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  • Minimum wage hike does more harm than good: think tank | Small Biz Advisor
    low income households as defined by Statistics Canada s Low Income Cut off or LICO A household with income under the LICO line will likely devote a larger share of its income on food clothing and shelter than the average family Moreover nearly 60 of minimum wage earners are teenagers or young adults ages 15 to 24 often working their first job with the vast majority 85 living with parents or other relatives Another 20 live with an employed spouse Crucially just 2 of Canadian minimum wage earners are single parents with at least one child The perception that the typical minimum wage earner is a single parent struggling to survive does not align with the facts Lammam said Moreover minimum wage hikes can do considerable harm by decreasing employment opportunities for low skilled workers the very group the policy is designed to help According to Canadian research a 10 increase in the minimum wage reduces employment for low skilled workers by between 3 and 6 These unintended consequences along with its inability to target low income workers explain why the minimum wage is not effective at reducing poverty and in some cases can make matters worse Despite these facts

    Original URL path: http://www.smallbizadvisor.ca/news/minimum-wage-hike-does-more-harm-than-good-think-tank-4215 (2016-04-26)
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  • U.S., China manufacturing shrink | Small Biz Advisor
    a decline Manufacturing has now contracted in the U S for five straight months Two Chinese surveys of manufacturing activity released separately Tuesday showed deterioration in February The global economy has been lacklustre partly because the Chinese growth has decelerated sharply Internationally manufacturers have endured much of the fallout from sluggish worldwide growth The ISM reports that U S manufacturing employment and exports fell but new orders and production increased Some economists say the February ISM index reading the highest since September signals that American manufacturing might have hit bottom The worst is over but don t expect a strong rebound Ian Shepherdson chief economist at Pantheon Macroeconomics wrote in a report American manufacturers have been hurt by cutbacks in the energy industry following a sharp drop in oil prices and by a strong dollar which makes U S goods more expensive in foreign markets The ISM a trade group of purchasing managers surveys about 200 U S companies each month In China an index based on an official survey of factory purchasing managers dropped to 49 0 in February from 49 4 in January the seventh straight month of contraction The China Federation of Logistics and Purchasing index has

    Original URL path: http://www.smallbizadvisor.ca/news/u-s-china-manufacturing-shrink-4212 (2016-04-26)
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  • Canadian economy grew 0.8% in Q4: Statistics Canada | Small Biz Advisor
    in imports The economy fell into a technical recession at the start of 2015 when it contracted over the first two quarters by a revised 0 9 and again by a revised 0 4 Real GDP increased by a revised 2 4 in the third quarter The reading was released as the federal government prepares a spring budget expected to contain billions of dollars worth of commitments such as infrastructure spending that it insists will help revive economic growth and create jobs The budget date is March 22 Last week the Liberal government acknowledged next year s deficit could surpass 20 billion and some observers believe it could reach as high as 30 billion Statistics Canada also says Tuesday that the country s terms of trade a measure of export prices relative to import prices sunk for the fifth consecutive quarter to reach its lowest level since late 2003 Looking back at 2015 the agency found that the economy grew by 1 2 less than half of the 2 5 pace for 2014 Before that the economy grew 2 2 in 2013 1 7 in 2012 and 3 1 in 2011 The report says the 2015 reading was dragged down

    Original URL path: http://www.smallbizadvisor.ca/news/canadian-economy-grew-0-8-in-q4-statistics-canada-4211 (2016-04-26)
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  • Cyber risks continue to grow | Small Biz Advisor
    of ransomware and extortion driven attacks are expected to increase in Canada particularly within the public legal and financial services sectors given the private and sensitive nature of the information these organizations hold 2 Mandatory breach notification Consumers governments privacy commissioners and courts will increasingly pressure Canadian organizations to be more transparent about their cyber security readiness responsiveness and breach notification protocol KPMG anticipates an increase in breach management and notification costs in 2016 due to the Digital Privacy Act s mandatory breach notification requirement This act will require organizations to notify affected consumers about security breaches that pose a risk of significant harm 3 Increased risk with use of mobile devices and the growing pervasiveness of the Internet of Things IoT As more players service providers and third party suppliers become part of the mobile and IoT ecosystem these parties may not have completed sufficient security testing In the absence of generally accepted security standards for these devices Canadians will start to demand assurances that all suppliers have suitable security and privacy policies and safeguards in place 4 Greater use of real time intelligence tools to monitor live attacks It is imperative businesses detect threats as early as possible

    Original URL path: http://www.smallbizadvisor.ca/news/cyber-risks-continue-to-grow-4207 (2016-04-26)
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  • Less than 10% of business processes will rely on paper by 2018 | Small Biz Advisor
    from a survey of 600 IT decision makers in large US Canadian and Western European organizations The Digitization at Work report from Xerox shows the move from paper to digital processes is nearly upon us however many survey respondents admit they may not be ready for it The report found broad concern over paper based processes with cost 42 and security 42 cited as primary issues 40 percent of Canadian respondents said cost reduction was the prime reason for digitization followed by improved data collection at 33 percent Survey respondents predicted an average of only nine percent of key business operation processes will run on paper in the next two years But more than half 55 of the respondents admit their organizations processes are still largely or entirely paper based and about one third 29 are still communicating with end customers via paper rather than email or social channels This is despite the fact that 41 agree moving to digital workflows will cut organizational costs and 87 appear to have the skill sets available to make this happen The survey showed that Canadian companies are generally ahead of their global counterparts in digitizing processes in the areas of invoicing contracts

