CHHMA - EYE ON OUR INDUSTRY
Volume 15, Issue 24, July 8, 2015
Inside This Issue:
• Deadline for CHHMA Scholarship Program Applications Next Week (July 15)
• Consider Using the CHHMA Online Job Board for Your Position Searches
• Amazon Celebrating 20 Years with ‘Prime Day’ Deals
• Why Does Sears Canada Keep Losing its CEOs?
• Canadian Building Permits Fall More Than Expected in May
• Divide in Business Confidence Across Canada Amid Low Oil: Bank of Canada Survey
• Canada in Recession, Rate Cut Likely: TD Bank
• If Canada Did Slide Back into a Recession, It’s No Doubt Already Over
• U.S. Construction Spending Rises to 6-1/2-Year-High
Association News
Deadline for CHHMA Scholarship Program Applications Next Week (July 15)
The CHHMA is once again pleased to be able to offer the opportunity for children of employees of our member companies to apply for a scholarship to help offset the cost of post-secondary education. The Association recognizes the importance of education and therefore encourages children of our member companies to attend University or College. Five or six scholarships are awarded each year. Successful candidates receive $1,000 CDN per year for the first two years of study leading to a diploma or degree from an accredited community college or university. Read More >>
Consider Using the CHHMA Online Job Board for Your Position Searches
The CHHMA Job Board available on the association website provides an opportunity for those looking for employment within the hardware and housewares industry to view job postings submitted by companies or submit their resume for potential employers to review. We post your employment request where interested companies can view it. Your submission remains anonymous until such time as an interested company replies to your posting. At that time, we send your resume to the company.
Companies can review candidates on the Job Board as well as post job opportunities through an online form.
So consider the CHHMA Job Board the next time you are looking to fill a position at your company or if you are looking for work within the industry.
Industry News
Amazon Celebrating 20 Years with ‘Prime Day’ Deals
It has officially been nearly two decades since shoppers of the world were introduced to the idea of buying books online. Seattle-based Amazon.com’s e-commerce website turns 20 years old this month. The company has grown from an idea hatched by founder and CEO Jeff Bezos to use the burgeoning Internet to revolutionize the book-selling business into an international “Everything Store” that has undeniably changed the way the world shops.
Amazon celebrated its 20th anniversary of incorporation a year ago, in July 2014, and now, on July 16 of this year, it’s marking the two decade-point of its website launch and first book sold. That book was no light read — Fluid Concepts & Creative Analogies: Computer Models of the Fundamental Mechanisms of Thought, by Douglas Hofstadter.
Amazon is commemorating the anniversary with a massive sale involving one of its most successful businesses — Amazon Prime. The company is launching Prime Day on July 15, or a “global shopping event” in the U.S., Canada, U.K., Spain, Japan, Italy, Germany, France and Austria. The all-day occasion will feature thousands of deals for Amazon Prime members, more deals even than on popular shopping day Black Friday, the company boasted in a release. Deals will be introduced throughout the day beginning at midnight, sometimes as often as every 10 minutes. Read More >>
Why Does Sears Canada Keep Losing its CEOs?
Sears Canada Inc. presents an intriguing, if difficult, proposition for an industry headhunter: How can the shrinking retailer’s board lure a talented executive to helm a business whose industry prospects look dim and which has now seen four chief executives leave in the last four years?
Indeed, the revolving door at the top of the beleaguered department store chain keeps speeding up: Ronald Boire, who announced last Thursday that he will leave at the end of the summer to run U.S. book chain Barnes & Noble, lasted barely six months in the permanent CEO role at Sears Canada after being named interim chief in October.
And like two of the three other CEOs who preceded him in the Sears job, Boire had an extensive retail background at Kmart, Toys R Us and Best Buy, and is leaving for another large retailer. Read More >>
Economic News
Canadian Building Permits Fall More Than Expected in May
The value of Canadian building permits tumbled in May, giving back some of the past two months' strong gains as builders planned to construct fewer multi-family homes and institutional facilities, data from Statistics Canada showed on Wednesday.
The total value of building permits fell 14.5% to $6.7 billion during the month, far worse than economists' expectations for a decline of 5%. The drop more than erased April's upwardly revised 12.1% gain. Declines were recorded in five provinces, led by Ontario, which had posted a notable increase the previous month.
While the building permits figures can see large swings in both directions, the report was the latest to suggest the Canadian economy was struggling to recover momentum after contracting in the first quarter of the year. Read More >>
Divide in Business Confidence Across Canada Amid Low Oil: Bank of Canada Survey
There is a divide in business confidence across the country as low oil prices weigh on the outlook for some regions more than others, according to the latest reading from the Bank of Canada. The summer edition of the central bank's business outlook survey suggests businesses on the Prairies expect sales to slow over the next 12 months as the oil price shock spreads across other sectors. However, the Bank of Canada says the story isn't the same across the country. Read More >>
Canada in Recession, Rate Cut Likely: TD Bank
TD is the latest major bank to declare a recession in Canada, saying the “balance of probabilities” has tipped in favour of another quarter-point rate cut next week.
“It is likely the economy was in recession in the first half of the year,” thanks to the damage from a collapse in oil and commodity prices that has persisted since 2014, senior economist Randall Bartlett said in a note to investors Monday.
Echoing a report from Bank of America Merrill Lynch on July 1, Bartlett said the Bank of Canada will probably cut its 0.75% key interest rate at its July 15 meeting and maintain the historically low rate until mid-2017. That will probably keep Canada’s exchange rate below 80 U.S. cents through this year, he added. Read More >>
If Canada Did Slide Back into a Recession, It’s No Doubt Already Over
Here’s something to [think about]: If Canada in fact slipped back into a recession, it’s very likely over by now. There’s still an if as to whether we did. And if so, it was probably mild, unless you live in Alberta. And by all accounts, it would be over and done with, with better times ahead. Don’t take that to mean that things are great. Unemployment remains elevated, close to 7%, and Canada will be lucky to eke out economic growth of, say, about 1.5% this year. The R-word popped up again last week when Statistics Canada reported that the economy contracted in April by 0.1%, a worse showing than what was expected. Read More >>
U.S. Construction Spending Rises to 6-1/2-Year-High
U.S. construction spending rose in May to its highest level in just over 6-1/2-years as outlays increased across the board, the latest sign of momentum in the economy. Construction spending increased 0.8% to an annual rate of $1.04 trillion, the highest level since October 2008, the Commerce Department said last week. April's outlays were revised slightly to show a 2.1% gain instead of the previously reported 2.2% rise. Read More >>
Upcoming CHHMA Events
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Industry Memorial Golf Classic
Wednesday, September 30, 2015
Blue Springs Golf Club, Acton, Ontario
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CHHMA Industry Calendar
To register for all events visit our website at www.chhma.ca or call Pam Winter at (416) 282-0022 ext.21.
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"Eye On Our Industry" is published by the CHHMA as an information resource for our members. Member input regarding content and format is welcomed. Please contact Michael Jorgenson by email: mjorgenson@chhma.ca, or call at (416) 282-0022, ext. 34. CHHMA is located at 1335 Morningside Ave., Suite 101, Scarborough, ON, M1B 5M4 www.chhma.ca
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