India an answer to Sask. labour shortage: Hopkins

Image via Wikipedia

Saskatchewan should throw its doors wide open to immigrants from India to help solve labour shortage problems, the head of the Regina & District Chamber of Commerce said Wednesday.
John Hopkins, the chamber's CEO, said the pending retirement of many workers in the baby boom generation is "the freight train coming down the track," that will add to the labour shortages already being experienced in the province as a result of an economic boom.
Speaking to the chamber's annual general meeting, at the Best Western Seven Oaks Inn, Hopkins said encouraging more immigrants from India could be a big part of the solution to Saskatchewan's labour shortage.
"What we really need is a pro-active Indian strategy," Hopkins said. "India has 1.2 billion people, many who are highly skilled and salivating about coming to a country like Canada."
Potential immigrants from India are "educated in English, which is a huge advantage for us," Hopkins said.
Hopkins, who was part of a Saskatchewan trade mission that visited India recently, said the trip was a success: "We have established great contacts."
In addition to being a potential source for immigrants, India is also an important market for many Saskatchewan products, Hopkins said.
Federal government help -in facilitating immigration from India and in recognizing the need for more immigrants to Saskatchewan -is needed, Hopkins said.
Speaking to reporters following his speech, Hopkins conceded that there is sometimes a problem with immigrants' professional or technical training being accepted in Canada.
Steps, including educational upgrades, need to be taken to address that problem, Hopkins said, adding it might be possible to provide educational upgrades in India, which would give immigrants the chance to have their credentials immediately recognized when they arrive in Canada.
A variety of other measures should be undertaken to deal with labour shortages, including getting more First Nations people engaged in the workforce, and encouraging young people to stay in Saskatchewan, Hopkins said.
Recruiting new workers from other parts of Canada is also part of the solution, Hopkins said, though other parts of the country will also be dealing with labour shortages as the baby boomers retire, so the competition will be stiff.
Convincing some baby boomers to delay retirement or continue working part-time could be part of the solution, Hopkins said.

© Copyright (c) The Regina Leader-Post

Read more: http://www.leaderpost.com/India+answer+Sask+labour+shortage+Hopkins/4532608/story.html#ixzz1IDvRPIDT

Related articles

• Labour shortages loom for apparel industry (financialpost.com)
• The changing face of ICT (thestar.com)
• Sask. eyes online gaming action (cbc.ca)
• Alberta labour costs set to rise (calgaryherald.com)

City top employer for immigrants

Image via Wikipedia

The City of Mississauga has been named one of Canada's top 100 "Best Employers for New Canadians" in a fifth annual national survey.
Mississauga was one of just two municipaliies across the nation to make the list. The other was the Region of Halton. 
The list, which identifies the best employers for recent immigrants, is a joint initiative of two charitable foundations: The Maytree Foundation and The J.W. McConnell Family Foundation.
"These employers offer interesting programs to assist new Canadians in making the transition to a new workplace — and a new life in Canada," said the sponsors. The list was published in this week a special supplement of The Globe & Mail.
The City of Mississauga was cited for "addressing the practical challenges that new Canadians face when seeking employment."
Through the Toronto Region Immigrant Employment Council (TRIEC) Mentoring Partnership, City of Mississauga employees connect with skilled immigrants to provide them with career support and guidance.
The City also hires interns through Career Bridge, an internship program for internationally qualified professionals. More than half of those interns have gone on to secure permanent jobs with the City.
Mississauga also helps internationally-trained engineers develop their English skills through a program sponsored by ACCES Employment.
"We are so pleased that our partnerships ... have been recognized in this way," said City Manager Janice Baker. "Mississauga has benefited from the arrival of thousands of immigrants, and today, almost 50 per cent of our citizens were born in another country. We are working to do our part to give new Canadians relevant work experience and the best possible start in their adopted country."
Also on the best employers list was Xerox Corp., which has a major research facility in the Sheridan Technology and Science Park.
It was also recognized for participating in the TRIEC mentoring partnership and the Career Bridge programs, for including new Canadians on its interview teams and for working directly with the Dixie-Bloor Neighbourhood Centre to connect with new Canadians who are seeking jobs.
jstewart@mississauga.net

Related articles

• Tapping the talent of new Canadians (theglobeandmail.com)
• Top employers helping immigrants overcome experience conundrum (theglobeandmail.com)
• Succession and Retention with an Aging Workforce (hrblueprints.wordpress.com)
• Hiring New Immigrants - Challenges (canadianvisanews.com)

Changes Announced for the Temporary Foreign Worker Program

New rules to strengthen Canada’s Temporary Foreign Worker Program came into effect on April 1, 2011. Citizenship and Immigration Canada (CIC) and Human Resources and Skills Development Canada (HRSDC) will be making significant changes to the current procedures impacting both foreign workers and Canadian employers.

