Companies borrow £48bn through UK coronavirus loan schemes

first_img Show Comments ▼ (AFP via Getty Images) Save our SMEs Harry Robertson Under the CBILS scheme, banks lend out sums of up to £5m to struggling companies. The government backs 80 per cent of the loans. But business groups have warned the government could unleash a wave of unemployment if it moves too fast.  Chancellor Rishi Sunak therefore created the BBL scheme under which the government backs 100 per cent of loans up to £50,000. It comes as the UK government accelerates plans to reopen the economy. Pubs, restaurants and cafes were opened at the start of this month and gyms, pools and sports facilities can reopen from 25 July. Bounce back loans do most of the work whatsapp The scheme rapidly overtook CBILS in size. But the 100 per cent state guarantee could leave the government saddled with the debts of insolvent small companies. Today’s figures indicate the full extent of the support banks and the government have offered. They showed that £32.8bn had been lent out through BBLs. Companies have made more than 1.3m applications for money, with 1.1m being approved. Tags: Save our SMEs Roughly 9.4m people have now been furloughed through the government’s job retention scheme. More than of £28bn has now been claimed through the schemes by around 1.2m companies. Banks have lent out £12.2bn under the coronavirus business interruption loan scheme (CBILS). Yet the approval rate is only around 50 per cent. Roughly 112,000 applications have resulted in 56,000 loans.center_img As it eases the coronavirus lockdown, the government is gradually withdrawing its coronavirus support programmes such as the job retention scheme. The programme pays the wages of workers who may otherwise be laid off. Business groups and firms criticised the scheme at the start of the coronavirus crisis, however. They said banks were not lending out money fast enough and said the lack of a full guarantee was a problem. Close to £48bn has now been lent out through the government’s coronavirus loan schemes, with the bounce back loan (BBL) programme offering by far the most support for businesses. (AFP via Getty Images) Also Read: Companies borrow £48bn through UK coronavirus loan schemes (AFP via Getty Images) Also Read: Companies borrow £48bn through UK coronavirus loan schemes whatsapp Share Combined with pre-coronavirus borrowing, The City UK estimates UK firms could hold £100bn of unsustainable debt by March 2021. That is when repayments of Covid loans first become due. Last week, finance body The City UK predicted there will be a wave of defaults on £35bn of corporate debt taken on during coronavirus. Companies borrow £48bn through UK coronavirus loan schemes Tuesday 21 July 2020 10:01 amlast_img read more

Financial watchdog tells banks to sort out current accounts as complaints soar

first_imgThe financial watchdog has called on banks to take action as the number of people complaining about their current accounts to banks soared 31.2 per cent over the past six months.The Financial Conduct Authority (FCA) released figures showing there has also been an 11.1 per cent increase in the number of customers complaining about credit cards. Although the total amount paid in compensation paid fell 18.9 per cent to £1.98bn in the first six months of 2015, from £2.44bn in the last six months of 2014, largely due to a 16.6 per cent drop in PPI.The FCA’s director of strategy and competition, Christopher Woo­l­ard, said yesterday: “While the ongoing fall in PPI complaints is welcome, this is the second half-year running that we have seen complaints about banking products rise.“It is clear that firms need to look at the causes for this rise and where necessary take action to address the causes of the trend,” he added.PPI accounted for less than half (41.3 per cent) of complaints, but remains the main source of gripes. If PPI complaints are excluded, the number of complaints actually increased by 11.6 per cent, over the period. Read This NextThe Truth About Bottled Water – Get the Facts on Drinking Bottled WaterGayotRicky Schroder Calls Foo Fighters’ Dave Grohl ‘Ignorant Punk’ forThe Wrap’Drake & Josh’ Star Drake Bell Arrested in Ohio on Attempted ChildThe WrapDid Donald Trump Wear His Pants Backwards? Kriss Kross Memes Have AlreadyThe WrapCNN’s Brian Stelter Draws Criticism for Asking Jen Psaki: ‘What Does theThe Wrap’Black Widow’ First Reactions: ‘This Is Like the MCU’s Bond Movie’The WrapHarvey Weinstein to Be Extradited to California to Face Sexual AssaultThe WrapWatch President Biden Do Battle With a Cicada: ‘It Got Me’ (Video)The WrapPink Floyd’s Roger Waters Denies Zuckerberg’s Request to Use Song in Ad:The Wrap Show Comments ▼ by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailGameday NewsNASCAR Drivers Salaries Finally ReleasedGameday NewsSwift VerdictChrissy Metz, 39, Shows Off Massive Weight Loss In Fierce New PhotoSwift VerdictPost FunKate & Meghan Are Very Different Mothers, These Photos Prove ItPost FunComedyAbandoned Submarines Floating Around the WorldComedyMaternity WeekA Letter From The Devil Written By A Possessed Nun In 1676 Has Been TranslatedMaternity Weekzenherald.comMeghan Markle Changed This Major Detail On Archies Birth Certificatezenherald.comBridesBlushThis Is Why The Royal Family Kept Quiet About Prince Harry’s Sister BridesBlushEquity MirrorThey Drained Niagara Falls — They Weren’t Prepared For This Sickening DiscoveryEquity Mirror whatsapp Financial watchdog tells banks to sort out current accounts as complaints soar Share Thursday 1 October 2015 9:46 pm whatsapp Express KCS last_img read more

