Latest news with #financialassistance
CBC
7 hours ago
- Business
- CBC
Canadian border mayors push feds for financial aid for slumping duty free stores
Social Sharing Border mayors in Canada are pleading with the federal government to offer financial assistance to struggling independently owned duty free stores amidst ongoing political and economic trade war tension. An open letter penned on behalf of the Frontier Duty Free Association (FDFA) has been signed by 15 mayors whose communities overlook the United States, and who have seen a steep decline in cross-border trips. On Tuesday, it was sent to Prime Minister Mark Carney and Finance Minister François-Philippe Champagne. The association represents 32 stores across the country. The letter outlines what's referred to as a disproportionate impact the stores, and their work forces, are facing from tariffs and continued cross-border travel disruptions. WATCH | Duty free shops fear Trump's trade war will force them out of business: Duty free shops fear Trump's trade war will force them out of business 29 days ago Duration 6:25 Barbara Barrett, the executive director for FDFA, says "immediate action" is needed from Ottawa. "When travel slows or stops, our stores — all independently owned, family run and often the main employer in their towns — are the first to feel it and often the hardest hit," she told reporters during a Tuesday morning news conference on Parliament Hill. "Our communities can't afford to lose these businesses. That's why today's letter is so urgent and why we're calling on the government to step in before the damage becomes permanent." Association president Tania Lee says some stores are seeing as much as 80 per cent in revenue losses. She says if that trend continues, one third of all duty free stores will close. FDFA is looking for things such as liquidity support for its hardest hit stores, and clarity on export rules. "Our ask is modest, but the need is urgent," Lee said. Sarnia Mayor Mike Bradley says duty free stores are struggling. "This is not a fat cat industry," he said. "The people we've spoken to who have these particular operations across this country are ordinary working people who live in their community, employ people in their community and give back to their community. Windsor Mayor Drew Dilkens also signed the letter to the federal government. "We believe that those things can actually make a significant and impactful difference while we navigate these choppy waters together with their friends in the United States," he said. "While this matter [trade war] is being settled, let's make sure that we keep people working."
Free Malaysia Today
11 hours ago
- Business
- Free Malaysia Today
Shahriman's objections delayed Sapura honouring cash call, trial hears
Shahriman Shamsuddin wants the High Court to wind up Sapura Holdings Sdn Bhd, the parent entity of over 40 subsidiaries valued at RM832 million. KUALA LUMPUR : Sapura Holdings Sdn Bhd director Shahriman Shamsuddin was told in court today that his objections resulted in a 16-month delay in Sapura Resources Bhd (SRB) meeting a RM40 million cash call for the development of an office tower. During cross-examination, lawyer S Rabindra, representing elder brother Shahril Shamsuddin, pointed out to Shahriman that Sapura Holdings, SRB's parent company, had made an offer of financial assistance on May 4, 2021. He said the delay stemmed from Shahriman's objection to a proposal by Sapura Holdings that SRB's Sapura@Mines property be used as collateral for the financial assistance. Shahriman agreed that several documents annexed to his petition reflected his concerns over SRB allowing the property to be used as security. The property was eventually offered as collateral, along with two other land parcels in Jalan Tandang and Jalan 219 in Petaling Jaya. In a letter dated Feb 28, 2023, Shahril informed SRB's board of directors that the RM40 million disbursement had been made, with the three parcels of land used as collateral. Shahriman confirmed the letter and its contents in court. However, he refused to acknowledge that Shahril had used his best efforts to find a middle ground to avoid the consequences of a default. He also agreed the financial assistance ensured SRB avoided defaulting on the RM40 million payment to Impian Bebas Sdn Bhd. Impian Bebas is a joint venture between SRB and KLCC Holdings Sdn Bhd to develop Permata Sapura, a 52-storey tower in the KL city centre and flagship building of Sapura Holdings. Rabindra: With financial assistance on offer since May 2021, the payment was only made at the very last moment — on Sept 30, 2022. Do you agree? Shahriman: I don't recall the exact date. Rabindra: Do you agree that the payment avoided the default notice and its negative consequences? Shahriman: It would have been negative if KLCC Holdings had taken action. Shahriman is seeking to wind up Sapura Holdings, the parent entity of over 40 subsidiaries valued at RM832 million, including the publicly listed SRB. Both Shahril and Shahriman hold a 48% stake each in Sapura Holdings, with the remaining 4% owned by Rameli Musa, who is also named as a respondent. In the petition filed last September, Shahriman claims that an irreparable breakdown of mutual trust and confidence between him and Shahril necessitated the dissolution of Sapura Holdings. However, Sapura Holdings, Shahril and Rameli are opposing the petition, contending that the company was never intended to be a family business and that dissolution would be neither just nor equitable. The hearing continues before Justice Leong Wai Hong.
