In its edition of 100 years ago this week, the Darlington & Stockton Times suggested they plump for "the beauty of the umbrella". The umbrella had, of course, been around since time immemorial – the Oxford English Dictionary says that the first use of the Latin word meaning "shade" in the English language was in 1611 – but advances in materials and folding technology meant that 100 years ago, it was affordable to all, and there was quite an industry of "umbrella doctors" keeping them well serviced and watertight. From a postcard advertising the "smart, stylish and sophisticated... Chris LloydWASHINGTON (AP) — President Joe Biden’s decision to go back on his word and issue a categorical pardon for his son, Hunter , just weeks before his scheduled sentencing on gun and tax convictions was a surprise that wasn't all that surprising. Not to those who had witnessed the president’s shared anguish over his two sons after the boys survived a car crash that killed Biden's first wife and a daughter more than a half-century ago. Or to those who heard the president regularly lament the death of his older son, Beau , from cancer or voice concerns — largely in private — about Hunter’s sobriety and health after years of deep addiction. But by choosing to put his family first, the 82-year-old president — who had pledged to restore a fractured public’s trust in the nation’s institutions and respect for the rule of law — has raised new questions about his already teetering legacy. “This is a bad precedent that could be abused by later Presidents and will sadly tarnish his reputation,” Colorado's Democratic Gov. Jared Polis wrote in a post on X. He added that while he could sympathize with Hunter Biden’s struggles, “no one is above the law, not a President and not a President’s son.” Biden aides and allies had been resigned to the prospect of the president using his extraordinary power in the waning days of his presidency to ensure his son wouldn't see time behind bars, especially after Donald Trump ’s win. The president's supporters have long viewed Biden's commitment to his family as an asset overall, even if Hunter's personal conduct and tangled business dealings were seen as a persistent liability. But the pardon comes as Biden has become increasingly isolated since the loss to Trump by Vice President Kamala Harris , who jumped in to the race after the president’s catastrophic debate against Trump in June forced his exit from the election. He is still struggling to resolve thorny foreign policy issues in the Middle East and Europe. And he must reckon with his decision to seek reelection despite his advanced age, which helped return the Oval Office to Trump, a man he had warned time and again was a threat to democratic norms. Trump has gleefully planned to undo Biden’s signature achievements on climate change and reverse the Democrat's efforts to reinvigorate the country’s alliances, all while standing poised to take credit for a strengthening economy and billions in infrastructure investments that are in the pipeline for the coming years. And now, Biden has handed the Republican a pretext to carry through with sweeping plans to upend the Department of Justice as the Republican vows to seek retribution against supposed adversaries. “This pardon is just deflating for those of us who’ve been out there for a few years yelling about what a threat Trump is,” Republican Joe Walsh, a vocal Trump critic, said on MSNBC. “‘Nobody’s above the law,’ we’ve been screaming. Well, Joe Biden just made clear his son Hunter is above the law.” Jean-Pierre said Monday from Air Force One that the president wrestled with the decision but ultimately felt his son’s case had been tainted by politics, though she tried to thread the needle — insisting he had faith in the Justice Department. “He believes in the justice system, but he also believes that politics infected the process and led to a miscarriage of justice,” she said. But Trump has already made very clear his intent to disrupt federal law enforcement with his initial nomination of outspoken critics like former Rep. Matt Gaetz to be attorney general and Kash Patel to replace FBI Director Christopher Wray , who nominally still has more than two years left in his term. (Gaetz ended up quickly withdrawing his name amid scrutiny over sex trafficking allegations.) Reacting to the pardon, Trump spokesman Steven Cheung said in a statement: “That system of justice must be fixed and due process must be restored for all Americans, which is exactly what President Trump will do as he returns to the White House with an overwhelming mandate from the American people." In a social media post, the president-elect himself called the pardon “such an abuse and miscarriage of Justice.” “Does the Pardon given by Joe to Hunter include the J-6 Hostages, who have now been imprisoned for years?” Trump asked. He was referring to those convicted in the violent Jan. 6, 2021, riot at the U.S. Capitol by his supporters aiming to overturn the 2020 presidential election result. Biden and his spokespeople had repeatedly and flatly ruled out the president granting his son a pardon. In June, Biden told reporters as his son faced trial in the Delaware gun case, “I abide by the jury decision. I will do that and I will not pardon him.” In