CMA CGM opts for London Gateway as it upgrades Latin America-Europe services

first_img By Gavin van Marle 29/05/2019 www.nickstrugnell.com CMA CGM has announced a widespread rationalisation of its services between Europe and Latin America that will see the UK’s London Gateway become a key hub for its perishables traffic.The French carrier is to discontinue its Europe-Caribbean ECS service after the final southbound sailing departing 6 June from Rotterdam, which is operated by five 2,200-2,600 teu vessels and connects the Hamburg-Le Havre range in North Europe with the Caribbean perishables export ports of Moin, Puerto Cortes and Puerto Barrios and the transhipment hubs of Kingston and Caucedo.The final northbound sailing is on 27 July, when the 2,200 teu CMA CGM Port St Georges departs Moin.In its stead, CMA CGM will deploy far bigger vessels and upgrade its Eurosal and PCRF services, and centre its Latin America-North Europe perishables network around the new cold chain warehouse at the port-centric logistics park adjacent to London Gateway.The Eurosal service, which also runs from the Hamburg-Le Havre range, but to west coast South America and hubs in Panama and Cartagena, will deploy nine 10,500 teu vessels, offering Latin American exporters another 500 reefer plugs a week.The revised PCRF service, which runs out of Dunkirk, will operate six 3,500 teu vessels, introduce a call at London Gateway and replace a call at Antwerp for Zeebrugge.CMA CGM is also rejigging its Mediterranean-Caribbean network and merging its Medcarine, Med Americas and Medgulf services into the New Medcaribe service that will deploy eight 6,700 teu vessels, with direct calls to the west coast South America replaced by feeder services out of Cartagena and Manzanillo.The reorganisation of CMA CGM’s north-south network follows hard on the heels of a similar move by Maersk and its recently acquired subsidiary, Hamburg Süd, in restructuring its west coast South America-North Europe network.last_img read more

