference between an American and a Canadian?

Americans don't get offended when someone mistakenly thinks they are a Canadian.

More considered answer perhaps later

[GRG55]

Re: Tax Me - I'm Canadian

I don't understand what "bullishness" you are referring to. The stock is trading about 25% below the price of two years ago. It just reported some seriously poor financials, and some output declines. However, if the stock trades below $28 it might be an interesting play given its huge reserves in the ground in a reasonably secure political jurisdiction...

Suncor is now below $28 on the Toronto Exchange.

Suncor closed at $31.41 on the Toronto Exchange today, up almost 6%.

Suncor hikes dividend 54%, announces $2-billion share buyback

Calgary — The Canadian Press

Published Monday, Apr. 29 2013, 7:58 PM EDT
Last updated Tuesday, Apr. 30 2013, 5:33 AM EDT

Suncor Energy Inc. on Monday announced a 54-per-cent dividend hike, a $2-billion share buyback and better first-quarter operating earnings that were boosted by strong oilsands production and refining margins.

Canada’s largest energy company says its quarterly dividend will rise to 20 cents per share from 13 cents. The dividend is payable June 25 to shareholders of record at the close of business June 4...

Suncor shares jump 5 percent on dividend hike, earnings beat

By Scott Haggett | Reuters – 7 hours ago

CALGARY, Alberta (Reuters) - Shares of Suncor Energy Inc jumped nearly 5 percent on Tuesday after Canada's largest oil and gas producer took steps to increase returns to shareholders and reported first-quarter earnings that surpassed expectations.

Suncor said late on Monday it would raise its quarterly dividend 54 percent to 20 Canadian cents per share from 13 cents and launch its repurchase plan to buy back C$2 billion ($1.97 billion) of its own shares, which will run from May 2 until September 19.

Suncor's shares were up C$1.39 to C$31.03 by late morning on the Toronto Stock Exchange. The shares had fallen 9.2 percent over the past 12 months...

[GRG55]

Re: A Tale of Two Economies...

As I read this article I couldn't help but think that if any company proposed to build that mine today, or the pulp mill that shut down some years earlier, they would be met with years of permitting procedures and public hearings, NGO demonstrations vilifying them, lawsuits, opportunistic politicians and a hostile media playing to the "victim" angle...all combined with a low probability of success.

Brunswick Mine closes, leaving hundreds without work

CTV Atlantic
Published Wednesday, May 1, 2013 6:43PM ADT
Last Updated Wednesday, May 1, 2013 6:44PM ADT

Another Maritime community is coming to terms with the loss of another large employer.

The closure of a zinc mine after almost 50 years has left hundreds of people without jobs in northern New Brunswick.

Kenneth Smith has worked at the Brunswick Mine for 33 years and is part of the union executive.

He says the closure is a significant hit to the region.

“It’s going to be devastating,” says Smith. “We are the last big employer in the area. Our pulp mill is gone approximately six or seven years ago and there are no more big industrial employers in the area.”

The mine is located about 20 kilometres southwest of Bathurst. Over its 50 years of operations, under several owners, it has employed roughly 7,000 workers, and 700 in the last year alone.

“It does mean a lot to Bathurst, because all of our local business community depended on them for almost 50 years, but it means a lot to the region as well,” says Bathurst Mayor Stephen Brunet.

Samuel Lavigne manages a tire store in the area. He says the closure will be a big loss for his business.

“A big account for us, it will affects us to a certain degree,” says Lavigne. “In the last few years we changed a lot of stuff to compensate for the mine…we will be alright but it is definitely, yes, a big loss.”

Smith is moving to Alberta for work, but is concerned for many of his co-workers.

“Some of them are not as well prepared for finding new jobs,” says Smith. “Some (have) very specialized training in underground mining, which is hard to transfer those skills to other industries.”

The unemployment rate in Bathurst is over 20 per cent, but Brunet says not to count the city out just yet.

“We still live in the woods, so hopefully there will be something else rejuvenated with the forestry industry.”

[ST]

Re: A Tale of Two Economies...

