logo
Lumber Producer Remabec Cuts 1,000 Jobs in Quebec, Citing Tariffs

Lumber Producer Remabec Cuts 1,000 Jobs in Quebec, Citing Tariffs

Bloomberg2 days ago

One of Canada's largest lumber producers, Groupe Rémabec, will temporarily lay off most of its workers as the industry faces rising US duties and weakening demand.
The manufacturing division, Arbec Forest Products Inc., is shutting down indefinitely, leading to more than 1,000 immediate job cuts. The number may reach 1,400 in the coming weeks, according to a company statement that blamed 'persistent imbalances in both access to the resource and international markets.'

Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Why One Analyst Thinks Tesla Could Dominate the 'Low-Altitude Economy'
Why One Analyst Thinks Tesla Could Dominate the 'Low-Altitude Economy'

Yahoo

time23 minutes ago

  • Yahoo

Why One Analyst Thinks Tesla Could Dominate the 'Low-Altitude Economy'

"Look up, your ride has arrived," is a message some see as eventually landing in your inbox. 'In our view, the low altitude economy (LAE) may eventually vastly exceed the size of today's automotive market,' wrote Morgan Stanley analyst Adam Jonas in a research note earlier this week. That term refers to aerial commercial activities conducted within one mile of the earth's surface, airspace now sparsely occupied by helicopters and small drones. Analysts expect advancements in artificial intelligence and robotics to support the launch of new aircraft—notably, electric vertical take-off and landing (eVTOL) vehicles—with applications in areas like logistics/distribution, public security and emergency services, tourism, urban commuting, and intercity transportation. Morgan Stanley forecasts the total addressable 'Urban Air Mobility' (UAM) market will be valued at $1 trillion by 2040 and $9 trillion by 2050. Not everybody's expectations are quite that high: Bank of America recently estimated a market worth $23 billion by 2035. BofA expects adoption to remain relatively slow until at least that year, when it anticipates economies of scale and battery technologies to improve eVTOL cost and accessibility. Whatever the size of the pie, the companies vying for a slice of it include upstarts like Archer Aviation (ACHR), which is currently testing an eVTOL model and partnering with defense contractor Anduril to develop military applications, and Joby Aviation (JOBY), which is in the process of getting its air taxi certified for passenger rides. Morgan Stanley's Jonas thinks those companies could face formidable competition from Tesla (TSLA). The EV maker hasn't announced any intention to develop eVTOLs, but CEO Elon Musk has discussed the need for a homegrown low-altitude economy in the U.S. When Jonas, on Tesla's most recent earnings call, asked Musk for his thoughts on the U.S. and China's AI and robotics rivalry, Musk expressed concern about America's limited drone manufacturing capabilities. 'Any country that cannot manufacture its own drones is doomed to be the vassal state of any country that can,' he said, quoting X user "@naval." 'And we can't. America cannot currently manufacture its own drones.' Tesla, Jonas says, 'has a host of relevant skills to be a factor' in the commercial and military LAE, including its work in manufacturing, autonomy, electric motors and batteries, and robotics. Jonas estimates Tesla's share of a future $9 trillion UAM market could add between $100 and $1,000 to its share price. Tesla's work on autonomous vehicles could give it a leg up on LAE competitors. "Any advancement in the science of autonomous cars accelerates the advancement of autonomous aerial drones," Jonas wrote. Tesla is expected to launch its first robotaxi operation in Austin, Texas, later this month. Read the original article on Investopedia 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

Advice emerges as a key aspect of bank customers' experience
Advice emerges as a key aspect of bank customers' experience

Yahoo

time28 minutes ago

  • Yahoo

Advice emerges as a key aspect of bank customers' experience

This story was originally published on CX Dive. To receive daily news and insights, subscribe to our free daily CX Dive newsletter. More consumers are looking to their banks for advice as their overall financial health deteriorates, according to a J.D. Power report released Thursday. More than one-quarter of bank customers are 'very interested' in bank advice or guidance. That number is particularly pronounced among younger generations. More than one-third of customers under the age of 40 are currently seeking advice. Customers are most interested in short-term solutions, according to Jennifer White, senior director for banking and payments intelligence at J.D. Power. 'We see a shift in consumer thirst for content that is around short-term solutions, things like, 'Ways to help pay my bills on time?'' As consumers become more anxious about the economy, they're looking to their financial institutions for guidance, creating an opportunity for banks to build lasting relationships. Providing financial advice drives trust and in turn satisfaction, according White. 'There's many factors that influence satisfaction, but the factor that has the highest weight in driving customer satisfaction is the level of trust that a customer has in their financial institution,' she told CX Dive. Trust is driven by several key factors, including a bank's ability to resolve a customer's problem, a customer's confidence they have the account right for their situation, and a bank providing a customer support and guidance during a challenging time. Customers' thirst for short-term solutions reflect that increase in vulnerable customers, White said. More than 2 in 5 bank customers are considered financially vulnerable, meaning they have trouble paying their bills on time, are unable to cover living expenses for a minimum of six months and are seeing their credit deteriorate. The best banks don't treat guidance as an afterthought and make it available beyond branch locations, according to J.D. Power. Customers are most satisfied with retail banking advice from Bank of America, followed by U.S. Bank and Chase. 'Most of the institutions that are at the top of the list have embedded advice or guidance throughout their ecosystem,' White said. 'They're combining in-person experiences with digital engagement.' Perhaps that's offering a personal financial management tool or even a banner interruption that educates customers on scams, White said. But even if customers don't follow bank advice, the act of offering it grows customer satisfaction. 'No advice results in the lowest overall customer satisfaction,' White said. 'Advice that isn't acted on is still higher than that, but advice that is acted on is the highest.' Recommended Reading Lyft boosts bottom line with premium rides, economy options 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

China Leaders Take Reins at TikTok Shop in US as Sales Miss Goal
China Leaders Take Reins at TikTok Shop in US as Sales Miss Goal

Bloomberg

time32 minutes ago

  • Bloomberg

China Leaders Take Reins at TikTok Shop in US as Sales Miss Goal

ByteDance Ltd., TikTok's parent company, has been replacing US-hired staff near Seattle with leaders connected to China, aiming to replicate its e-commerce success in Asia after sales fell short in America. TikTok Shop initially set a goal to increase its US e-commerce business tenfold last year to $17.5 billion in transaction volume, but the company had to drastically lower that goal, according to people familiar with the plan who spoke on condition of anonymity because they were not authorized to talk publicly.

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into the world of global news and events? Download our app today from your preferred app store and start exploring.
app-storeplay-store