We need a Public Domain Day to highlight when drugs go off patent

first_img WATCH: What is a biosimilar, exactly? By Peter Kolchinsky and Jessica Sagers Feb. 14, 2019 Reprints Related: [email protected] As the result of some complicated legislative history, Public Domain Day will now occur every Jan. 1 until 2073. After that, works published by authors who died 70 years earlier will enter the public domain each year. This means that every year from now on we will receive an open-access treasure trove of works published years earlier, free for readers and creators.Public Domain Day is clearly something to celebrate. The expiration of a copyright on a literary work merits a moment to admire its beauty, contemplate our gratitude to its creator, and mark the place it has held and will continue to hold in our collective human story.We should do the same when branded drugs enter the public domain. These therapies keep working just as well as before, but they become much less expensive. In the case of oral drugs, there’s an average 90 percent drop in price within a few years as multiple generics come into the market. By anticipating when a branded drug is set to enter the public domain and publicizing the date as it approaches, the public might not only show innovators that they are appreciated but also apply some healthy social pressure to let them go generic with grace, instead of tying up patent expirations in complicated legislative battles that delay the entry of generics. In short, we need a Public Domain Day for drugs.Specific information on drug patent expirations is currently suspiciously difficult to find. A few websites, including GoodRx and Drug Patent Watch, compile lists of drugs that should, in theory, go generic within the next few years. But there is no definitive, trustworthy resource for the public to consult. The literary and artistic community has recognized this challenge and supports multiple international organizations such as Open Knowledge Foundation’s Working Group on the Public Domain and the Public Domain Review, as well as Twitter accounts (for example, @publicdomainday) to inform content producers and interested laypeople when copyright protections on popular works expire. ‘One-and-done’ for new drugs could cut patent thickets and boost generic competition First OpinionWe need a Public Domain Day to highlight when drugs go off patent About the Authors Reprints Peter Kolchinsky Related:center_img Jessica Sagers We propose that the biotech community develop similar resources, though we recognize that clear access to this information may be precluded by tangles of lawsuits and pay-for-delay settlements.Creative Commons and the Internet Archive recently sponsored a public-domain-themed bash in San Francisco to celebrate Public Domain Day, featuring keynote speeches by Harvard and Berkeley intellectual property law professors accompanied by lightning talks and panels devoted to the newly available works. Our vision is to see a similar event in Cambridge, Mass., celebrating the drugs whose patent protections are set to expire this year, perhaps with their creators recounting stories about how they were developed, physicians giving their clinical perspectives, and patients sharing how these medications changed their lives.The life cycle of a drug, from experimental molecule to branded drug to generic drug, is something to celebrate if allowed to run its course with integrity. On Public Domain Day, it might even be fair to mourn drugs for which companies have engaged in diabolical schemes to delay the entry of their inventions into the public domain without justification (which is to say that some delays are justified, such as when a drug is meaningfully improved).Celebrating and upholding patent expiration dates is only a step toward a health care system that is cost-effective for society and affordably meets patient needs. But real progress is made one step at a time. Down the road we also need to eliminate or cap out-of-pocket costs to make drugs affordable to individuals.In the newly quotable words of Robert Frost, “The woods are lovely, dark and deep. / But I have promises to keep, / And miles to go before I sleep, / And miles to go before I sleep.”Peter Kolchinsky is a managing partner of RA Capital Management LLC and author of the Biotech Social Contract series on Medium. Jessica Sagers is a Ph.D. student in auditory neuroscience at Harvard University and an intern at RA Capital Management LLC. In the arts world, from this year’s Public Domain Day on, all works of literature published for the first time in the United States in 1923 are now free for creators to innovate upon. New compilations of best-loved poems will be printed, with younger artists bringing a more diverse eye to introductions and illustrations. The opportunity to choose between multiple editions of classic texts will bring down prices, increasing accessibility. Creative parodies, such as 2009’s “Pride and Prejudice and Zombies,” will abound. Film and television will incorporate relevant material. If you first heard Percy Shelley’s “Ozymandias” and Walt Whitman’s “When I Heard the Learn’d Astronomer” while watching “Breaking Bad,” you have the public domain to thank.advertisement This Jan. 1, readers, archivists, and creatives in the United States celebrated a special holiday: the largest Public Domain Day in 21 years. The legal ownership of hundreds of works of classic literature — this year including well-loved Robert Frost poems like “Nothing Gold Can Stay” and “Stopping by Woods on a Snowy Evening” — was transferred into the hands of the people.We suggest a plot twist: Let’s celebrate the same way when drug patents expire.Every year, patents on high-profile branded drugs expire and these compounds “go generic,” allowing competitors to make and sell these same treatments at lower prices. Unlike literature, where copyright protection can last a whopping 95 years or more after initial publication, most drugs are under patent protection for just 10 to 15 years. Companies that successfully bring a drug to market have only that time to charge high prices before the drug goes generic. Patent protection is their window to profit from their investments and to plow some of that money back into developing new treatments. This system of incentives keeps the biotechnology innovation engine churning, rather than allowing it to milk cash-cow drugs forever.advertisement Tags drug developmentlegalpatents [email protected] Jack Taylor/Getty Imageslast_img read more