July, press secretary Karine Jean-Pierre told reporters: “It's still a no. It will be a no. It is a no. And I don’t have anything else to add. Will he pardon his son? No." In November, days after Trump's victory, Jean-Pierre reiterated that message: “Our answer stands, which is no." Neither Biden nor the White House explained the shift in the president's thinking, and it was his broken promise as much as his act of clemency that was a lightning rod. He is hardly the first president to pardon a family member or friend entangled in political dealings. Bill Clinton pardoned his brother Roger for drug charges after he had served his sentence roughly a decade earlier. In his final weeks in office, Trump pardoned Charles Kushner , the father of his son-in law, Jared Kushner, as well as multiple allies convicted in special counsel Robert Mueller’s Russia investigation. Yet Biden held himself up as placing his respect for the American judicial system and rule of law over his own personal concerns — trying to draw a deliberate contrast with Trump, who tested the bounds of his authority like few predecessors. Inside the White House, the timing of the pardon was surprising to some who believed Biden would put it off as long as possible, according to three people familiar with the matter who spoke to The AP on condition of anonymity to discuss the matter. It came just after Biden spent extended time over the past week with Hunter and other family members on Nantucket in Massachusetts, a family tradition for Thanksgiving. “I believe in the justice system, but as I have wrestled with this, I also believe raw politics has infected this process and it led to a miscarriage of justice – and once I made this decision this weekend, there was no sense in delaying it further,” Biden said in a statement announcing the pardon. Some in the administration have privately expressed anguish that the substance of Biden’s statement, including his claim of an unfair politically-tinged prosecution of his son resembled complaints Trump — who faced now-abandoned indictments over his role in trying to subvert the 2020 election — has been making for years about the Justice Department. Biden said the charges in his son's cases "came about only after several of my political opponents in Congress instigated them to attack me and oppose my election.” Many legal experts agreed that the charges against the younger Biden were somewhat unusual, but the facts of the offenses were hardly in dispute, as Hunter wrote about his gun purchase while addicted to illegal drugs in his memoir and ultimately pleaded guilty to the tax charges. The pardon too was unusual, coming before Hunter Biden was even sentences and covering not just the gun and tax offenses against his son, but also anything else he might have done going back to the start of 2014. It's a move that could limit the ability of the Trump Justice Department to investigate the younger Biden's unsavory foreign business dealings, or to find new ground on which to bring criminal charges related to that time period. Biden, in his statement, asked for consideration: “I hope Americans will understand why a father and a President would come to this decision." Associated Press Writer Aamer Madhani in Washington and Will Weissert aboard Air Force One contributed to this report. Copyright 2024 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission. Be the first to know Get local news delivered to your inbox!
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Greek Prime Minister Kyriakos Mitsotakis, speaking at the Greek Investment Conference in London, emphasized Greece’s progress but noted it lags behind countries like Ireland and Portugal due to historical political challenges. He outlined a vision for Greece to become a modern European leader in areas where it has a natural advantage, citing successful projects like the Thessaloniki metro as symbols of future progress. Mitsotakis stressed the need for fiscal stability, productive investments and technological advancements, particularly in AI, while ensuring public engagement and shared benefits from growth. He acknowledged inflation’s impact on wages and tax relief but expressed optimism for the coming years. Mitsotakis highlighted Greece’s ambition to be one of Europe’s seven “AI factories.” The country aims to attract AI scientists, foster startups and benefit from centralized data management for AI applications in healthcare and climate. Greece is developing its first supercomputer and positioning itself as a hub for data centers powered by renewable energy, said the prime minister. On environmental policy, Greece has reduced emissions by 45% since 2005 and produces over half its electricity from renewable sources. Mitsotakis emphasized balancing green initiatives with industrial competitiveness, urging the EU to lower energy costs for businesses and consumers. Mitsotakis advocated for stricter action against human trafficking networks and a controlled approach to legal migration. He also stressed Greece’s role as a stabilizing force in a turbulent region, pointing to its geopolitical partnerships, including strong ties with the US. The prime minister celebrated 2024 as a record-breaking year for tourism, reinforcing optimism about Greece’s economic trajectory.
