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‘That’s no joke’: Taking aim at Trudeau, Trump’s campaign chief compares U.S. job numbers to Canadian losses


For Prime Minister Justin Trudeau, it seems the fallout from his Buckingham Palace video slip-up is set to run and run.

In the days since the PM’s unguarded remarks showed him cracking a joke at U.S. President Donald Trump’s expense at a NATO summit in England, he has found the clip being used both by Trump’s allies and foes to further their own needs.

At a reception on Tuesday evening, Trudeau was caught on camera with France’s Emmanuel Macron, Britain’s Boris Johnson and Mark Rutte of the Netherlands laughing at Trump’s long press appearances. “You just watched his team’s jaws drop to the floor,” said Trudeau. Trump said the clip showed Trudeau was “two-faced.”

In a news conference after the summit, Trudeau said his “jaw drop” comment had been referring to Trump’s unexpected announcement that the next G7 summit will take place at Camp David and he had meant no offence.

However, that doesn’t seem to have appeased the Trump side, and on Friday Trudeau was taken to task by Trump’s 2020 campaign manager Brad Parscale.


Brad Parscale, campaign manager for the Trump 2020 reelection campaign, attends a campaign rally for U.S. President Donald Trump in Bossier City, LA, U.S., November 14, 2019.

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On Friday Bloomberg reported that Canada’s job market weakened, unexpectedly, for the second month in a row. Citing Statistics Canada figures, Bloomberg reported that Canada shed 71,200 jobs in November — the biggest drop since 2009. In total, Canada has added 285,100 jobs in 2019.

Pouncing on the November drop Parscale, citing Bloomberg reporting run online by the Financial Post, highlighted the fact that American job gains under Trump compare favourably to Canada’s numbers. The most recent U.S. Labor Department figures show the U.S. gained 266,000 jobs in the same month.

“Let’s see,” Parscale wrote in a post on both his Twitter and Facebook accounts, the latter of which was shared by Trump’s own Facebook page.

“President Trump is fighting for America and our economy just ADDED 266,000 jobs. Justin Trudeau was laughing it up in London and the Canadian economy just LOST 71,200 jobs. That’s no joke. Trump wins. Again.”

Parscale’s stinging rebuke came soon after Democratic presidential candidate Joe Biden had chimed in on the Trudeau clip, posting a campaign video to Twitter in which he used the video to take down Trump, suggesting he is a laughingstock to other world leaders.

“The world is laughing,” read the text over that clip and others of Trump’s trips abroad. “We need a leader the world respects.”

As of Thursday evening, Biden’s Twitter video had garnered more than nine million views. The campaign soon posted it to Facebook and told Reuters it was also promoting it to likely caucus-goers in the early presidential nominating state of Iowa on Instagram, YouTube and Hulu.

The Biden campaign also used the video in a fundraising pitch on Thursday, asking supporters to help turn the online ad into a TV spot.

— with files from Reuters and Bloomberg



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Bank of Montreal hikes dividend but takes hit for job cuts


The chief executive of the Bank of Montreal vowed Tuesday that there will be “ongoing accountability” in the wake of another restructuring charge that the Canadian lender was forced to take in connection with job cuts.

BMO reported on Tuesday net income of nearly $1.2 billion for the three months ended Oct. 31, down from about $1.7 billion a year earlier, due in part to a $484-million pre-tax restructuring charge that Canada’s fourth-largest lender took for the quarter.

The fourth-quarter charge was tied to severance and some small real estate-related costs, BMO said, “to continue to improve our efficiency, including accelerating delivery against key bank-wide initiatives focused on digitization, organizational redesign and simplification of the way we do business.”

BMO CEO Darryl White told analysts during a conference call that the decision was made “with serious consideration,” and was in line with its strategy.

“All areas of the bank contributed to the charge, and there will be ongoing accountability throughout the organization for the decisions that have been made,” White said.

BMO’s chief financial officer, Tom Flynn, said the restructuring charge would affect around five per cent of the bank’s employees. He added that they expect their measures to create savings of approximately $200 million in its fiscal 2020 and to achieve run-rate savings of about $375 million by the first quarter of fiscal 2021.

The comments came after the Toronto-based bank also reported it had cut the number of full-time equivalent employees by 810 from the previous quarter, to 45,513 total for the period ending Oct. 31.

However, the restructuring costs have been a recurring theme for BMO, which recorded similar charges in recent years, including hits of $260 million in 2018 and $59 million in 2017. There was also a $120-million severance expense for the second quarter of 2019, which was attributed to the bank’s capital-markets unit.

“It is difficult for us to credit good expense control in the face of yet another restructuring charge from this bank, this time approaching $500 million,” CIBC World Markets analyst Robert Sedran wrote in a note. “However, the underlying segment performance was solid with improving volume growth, positive operating leverage, and stable credit quality. A decent result.”

