TORONTO – CIBC Capital Markets says U.S. tariffs on auto imports could shave a per cent of Canada’s economy and send Ontario into a mild recession.A research report by the bank says that a 25 per cent U.S. tariff on all foreign imports could cut Canadian auto production by more than 400,000 units a year, while tariffs on only Canadian imports would lead U.S. buyers to find other imports and cut production in Canada by almost 900,000 vehicles.Adding in a potential 10 per cent U.S. tariff on parts, and the fewer foreign inputs that would be required, CIBC estimates the widespread tariffs would result in a 0.5 per cent drag on Canada’s GDP, while tariffs that single out Canada would cut the GDP by a full per cent.CIBC, however, says the most likely scenario is widespread tariffs with a temporary exemption for Canadian producers because of pressure from major U.S. auto producers with cross-border operations.But CIBC Capital Markets chief economist Avery Shenfeld says even a temporary exemption would be a “sword of Damocles” that would pressure auto makers to shift more production to the U.S., pressure allies into a more U.S.-tilted trade deal, and demonstrate a toughness on trade to his voting base.He says the impact of tariffs and reduced auto production on the Canadian economy would be tempered by a resulting much lower loonie, and a lower path for interest rates.
However, the division does not apply to the recent additional contribution of €150m by PostNL to improve the scheme’s funding by 2.5 percentage points.This also goes for the conditional pledge of €300m to plug a funding gap of no more than 1.25% of liabilities over the next four years.Last February, Peter van Gameren, chairman of the Pensioenfonds PostNL, told IPE sister publication FD-IPNederland that a limit to the premium or additional contribution at TNT Express was not applicable.“The obligation to plug funding gaps is unlimited,” he said.A number of investments, including property, will remain with the PostNL scheme, as a division of the ownership would not be desirable, the scheme said.Instead, the balance between both schemes would be settled in cash.The returns on investments between 1 January 2014 and the legal division of assets will be proportionally shared between the pension funds, PostNL added.The current pension fund PostNL has approximately 99,000 participants, of which 31,840 are active members and 23,935 are pensioners.The scheme’s funding was 112.4% at March-end. The €6.3bn pension fund PostNL is to split into two schemes – one for the postal service and a new one for packet delivery firm TNT Express.The development follows a new pension plan for workers of PostNL – in force since last January – which differs greatly from the pension arrangements for TNT Express employees.The pension fund said a single scheme could no longer provide both plans.For the new set-up, the assets will be proportionally shared between both pension funds, with approximately 5% allocated to the new scheme of TNT Express.
The handbook, Assessing woodfuel supply and demand in displacement settings, prepared jointly by the UN Food and Agricultural Organization (FAO) and the Office of the UN High Commissioner for Refugees (UNHCR), and launched yesterday, offers new tools and methodologies that can be used to tackle issues such as access to fuel, environmental damage and conflicts with local communities. “Growing numbers of refugees and displaced people often puts pressure on forests due to rising demand for biomass fuel,” said FAO in a news release. “Left unmanaged, this increased competition for natural resources can lead to conflicts with local populations,” the agency added. According to UNHCR, at the end of 2015, over 65 million people worldwide were displaced and many were living in refugee camps or improvised settlements. Cooking fuel therefore has become one of the most critical resources as both the displaced and the communities that host them depend on it for their food security and nutritional needs. Lack of this resource manifests in different kinds of problems: people spending their wages or selling off food rations to buy fuel; undercooking or skipping meals; and respiratory illness due use of open flames or inefficient cooking techniques. Refugee women, in particular, face a risk of violence and fear for their safety when collecting fuelwood. Additionally, overexploitation of forest resources for fuel purposes can lead to forest degradation or deforestation in areas surrounding the camps, further compounding the problem. The handbook contains a methodology that humanitarian workers and camp managers can use to tackle such issues. The agency added that the approach will help mitigate the impact of displaced people on forest resources. It outlines a step by step process that includes assessment of energy needs, analysis of local fuelwood sources, and use of geographic information system and remote sensing data to map the distribution and changes over time of woody biomass resources. The methodology relies on field inventory data and high-resolution satellite images as well as relevant technical and socio-economic data, permitting an in-depth assessment of woodfuel supply and demand dynamics.Field tested methodology One of the places this methodology was field-tested was the Shimelba camp in Ethiopia. Established in 2004, the camp now hosts 6,000 people with very limited access to natural resources. Due to the scarce availability of fuelwood, residents had to walk long distances, sometimes up to nine hours, to gather fuelwood. The local population was reportedly unhappy, and refugee women, in particular, expressed concern for their safety during wood collection. According to the authors of the handbook, the information collected through the application of the methodology enabled camp managers and other field-based actors to take better informed decisions. The collected data can be used to monitor fuel consumption and evaluate trends, support decisions to boost afforestation and reforestation activities or to introduce changes to how fuel is sourced or used – for example with the introduction of alternative fuel and more efficient cooking technologies. The handbook also notes that fuelwood can be supplied through a variety of tree and forest systems, such as mixed forest plantations, or through integrated food energy systems that produce both food and energy, such as agro-forestry or multiple cropping systems.
PSNI and Gardai urged to investigate Adams’ claims he sheltered on-the-run suspect in Donegal WhatsApp Gardai in Letterkenny fear copycat attacks after a number car doors were glued shut in the town.Yesterday morning a large number of cars in The Glencar Park area had their locks glued by a man in a hoody who was captured on CCTV.It is the fourth such incident in the area in the past six weeks.Previously dozens of homes had their front door locks ‘super glued’.It’s understood, unlike past incidents, the damage to the car door locks wasn’t substantial, but nevertheless, local Town Cllr Gerry McMonagle said local residents were still ery annoyed by this latest attack on their properties:[podcast]http://www.highlandradio.com/wp-content/uploads/2012/11/gerryGLUE.mp3[/podcast] By News Highland – November 1, 2012 WhatsApp Google+ Pinterest Man arrested in Derry on suspicion of drugs and criminal property offences released Facebook Facebook Superglue vandals strike again in Letterkenny – cars targeting RELATED ARTICLESMORE FROM AUTHOR Twitter Man arrested on suspicion of drugs and criminal property offences in Derry HSE warns of ‘widespread cancellations’ of appointments next week Pinterest Twitter Dail to vote later on extending emergency Covid powers News Previous articleMissing Cork teen may be in Donegal or DerryNext articleSmall businesses in Northwest interested in green economy invited to programme News Highland Google+ 365 additional cases of Covid-19 in Republic