Management to Host Earnings Call on December 17, 2024 at 10:00 a.m. ET BOSTON, MA, Dec. 16, 2024 (GLOBE NEWSWIRE) -- Netcapital Inc. (Nasdaq: NCPL, NCPLW) (the “Company”), a digital private capital markets ecosystem, today announced financial results for the second quarter of fiscal year 2025 ended October 31, 2024. "During the quarter ended October 31, 2024, we saw a decrease in revenue, when compared to the quarter ended October 31, 2023, but an increase in revenue when compared to the quarter ended July 31, 2024. The year-over-year decrease was primarily due to a slowdown in consulting revenue, while the sequential increase was driven by our funding portal business. Despite the challenges we faced during a tough quarter, we remain optimistic about the future,” said Martin Kay, CEO of Netcapital Inc. “Recently our wholly-owned subsidiary, Netcapital Securities Inc. received approval from FINRA to become a FINRA-member broker-dealer, which marks a significant achievement for the Company as it begins to open up opportunities for more revenue channels. Looking beyond the second quarter we are focused on leveraging our new broker-dealer license and expanding our capabilities. With NSI as a registered broker-dealer, we can now support companies raising capital under Reg A and Reg D offerings, facilitate and charge fees on larger fundraises, potentially provide a broader range of investment choices for our investor base, and establish fee-sharing agreements with other broker-dealers.” Second Quarter Fiscal 2025 Financial Highlights Revenues decreased 92% year-over-year to $170,528, compared to revenue of $2,041,658 million in the second quarter of fiscal year 2024. Revenues increased 20% quarter-over-quarter to $170,528, compared to revenue of $142,227 in the first quarter of fiscal year 2025. Operating loss of ($2,202,431) in the second quarter fiscal 2025 as compared to operating income of $52,220 for the second quarter fiscal 2024 Net loss of approximately ($2,220,501) in the second quarter of fiscal 2025, as compared to a net profit of approximately $339,616, for the same period in the prior year Loss per share of ($2.34) for the quarter ended October 31, 2024, compared to earnings per share of $2.52 for the same period in the prior year As of October 31, 2024, the Company had cash and cash equivalents of $1,346,739. Conference Call Information The Company will host an investor conference call on Tuesday, December 17, 2024, at 10 a.m. ET. Participant access: 844-985-2012 or 973-528-0138 Conference entry code: 894026 For additional disclosure regarding Netcapital’s operating results, please refer to the Quarterly Report on Form 10-Q for the period ended October 31, 2024, which has been filed with the Securities and Exchange Commission. About Netcapital Inc. Netcapital Inc. is a fintech company with a scalable technology platform that allows private companies to raise capital online and provides private equity investment opportunities to investors. The Company's consulting group, Netcapital Advisors , provides marketing and strategic advice and takes equity positions in select companies. The Company’s funding portal, Netcapital Funding Portal, Inc . is registered with the U.S. Securities & Exchange Commission (SEC) and is a member of the Financial Industry Regulatory Authority (FINRA), a registered national securities association. Forward Looking Statements The information contained herein includes forward-looking statements. These statements relate to future events or to our future financial performance, and involve known and unknown risks, uncertainties and other factors that may cause our actual results to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. You should not place undue reliance on forward-looking statements since they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond our control and which could, and likely will, materially affect actual results, levels of activity, performance or achievements. Any forward-looking statement reflects our current views with respect to future events and is subject to these and other risks, uncertainties and assumptions relating to our operations, results of operations, growth strategy and liquidity. We assume no obligation to publicly update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future. Investor Contact 800-460-0815 ir@netcapital.com NETCAPITAL INC. CONDENSED CONSOLIDATED BALANCE SHEETS NETCAPITAL INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)EFL Championship: Leeds Edge 'Basketball Game' At Swansea As Gnonto Nets Injury-time Winner
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WASHINGTON (AP) — on his word and issue a categorical pardon for his son, , just weeks before his scheduled sentencing on gun and tax convictions was a surprise that wasn't all that surprising. Not to those who had witnessed the president’s shared anguish over his two sons after the boys survived a car crash that killed Biden's first wife and a daughter more than a half-century ago. Or to those who heard the president regularly lament the death , from cancer or voice concerns — largely in private — about But by choosing to put his family first, the 82-year-old president — who had pledged to restore a fractured public’s trust in the nation’s institutions and respect for the rule of law — has raised new questions about “This is a bad precedent that could be abused by later Presidents and will sadly tarnish his reputation,” Colorado's