As a general rule, the Temporary Foreign Worker Program allows employers to hire foreign workers when sufficient numbers of Canadian workers are not readily available. A Canadian employer who wants to hire a foreign worker may be required to apply to HRSDC for a Labour Market Opinion (LMO). An LMO is a document that HRSDC issues to employers confirming that hiring a foreign worker for a particular job will have a positive or neutral impact on Canadian workers. Employers must usually prove that they made reasonable efforts to hire a Canadian citizen or Permanent Resident before they offer the job to the foreign worker. In addition, Canadian employers must offer wages and working conditions to foreign workers that are consistent with standards for Canadian workers in their region.

With a genuine job offer and a positive LMO, the temporary foreign worker can apply for a work permit. It is important to note that some work permits do not require an LMO, such as Intra-Company work permits and work permits obtained under international agreements (eg. NAFTA).

To ensure that temporary foreign workers are protected while they are in Canada, CIC and HRSDC will be making the following changes to the Temporary Foreign Worker Program, which will affect those applying for LMO-based work permits and LMO-exempt work permits:

Genuineness of the Job Offer

To protect foreign workers and prospective immigrants from fraudulent job offers, CIC and HRSDC will be establishing additional criteria for determining whether a job offer is genuine, including job offers extended to Live-In Caregivers. They will be assessing:

• The terms of the job offer (including the wages offered) and if the employer can reasonably fulfill those terms;
• If the job offer is consistent with the employer’s labour needs;
• If the employer previously complied with provincial and federal laws regulating employment or recruiting of workers.

Ban for Non-Compliant Employers

If a Canadian employer is found to be in violation of the regulations, the employer will be banned from hiring any foreign workers for two years. Employers can also receive the two year ban if they fail to fulfill the conditions given in the LMO and in the job offer. These non-compliant employers will have their name and address published on a list available to the public.

According to Immigration Attorney David Cohen, “Employers will want to get this right as the government has indicated that the consequences of non-compliance will be severe. Misinterpreting the new regulations may result in the employer being banned from hiring foreign workers for two years which can negatively impact a company’s brand and ability to meet staffing needs. The risks inherent in these consequences underscore the need for companies to secure professional legal representation to make sure that they comply with the new regulations.”

Maximum of Four Years for Canadian Work Permits

CIC will be limiting the number of years a foreign worker is permitted to hold a Canadian temporary work permit. A foreign worker will only be permitted to work in Canada for a total of four years. Once the four years has ended, the foreign worker will be required to wait at least four years before reapplying for a work permit. Certain workers will be exempt from this new rule:

• Foreign workers who are working in Canada on a study permit;
• Foreign workers who are working under an international agreement with Canada (eg. NAFTA, GATS, etc.); and
• Foreign workers who are working in a Canadian job that creates or maintains significant cultural, economic, or social benefits for Canadian citizens or permanent residents.

Foreign workers also have the option of applying for Canadian Permanent Residency before or after their four years of Canadian employment have ended.

Source:Canada Immigration Newsletter.

Related articles

• Canada’s immigration policy: Who is on the guest list? (theglobeandmail.com)

Peter Schiff puts his money on Canadian resource sector

Image via Wikipedia

Iconoclastic U.S. investor, author and commentator Peter Schiff has long been fairly bullish on Canada, its resources and its prospects. The chief executive officer of Euro Pacific Capital Inc. of Westport, Conn., came to Toronto this week to publicize the launch of his first Canadian venture, Euro Pacific Canada, in which he holds a 20-per-cent stake, and to expound on his philosophy, which underpins the firm’s investment choices.

Q. What makes Canada so attractive to you?

A. I’m already investing in Canada. I personally have more money invested in Canada than I do in the U.S. Part of that is my interest in owning resources. There are a lot of resource names up here. Pretty much all the stocks I own in Canada are resource stocks.

Q. Precious metals?

A. Energy as well, and agriculture.

Q. Your outlook on the U.S. economy is rather dark. What about the Canadian economy?

A. I’m not nearly as pessimistic about Canada. … I like Canada for the resources. [Canadians] are certainly going to be impacted by the problems in the U.S., maybe more so than other countries. So that’s a negative. A lot of it depends on how Canada reacts.

Q. In fact, you argue that Canada needs higher interest rates right now.

A. Canada’s interest rates are still much too low. But they [authorities] feel that they can’t raise them, because they don’t want to see their currency rise too rapidly against the dollar. That’s a mistake. The longer they follow our lead, the more problems they’ll create for their own economy. We’re going to take a lot of countries down that have tethered their currency to the [U.S.] dollar.

Q. But we fear that a stronger loonie will cripple our already weakened manufacturers. Why is that not a legitimate concern?

A. Ultimately, they won’t get creamed, because if the Canadian dollar is strong, then that means capital costs for Canadian businesses will be lower. There will be confidence in the future purchasing power of the Canadian dollar. Higher interest rates will mean more Canadians are saving, which will bring down the cost of capital for businesses to invest in labour-saving devices to make them more competitive. Also, when your currency goes up, the cost of raw materials goes down. … In general, manufacturers are helped by a strong currency.