Illegal Prostitution Occurring in Massage Parlors and Bathhouses

first_img North Korea Market Price Update: June 8, 2021 (Rice and USD Exchange Rate Only) There are signs that North Korea is running into serious difficulties with its corn harvest By Daily NK – 2007.08.07 5:50pm News News RELATED ARTICLESMORE FROM AUTHOR [imText1]Defector Choi Young Lim [pseudonym] who entered South Korea this past January was a “broker” in North Korea who would receive money from defectors and deliver it to family members in North Korea. He was exposed while mediating money and arrested but was released after giving bribes. Choi said, “Previously, even with just evidence that there was a connection to a South Korean, you were dragged to a political prison camp and your family members were exiled. However nowadays, even if it is exposed that a defector who entered South Korea sent money, the family members aren’t severely punished”.“These days, even if there is evidence that you received wired money, unless there is hard evidence of ties to the National Intelligence Service in South Korea the national security agents just impose a fine and release you,” he said.According to Choi the fine is around the range of USD $2000. Most of the foreign currency that enters North Korea these days is done through wired transfers from defectors in South Korea to family members. The money that Korean defectors send to family in the North undergoes a 20-30% processing fee and is finally delivered to the individual. The process is from the defector in South Korea through Chinese exchange broker to North Korean broker.If USD $100 is sent from South Korea, the brokers share $30 and the remaining $70 is delivered to the family.Until the mid-1990s, regardless of reason, North Korean authorities would take any monetary matter related to South Korea and punish them as “spies”. However, as the number of defectors concentrated in the North and South of Hamkyung increased after the food crisis, a uniform punishment became difficult to impose.Choi said, “Even the National Security Agency doesn’t consider receiving money from family in South Korea as a spy activity. If they punish everyone, there is a side effect that even their own personal connections will be made adversaries. Thus, they can’t touch this issue.”The emergence of taxis targeting large city wealthy classesTrader Hwang Sang Do [pseudonym] who had traveled Chongjin, Hamheung and Shinuiju to collect trade items to export to China entered the South Korea this March.Hwang introduced a variety of daily activity that he experienced in North Korea. “Even in Hamheung and Chongjin, taxis are operated. The base fare is around 3,000 won. Some cars have the mark that says, ‘taxi’ but some operate as passenger cars without such marks,” he said.In the North Korean black market 1kg of gasoline (North Korea ordinarily uses kg) costs around 2,000 won. Hwang says, “There are drivers who solicit customers in front of the Chongjin Station or Hamheung Square Station. There aren’t many customers so when veering outside of central city, they receive the round trip fare.” The customers are mainly trade workers, overseas Chinese emigrants or the wealthy class.It is known that taxi drivers refurbish used taxis or passengers cars that come in from China, then register it as an institution or business entity and start business activity. As there was an order earlier this year to remove all Japanese cars within 3 years, most of the cars that are on the street are manufactured in China.Massage Parlors, Skincare Salons – Prostitution Secretly Going On In large cities of North Korea, motels, massage parlors and skincare salons have been established and prostitution has been going on secretly.Trade worker Hwang says, “There has been an increase of places in Hamheung motels that also function as saunas or skincare salons. A Chinese style massage at a massage parlor is 10,000 won (around US$3.4) per 60 minutes and there is instantaneous prostitution with female masseuse.” It is told that prostitution goes on for about 20,000 – 30,000 won.With North Korean bathhouses, a service culture to put women at the forefront has taken place. The owners here use jargons such as “selling a bed” or “selling flowers” to feel out a customer’s intention for prostitution. There are cases where women find private homes to prostitute themselves. Hwang says that because it is easy to make money through prostitution, there has been an increase of female prostitutes.Previously, if prostitution was exposed, you would be sentenced to forced labor. Even now, the authorities ban prostitution. However, the reality is that related entities have secretly been increasing.On the other hand, there have been several luxury restaurants that opened in Wonsan and Hamheung. These places have implemented the Chinese service system, so the interior facilities are luxurious and female employees greet customers with a “Welcome” at the door.Previously, only overseas Chinese emigrants or Chinese businessmen invested in such restaurants but recently, there are many cases where North Korean residents open large restaurants as well. Hwang says that as the Chinese restaurant culture that competes with taste and service infiltrated North Korea, North Korea has been undergoing a huge transformation to gain customers through service.A service concept to “treat the customer as a king” has been emerging different from 1990s. AvatarDaily NKQuestions or comments about this article? Contact us at [email protected] center_img US dollar and Chinese reminbi plummet against North Korean won once again Facebook Twitter News SHARE NewsEconomy Illegal Prostitution Occurring in Massage Parlors and Bathhouseslast_img read more