Democratic Gov. wrote in a post on X. He added that while he could sympathize with Hunter Biden’s struggles, “no one is above the law, not a President and not a President’s son.” Biden aides and allies had been resigned to the prospect of the president using his extraordinary power in the waning days of his presidency to ensure his son wouldn't see time behind bars, especially after ’s win. The president's supporters have long viewed Biden's commitment to his family as an asset overall, even if Hunter's personal conduct were seen as a persistent liability. But the pardon comes as Biden has become increasingly isolated since , who jumped in to the race after the president’s forced his exit from the election. He is still struggling to resolve thorny foreign policy issues in the Middle East and Europe. And he must reckon with his decision to seek reelection despite his advanced age, which helped return the Oval Office to Trump, a man he had warned time and again was a threat to democratic norms. Trump has gleefully planned to undo Biden’s signature achievements on climate change and reverse the Democrat's efforts to reinvigorate the country’s alliances, all while standing poised to take credit for a strengthening economy and billions in infrastructure investments that are in the pipeline for the coming years. And now, Biden has handed the Republican a pretext to carry through with sweeping plans to upend the Department of Justice as the Republican vows to “This pardon is just deflating for those of us who’ve been out there for a few years yelling about what a threat Trump is,” Republican Joe Walsh, a vocal Trump critic, said on MSNBC. “‘Nobody’s above the law,’ we’ve been screaming. Well, Joe Biden just made clear his son Hunter is above the law.” Jean-Pierre said Monday from Air Force One that the president wrestled with the decision but ultimately felt his son’s case had been tainted by politics, though she tried to thread the needle — insisting he had faith in the Justice Department. “He believes in the justice system, but he also believes that politics infected the process and led to a miscarriage of justice,” she said. But Trump has already made very clear his intent to disrupt federal law enforcement with his initial nomination of outspoken critics like to be attorney general , who nominally still has more than two years left in his term. (Gaetz ended up quickly withdrawing his name amid scrutiny over sex trafficking allegations.) Reacting to the pardon, Trump spokesman Steven Cheung said in a statement: “That system of justice must be fixed and due process must be restored for all Americans, which is exactly what President Trump will do as he returns to the White House with an overwhelming mandate from the American people." In a social media post, the president-elect himself called the pardon “such an abuse and miscarriage of Justice.” “Does the Pardon given by Joe to Hunter include the J-6 Hostages, who have now been imprisoned for years?” Trump asked. He was referring to those convicted in the violent Jan. 6, 2021, riot at the U.S. Capitol by his supporters aiming to overturn the 2020 presidential election result. Biden and his spokespeople had repeatedly and flatly ruled out the president granting his son a pardon. Biden told reporters as his son faced trial in the Delaware gun case, “I abide by the jury decision. I will do that and I will not pardon him.” In July, press secretary told reporters: “It's still a no. It will be a no. It is a no. And I don’t have anything else to add. Will he pardon his son? No." In November, days after Trump's victory, Jean-Pierre reiterated that message: “Our answer stands, which is no." Neither Biden nor the White House explained the shift in the president's thinking, and it was his broken promise as much as his act of clemency that was a lightning rod. He is hardly the first president to pardon a family member or friend entangled in political dealings. pardoned his brother Roger for drug charges after he had served his sentence roughly a decade earlier. In his final weeks in office, , the father of his son-in law, Jared Kushner, as well as multiple allies convicted in special counsel Robert Mueller’s Russia investigation. Yet Biden held himself up as placing his respect for the American judicial system and rule of law over his own personal concerns — trying to draw a deliberate contrast with Trump, who tested the bounds of his authority like few predecessors. Inside the White House, the timing of the pardon was surprising to some who believed Biden would put it off as long as possible, according to three people familiar with the matter who spoke to The AP on condition of anonymity to discuss the matter. It came just after Biden spent extended time over the past week with Hunter and other family members on Nantucket in Massachusetts, a family tradition for Thanksgiving. “I believe in the justice system, but as I have wrestled with this, I also believe raw politics has infected this process and it led to a miscarriage of justice – and once I made this decision this weekend, there was no sense in delaying it further,” Biden said in a statement announcing the pardon. Some in the administration have privately expressed anguish that the substance of Biden’s statement, including his claim of an unfair politically-tinged prosecution of his son resembled complaints Trump — who faced now-abandoned indictments over his role in trying to subvert