Canadian Chamber CEO: Business confidence has gone "from a chill to a complete freeze"
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Business Upturn
11 minutes ago
- Business Upturn
USW welcomes new era with Orion Steel, Interpro Pipe and Steel
BURNABY, British Columbia, Aug. 01, 2025 (GLOBE NEWSWIRE) — The United Steelworkers union (USW), representing more than 1,000 workers across steel, pipe and related manufacturing facilities in Alberta and Saskatchewan, is welcoming a new chapter under the ownership of Atlas Holdings, which will operate Interpro Pipe and Steel under the new banner of Orion Steel. Atlas Holdings announced its acquisition of Evraz North America last month, with the deal officially closing yesterday. The Canadian operations of the newly named Orion Steel will continue under the name Interpro Pipe and Steel, encompassing USW-represented steel and pipe operations and a rolling mill in Regina, a weld line tube and casing plant in Calgary, several recycling facilities and a pipe-coating mill. 'This investment by Atlas Holdings provides security and immediate and long-term opportunities for our members and the communities where they work,' said Scott Lunny, USW Western Canada Director. 'Atlas has extensive experience operating industrial businesses, working in partnership with unions, and has the capacity to work proactively with provincial and national governments. We are confident they have a long-term view and can provide the expertise and leadership to grow the business,' said Lunny. The USW extends its thanks to outgoing CEO James 'Skip' Herald for his leadership during challenging years at Evraz North America and for his role in helping bring the sale to completion. The union also welcomes Doug Matthews as the incoming Chief Executive Officer of Orion Steel. 'USW and our local unions in Western Canada and the Territories look forward to working with Orion and Interpro Pipe and Steel to guide and grow the steel and pipe business in Western Canada into the future,' said Lunny. About the United Steelworkers The USW represents 225,000 members in nearly every economic sector across Canada and is the largest private-sector union in North America, with 850,000 members in Canada, the United States and the Caribbean. Each year, thousands of workers choose to join the USW because of the union's strong track record in creating healthier, safer and more respectful workplaces and negotiating better working conditions and fairer compensation – including good wages, benefits and pensions. For more information: Scott Lunny, USW Western Canada Director, [email protected], 604-329-5308 Brett Barden, USW Communications, [email protected], 604-445-6956 Disclaimer: The above press release comes to you under an arrangement with GlobeNewswire. Business Upturn takes no editorial responsibility for the same. Ahmedabad Plane Crash
Yahoo
18 minutes ago
- Yahoo
PBOC Moves to Stabilize Yuan With Fixing After Dollar Rally
(Bloomberg) -- China's central bank stepped in to stabilize the yuan with its daily reference rate, after the currency dropped to a two-month low in response to the dollar's surge. The World's Data Center Capital Has Residents Surrounded An Abandoned Art-Deco Landmark in Buffalo Awaits Revival Budapest's Most Historic Site Gets a Controversial Rebuild San Francisco in Talks With Vanderbilt for Downtown Campus We Should All Be Biking Along the Beach The People's Bank of China set the yuan's reference rate around 7.15 per dollar on Thursday, diverging from analyst estimates by the most since late April. The move signals a show of support for the currency which fell after the dollar rallied to its strongest level in two months. The central bank is renewing its support for the currency as the dollar's rise gains momentum following trade deals favoring the US and as the Federal Reserve signals patience on rate cuts. The PBOC had largely refrained from boosting the yuan in May and June as the currency was on a rising trajectory. The fixing 'will help to limit yuan weakness today,' said Khoon Goh, head of Asia research at Australia & New Zealand Banking Group. 'Authorities do not want too much volatility in the currency' and are opting to cap the fix around 7.15 despite the strong dollar rally. The offshore yuan gained 0.2% to 7.1993 per dollar on Thursday, after falling as low as 7.2146 Wednesday, the weakest since early June. The yuan, along with the Singapore dollar, remained resilient on Thursday, while other regional peers fell under the weight of the greenback's overnight gains. Monetary authorities in Indonesia and Hong Kong also stepped into the market to defend their respective currencies on Thursday. For the PBOC, defending the yuan against sharp depreciation remains paramount as it negotiates a trade deal with the US. China's central bank official said earlier this month that the nation didn't seek any competitive edge from yuan depreciation. The recent revival of the greenback, which has already triggered hedge funds to unwind short dollar bets, is set to test the confidence of yuan bulls. A few Wall Street names including Morgan Stanley, UBS Global Wealth Management and Deutsche Bank AG had forecast the yuan would climb 7.1 or lower in their research notes this month. Angst over US tariffs has added to the dollar's strength and dragged down currencies including the euro and Indian rupee. That's before Bloomberg's dollar gauge jumped on Wednesday as Fed Chair Jerome Powell said that there is no decision on a September move and traders dialed back bets on rate cuts this year. Markets were caught wrong-footed on the dollar when Powell sounded more hawkish than expected, said Fiona Lim, a senior strategist at Malayan Banking Bhd. 'The PBOC is using the fix to stabilize the yuan, keeping to its stance of ensuring currency stability, whilst still allowing the broader market forces to determine its direction' --With assistance from Ran Li. (Updates with details on other central bank interventions in 6th paragraph.) Russia Builds a New Web Around Kremlin's Handpicked Super App Burning Man Is Burning Through Cash Everyone Loves to Hate Wind Power. Scotland Found a Way to Make It Pay Off It's Not Just Tokyo and Kyoto: Tourists Descend on Rural Japan Cage-Free Eggs Are Booming in the US, Despite Cost and Trump's Efforts ©2025 Bloomberg L.P. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Bloomberg
37 minutes ago
- Bloomberg
Slow Job Growth Boosts Fed Rate-Cut Bets
"Bloomberg Markets" follows the market moves across every global asset class and discusses the biggest issues for Wall Street. Today's guest: Heritage Foundation Director, Center for Energy, Climate and Environment Diana Furchtgortt-Roth, Bloomberg's Stuart Paul, David Lee and Martin Braun. (Source: Bloomberg)