Doubts over regime cut across all demographics

first_img News NewsEconomy Doubts over regime cut across all demographics US dollar and Chinese reminbi plummet against North Korean won once again News SHARE Facebook Twitter RELATED ARTICLESMORE FROM AUTHORcenter_img Kang Mi JinKang Mi JinKang Mi Jin is a North Korean defector turned journalist who fled North Korea in 2009. She has a degree in economics and writes largely on marketization and economy-related issues for Daily NK. Questions about her articles can be directed to [email protected] North Korea Market Price Update: June 8, 2021 (Rice and USD Exchange Rate Only) By Kang Mi Jin – 2016.11.16 4:07pm The number of North Korean defectors entering South Korea, which had been in decline since Kim Jong Un took power, has slightly risen in 2016. The total number now exceeds 30,000. The fact that the number of defectors is increasing despite enhanced surveillance efforts along the border region suggests that the regime’s strategy to maintain power through fearpolitik is now reaching its limits.Even individuals categorized by the regime as core loyalists have been choosing to defect. Following the defection of a group of overseas restaurant workers in April, the family of Thae Yong Ho, the former North Korean diplomatic minister to Britain, entered South Korea in August. There have also been internal reports that ranking officials belonging to state institutions including the State Security Department are considering defection. This phenomenon indicates that unlike in the past when the ‘subsistence issue’ was the primary motivating factor for defection, the ‘political cause’ is becoming increasingly more common.According to Daily NK’s sources inside North Korea, some officials in North Korea are suffering from chronic anxiety due to unpredictable purges, executions, and mandatory relocations ordered by the Kim Jong Un regime. It has been reported that some officials are under severe stress and even suffering from insomnia due to the ever-lingering threat of punishment.Furthermore, a number of officials in North Korea have become disillusioned with the escalating reign of terror that has followed the execution of Jang Song Thaek, the uncle of Kim Jong Un. A Daily NK source in North Hamgyong Province reported on November 13 that “some of the officials say there is no guarantee anyone can avoid being the target of punishment if even his [Kim Jong Un’s] uncle has been executed.”Defections by ranking officials are expected to increase due to a rebellious sentiment being stoked by frequent purges for even trivial mistakes. “Defecting officials are motivated by the excessive punishments they are subjected to,” the source surmised.“Residents are discreetly commenting that officials may be executed unless they follow orders to the letter, while criticizing the rising number of defections, saying, ‘It’s a sign that the nation is doomed’,” the source added.The regime’s fixation on idolization work taking priority over all other matters is also being pointed out as a contributing factor to the rising number of defections. Government officials are now losing faith in a leader who is evidently uninterested in the future development of the nation.An official with the Ryanggang Provincial People’s Committee said, “Tremendous amounts of foreign currency have been spent on building statues [of Kim Il Sung and Kim Jong Il] across the country. Government officials, as well as the citizens, have lost faith in the regime, watching it pour money into shoring up its own legitimacy while neglecting to provide for its citizens.”Cycle of corruptionThe source also reported that even State Security Department agents in charge of surveillance and suppression of defections are showing leniency toward such behavior in exchange for bribes.According to the source, these security agents have been recently ordered to take strong measures such as intensified surveillance on the families of the defectors in order to prevent mass defections. But in reality, the agents are using the circumstances as an opportunity to line their own pockets with bribes.“It is becoming common practice among security agents in the border areas to identify families of defectors and extort money from them when they are caught speaking on the phone to their defector family member in South Korea. The agents submit falsified reports to the ministry stating that such acts are part of a ‘decoy operation involving the family of the defector,’ while secretly taking bribes from them,” a separate source in Ryanggang Province reported on November 12. The security agents are even reportedly informing residents that “when you are caught by other monitoring agents while making a call to South Korea, just say that you were told by us to deliberately make that call.” The agents will then report to the authorities that the incident was indeed part of an operation to persuade the defectors to return.“These actions are resorted to by security agents who cannot support their own livelihoods on government salaries and rations,” the source noted.“Although the authorities publicly state that defectors are ‘national traitors’ and ‘dangerous elements’ threatening North Korea, many are actually claiming that defectors are patriots, effectively feeding many people back home, including the security agents,” a source in North Hamgyong Province added. “An increasing number of people are saying that defectors are smart, with some of them adding that they may also consider defection when there is a chance.” News Proposal to shift “general markets” to “specialized markets” finds little support among N. Korean leaderslast_img read more

