5 Things To Know Today
CIBC reportedly laying of 500 employees. Tim Hortons confirm 350 employees let go. Wynne & Trudeau upset with Harper for skipping today’s premier’s meeting in Ottawa. Tory turns down loan from province to balance city’s budget. The Economist ranks Toronto as “Best City in the World’.
(Header Photo: The Canadian Press/Nathan Denette)
CIBC REPORTEDLY LAYING OFF 500 EMPLOYEES
According to reports, the Canadian Imperial Bank of Commerce is cutting around 500 jobs. The Wall Street Journal says the bank announced the layoffs in an email statement.
“After careful review, we have made the difficult decision to selectively reduce a number of positions across CIBC,” The bank said in an emailed statement. “These reductions reflect an overall alignment of our resources that allows us to better serve our clients and ensure that we are operating efficiently.”
However, CIBC is downplaying the layoff’s, saying they plan to hire over 5,000 new employees in the next year. The bank also says its total of employees is up 1,800 over the last few years. According to the Globe and Mail, the layoffs amount to around 1% of the banks overall workforce of 44,500. The news comes shortly after Scotiabank announced it would be closing 120 branches, cutting around 1,500 jobs.
TIM HORTONS CONFIRMS 350 EMPLOYEES LAID OFF
Shortly after announcing its massive layoffs, a spokesperson with Tim Hortons says the coffee chain cut 350 people, mainly at its headquarters and regional offices. Earlier this week, the company declined to specify how many workers were being let go but said it would begin to implement changes aimed at boosting profits. “There are very difficult and necessary choices,” says company spokeswoman, Alexandra Cygal. The company recently merged with Burger King under Restaurant Brands International. They say all of the affected employees have been notified and that the layoffs fell within commitments made to Industry Canada. Prior to the $12.5 billion merger of the two companies, the federal government insisted the layoffs not exceed 20% of employees at the company headquarters. The company was also required to maintain staff levels at its franchised restaurants for five years but employees at the offices were not protected under that agreement. The company has a total of 2,300 employees at its headquarters, regional offices and distribution centres across Canada. The company has said they plan to keep its headquarters in Oakville. Earlier this week, the conservative government was slammed by NDP’s during Question Period for allowing the layoffs, saying the were indicative of failed economic policy. Other analysis’s, experts and franchisees have voiced their concerns over the reputation of 3G Capital, an investment firm that owns around 70% of the now merged company. Critics say that Brazilian owned 3G is known for stripping certain assets as an attempt to boost profits, citing past layoffs at companies.
WYNNE & TRUDEAU UPSET WITH HARPER FOR SKIPPING TODAY’S PREMIER’S MEETING
Kathleen Wynne and Justin Trudeau are upset with Stephen Harper, as the Prime Minister won’t be attending today’s Premier’s meeting in Ottawa. The Premier and the Liberal leader, who both met on Thursday, say Harper should be at today’s meeting that will focus on combating climate change and reducing greenhouse gas emissions. However, the Prime Minister will be busy in Richmond Hill, where he will be announcing new anti-terror legislation. Speaking at a campaign-style event in Ottawa this past Monday, Harper said his new legislation will give more power to police and security agencies, in the wake of recent attacks and threats towards Canada. Harper did not give any specific detail on the new powers while speaking Monday but he did say the new legislation would not infringe on Canadian’s constitutionally protected rights to religion and free speech.
(The Canadian Press/Adrian Wyld)
TORY TURNS DOWN LOAN FROM PROVINCE TO BALANCE BUDGET
Thanks, but no thanks. Mayor John Tory says the city will not take the province up on it’s loan offer of $86 million in order to make up for the loss of housing funding proposed in the city budget. He says after closer examination, he just wasn’t convinced about the terms of the loan, calling them “cumbersome and complicated.” “We have concluded that the city can do better on its own. We thank the province for its offer, but in the end, we will take care of our own house.” As for how that deficit could be covered, the mayor did not say but he made it clear property taxes would not be raised above the rate of inflation, and services would not be gutted. Tory says it may mean some capital projects will have to be postponed or cancelled outright to make up the difference.
ECONOMIST RANKS TORONTO AS BEST CITY IN THE WORLD
The Economist is calling Toronto the best city to live in the world, according to a new “Safe Cities Index 2015.” The rankings highlight Toronto’s overall economic performance across a number of factors, including safety, livability, democracy, and global food security. Toronto rated in the top 10 globally in every category, excluding one: cost of living. Toronto instead clocked in at a plunging 70th. When it comes to safety, Toronto trails Tokyo, Singapore, Osaka, Stockholm, Amsterdam, Sydney and Zurich, but is still among the safest in the world. However, it did win safest in North America, with New York in second and San Francisco in third.
According to the report, these are the top ten cities in the world overall:
5. San Francisco
8. Washington, D.C.
And the bottom include:
45. Mexico City
48. Ho Chi Minh City
We’re heading into the final weekend of January with snow and cold temperatiures, which is pretty normal for this time of year in Canada. Toronto got just over 5cm of snow yesterday and there’s a coating on the roads this morning, slowing down the commute. As the day moves along, the mercury is going to drop quickly, with wind chills in the -20°C range.