White, though, suggested that the restructuring costs could be coming to an end.

One of BMO’s key targets has to do with what is known as its efficiency ratio, which is a percentage calculated as non-interest expense divided by total revenue. BMO’s adjusted efficiency ratio was 60 per cent for the quarter, down from 62.2 per cent a year ago, but the bank has set the goal of achieving 58 per cent by 2021.

White said that the latest charge would help BMO in reaching its efficiency target, “while continuing to optimize efficiency beyond that without the need for additional charges.”

In response to an analyst question, the CEO noted it was a “sizable move” affecting five per cent of the bank’s workforce, that the bank was “holding the line a lot more tightly” on expense growth and that the discipline they expect from managers going forward does not include a “reliance on this technique and the assist of a charge.”

“And so that’s a very sort of clear message to the entire organization in terms of how we expect to manage ourselves going forward,” White said. “So when I put all those together, in addition to the real benefits that we’re starting to see from technology and digitization, we’re confident in telling you that we’ll retire this play from our playbook.”

Affecting BMO’s latest results as well were some acquisition-related assets and costs and a $25-million reinsurance “adjustment” connected to the impact of claims from Japanese typhoons, which hit the bank after its previously announced decision to wind down the reinsurance business.

With the latest restructuring charge removed, BMO’s profit for the quarter was $1.6 billion, up five per cent from the same three months of 2018. Adjusted earnings per share were $2.43, an increase of five per cent and slightly above the $2.41 that analysts were expecting.

The bank said its results were boosted by good showings from its retail businesses and greater earnings out of its wealth management unit, offset somewhat by a drop in net income from its capital-markets operations. The previous year’s results also included a “favourable tax item” in the U.S.

BMO’s stock price fell Tuesday morning, and was around 2.5 per cent lower as of 10 a.m., at $98.22.

“We do not expect the slight beat to drive the stock; however, the news on the restructuring charge is likely to drive some near term upside in BMO shares given our expectation that management will suggest that this restructuring positions the bank well to deliver on its 58 per cent efficiency ratio target for 2021,” Eight Capital analyst Steve Theriault wrote.

For its fiscal 2019, which wrapped up at the end of October, BMO reported earnings of almost $5.8 billion, up six per cent from the previous year.

In addition to the earnings, BMO announced it was hiking its quarterly dividend payment by three cents to $1.06 per common share.

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‘We are hiring big time’: Calgary tech companies join forces to attract job seekers – Calgary


A Calgary-based group of tech companies held a hiring fair downtown on Saturday to help get the word out that the technology sector needs skilled workers.

Jason Moore was working as a geologist in Calgary for the past eight years until September when he was laid off.

“I left on good terms. They treated me very fairly but it was more just a side effect of what all of Alberta is going through at this time,” Moore said.


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Moore is one of the hundreds of people who attended the first Tech West Collective hiring expo on Saturday. He now considers himself lucky. Moore is learning the world of coding and discovering a passion he never knew he had.

“I think one of the great things about coding is you get to build stuff, and you get to see if it works right away. It’s like the mouse pushing the button and you get the pellet,” Moore said with a laugh.

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The Tech West Collective is a group of Calgary tech companies that have teamed up to help fill vacant positions.

“We are feeling a talent gap. Now we want to build up the talent pool,” said Tech West Collective organizer Kat Lesperance.

Lesperance works at Showpass, a Calgary-based tech company that provides ticketing solutions for event organizers. Showpass and Avanti Software are two of the seven members of the collective.

“We are hiring big time,” said David Owen Cord, Avanti Software co-CEO.

He said the company is looking for people of all backgrounds — not just tech-related positions.

“It’s been interesting because of the negative headlines here in Calgary and the layoffs that are going on but we are having a very different reality in the business we live in every day. One of our biggest challenges is actually filling the open spots that we are trying to hire for,” Owen Cord said.

Part of the problem is a lack of people with tech skills.

EvolveU is a non-profit educational institution that is helping job hunters transform their careers to adapt to the rapidly changing digital economy.

“There’s so much opportunity right now that people don’t even know about. That’s exciting for me and it’s exciting to watch the students go through the transformation,” said Jen Morrison, program manager with EvolveU, at the job fair on Saturday.

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Members of the Tech West Collective said it’s time for tech companies to stop poaching talent from each other and get the word out that Calgary’s economy goes beyond oil and gas. Those transitioning from the energy industry said the job hunt in the tech world is more encouraging.

“There [are] more jobs than would be for my old profession. It’s not that they’re handing them out, but there definitely does seem to be more excitement and more opportunity and a desire for more people to enter this industry,” Moore said, adding that he’s taking courses at EvolveU.

According to Calgary Economic Development, the city has over 2,000 open tech jobs.




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