Too much bank capital a drag on growth: IMF

Fed plays limited role in assessing climate risks for banks James Langton It also notes that there’s no single financial structure that works best under all circumstances. “What is good for China may not be good for Germany, and what works in Japan may not work in the United States,” it says. Additionally, it notes that while cross border connections among banks are beneficial most of the time, during a crisis, they may contribute to the spread of instability. Ultimately, the IMF says that better regulation and more intrusive supervision is needed to adapt to changing circumstances. Its recommends that banks be required to have a sufficient quantity and quality of capital, and adequate liquidity, but that the requirements should not be so high that they inhibit banks’ lending role to help economic growth. It also calls for effective management and supervision of foreign banks to support healthy financial activity across borders, and suggests that there need to be strong frameworks to deal with failed banks that lend across borders to ensure that financial flows between countries are less volatile. “Our analysis reinforces the lesson from the crisis that high quality regulation and supervision should be at the forefront of reform efforts,” said Laura Kodres, chief of global stability analysis in the IMF’s Monetary and Capital Markets Department. Share this article and your comments with peers on social media Related news Canadian banks to focus on growth, spending and buybacks after strong second quarter Facebook LinkedIn Twitter Keywords Banking industryCompanies International Monetary Fund A new study from the International Monetary Fund (IMF) finds that banks can hold too much capital, hampering economic growth. The IMF’s new study examines the extent to which safer financial structures lead to good economic growth outcomes. It founds that higher capital ratios within banks are associated with better results for the economy. But, beyond a certain point, large capital accumulations may actually start to be a drag on growth. TD getting new head of private wealth, financial planning read more

Financial firms sign pledge committing to end anti-Black systemic racism

first_img elovkoff/123RF Mark Burgess The BlackNorth Initiative CEO pledge requires signatories to commit to Black people holding at least 3.5% of executive and board roles based in Canada by 2025 and to hiring at least 5% of its student workforce from the Black community. A number of financial firms (see below) are among the signatories, and BlackNorth’s board includes executives from big banks and asset managers.“Anti-Black systemic racism has to end,” said Wes Hall, the council’s founder and chair, and the founder and executive chair of Kingsdale Advisors.Business leaders need to be aware that systemic racism has “a material impact on our business, our Black employees and their families,” he said at the summit on Monday.Hall defined systemic racism in Canada as specifically anti-Black: where other people of colour have experienced racism at the individual level, most don’t feel the entire system is set up to filter them out, he said on Monday.He described numerous instances of racism. His son was pulled over three times in one year by police who always asked how he could afford to drive such a nice car; a repairman visiting Hall’s home in Toronto’s wealthy Rosedale neighbourhood asked him if he could speak to Mr. Hall.The killing of George Floyd in May, which has sparked global anti-racism protests, has led many to ask: “Was I witnessing this all along and I just didn’t get it?” Hall said.“This is not a corporate Canada problem. This is in every single sector,” he said, from business to governments to non-profits. Organizations across the spectrum have signed the pledge.“Systemic racism exists on both sides of the border,” said CIBC CEO Victor Dodig, who spoke on a panel Monday with other council co-chairs.“We’ve all signed up to changing culture so it’s inclusive, it’s diverse and we’re going to measure it, too,” he said of the CEO pledge.A number of financial institutions have announced additional measures to hire more Black employees, to support Black communities and to address systemic racism. However, many in the industry still feel there’s a lot more work to do.In addition to the pledge, Dodig said training is required to address unconscious bias, or the things we’ve been taught that we “thought were OK that weren’t OK.”“We want to make sure that our talented Black employees have a shot at the top, feel they have a shot at important leadership positions, and I want to make sure our clients see us as a bank that represents the population that we’re serving,” Dodig said. “Now is the time.”Financial firms that have signed the pledge include:BlueSky Investment Capital LLCBMOBridging Finance Inc.Brookfield Asset Management Inc.Canada LifeCanadian Western BankCIBCCI Financial Corp.Desjardins GroupEquitable Group Inc.Ewing Morris & Co. Investment Partners Ltd.Fairfax Financial Holdings LimitedFirst Capital Real Estate Investment TrustHSBC Bank CanadaIG Wealth ManagementINFOR Financial Group Inc.Investment Planning Counsel Inc.Kingsdale AdvisorsMackenzie InvestmentsManulife Financial Corp.National Bank of CanadaOntario Securities CommissionOntario Teachers’ Pension PlanScotiabankSun Life FinancialWealthsimple Inc. One in five Canadian investors plans to switch wealth providers: EY study Related news TD getting new head of private wealth, financial planning Facebook LinkedIn Twitter Share this article and your comments with peers on social media Keywords Wealth management,  Financial services industry Canaccord reports record revenues, drops proposal to acquire RF Capital More than 200 organizations, including 30% of companies on the TSX 60, have signed a pledge committing to specific actions to end anti-Black systemic racism.The Canadian Council of Business Leaders Against Anti-Black Systemic Racism launched the BlackNorth Initiative last month with the aim of increasing “the representation of Blacks in boardrooms and executive suites across Canada.” On Monday, the organization revealed the take-up at a virtual event hosted in Toronto. last_img read more