The policies that produce a strong currency are sound. The policies that produce a weak currency are bad. If you’re running up big deficits on social spending and cranking out money, that’s destroying your economy.

Q. How does this figure into your bond strategy?

A. As an investor, the most important thing for me is the strength of the currency where my yields are coming from. We have Canadian bonds in my bond fund. If I’m a bond investor, it’s the only thing that matters really. I’m not worried about Canada defaulting. But I would be worried about Canada inflating. When you’re a bond investor, you want purchasing power. … I have to make sure the currency that I own [for clients] is going to deliver that purchasing power in the future. So the currency value is paramount.

Q. Obviously, you’re no fan of the U.S. currency.

A. The dollar is losing value. Right now it’s losing value more slowly than the euro. If two people jump off of a building, and one is falling at 40 miles an hour and the other is falling at 30, the one that’s falling at 30 isn’t flying. He’s still going to hit the pavement.

Q. Yet money is still pouring into U.S. Treasuries.

A. Not my money. You’re seeing the Federal Reserve buy Treasuries. But none of my clients are buying. I can’t imagine the person dumb enough. I want to find that person.

Q. I guess you’re not rushing into European sovereign debt either.

A. The maturity on my bond fund … is two-point-something years. I don’t want long-term bonds, because the rates are too low. But a lot of people are being suckered into making that tradeoff, because you can’t get any yield on the short-term bonds. So some people are buying 10- and 20-year bonds, because they need the income. They don’t realize how much risk they’re taking. As an investment adviser, I’d rather tell my client: “Look, if you really want bonds, then just buy the short-term bonds and spend some of your principal now. Because you’ll lose a lot less of it that way.”

Q. What’s your own recommendation?

A. I still try to get my clients to go away from the fixed income [sector]. If you need income, buy stocks. There are stocks that are paying 5, 6, 7, 8, 9 per cent. So you can get all the income you need.

Related articles

• Peter Schiff: Government Counterfeiting and Economic Terrorism (valorfreedom.wordpress.com)
• PETER SCHIFF: If People Think Prices Are High Now Just Wait, They Will Soon Be In The Stratosphere (businessinsider.com)
• Rising loonie great for travellers, hard for businesses (ctv.ca)
• Canada's Economy is Booming -- Here Are The Northern Equities You Should Invest In (businessinsider.com)
• CANADA FX DEBT-C$ eases after hitting 3-year high (reuters.com)

Canadian dollar reaches three-year high

The Canadian dollar was at a fresh three-and-a-half-year high above 104 cents US Wednesday amid record high gold prices while oil approached the US$109 mark.

Topics : 

Canadian FIC Strategy , RBC Dominion Securities , Nymex , U.S. , Cushing, Oklahoma ,Libya

The currency was off early lows, but still up 0.5 of a cent to 104.25 cents US. It earlier surged as high as 104.5 cents US, its highest level since November, 2007.

"To be fair, a large part of it is U.S. dollar-driven," said Mark Chandler, head of Canadian FIC Strategy at RBC Dominion Securities, who noted that most of the major currencies were up significantly against the U.S. greenback.

Investors looking for a safe haven sent the June bullion contract on the Nymex up $6.60 from Tuesday's record close to US$1,459.10 an ounce after going as high as US$1,462.10 earlier in the morning.

The May crude contract on the New York Mercantile Exchange gained 41 cents to a two-and-a-half-year high of US$108.75 a barrel despite a report from the American Petroleum Institute showing that crude inventories fell a greater than expected 2.8 million barrels last week. Analysts had forecast an increase of 1.3 million barrels.

However, inventories of gasoline rose unexpectedly by 568,000 barrels and crude supplies at the key U.S. storage facility in Cushing, Oklahoma rose 120,000 barrels, the API said.

Crude prices are still up more than 27 per cent from mid-February because of fears the fighting in Libya could spread and interrupt supplies from the big producers in the Persian Gulf, such as Saudi Arabia. Higher demand resulting from an improving global economy has also pushed prices higher.

Copper prices also advanced with the May contract in New York ahead 11 cents to US$4.37 a pound.

The U.S. dollar also weakened against the euro a day before the European Central Bank is expected to make its first rate hike in nearly three years to deal with inflation. A quarter percentage point increase in the main rate to 1.25 per cent is fully priced in by the markets so investors will be more interested in what the central bank's president Jean-Claude Trichet says in his press conference.

Traders are also looking ahead to a solid Canadian employment report at the end of the week. Statistics Canada is expected to report Friday that the economy added about 30,000 jobs in March and that data could further strengthen the currency.

"The story for (the Canadian dollar) is quite supportive," said Chandler.

"The reason Canada does well in the risk appetite movement is it's a small, open economy, very leveraged on trade. We've been having good news generally in growth."

Related articles

• Canadian dollar little changed as oil prices rise (ctv.ca)
• Canadian dollar hits 3-year high (globaltvbc.com)
• Loonie hits three-year high amid record bullion prices (ctv.ca)