Latest news with #CLB
HKFP
2 days ago
- Business
- HKFP
Hong Kong-based NGO China Labour Bulletin dissolves after 3 decades, cites financial strife
Hong Kong-based NGO China Labour Bulletin (CLB) has announced its decision to dissolve citing difficulties with finances and debt. In a website statement shared on Thursday, it said 'the company can no longer maintain operations and has decided to dissolve and initiate the relevant procedures.' Founded by labour activist Han Dongfang in 1994, the CLB supported labour movements in China with an aim to make unions truly representative and to provide accurate information about Chinese labour activism. '[A]s of today, our website will stop updating its content, and other social media platforms have also been removed. Thank you for your support and understanding,' the Thursday statement said. Aside from commentaries and research, the CLB website kept track of strikes and industrial accidents across the country. Based in Cheung Sha Wan, it sought to build international solidarity with Chinese workers. According to its website, the CLB employed over a dozen full-time staff and received grants from a range of government or quasi-governmental bodies, trade unions and private foundations. It refocused its resources in Hong Kong around a decade ago following a crackdown on civil society organisations in the mainland. As of Friday, its Instagram and Facebook pages appeared to have been removed, when HKFP performed checks.
CBC
21-02-2025
- Business
- CBC
Ottawa to open education savings accounts for all low income kids starting in 2028
Social Sharing A financial incentive aimed at helping low-income Canadians save for their children's post-secondary education is getting a facelift, aimed at shoring up the nation's future workforce by reducing economic barriers to college and university. Since it was launched in 2004, the federal government estimates it has disbursed roughly $2 billion to nearly two million students through the Canada Learning Bond (CLB). The grant is open to low-income children born in or after 2004, with the government depositing up to $2,000 into a child's registered education savings plan, or RESP, up to age 15. While many students have benefited, Ottawa estimates roughly 2.7 million more have missed out because an RESP was never opened for them by a parent or guardian. As a result, the government says it will start opening RESPs automatically for eligible children born in or after 2024 who don't have one — a change expected in 2028. "An investment in our youth, that's an investment in Canada's future," said Steven MacKinnon, Canada's employment, workforce development and labour minister on Friday in London, Ont. The government said it would also add 20 per cent of whatever extra is added by parents, up to $7,200, tax-free. MacKinnon was flanked by London MPs Peter Fragiskatos and Arielle Kayabaga for the announcement, held at Fanshawe College's Centre for Applied Transportation Technologies. "We know families need the support," said Kayabaga. "We recognize the importance of building a solid educational foundation for all young people, especially those who face barriers at every stage of their journey toward accessing post-secondary education." A crowd of Fanshawe students were present for the photo-op, some of whom have never been eligible for the CLB. "That definitely would have made it a lot easier throughout the first and second year," said Blake Gottschalk, a third-year student in the Automotive Service Technician Apprenticeship program born in 2001. Second year was tough, he said, trying to work and keep up marks at the same time. "I think it's a superb idea. It'll help out a lot of people going through college in the same scenario as me, or, if not, in worse scenarios," he said of the changes. New trades people needed Canada is contending with a housing crisis and a looming labour shortage. MacKinnon estimates the construction industry alone needs more than 350,000 new workers by 2033. Fragiskatos said a stigma had surrounded the trades for years that was beginning to disappear. "For so long, certainly when I was growing up, the idea was that university, in the public mind, was the way to get success ... It's just not true, and all of you are proving it." Canada also faces threats of tariffs from U.S. President Donald Trump. On Tuesday, Trump said he intended to impose auto tariffs around 25 per cent as soon as April. It was a concern not lost on attendees. The Oxford Street facility is where Fanshawe's School of Transportation Technology and Apprenticeship is located. MacKinnon suggested the location was deliberate, referencing the impact tariffs could have on the auto sector. "The idea you can strengthen North American automotive manufacturing by imposing tariffs on parts of the supply chain is wrong. It will merely increase costs for buyers ... and it will hobble the companies," he said. A threat to impose 25 per cent tariffs on imports of Canadian goods is paused until March 3, while a separate 25 per cent tariff on steel and aluminum imports is expected March 12. As the federal government tries to bolster future enrolment, students entering college and university in Ontario do so at a time of uncertainty. Facing a nosedive in international enrolment, Ontario post-secondary institutions report deficits and are mulling layoffs and program cuts. Fanshawe's projected deficit alone totals nearly $100 million over the next two fiscal years. "That is a regrettable side effect of the fact we had allowed international students to grow beyond our capacity to house them, to care for them, to transport them," MacKinnon said. The federal government took "full responsibility" for the challenges facing Fanshawe and others now that it has slashed study permits, he said. While Ottawa has transferred billions to provinces for post-secondary education, provinces are ultimately responsible for education and should fund colleges and universities appropriately, he said.