the 2020 election — has been making for years about the Justice Department. Biden said the charges in his son's cases "came about only after several of my political opponents in Congress instigated them to attack me and oppose my election.” Many legal experts agreed that the charges against the younger Biden were somewhat unusual, but the facts of the offenses were hardly in dispute, as Hunter wrote about his gun purchase while addicted to illegal drugs in his memoir and ultimately pleaded guilty to the tax charges. The pardon too was unusual, coming before Hunter Biden was even sentenced and covering not just the but also anything else he might have done going back to the start of 2014. It's a move that could limit the ability of the Trump Justice Department to investigate the younger Biden's unsavory foreign business dealings, or to find new ground on which to bring criminal charges related to that time period. Biden, in his statement, asked for consideration: “I hope Americans will understand why a father and a President would come to this decision." Associated Press Writer Aamer Madhani in Washington and Will Weissert aboard Air Force One contributed to this report.Bank of Canada governor Tiff Macklem says the central bank is preparing for a future that looks more uncertain and more prone to shocks. In a speech to the Greater Vancouver Board of Trade, he said Monday structural changes are underway in the world including demographic shifts, technological changes, decarbonization and a move away from globalization. “We need to use the pandemic experience to prepare for future crises,” Macklem said in a prepared text of his speech. To that end, Macklem says the Bank of Canada is working to learn what it can from how the economy reacted to the pandemic and in its aftermath. The Bank of Canada is conducting a review of the policy actions it took to restore financial stability and support the economy during the pandemic that it plans to publish along with an assessment of an independent panel of experts. Macklem said the spike in inflation in 2022 was a reminder that even though inflation was relatively low and stable for 30 years leading up to the pandemic, central banks cannot take public trust for granted. “All of a sudden, people couldn’t afford the things they need. And while inflation is low once again, many prices are still a lot higher than they were before the pandemic. So people feel ripped off. And that erodes public trust in our economic system,” he said in his speech. The Bank of Canada has cut its key policy interest rate five times this year including last week when it reduced the benchmark by a half a percentage point to 3.25 per cent. Macklem says the bank will be evaluating the need for further reductions in the policy rate one decision at a time and anticipates a more gradual approach to monetary policy if the economy evolves as expected. Statistics Canada reported last month that the annual inflation rate was two per cent in Ontario, hitting the Bank of Canada’s target. The speech by Macklem came ahead of the release of the November inflation report on Tuesday. This report by The Canadian Press was first published Dec. 16, 2024. The Canadian PressSaints say Taysom Hill 'likely' has a season-ending knee injuryDecember 16, 2024 This article has been reviewed according to Science X's editorial process and policies . Editors have highlightedthe following attributes while ensuring the content's credibility: fact-checked trusted source proofread by Tata Institute of Fundamental Research The Tata Institute of Fundamental Research, Mumbai, in collaboration with the Australian National University, Canberra has demonstrated a novel way of steering a beam of relativistic electron pulses produced by an ultrahigh intensity, femtosecond laser. Their study is published in the journal Laser and Photonics Reviews . Beams of high energy electrons are crucial for fundamental science and myriad applications and technologies, such as imaging, semiconductor lithography, material science and medical therapies. Typically, such beams are derived from accelerators—complex, expensive devices in large sizes and with sophisticated, high-power electrical and control systems. And each is geared towards operation in a certain regime of energies and currents, which is very difficult to modify at will. High intensity femtosecond laser pulses have been driving electrons to very high energies reaching million and billion electron volts over length scales that are 100–1,000 times shorter than conventional accelerator lengths, promising a revolution in compactification and control. Much of this progress has been achieved using gaseous plasma targets and the beaming of the electrons is typically along the direction of the laser itself. It is therefore imperative to find ways to get electrons at larger fluxes, say using a solid target, at the same time as controlling their directionality. For planar solids, the laser incident direction and polarization control the energies and the emission direction of the electrons. The beams are rather broad in their angular spread, getting even broader at higher laser intensities. Changing their direction or forming a narrow beam are extremely difficult challenges. This is precisely where the present advance steps in. Using a solid with a surface decorated by nanopillars, the authors drive MeV energy pulses of electrons and steer them in narrow beams by adjusting