Canadian Diamonds, Back in the Rough

At this point in time, the then lucrative diamond business in Canada is suffering a rough blow as the Canadian dollar continuously increases versus the U.S. dollar, as several investors back out their support for the diamond business, and as the U.S., the largest consumer of diamonds, undergo recession. The popularly known diamond mogul, De Beers, was strained by the escalating Canadian dollar and its results to construction costs. These factors led De Beers to sell off their assets in Canada that amounts to nearly $ 1 billion U.S. dollars. (Hoffman, 2008) The representative of De Beers based in Canada, Derek Teevan, justified the decision of investors to withdraw from the diamond sector. He argued that the costs for operating a diamond business is sustained in Canadian currency, which is higher compared to its cost in U.S. dollars. In addition, diamonds are bought in U.S. dollars. This spells out an unprofitable diamond business. According to Mr. Lindsay, president of Teck Cominco Ltd., the diamond sector will suffer until such time that costs are regulated within five years. As of press time, negotiations continue as Teck Cominco Ltd. attempt to purchase Canada’s diamond businesses. (Hoffman, 2008) The author reveals the major concern of the Canadian diamond sector. Based on research and recent information about diamond investors and businesses in Canada, the author was trying to inform his readers about the declining diamond sector and the effect that the rising dollar posits in this issue. The concerns that were presented in the article is of importance to businesses who are planning to invest in the Canadian diamond sector thus, needing to be well-informed about the economic standing of the different business sectors in the country. Atlantic Premiers Sign Energy Framework The premiers in New Brunswick have released a statement indicating their attempts to develop Maritime’s access to Labrador’s hydro resources. According to them, the Maritime’s use of these resources is cost-effective and is instrumental in the minimization of their dependence to fossil fuels that originate from other parts of the globe. This would be possible through the Lower Churchill Falls Project. The premiers and cabinet ministers in Canada drafted and signed an outline that contains the concepts aligned with the project. They also requested for the help of the members of each province to further their aims and objectives. (Tutton, 2008) The premier of New Brunswick has been communicating ideas about the transfer and generation of energy through the use of undersea cables with the premier of Newfoundland. If this pushes through, they would be expecting to spend as much as $ 25 million every year in the area alone. However, they are not keeping their options closed as they are thinking about energy transfers through Quebec and Ontario. If the transmission of power from Labrador to Maritime pushes through, this would mean that New Brunswick should establish more transmission capacity. (Tutton, 2008) The issues in this essay tackle the program drafted and signed by Atlantic premiers in order to develop the transmission of energy through the utilization of under sea cables. In addition, it also provides substantial information that states the advantages and disadvantages of the Lower Churchill Falls Project particularly in New Brunswick. Several options are available in this scenario and Shawn Grahm, the new premier of New Brunswick, should be able to go with a plan that is cost-effective and supportive of the interests of the area. Trucking Industry Facing Challenges The recently elected president of Atlantic Provinces Trucking Association, Gordon Peddle, has claimed the development and enhancement of the image of the trucking business as one of his objectives during his term in office. The image of the trucking industry, as well as the improvement of the quality of service provided by these companies is the main concerns of APTA. (The Special Features Staff, 2008) Despite the flourishing financial statements of other people in the business all over the world, the trucking industry based in News Brunswick has been suffering too. This is due to the fact that the trucking industry is a very difficult business to handle. One of the primary reasons for the decline of the trucking industry is those people who leave the trucking business for higher income rates, thus leading to the lack in personnel. Another reason is that the increasing Canadian dollar versus the U.S currency influences the high costs of materials and parts that are used in developing trucks. As the new chairman of APTA, Peddle is putting on great efforts to solve this problem by collaborating with the Human Resources Sector and Trucking Human Resources Sector, and by being open to applications from foreign truck drivers. (The Special Features Staff, 2008) The author presents the readers the challenges that Peddle will be facing during his rule as the new chairman of APTA. There are a lot of issues that need to be addressed in order to enhance and improve the trucking industry and with the challenges that are ahead, Peddle must be on his toes in order to achieve his aims, objectives, and general plan of action. The article would be instrumental in evaluating whether Peddle would be capable of addressing the needs of the trucking industry through comparison of past experiences and the new trucking industry under Peddle. Go West, Gang Members: Alberta Attracts Drug Dealers The growing economy of Alberta due to its oil market has attracted numerous investors. So much so, that even businesses who operate illegally are putting up their industry in the area. These illegal business enterprises involve gangs who thrive in Alberta because of the high demand for prohibited drugs and substances, such as cocaine. This has been the trend since 1977, as the Edmonton Police Department has strived hard to track down gangs and gang members in their efforts to eradicate drug pushing, trafficking and addiction in their area, thus leading to lower occurrences of crimes. (Chiang, 2008) To address this issue, the Edmonton Police Department has been collaborating with the RCMP in order to identify immigrants and determine whether they are involved in gangs and illegal businesses. They have also conducted an undercover operation that revealed a laboratory that manufactures ecstasy and cocaine that are sold in Alberta. (Chiang, 2008) The author reveals the effects of a booming economy to the increase in crime rates and occurrences in an area. People will be well informed that even if a country is successful in attracting investors that would further the stand of the economy, the price that the people would have to pay for this is the rising occurrences of crimes, such as drug trafficking and pushing. (Title Goes Here) The rising Canadian dollar has yet again proved its detrimental effects to the manufacturing industry in the country. As the dollar rises, lay offs would be implemented to cut the rising cost of manufacturing. Lay-offs will be done in the marketing industry in order to lessen the company’s expenses on wages for manpower services. However, on a positive note, the decline in the manufacturing industry has caused the improvement of the employment rate in the country. This fact is evident through the statistics interpreted starting 2001 until 2006. Professionals agree that the rise in employment would continue to improve in the following years. (Yew, 2008) The rising employment rate in Canada is due to the fact that new occupations are being opened for the benefit of the employment sector to compensate for the losses in employment in the manufacturing industry. In addition, new occupations are being opened for unemployed people because of the global changes, improvement and development which are highly in need of skilled employees who could be absorbed to work under a specialized job description. In contrast to the nature of manufacturing jobs, more people have been studying and working to enter jobs in the health care industry, social welfare and development organizations, finance services, mining and energy industries, which as of press time have experienced a high increase in employment. Canada has put its efforts to replace manufacturing jobs with jobs that are more profitable and adheres to technological learning and advancement. Â  (Yew, 2008) The advantages of the decline in employment opportunities in the manufacturing industry are revealed in the article by the author. This is a known advantage of having the dollar rise above the U.S. dollar. The surfacing of other occupations in the employment sector allows career development for the people. References Chiang, C. (2008). Go west, Gang Members: Alberta attracts drug dealers. Retrieved March 22, 2008, from Hoffman, A. (2008). Canadian Diamonds: Back in the Rough. Retrieved March 22, 2008, from The Special Features Staff. ( Tutton, M. (2008, January 19). Atlantic Premiers Sign Energy Framework. The Canadian Press, p. C2. Yew, M. A. (2008, March 5). Toronto Star, p. B 1