Japan Times
18 hours ago
- Business
- Japan Times
Most expecting and new mothers in poverty lack funds for basic necessities: survey
Around 80% of pregnant women and new mothers who applied to a nongovernmental organization for assistance with baby supplies say they don't have enough money to cover their basic living expenses, according to a recent survey by, according to a recent survey it conducted. Save the Children Japan, a local unit of an international NGO, began its Hello! Baby Box initiative in May 2022 to provide essential items for newborns, with the aim of reducing the burden of child care costs for women facing economic or other difficulties. The NGO conducted the survey between October and December last year among 254 women who had applied for support through the organization. All participants responded to the survey, the results of which were released last month. When asked about their specific concerns, 82% cited the cost of raising children, followed by 78% who said they lacked money for basic living expenses. Respondents were allowed to select multiple answers. Among those who had received government assistance payments, over 40% said the funds were used for daily necessities, including utilities, as well as baby products. The findings underscore how state support is often diverted to cover essential day-to-day costs and consumables needed for child-rearing. A total of 49.2% of the respondents were unemployed. This trend has remained largely unchanged over the past three years, according to the NGO, with around 50% of applicants consistently declaring themselves as such. 'Part-time or temporary workers' accounted for 24.8% of respondents, and 'full-time employees,' 9.8%. Some 31.9% said they had never worked before while 25.6% revealed that pregnancy led them to quit their jobs. The results also showed that 78% of respondents were either single or raising a child alone. When asked if there was someone aside from a spouse or partner whom they could rely on, such as family or friends, 64.2% of respondents said they had 'no one.' Nearly half described their financial situation as 'barely getting by,' 30% said they were dipping into savings and 22% said they were incurring debt — meaning more than half were actively short on funds. 'Based on the results of this survey, we will continue to urge the Children and Families Agency, relevant ministries, and local governments to strengthen support measures — such as providing baby care items like diapers — for low-income households and especially vulnerable pregnant and postpartum women,' Save the Children Japan wrote in a statement.
Yahoo
4 days ago
- Business
- Yahoo
Low-income Tennesseans get punished for making more money. Let's fix that.
Imagine that you are offered a promotion and raise at work. But there's just one catch: If you take it, you will move into a higher tax bracket. The bracket is so high, in fact, that you will actually end up with less take-home pay. What would you do? That's the exact situation in which many low-income Tennesseans find themselves. Someone trying to leave welfare for work is likely to run into a phenomenon known as a 'welfare cliff.' That is, the increase in work income can trigger a sudden loss of benefits, potentially leaving them financially worse-off, even when they earn more money. The loss of benefits operates similarly to a tax hike. Policymakers often debate marginal tax rates because high rates can reduce investment, entrepreneurship, and economic growth. But welfare cliffs can mean that, effectively, some of the highest marginal tax rates fall on low-income Americans trying to work their way out of poverty. In some cases, especially for those earning between 100% and 250% of the federal poverty level, the marginal tax can exceed 100%. That can discourage those people from pursuing work, marriage, education and other steps toward self-sufficiency. This is clearly a structural flaw in our approach to helping those in poverty. The purpose of welfare shouldn't be to simply help families endure poverty more comfortably, but to assist them in escaping it altogether. In a survey of Tennessee welfare recipients, 90% said that if they had financial assistance that would help them through a cliff, they would take a better-paying job even if it meant losing their benefits. Nearly 80% said they would work more hours, 77% said they would take a raise, and 69% said they would pursue additional education opportunities. Opinion: If Nashville is a welcoming city, why are so many of its residents struggling? The simplest and most effective way to deal with welfare cliffs