the laser incidence angle. The nanostructure enhances the local electric fields, providing higher acceleration than planar surfaces can, while a judicious choice of the incident angle and spacing can direct the electron pulses in a desired direction. A great bonus—simulations show that the electron pulses have attosecond duration. In summary, ordered nano steps can not only give a mighty kick to electrons but also bunch them tightly in time and order them to travel in specified directions. The authors call this "plasma nanophotonics," driving an analogy with an array of antennas- rightly spaced- emitting directional, coherent electromagnetic radiation. More information: Ankit Dulat et al, Coherent Control of Relativistic Electron Dynamics in Plasma Nanophotonics, Laser & Photonics Reviews (2024). DOI: 10.1002/lpor.202401570 Provided by Tata Institute of Fundamental Research
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Cowboys win wild one vs. Commanders to halt five-game slideThe Citizens Coalition for Change party led by Welshman Ncube will receive funds under the Political Parties (Finance) Act in a major snub to two other factions, it was reported on Sunday. Justice minister Ziyambi Ziyambi was petitioned by three rival CCC factions all claiming they were entitled to the money, and each submitting their own bank account. Ziyambi has now decided the "windfall" will go to the Ncube faction, The Standard reported, rejecting bids by the Jameson Timba-led group and a third led by Sengezo Tshabangu, the self-styled CCC secretary general who appeared to have successfully hijacked the party and enjoys favour in the Zanu PF government. Ziyambi professed ignorance about the development, however, telling ZimLive: "I'm not sure who has been given. I'm out of the country and I don't even know if the money has been disbursed." Ncube, meanwhile, said "not yet" when asked if they had received the money. He, however, insisted that they were entitled to the cash. "There should be no controversy there because the money is due to CCC by law, and we are CCC," he said. The funds, paid annually, are allocated to political parties based on their performance in the last election. The government announced in May that the CCC would receive ZiG 22,116,500 (about US$870,000 at the official rate) and Zanu PF ZiG 70 million (about US$2.7 million). The Timba group failed in a court bid to block the disbursement of the money, which – in court papers – they had assumed would be released to Tshabangu. A judge said the application lacked urgency. The Standard reports that Tshabangu – perhaps realising Zanu PF will not prop him up this time – made overtures to Ncube about jointly managing the money, which were rejected out of hand. One of the conditions was that the money would be deposited into the bank account registered by Tshabangu, and that Tshabangu would be a joint signatory with Ncube and the party's interim treasurer. Zanu PF won 137 parliamentary seats in the August 2023 general elections, with CCC picking up 73. With proportional representation, women's quarter and youth quota seats, Zanu PF controlled 177 seats in the National Assembly to CCC's 104. CCC's failure to wrest power from Zanu PF sparked internal bloodletting. Tshabangu, an ordinary member of the party, seized on its lack of clear structures and declared himself the party's interim secretary general. Tshabangu was immediately recognised by Zanu PF before embarking on a campaign to decimate the party, including recalling over 100 councillors, MPs and senators. Zanu PF won most of the by-elections occasioned by those recalls – but those results are not a factor in determining monies due to each party. Tshabangu later made himself a senator for Matabeleland North and is recognised by parliament authorities as the leader of the opposition.CVS Health Corporation Announces Pricing of Maximum Tender Offer
'A recipe for stagnation': Canadian companies widely underusing newcomer talent, report finds The ICC-Deloitte report suggests that employers can tap into newcomer talent more effectively if they adopt a 'culture of ambition.' Katrya Bolger, The Globe and Mail Nov 22, 2024 10:30 AM Share by Email Share on Facebook Share on X Share on LinkedIn Print Share via Text Message Working with newcomers leads employers to innovate by incorporating new perspectives and processes in their work. Reza Estakhrian/The Image Bank/Getty Images Listen to this article 00:05:59 Interested in more careers-related content? Check out our new weekly Work Life newsletter . Sent every Monday afternoon. Newcomer talent is widely underused in Canada, but employers who tap into it see clear benefits to their business, a new report finds. The paper by The Institute for Canadian Citizenship (ICC) and Deloitte outlines how companies working with newcomers can draw on the diverse experiences of those workers to improve performance while helping to close the immigrant unemployment gap. The findings are based on conversations with more than 40 leaders across a range of sectors from mining to technology who shared their strategies for hiring and retaining immigrants. Daniel Bernhard, chief executive officer of ICC, says the insights shared show that working with newcomers leads employers to innovate by incorporating new perspectives and processes in their work. “The data shows that if you can bring people from around the world to play on your team, you’re going to have an edge