Latest news with #Burridge
Time of India
3 days ago
- Business
- Time of India
Irish fintech Nomupay gets $40 mln investment from SoftBank
Live Events Irish fintech Nomupay said on Tuesday it had received a $40 million investment from an unit of SoftBank Corp at a valuation of $290 million to help it expand in Asian countries such as started operations in 2021 after buying licences from payments company Wirecard, which collapsed a year earlier in Germany's biggest post-war fraud has since raised $120 million, with the last round of $37 million in January valuing it at $200 million."We will integrate the Japanese payment methods that are provided by SoftBank, which means the rest of the world can now access Japan, and then we will jointly expand into other markets," Nomupay CEO Peter Burridge told is a payment processor focusing on local and cross-border payments and operates in an industry dominated by the likes of Stripe and Adyen."We aim to be profitable by the end of the year," Burridge said.
Yahoo
3 days ago
- Business
- Yahoo
Irish fintech Nomupay gets $40 million investment from SoftBank
STOCKHOLM (Reuters) -Irish fintech Nomupay said on Tuesday it had received a $40 million investment from an unit of SoftBank Corp at a valuation of $290 million to help it expand in Asian countries such as Japan. Nomupay started operations in 2021 after buying licences from payments company Wirecard, which collapsed a year earlier in Germany's biggest post-war fraud scandal. Nomupay has since raised $120 million, with the last round of $37 million in January valuing it at $200 million. "We will integrate the Japanese payment methods that are provided by SoftBank, which means the rest of the world can now access Japan, and then we will jointly expand into other markets," Nomupay CEO Peter Burridge told Reuters. Nomupay is a payment processor focusing on local and cross-border payments and operates in an industry dominated by the likes of Stripe and Adyen. "We aim to be profitable by the end of the year," Burridge said.
Yahoo
15-05-2025
- Business
- Yahoo
Seafood producers doubtful B.C. trade mission will lessen immediate toll of China's tariffs
British Columbia Premier David Eby will lead a trade mission to Japan, South Korea, and Malaysia next month amid U.S. and Chinese tariffs. "Diversifying our markets away from these two gigantic markets and working with other markets is a priority for us and that's what we're going to continue to do," Eby said in an announcement on Wednesday. However, seafood industry insiders say it won't do much to help B.C. seafood producers make up for the hit they've taken in the wake of tariffs imposed by China earlier this year. China imposed 25 per cent tariffs on Canadian seafood — including geoduck, lobster and shrimp — on March 20 in retaliation to Canada's tariffs on Chinese steel, aluminum, and electric vehicles. Christina Burridge, executive director of the B.C. Seafood Alliance, says the province's seafood industry relies on exporting to China, and business relationships there will be hard to replace. "It's not easy to see how we could replace China in less than five to 10 years," Burridge said. "Most of our customers are not willing to pay the tariffs themselves, so they expect us on this side to pay them, or most of them at least." Eby said the trade mission, which will take place from June 1 to 10, will look to expand investment and trade relationships in sectors affected by tariffs, including forestry, clean energy, liquefied natural gas, and agriculture. China is the second largest market for B.C. seafood producers after the U.S., Burridge said, purchasing roughly $400 million of seafood from the province annually. For seafood producers to stay competitive, she says, they've had to pay the tariffs themselves instead of passing them on to customers, in some cases lowering prices to 50 per cent below pre-tariff value. "At best, they're breaking even, they're not making any money," said Burridge, adding that these producers are having to choose between some business with China or no business with China. "It's been quite difficult and some vessels have chosen to tie up." B.C. Conservative Leader John Rustad said that while he doesn't agree with the Chinese government, he does think Canada and B.C. need to have a working relationship with the world's second-largest economy. "If we're being blocked by the largest economy, being the Americans, and we're ignoring the second-largest economy, that is very limiting for British Columbians to be able to grow our economy," he said. Darrell Thomas, a Vancouver Island-based geoduck harvester, say he's frustrated that small businesses like his are paying the price for the trade war between China, Canada, and the United States. Thomas is glad that B.C. is looking to diversify trade and build new business relationships, but he says that won't make up for the decades-long relationship between the province's seafood producers and buyers in China. "Maybe it'll help us in five to 10 years, but they're not going to even come close to the consumption that China does," Thomas said. "We're caught in this massive crossfire."