would be for Tennessee to establish 'transitional benefits' to offset the loss in benefits that occurs as a recipient earns non-welfare income. Rather than an individual immediately losing benefits when their income reaches the eligibility threshold, benefits would be 'stepped down' in proportion to increases in non-welfare income. Fortunately, Tennessee policymakers are in a strong position to fix the problem. The state has more than $700 million in unused federal TANF funds that it must spend down, which would allow legislators to undertake large-scale welfare reforms without sacrificing other priorities. The state should devote a substantial portion of the available funds to addressing the benefits cliff problem. Moreover, the state has a template for reform. The Martha O'Brien Center has been managing a pilot program that combines transitional benefits with counseling for roughly 600 Tennessee families. The program has developed a web-based calculator that determines an appropriate transitional benefit based on the family's income, current benefits and family composition. Opinion: Nashville depends on low-wage workers. How do we ensure they can live here? The pilot is being monitored and evaluated by the Federal Reserve Bank of Atlanta among others. Although it is too early for hard data analysis, anecdotal reports suggest that the program is having a positive effect. The state legislature is reportedly working on potential solutions for some of the state's worst welfare cliffs, in particular, the state's low-income child care subsidy. By doing so, Tennessee will smooth the transition from welfare to work, leading to more earnings, more self-sufficiency, more innovation, and more efficiently spent welfare dollars. Michael Tanner is a Senior Fellow, Social Mobility, at the Foundation for Research on Equal Opportunity. This article originally appeared on Nashville Tennessean: Tennessee can curb welfare cliffs with transitional benefits | Opinion
Free Malaysia Today
26-05-2025
- Business
- Free Malaysia Today
Sapura Holdings agreed to loan Sapura Resources RM192mil, court hears
Shahriman Shamsuddin is seeking to wind up Sapura Holdings Sdn Bhd, the parent entity of over 40 subsidiaries valued at RM832 million, including Sapura Resources Bhd. KUALA LUMPUR : Sapura Holdings Sdn Bhd (SHSB) director Shahriman Shamsuddin today agreed that the company had approved RM192 million in financial assistance to Sapura Resources Berhad (SRB) six years ago. The assistance was to allow SRB to settle its liabilities in connection with Permata Square, the group's flagship 52-storey office tower at KL City Centre. Cross-examined by counsel S Rabindra, representing elder brother Shahril, Shahriman agreed that the decision was made at a board meeting held on July 23, 2019. Present at the meeting were SHSB's then chairman Shamsuddin Abdul Kadir, Shahril, Shahriman, Rameli Musa, and Sapura Group's chief operating officer, Zarif Hashim. However, Shahriman refused to concede the decision was never reversed. Rabindra: In the course of my cross-examination, I have taken you through the minutes of four subsequent board meetings – on May 21, 2022, Aug 30, 2022, Oct 4, 2023 and Nov 21, 2023. Shahriman: Yes. Rabindra: Could you please confirm that there was no attempt by you at any of these board meetings to reopen or revisit the board decision made on July 23, 2019 to provide the financial assistance to SRB. Shahriman: I disagree. Rabindra then asked Shahriman to pinpoint where the request to revisit the decision contained, but Shahriman's counsel, Gopal Sreeenivasan, interjected: 'My Lord, this is something which can be left to submissions. The position has been put to the witness.' Rabindra: Would you confirm that the decision at the July 23, 2019 meeting to provide financial assistance remained intact? Shahriman: No, the position has changed. Rabindra then told the court he will take the matter up in submissions. Shahriman is seeking to wind up SHSB, the parent entity of over 40 subsidiaries valued at RM832 million, including the publicly listed SRB. He has also named Shahril and Rameli as co-respondents. Both Shahril and Shahriman hold a 48% stake in SHSB, with the remaining 4% owned by Rameli. In the petition filed last September, Shahriman claims that an irreparable breakdown in mutual trust and confidence between him and Shahril necessitated SHSB's dissolution. However, SHSB, Shahril and Rameli oppose the petition, contending that SHSB was never intended as a family business and that dissolution would be neither just nor equitable. The hearing before Justice Leong Wai Hong continues.