over other teams where people have the same experiences and are more likely to see things the same way,” he says. Immigrants face higher unemployment rates in Canada – in large part because of the challenges of having the experience from their country of origin recognized. Statistics Canada data shows the unemployment rate for recent immigrants – those who have become permanent residents in the past five years – stood at 12.6 per cent in June. In contrast, the rate for Canadian-born workers in the same period was 5.5 per cent. Even though the federal government just announced it will lower the number of permanent residents admitted on an annual basis, Canada has welcomed about 1.8 million immigrants in the past five years, according to Statistics Canada, and there will be about 400,000 new permanent residents a year for at least the next few years. The ICC-Deloitte report suggests that employers can tap into newcomer talent more effectively if they adopt a “culture of ambition.” Leaders surveyed recognized the benefits of having a diverse work force, but they noted that their teams often struggle to invest in creating new recruitment and onboarding policies to support immigrants. The lack of clear-cut processes for integrating newcomers puts the onus on organizations to create their own, Mr. Bernhard says. “Identifying and integrating this talent is not straightforward,” he says. “While the benefits are clear, there’s an investment required. But many companies are simply not prepared to make those investments, and as a result, they’re losing out.” According to the report, the lack of will to innovate not only limits employers’ ability to hire immigrant employees but hinders these potential employees from meaningfully applying their global experience in the Canadian context. One respondent noted seeing newcomers as “global navigators” with distinct cultural insights and language skills that can help position these immigrant employees as key players in building new partnerships and clientele worldwide. Another respondent noted how attitudes of current employees toward immigrants can also hamper their integration in the workplace. They cited, for example, the tendency among some immigrants to work longer than Canadian-born workers, which can threaten the desire to encourage work-life balance. Some employers, according to the report, also struggle to recognize the value of foreign experience, with many preferring to hire alumni from universities or organizations that they know. When employers are unable to recognize the credentials of foreign employers or schools, they struggle to assess if the candidate’s experience fits their needs. Despite these barriers, respondents say organizations can take steps toward integrating immigrants, starting with de-emphasizing Canadian experience in their search for candidates. “One thing employers should do is rediscover their humility and remind themselves why when someone with an unfamiliar name from an unfamiliar country and different experience comes across your desk, there’s a possibility that person knows something you don’t know,” says Mr. Bernhard. The report also highlights the importance of creating a diversity, equity and inclusion strategy to recruit and retain newcomer talent. One HR leader from a financial services company suggests that considerations such as country of origin and year of arrival should figure in hiring frameworks to ensure they are inclusive. Respondents further noted the value of sharing success stories with colleagues across their organizations about working with immigrants. For example, a natural resource firm in Western Canada shared how changing their policy from only hiring workers who had experience driving in the snow led them to see that those who had no such experience were often more careful and had fewer accidents. This allowed them to boost their safety record while relying on newcomers to address labour shortages in their industry. Beyond cultivating an inclusive work culture, the report recommends adopting a more holistic approach to employee well-being that involves the employer recognizing the factors outside of work that can affect performance. This could include, for example, the spouse’s ability to find work. According to respondents, organizations can help in these areas by connecting with civil society organizations offering support services to newcomers. While the immigrant unemployment gap persists, the ICC-Deloitte report finds that Canada has an opportunity to use immigrant talent to gain a competitive edge. But without a dedicated approach, employers risk losing out on the potential that global talent brings, while falling behind on growth and innovation. “Immigrants who are selected for their specific skills and experiences and come from countries that do some things better than we do can teach firms to evolve and innovate,” Mr. Bernhard says. “Sidelining those people is a recipe for stagnation.” Tags: See a typo/mistake? Have a story/tip? This has been shared 0 times 0 Shares Share by Email Share on Facebook Share on X Share on LinkedIn Print Share via Text Message More z-Central Newsletter Sometimes, even a climate advocate just wants to blow dry her hair Nov 21, 2024 8:00 PM Build by numbers to address housing shortages Nov 21, 2024 2:00 PM The Eras Tour will soon end, and I for one will be happy Nov 21, 2024 10:30 AM Featured Flyer
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