I learned to really appreciate the experiment that is Canada, flaws and all, only after I moved overseas for nearly a decade. After witnessing first hand the tribalism that seems to be rooted in most of the peoples in every other part of the world in which I lived, worked and traveled, I came to the conclusion that Canada is a rather unique place. We have people from all over the world, all cultures, religions, languages, and ethnic backgrounds living together in relative harmony. I didn't realize how rare that is until I left this place for a while, and I don't take it for granted any more...

After living in seven U.S. states, and travelling globally, my conclusion is that the only place comparable to those Canadian attributes you note is NYC & area. It's a sovereign state, culturally for the same mosaic reason you mention...difficult to imagine leaving.
-SA (displaced Canadian)

[GRG55]

Re: A Tale of Two Economies...

Caterpillar to close Ont. plant, cut 330 jobs

TORONTO -- About 330 people are expected to lose their jobs when, for the second time in 15 months, heavy equipment and mining giant Caterpillar Inc. will shut down an Ontario facility.

The U.S. mining and manufacturing behemoth has decided to shutter its tunnel-boring plant near Toronto's Pearson International Airport by the middle of 2014, nearly five years after buying it.

"We know this is difficult news for our employees and their families. We acquired a great team when we bought this company, and while they have demonstrated an ability to build quality products, the future prospects of this business no longer align with our expectations," Caterpillar customer and dealer support president Stuart Levenick said in a release.

Just last year, Caterpillar closed its London, Ont., locomotive plant, putting 465 employees out of work after a month-long lockout over wages. The company was looking to slash pay by up to 50%, according to reports. Those jobs were transferred to Muncie, Ind.

Last month, Caterpillar announced it was laying off 460 workers -- or about 11% of the workforce -- at a U.S. plant that makes mining equipment. In late February, Caterpillar said it would cut 1,400 of 3,400 jobs at its Belgian construction equipment plant.

Recently called one of the "world's most admired companies" by Forbes, Caterpillar has faced falling commodity prices and issues in the global mining industry have sparked recent layoffs and closings. The company said its first-quarter profit for 2013 shrank 45%.

[metalman]

Re: A Tale of Two Economies...

Caterpillar to close Ont. plant, cut 330 jobs

TORONTO -- About 330 people are expected to lose their jobs when, for the second time in 15 months, heavy equipment and mining giant Caterpillar Inc. will shut down an Ontario facility.

The U.S. mining and manufacturing behemoth has decided to shutter its tunnel-boring plant near Toronto's Pearson International Airport by the middle of 2014, nearly five years after buying it.

"We know this is difficult news for our employees and their families. We acquired a great team when we bought this company, and while they have demonstrated an ability to build quality products, the future prospects of this business no longer align with our expectations," Caterpillar customer and dealer support president Stuart Levenick said in a release.

Just last year, Caterpillar closed its London, Ont., locomotive plant, putting 465 employees out of work after a month-long lockout over wages. The company was looking to slash pay by up to 50%, according to reports. Those jobs were transferred to Muncie, Ind.

Last month, Caterpillar announced it was laying off 460 workers -- or about 11% of the workforce -- at a U.S. plant that makes mining equipment. In late February, Caterpillar said it would cut 1,400 of 3,400 jobs at its Belgian construction equipment plant.

Recently called one of the "world's most admired companies" by Forbes, Caterpillar has faced falling commodity prices and issues in the global mining industry have sparked recent layoffs and closings. The company said its first-quarter profit for 2013 shrank 45%.

oil & commodity deflation, ho!

c'mon, ben. gimme some juice!

oh, wait...

[GRG55]

Re: A Tale of Two Economies...

oil & commodity deflation, ho!

c'mon, ben. gimme some juice!

oh, wait...

Just imagine how fast the rigs in those high cost shale oil plays are going to shut down, along with the evaporation of a lot of highly paid jobs, if the Fed doesn't get the Dollar price of oil firmed up. Ah well, Memorial Day and driving season is just about on us. Everyone get out there, fire up the F150 and drive wherever to visit the in-laws. :-)

[GRG55]

Re: A Tale of Two Economies...

It's official. The Canadian economy really does depend on ice hockey (and the related beer sales) after all...