CBC
14-04-2025
- Business
- CBC
Moving P.E.I. minimum wage to $17 next year could add to inflation, business group says
A national advocacy group says a $1 increase to Prince Edward Island's minimum wage over the next year will bring challenges for Island businesses. Starting Oct. 1, the minimum wage will rise from $16 to $16.50 per hour. It will increase again to $17 per hour on April 1, 2026. The changes were announced in the provincial operating budget tabled last week by Finance Minister Jill Burridge. "Obviously, minimum wage does have to go up… Our low-wage earners have to have a livable wage, and this is another step towards that," Burridge told reporters Friday. A livable wage is defined as the minimum income necessary for a worker to meet their basic needs. A 2024 report from the Canadian Centre for Policy Alternatives estimated the livable wage on P.E.I. to be $22.76 an hour — well above the coming increase. The province's timeline for the wage hike is six months later than what was recommended by the Employment Standards Board — the board the province relies on to help guide its minimum wage decisions. In its 2024 report, the board recommended the increase to $17 per hour take effect on Oct. 1 of this year. Small business concerns Frédéric Gionet, the director of legislative affairs for the Canadian Federation of Independent Business in Atlantic Canada, said Burridge's new budget includes several tax cuts that will help businesses in an uncertain time, given the still-unknown impact of U.S. President Donald Trump's global trade war. However, he's concerned over the impact of the P.E.I. minimum wage increase. He said while minimum wage hikes are often used as poverty-reduction measures, the approach is too simplistic and may not be the best solution to the high cost of living. The $1 increase Islanders will see translates into only a modest net pay raise for workers, Gionet said, adding: "It's not going to make a difference on reducing poverty in that sense." However, he said about 60 per cent of CFIB members will need to raise prices and increase wages for other employees in response to a wage increase. "If you're making $20 an hour, and then the minimum wage is going up, there's some kind of upward pressure on those who are already making more than minimum wage, and that's the majority of small businesses already paying above minimum wage. So really, it's inflationary a little bit." Labour costs make up the bulk of expenses for small businesses, Gionet said. With many challenges already straining operations, including the lingering impacts of the pandemic, changing consumer habits and global trade instability, he said paying higher wages could be a major struggle for many. "They're not going to have any other choice but to raise prices, which contributes, therefore, to the cost of living," he said. 'A race to the top' Elsewhere in Atlantic Canada, minimum wages are also rising. In New Brunswick, the minimum wage rose by 35 cents on April 1, bringing it to $15.65 an hour, up from $15.30. The increase is part of a scheduled annual adjustment tied to inflation. Nova Scotia 's minimum wage increased from $15.20 to $15.70 on April 1 and is set to rise again to $16.50 on Oct. 1. In Newfoundland and Labrador, the minimum wage went from $15.60 to $16 an hour on April 1. "I see P.E.I. is going to have the highest minimum wage again. And then New Brunswick and Nova Scotia catch up, and then P.E.I. goes. And so it seems like a race to the top," Gionet said. "I think this raise to the highest minimum wage needs to stop… We are pleading with governments to find other methods to establish minimum wage, something more grounded."