On The Road: A DIY crowd-pleasing GMC

first_imgTrending in Canada advertisement Buy It! Princess Diana’s humble little 1981 Ford Escort is up for auction An engagement gift from Prince Charles, the car is being sold by a Princess Di “superfan” COMMENTSSHARE YOUR THOUGHTS In 2012, Tkachuk traveled to Edmonton where he picked up the 1971 GMC truck as an unfinished project. The previous owner had started many of the custom modifications, including chopping the top five inches to lower the roof height.“He had the vision, but not the expertise to finish the truck,” Tkachuk says. “He was just in a little bit over his head.”With the truck in his own shop, Tkachuk got underway finishing many of the body modifications. The chopped top needed to be correctly lined up and welded, and an extra three inches of metal had been added to stretch the rear of the cab. The doors are the stock length, and the drip rails were shaved.Over the windshield, Tkachuk added a three-inch visor that makes the cab appear even longer than it is.At the back of the truck, Tkachuk worked to complete shortening the pickup box. It lost five inches, while the rear fenders were widened three inches. The rear bumper was tucked in and a set of LED tail lights off a 1967 Camaro mounted in place.Instead of welding metal into the pickup box, Tkachuk installed a wooden bottom and covered it with an outdoor carpet-type material.A rough set of original front fenders was exchanged for a set of replacement panels, but Tkachuk spent a great deal of time manipulating all other body parts.“I did a lot of sheet metal work to finish up what had been started,” he says. “I loved the look of the truck as I got it, but I added many touches to make it my own.”Underneath the truck cab and box, Tkachuk shortened the chassis five inches and lowered the suspension by adding special components from Belltech Sport Trucks. Belltech is a company from Fresno, California with expertise in lowering the ride height of many different pickups.Created with Raphaël 2.1.2Created with Raphaël 2.1.2The interior of Ron Tkachuk’s 1971 GMC Trending Videos PlayThe Rolls-Royce Boat Tail may be the most expensive new car everPlay3 common new car problems (and how to prevent them) | Maintenance Advice | Driving.caPlayFinal 5 Minivan Contenders | Driving.caPlay2021 Volvo XC90 Recharge | Ministry of Interior Affairs | Driving.caPlayThe 2022 Ford F-150 Lightning is a new take on Canada’s fave truck | Driving.caPlayBuying a used Toyota Tundra? Check these 5 things first | Used Truck Advice | Driving.caPlayCanada’s most efficient trucks in 2021 | Driving.caPlay3 ways to make night driving safer and more comfortable | Advice | Driving.caPlayDriving into the Future: Sustainability and Innovation in tomorrow’s cars | Driving.ca virtual panelPlayThese spy shots get us an early glimpse of some future models | Driving.ca A self-taught upholsterer from the age of 17, Tkachuk has been stitching interiors for several years from his Water Valley, Alberta shop. He’s built many custom vehicles but says he’s never taken on a start-to-finish special construction project for a client – he prefers to build them and drive them for himself.Created with Raphaël 2.1.2Created with Raphaël 2.1.2Ron Tkachuk’s 1971 GMC RELATED TAGSGMCPickup TruckClassic CarsClassic Cars & TrucksNew Vehicles Tkachuk painted the chassis and replaced or rebuilt critical safety parts including tie rods, ball joints, steering box and brakes.Under the hood, a GM crate engine was installed backed up with a Turbo 350 transmission.“It’s a standard 350-cubic-inch engine that makes about 320 horsepower,” Tkachuk says. “It’s nothing special under there. I didn’t even run headers, so it’s all very simple.”Tkachuk finished the metal work and prepped the body for paint, spraying his own coats of primer. He then handed the truck over to a professional painter and had it finished in a hard-to-miss tango pearl orange.Inside, Tkachuk utilized power-adjustable bucket seats and modified an overhead console from a Chevy Blazer. He made his own lower centre console, and trimmed it all out in brown leather. Other power amenities include steering, brakes and windows.The truck rolls on a set of 20-inch Boss wheels equipped with low-profile Extreme ZR Nitro tires.From start to finish, it took Tkachuk one year and two months to complete the truck. He’s since driven it some 6,000 miles, regularly attending local car shows and twice going as far as Penticton, B.C.“When I show it, I display it with the hood closed. It’s not what’s under the hood that’s special; it’s the overall lines of the truck with all of the body modifications,” Tkachuk says.“It’s won a few awards (including World of Wheels 2017 Full/Radical/Handbuilt Truck), and it’s nice to be recognized,” he says, and concludes, “Even though it’s a show-quality truck, it was built to drive and it runs great out on the highway.” We encourage all readers to share their views on our articles using Facebook commenting Visit our FAQ page for more information. See More Videos Ron Tkachuk’s 1971 GMC radical custom pickup is a crowd pleaser.“Every time I show it, so many photos of that truck get taken,” he says, and adds, “That’s because of all the drastic alterations that have been made to it.”A trained General Motors mechanic originally from Prince Alberta, Saskatchewan, Tkachuk worked in a garage for a few years but then left the trade. He’s done a little bit of everything since when it comes to building vehicles, from working on the mechanics to completing body, paint and interior jobs. Greg Williams is a member of the Automobile Journalists Association of Canada (AJAC). Have a column tip? Contact him at 403-287-1067 or [email protected] Created with Raphaël 2.1.2Created with Raphaël 2.1.2 Ron Tkachuk’s 1971 GMC custom pickup The Rolls-Royce Boat Tail may be the most expensive new car ever ‹ Previous Next ›last_img read more