Hockey helps Canada's economy grow again in January

Thu Mar 28, 2013 11:35am EDT

OTTAWA (Reuters) - Canada's economy bounced back from a year-end slump in January thanks to factories, mines and the return of professional ice hockey, but growth still looks too weak to match the central bank's upbeat outlook and interest rates are unlikely to budge until 2014.

Gross domestic product expanded by 0.2 percent in the month, Statistics Canada said on Thursday, following the weakest two quarters since the 2008-09 recession and a 0.2 percent contraction in December.

A comeback in the manufacturing sector helped spark the turnaround, along with strength in the mining and energy sectors and the delayed start of the country's beloved hockey season after National Hockey League players and owners settled a months-long labor dispute...

...The mining, quarrying and oil and gas extraction industry expanded 0.2 percent, while the arts and entertainment sector got a one-time boost of 4.1 percent as Canadians flocked to hockey arenas and sports pubs after the NHL labor dispute ended.

Players and owners reached a deal in January to end a four-month lockout of players. Canada has NHL teams in Vancouver, Calgary, Edmonton, Winnipeg, Toronto, Ottawa and Montreal.

Forget the economy. Forget the Eurocrisis. Forget about the Fed's exit strategy. And forget about Japan printing Yen.

Today none of that is as important as the news that the LEAFS HAVE TIED THE (hated!!!) BRUINS in the NHL Playoffs.
Apparently the near term fate of the Canadian economy hangs on the result of Game 7...

Bruins need more than one line to close out series against Maple Leafs

Who knows, maybe we can get EJ to give us a Game 7 prediction...

[jk]

Re: A Tale of Two Economies...

you must be joking.
at 10:20 et, 11 minutes after your post, this is the headline at espn:

Finishing Strong

Boston rallied from a 4-1 third-period deficit Monday to win Game 7 in OT.

Boston rallied from a 4-1 third-period deficit Monday to win Game 7 in OT.but maybe that's even better for the beer sales.

[GRG55]

Re: A Tale of Two Economies...

you must be joking.
at 10:20 et, 11 minutes after your post, this is the headline at espn:

Finishing Strong

Boston rallied from a 4-1 third-period deficit Monday to win Game 7 in OT.

Boston rallied from a 4-1 third-period deficit Monday to win Game 7 in OT.but maybe that's even better for the beer sales.

Nice guys finish last again. Time to short the Canadian economy...

[ProdigyofZen]

Re: A Tale of Two Economies...

Nice guys finish last again. Time to short the Canadian economy...

I watched the end of the game it was crazy. The Bruins scored two goals with 1:22 left with 6 guys on the ice as they pulled their goalie for both goals.

Then they won it in overtime.

The Leafs must be devastated.

Next up the last remaining Canadian team the Ottawa Senators vs. my Pittsburgh Penguins.

Sorry Canada, it is indeed time to short you!

[Prazak]

Re: A Tale of Two Economies...

I watched the end of the game it was crazy. The Bruins scored two goals with 1:22 left with 6 guys on the ice as they pulled their goalie for both goals.

Then they won it in overtime.

The Leafs must be devastated.

Next up the last remaining Canadian team the Ottawa Senators vs. my Pittsburgh Penguins.

Sorry Canada, it is indeed time to short you!

Almost as devastating as yet another Game 7 fail by the Caps. Maybe the most underachieving hockey team I can recall.

[jiimbergin]

Re: A Tale of Two Economies...

I watched the end of the game it was crazy. The Bruins scored two goals with 1:22 left with 6 guys on the ice as they pulled their goalie for both goals.

Then they won it in overtime.

The Leafs must be devastated.

Next up the last remaining Canadian team the Ottawa Senators vs. my Pittsburgh Penguins.

Sorry Canada, it is indeed time to short you!

I thought you lived in Texas, how come the Penguins are your team?

[ProdigyofZen]

Re: A Tale of Two Economies...

I thought you lived in Texas, how come the Penguins are your team?

I grew up in WV, eastern panhandle, moved to TX after college.

But also I will never understand why people assume you must like the team that is closest in geography to you

I was a big fan of Lemieux and Jagr growing up. The Pens won tonight and looked phenomenal.