Sun Media Corporation announced Tuesday a restructuring initiative expected to result in over $45 million in annual savings.
The moves, which include the closure of production facilities in Ottawa and Kingston, include the elimination of nearly 500 positions across the organization.
“This restructuring is regrettable but warranted by changes in our industry which force us to align our cost structure with the new reality,” said Pierre Karl Peladeau, president and CEO of Sun Media.
“With the recent announcement of a major strategic redesign of Sun Media’s organizational structure, restructuring further streamlines and optimizes our operations. By doing so, Sun Media is proactively leading the way to ensure long term success.”
Peladeau said the initiative doesn’t diminish his company’s commitment to its publications, readers, advertisers or employees.
“We will continue to deliver quality content, with local presence, and maximum value to our advertisers,” he said. “We very much regret the impact that this has on employees who are departing our organization and would like to thank them for their contribution.”
The Arithmetic of War: $9 Million Compared to $9 Billion for Next Generation Fighter
The cost of War and the price of Peace
Canada has a long history of service to international human rights, diplomacy and democracy. Technology equips every soldier, tank, battleship and fighter jet. The need to be at the forefront of weaponry and innovation is a fact.
Prime Minister Stephen Harper, Finance Minister Jim Flaherty, Minister of National Defense Peter MacKay and Veterans Affairs Minister Steven Blaney continue forth on the procurement of $9 billion F-35 contract, while Veterans have had their funeral and burial benefits frozen since 2001. The current thinking is Canada can afford $9 billion for upgrades to its airforce but in doing so can justify slashing the operational budget of Last Post Fund by some 29% (or $1 million in 2013-2014). This is why the Last Post Fund, which delivers the Veterans Affairs Funeral and Burial Program, had to launch a national fundraising campaign to the tune of $9 million in order to fully fill its mandate towards modern-day veterans not eligible for the Canadian government’s Program (those who served after WWII and Korean War). Other projects for which donation monies are required include the perpetual care of the National Field of Honour where more than 20,000 persons are interred, and the provision of permanent military-style markers for eligible veterans who lie in unmarked graves (between 20,000 and 30,000 across Canada).
Therefore $9 billion is 1,000 times the $9 million it would take to allow the Last Post Fund to meet all veterans’ needs, be they traditional or modern-day veterans.
We ask fellow Canadians to honour Veterans’ Week November 5 to 11, culminating in Remembrance Day services at your local cenotaph. Show your support for Veterans by letting your MP know your vote means remembering Veterans – especially in death.
The Toronto stock market registered a solid gain amid signs of Canadian economic growth and U.S. Federal Reserve chairman Ben Bernanke kept the door open for another round of economic stimulus.
The S&P/TSX composite index rose 63 points to 11,949..
The Canadian dollar closed up 67-100ths to 101.45 cents US as Statistics Canada said gross domestic product increased by 0.2 per cent in June, against the 0.1 per cent rise that economists had expected.
The Dow Jones industrials moved up 90 points to 13,091 as Bernanke said that the Fed will act to promote growth as needed. The Nasdaq composite index climbed 18 points to 3,067.
Oil gained $1.85 to US$96.47 a barrel.
Traders are now looking ahead to the Fed’s next rate announcement on Sept. 14, after officials take in the release next Friday of the August job creation data.
There’s plenty of other market moving events next week, including Thursday’s interest rate announcement by the European Central Bank, when it’s hoped the ECB will announce moves to control borrowing costs of some of the weakest eurozone countries.
Check back for updated business and financial news Tuesday morning before the market open.
Gerald Trites has technology and information technology down to a science. Trites with practical years of knowledge behind him he continues to explain and explore all things computer related. Gerald has a lot of experience and while in his pursuit to author important e-commerce related information, collateral and books he has some time to carefully explain new and important concepts to MONEY readers, followers and subscribers.