CU-Boulder Climate Scientist Discusses Greenland Melting, Future of Ice Sheet

first_imgUniversity of Colorado at Boulder Professor Konrad Steffen, who has conducted climate research in Greenland annually since 1990, says dynamic processes on the massive Greenland ice sheet as a result of warming temperatures may affect estimates for global sea rise during the 21st century and beyond.A podcast featuring Steffen’s research on Greenland — which indicates some glaciers have increased their velocities and ice discharge by up to two-fold in the past decade — can be accessed on the Web at www.colorado.edu/news/podcasts. Steffen, who is director of the Cooperative Institute for Research in Environmental Sciences, reported at the American Geophysical Union meeting last month in San Francisco that the extent of the 2007 ice sheet melt broke the 2005 summer melt record by 10 percent.Steffen maintains an extensive climate-monitoring network of 22 stations on the Greenland ice sheet, transmitting hourly data via satellites to study ice-sheet processes. He and his team have been using a rotating laser and sophisticated camera system provided by NASA’s Jet Propulsion Laboratory to map the volume and geometry of cylindrical shafts in the ice known as moulins that drain melt water from the Greenland ice sheet to the ice-sheet bed, speeding up glaciers.CIRES is a joint institute of CU-Boulder and the National Oceanic and Atmospheric Administration. For more information on Steffen’s research, visit the Web at: cires.colorado.edu/science/groups/steffen/. For more information, contact Steffen at (303) 492-4524 or Jim Scott in the CU-Boulder news office at (303) 492-3114. Published: Jan. 8, 2008 Share Share via TwitterShare via FacebookShare via LinkedInShare via E-maillast_img read more