    Original URL path: http://www.smallbizadvisor.ca/news/less-than-10-of-business-processes-will-rely-on-paper-by-2018-4206 (2016-04-26)
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  • Manufacturing deterioration slowing | Small Biz Advisor
    seasonal influences the RBC Canadian Manufacturing PMI registered 49 4 in February up fractionally from 49 3 in January but below the neutral 50 0 threshold for the seventh month running Nonetheless the latest reading was the highest since August 2015 largely reflecting a softer decline in production levels during February The U S expansion alongside a more competitive Canadian dollar is continuing to drive stronger export sales and stabilize manufacturing conditions said Craig Wright senior vice president and chief economist RBC At a regional level the sharp improvement in Ontario s manufacturing sector during February was a key factor in raising the Manufacturing PMI to its highest level since August 2015 The headline RBC PMI reflects changes in output new orders employment inventories and supplier delivery times Key findings from the February survey included Manufacturing PMI rose to its highest level since August 2015 Production levels dropped only slightly in February New export orders picked up for the fourth month running Manufacturing output has now declined for seven months running but the latest fall was only marginal and the slowest over this period Where a drop in production levels was reported survey respondents commented on falling new business intakes and in some cases efforts to streamline stocks of finished goods Volumes of new work dropped for the sixth consecutive month in February which is the longest continuous period since the survey began in late 2010 Anecdotal evidence pointed to subdued underlying client spending and an ongoing decline in sales to energy sector clients Stronger export sales helped to offset some of the reduction in domestic demand in February A number of manufacturers noted that exchange rate depreciation against the U S dollar had boosted new business intakes from export clients Canadian manufacturers remained cautious in terms of input buying

    Original URL path: http://www.smallbizadvisor.ca/news/manufacturing-deterioration-slowing-4205 (2016-04-26)
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  • Canadian banks’ Q1 earnings mixed | Small Biz Advisor
    million while its financial markets arm contributed 41 million of net income down from 177 million a year earlier again mainly because of Maple Financial Maple Financial Group is unrelated to Maple Acquisition Group which bought the TMX in 2012 BMO The Bank of Montreal saw its first quarter profit rise 7 to 1 07 billion as it grew revenue in its personal and commercial banking segments on both sides of the border That compares to net income of 1 billion during the same quarter last year The bank s earnings amounted to 1 58 per common share an increase of 8 from the 1 46 per share that BMO reported a year ago On an adjusted basis the bank earned 1 18 billion or 1 75 per share up from 1 04 billion or 1 53 per share during the same quarter last year And its revenue amounted to 5 08 billion for the quarter ended Jan 31 up from 5 06 billion a year ago Provisions for credit losses rose to 183 million compared with 163 million during the same quarter last year But loans to oil and gas companies that are unlikely to be repaid in full rose to 162 million during the quarter an increase of nearly 60 from the previous quarter Barclays analyst John Aiken says despite the increase impaired loans to the energy sector were still modest representing only 2 2 of the bank s oil and gas loans While weakness continues to permeate through BMO s energy portfolio it is still not showing any cracks Aiken said in a note to clients BMO s Canadian personal and commercial banking business saw profits climb by 5 from a year ago to 529 million South of the border the bank s personal and commercial banking

    Original URL path: http://www.smallbizadvisor.ca/news/canadian-banks-q1-earnings-mixed-4200 (2016-04-26)
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  • Fines, admin penalties from CSA top $138M in 2015 | Small Biz Advisor
    Text Size T he CSA has released its 2015 Enforcement Report In 2015 CSA members enforcement actions resulted in more than 138 million ordered in fines and administrative penalties more than 111 million ordered in restitution compensation and disgorgement and a total of ten years in jail sentences imposed on securities law offenders said Louis Morisset chair of the CSA and president and CEO of the Autorité des marchés financiers Highlights 145 cases concluded against 233 individuals and 117 companies resulting in fines and administrative penalties of more than 138 million more than 111 million in restitution compensation and disgorgement and jail sentences of approximately 10 years handed down to 15 individuals for securities law infractions 108 cases commenced against a total of 165 individuals and 101 companies 35 freeze orders issued against a total of 84 individuals and companies This prevented the loss of more than 13 5 million in assets while CSA members completed investigations Four concluded Criminal Code cases resulting from partnerships between securities regulators and law enforcement agencies Illegal distributions continue to be the most common category of wrongdoing representing 50 of concluded cases and 46 of the proceedings commenced followed by fraud representing 19 of

    Original URL path: http://www.smallbizadvisor.ca/news/fines-admin-penalties-from-csa-top-138m-in-2015-4199 (2016-04-26)
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