CBC
10-04-2025
- Business
- CBC
P.E.I. projects record $183.9M deficit in budget designed with population growth, trade war in mind
Social Sharing Prince Edward Island is projecting the largest budget deficit in its history for the 2025-2026 fiscal year, according to the province's latest operating budget, tabled in the legislature Thursday by Finance Minister Jill Burridge. The budget projects revenues of $3.34 billion and expenditures of $3.53 billion, resulting in a forecasted deficit of $183.9 million. That is more than triple the $59.5 million deficit forecasted in last spring's budget for the same fiscal year. The previous record deficit was in 2020-2021, the first year of the COVID-19 pandemic, when the province recorded a $172.7 million deficit. While the government led by new Premier Rob Lantz expects the deficits to decrease in the years ahead, they will still remain high. The province projects a deficit of $167.8 million in 2026-2027 and $119.5 million in 2027-2028. Burridge said the rising costs are being driven by population growth, an aging population, and ongoing global trade uncertainties — factors she noted are also affecting other parts of Canada. "We're no different than other provinces out there," she told reporters. Burridge's speech made promises on two hot-button health-care issues: the future of Prince County Hospital in Summerside and the number of people still without a family doctor or nurse practitioner to manage their primary health care. "The steps we have taken to stabilize health care are beginning to work," she told the legislature. "We see it in improved access to care, in shorter wait times, and the return of full-time internal medicine coverage at Prince County Hospital, allowing their ICU to formally reopen this summer. And we will see it when 10,000 Islanders are removed from the patient registry this year — having them connected to the primary care they need and deserve." The budget was released amid growing global instability, including rising political tensions and trade conflicts, with U.S. president Donald Trump launching a trade war with Canada and many other countries around the world. "We know the world around us is uncertain," Burridge said. "Today, we take another step forward — securing our future by strengthening our province, investing in the people who make it great, and ensuring a strong, sustainable future for all." Supporting the economy and workforce To address the uncertainty, the province is introducing a range of tax reforms that will save Island businesses a total of $9.3 million to reinvest in their operations, Burridge said. These include raising the small business tax threshold by $100,000 to $600,000, and lowering the corporate income tax rate from 16 per cent to 15 per cent. In addition, province will be addressing personal income taxes. This includes immediately increasing the basic personal exemption to $14,650. Then in January of next year, the province will raise all five tax brackets by 1.8 per cent and further increase the basic personal amount to $15,000. The province also announced a minimum wage increase to $17 per hour, with details to be released soon, the finance minister said. Targeted investments to support the economy and workforce include: $42 million for tariff and trade response, including $32 million for a Tariff and Trade Contingency Fund. $10 million for a Tariff Working Capital Program. $3.6 million in oyster industry supports, including a $3-million contingency fund to respond to MSX challenges. $1.5 million for reskilling and upskilling workers. $353,000 for expanding air access. $100,000 to support young farmers through the P.E.I. Young Farmers Association. Post-secondary students will see increased financial aid, with the George Coles and Marion L. Reid bursaries each rising to $3,500. Health-care investments Health care continues to be a top spending priority. Health P.E.I.'s budget will increase from $971.8 million in 2024-2025 to nearly $1.1 billion for the current budget year. The Department of Health and Wellness will also see an increase from $153 million to $166.4 million. Highlights include: $16.8 million for the new Faculty of Medicine based at UPEI. $21 million for long-term care, including increasing per diem rates for private long-term care homes, and funding to ready 103 new long-term care beds, with plans to add an additional 175 new long-term beds in the future. $4.8 million to expand virtual care. $4 million for support programs designed to help seniors stay in their homes longer, including the Self-Managed Care Program and the At Home Caregiver Benefit Program. $1.1 million to expand health-care training support programs. $650,000 to hire internationally trained nurses. $500,000 to expand the Student Nursing Employment Program. $215,000 for a new upskilling pathway for LPNs to become RNs. This brings to a total investment of $818,000. A new Practice Readiness Assessment Program will help certify up to 40 internationally trained physicians annually. Education Spending for the Department of Education and Early Years will rise from $104.1 million to $117.3 million. Key investments include: $10.5 million for early childhood care, including creating or transitioning 190 affordable spaces. This will also include the continuation of the early years centre expansion loan and grant program and increasing wages for early years centres' staff. $9.2 million for investing in the education system, including new funding for staffing, giving teachers more prep time, and increasing the number of front-line school staff. $2.5 million in additional support for the School Food Program, bringing the total to $7.5 million this fiscal year. Investment into communities, infrastructure As the province is launching a review of the Municipal Government Act, it has entered into an agreement to provide interim funding to municipalities, and $5.5 million will be earmarked for this. Other key investments include: $3.2 million for the community sector, including increased funding to food banks. $3 million to boost the Home Heating Assistance Program to $7.7 million. $810,000 to create a Joint Enforcement Team to keep communities safe, as police combat mid-level drug trafficking and organized crime.