Gerald Trites is interested in learning, sharing and continuously growing and recommends the same to all others. Gerald is a positive influence to MONEY.CA and so he was asked to teach by example and author as a “You and Your Money” financial writer for his favorite subject material of “technology”. This technical-genius has made his authoring skills and his expert in subject matter available to tell the continuing story and evolution of Internet and computer products, services and applications. Thursday is Gerald Trites Day each and every Thursday one of the smartest, experienced computer geeks and Internet aficionado tells the rest of us in laymen terms what is happening fast and furiously in the computer age. Gerald is senior editor The MONEY Networks latest site and collaboration www.newproductlaunch.ca – coming soon to Technology Thursday on MONEY.CA
Gerald Trites – Me and My Money – Technology Thursday
We Salute You, In Memory of our Veterans $9,400,000 National Fundraising Campaign Launch.
Montreal, Québec – The Last Post Fund has embarked on a national fundraising campaign, entitled In Memory of our Veterans, with Major-General (Retired) Lewis MacKenzie, UE, CM, CMM, MSC, O.Ont, CD as Honorary Chairman for fund raising and Lieutenant-General (Retired) Lou Cuppens as Campaign Coordinator.
“For over a century, the Last Post Fund has provided dignified funerals and burials for 150,000 Canadian financially challenged Veterans”, states MGen (Ret’d) Lewis MacKenzie.
The specific use of proceeds is very well-defined with contributions (cash or in-kind) directed to these primary, urgent areas of need:
$1,000,000 set aside to facilitate the dignified burial of financially challenged Veterans who are not eligible for the Funeral and Burial Program
$1,000,000 to support the Last Post Fund’s Unmarked Grave Program, whose objective is to provide a permanent military-style marker for eligible Veterans buried in unmarked graves. According to Veterans Affairs Canada, between 20,000 and 30,000 Veterans’ graves are unmarked throughout the country
$1,000,000 for purchase and clearance of new land section at the LPF National Field of Honour
$200,000 for renovation of the Arthur Hair Reception Centre at the National Field of Honour
$200,000 for road repairs and equipment
$6,000,000 to sustain the perpetual care fund of the LPF National Field of Honour and to support other Fields of Honour set up by the Last Post Fund
Mission: The Last Post Fund (LPF) is a non-profit organization whose mission, since 1909, is to ensure that no eligible Canadian or Allied Veteran is denied a dignified funeral and burial due to insufficient funds at time of death. The LPF delivers the Funeral and Burial Program on behalf of Veterans Affairs Canada.
National Office, 505 René-Lévesque Blvd West, Suite 401 Montreal, Quebec H2Z 1Y7
Keywords: Canadian Armed Forces, Merchant Navy Veteran, Second World War, WWII, Korean War, deceased Veterans, non-profit organization, funeral, burial, military style gravemarker, grave marker, disability benefit, National Field of Honour, Allied Veteran, Allied Forces, Canadian Forces, Canadian Government, military families, The Honourable Steven Blaney, Minister of Veterans Affairs, Navy, Air Force, Army, final resting place, bravery, valour, honour, duty, unmarked grave, Pointe-Claire, PQ, Modern Day Veterans, donor recognition, benevolent, LCol, Lieutenant-Colonel, Major-General, LGen, Lieutenant-General, gift-in-kind, philanthropy, philanthropist, charity, donation, not-for-profit
This press release was graciously provided as gift-in-kind by Money.ca for which we are grateful and hereby recognize as “Friend” of the In Memory of our Veterans campaign.
Jean-Pierre Goyer, Executive Director Toll-Free: 1 (800) 465-7113
Apple is the biggest company in the world now trumping a record set in 1999 by Microsoft – Apple has surpassed and and all expectations to reach a capitalization of over 620 billion.
Apple has the support of the people and shareholders and set to reach even greater heights with new product launches coming up and a sharp focus on innovation to now maintain and grow this self-perpetuating money making machine.
Apple stock hit new highs and jumped 2.7% on optimism surrounding the impending launch of the iPhone 5 and a better small and cheaper iPad in time for Christmas.
Microsoft would still hold the record if the numbers were adjusted for inflation.
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