Yahoo
31-01-2025
- Business
- Yahoo
Core Laboratories Inc (CLB) Q4 2024 Earnings Call Highlights: Navigating Challenges with ...
Revenue: $129.2 million in Q4, down 4% sequentially; $523.8 million for full-year 2024, up 3% year over year. Reservoir Description Revenue: $86.8 million in Q4, down 2% sequentially. Production Enhancement Revenue: $42.4 million in Q4, down 7% sequentially and 3% year over year. Operating Income: $14.2 million for Q4 on a GAAP basis; $65.3 million for full-year 2024 ex-items, up 7% from 2023. Net Income: $10.4 million ex-items for Q4; $41.6 million for full-year 2024, up 10% from 2023. Earnings Per Share (EPS): $0.22 ex-items for Q4; $0.87 for full-year 2024, up 9% from 2023. Operating Margins: 16% for Reservoir Description in Q4; 4% for Production Enhancement in Q4. Free Cash Flow: $16.2 million for Q4; $43.4 million for full-year 2024, up from $14.2 million in 2023. Net Debt: Reduced by $11.7 million in Q4; $108.8 million at year-end 2024. Leverage Ratio: Improved to 1.31 at year-end 2024, lowest in over eight years. Interest Expense: $2.6 million for Q4, decreased 15% sequentially and 27% year over year. Capital Expenditures: $4.4 million for Q4; $13 million for full-year 2024. Warning! GuruFocus has detected 4 Warning Signs with CLB. Release Date: January 30, 2025 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Core Laboratories Inc (NYSE:CLB) reported a 9% increase in earnings per share for the full year 2024 compared to 2023. The company successfully reduced its net debt by nearly $12 million in the fourth quarter, lowering its leverage ratio to 1.31, the lowest in eight years. Core Laboratories Inc (NYSE:CLB) returned excess free cash to shareholders by repurchasing nearly 265,000 shares of company stock during the fourth quarter. The company experienced a higher level of international product sales in 2024 compared to 2023, despite challenges in the US market. Core Laboratories Inc (NYSE:CLB) generated a significant improvement in free cash flow, reaching $43.4 million for the full year 2024, up from $14.2 million in 2023. Revenue for the fourth quarter was down 4% compared to the prior quarter, primarily due to a decrease in US onshore activity. Geopolitical conflicts and trade sanctions in regions like Russia, Ukraine, and the Middle East negatively impacted demand for laboratory services. The company's operating margins in Production Enhancement were low at 4% for the fourth quarter. Completion diagnostic services in the Gulf of Mexico were delayed due to hurricanes, affecting the company's schedule and revenue. Core Laboratories Inc (NYSE:CLB) faced challenges with reduced manufacturing efficiencies due to lower US onshore sales, impacting cost of sales. Q: How do you view the competitive dynamics and pricing environment for Production Enhancement in the US market? A: Lawrence Bruno, CEO, stated that the market is crowded with a lot of competition. Some buyers are willing to pay for technology and performance, while others prefer commodity products. Core Labs aims to differentiate its products through technology advantages. Pricing has been stable, but there is a desire for higher rewards for their technology due to the market's capacity. Q: What are the expectations for the Reservoir Description (RD) business internationally in 2025, and what will be the biggest drivers? A: Lawrence Bruno, CEO, mentioned that they expect a seasonal decline from Q4 to Q1 due to weather and sanctions affecting product sales and laboratory work. Despite these challenges, they anticipate mid-single-digit growth for Reservoir Description, driven by strong international activity and project progression. Q: Can you provide more detail on the international markets where you see the most growth in 2025? A: Lawrence Bruno, CEO, highlighted growth in the Middle East, South Atlantic Margin, Asia-Pacific, and the North Sea. They are optimistic about projects in Australia, Indonesia, and Norway. However, they have exited the Mexican market, which they believe will be beneficial in the near term. Q: How did the Q1 weather impact operations, and where were the largest effects felt? A: Lawrence Bruno, CEO, explained that freeze-related closures affected their main product manufacturing facility in Godley, Texas, and their largest laboratory in Houston. Other facilities along the Texas-Louisiana border and in South Louisiana also experienced closures. These disruptions resulted in approximately $1 million in lost revenue. Q: How are geopolitical disruptions affecting Reservoir Description margins in Q1? A: Lawrence Bruno, CEO, confirmed that geopolitical disruptions, particularly sanctions, have a significant impact on margins. These sanctions affected both product sales and crude assay work, impacting profitability. If sanctions are lifted, there may be opportunities to recover some of the lost business later in the year. For the complete transcript of the earnings call, please refer to the full earnings call transcript. This article first appeared on GuruFocus. Sign in to access your portfolio
