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jerryking : exodus   10

SNC-Lavalin’s probable exodus from Canada is a national shame
MARCH 29, 2019 | The Globe and Mail | by ERIC REGULY EUROPEAN BUREAU CHIEF
LONDON.

Head offices abandon Canada in two ways – slowly or abruptly.

The slow approach sees the head office, usually after a foreign takeover, gradually lose relevance, to the point it becomes a branch plant and simply fades from view over several years. The abrupt approach, again usually after a foreign takeover, sees the head office vanish virtually overnight, as Falconbridge did a decade ago after it was snapped up by mining giant Xstrata. SNC-Lavalin Group Inc. has been slowly disappearing from Canada for years. That’s mostly SNC’s fault – it hasn’t won enough work to keep its Canadian headcount intact......SNC’s departure would come as a serious blow to Canada Inc. Since the middle part of the past decade, Canada has lost dozens of head offices as Canadian investors lunged at the prospect of fat takeover premiums. Many, perhaps most, of the foreign companies doing the buying promised to keep the Canadian head office intact. But those assurances proved to be either wildly exaggerated or outright lies.

Among the head offices that have disappeared are Alcan, Dofasco, Inco, Molson and a chunk of the Canadian oil industry. Recently, Goldcorp Inc., Canada’s second-biggest gold producer, accepted a takeover offer from Colorado’s Newmont Mining Corp., meaning that Goldcorp’s Vancouver office faces a serious downgrade.

Aside from the loss of stock market listings, the elimination of large head offices rots the country’s social fabric. Head offices provide high-paying, high-skilled jobs and create an ecosystem of spinoff jobs, from accountants and chefs to limo drivers and lawyers. Head offices bolster the financial services industry, which underwrites the bond and equity offerings and sponsors the arts and charities. When corporate headquarters disappear, so does talent.
Eric_Reguly  exodus  head_offices  sellout_culture  SNC-Lavalin  social_fabric 
march 2019 by jerryking
Jean-Jacques Susini, Right-Wing Extremist in Algeria, Dies at 83 - The New York Times
By RICHARD SANDOMIR JULY 14, 2017

Raoul Salan, the group’s commander, was a highly decorated French general who had turned against de Gaulle and participated in a failed military coup in Algeria in April 1961. Paul Henissart wrote in his book “Wolves in the City: The Death of French Algeria” (1970) that Mr. Susini regarded Mr. Salan as a “tactician rather than a strategist,” who was better at exploiting circumstances than creating them.

“This seemed a welcome state of affairs to Susini, whose limitless ambition was to create, himself, an entirely new set of circumstances, as part of what he believed was a revolution,” Mr. Henissart wrote......Independence finally came to Algeria in 1962, but Mr. Susini was nonetheless involved in plotting to kill de Gaulle later that year and again in 1964. Details of the first attempt — in which de Gaulle’s Citroen was raked by machine gun fire outside Paris but he was unharmed — were used by the novelist Frederick Forsyth to open his 1971 thriller, “The Day of the Jackal.” The film adapted from the novel two years later opened the same way, with de Gaulle and his motorcade attacked by gunmen.

Asked by Mr. Malye why he tried to assassinate de Gaulle even after the war in Algeria had ended, Mr. Susini said it was to hold him responsible for the massacre of people “slaughtered like rabbits” and for the exodus of one million European Algerians. Mr. Susini had separately said that the Secret Army first began plotting de Gaulle’s murder in late 1961.
'60s  Algeria  assassinations  Charles_de_Gaulle  exodus  extremism  France  obituaries  right-wing  terrorism 
july 2017 by jerryking
Small Factories Emerge as a Weapon in the Fight Against Poverty
OCT. 28, 2016 | The New York Times | By NELSON D. SCHWARTZ.

... small manufacturers like Marlin are vital if the United States is to narrow the nation’s class divide and build a society that offers greater opportunities for everyone — rich and poor, black and white, high school graduates and Ph.D.s.

“The closing of factories has taken the rungs out of the ladder for reaching the middle class in urban areas,” ....“Manufacturing jobs involve a skill base that you develop over time, and that fortifies your negotiating strength,” Mr. Johnson said. But in lower-skilled jobs, the competition is with someone who will do the same work for less. “The marketplace doesn’t give you any leverage,” he said.

Hope for Troubled Cities

Today, smaller plants are particularly important to job creation in factory work, said Scott Paul, president of the Alliance for American Manufacturing. “Megafactories are the exception today,” Mr. Paul said. “Small manufacturing is holding its own — and you are seeing some interesting developments in urban centers.”....As the sociologist William Julius Wilson has written in his classic studies, “The Truly Disadvantaged” and “When Work Disappears,” the exodus of factories from high-cost, union-dominated cities to cheaper, less union-friendly locales in the South and West in the 1960s and 1970s played a major role in the breakdown of urban cores.

“The trends among non-college-educated, white Americans today look like a lot like the trends among black Americans in the 1970s that so worried policy makers and social scientists,” said David Autor, a professor of economics at M.I.T., who researches the connections among trade, labor and employment. “You see it in the falling labor force participation, the decline of traditional family structure, crime and poverty. It’s all there.”...
African-Americans  automation  Baltimore  blue-collar  deindustrialization  equality_of_opportunity  exodus  manufacturers  micro-factories  microproducers  poverty  robotics  Rust_Belt  tradespeople  urban  value_added  whites 
october 2016 by jerryking
Africa Bruised by Investor Exodus - WSJ
By MATINA STEVIS
Feb. 21, 2016 5:30 a.m. ET

Fund managers say assets in African nations are being punished because of their disproportionate reliance on resources and failure to use the commodity boom of recent years to industrialize their economies. In Angola, Nigeria and Equatorial Guinea, oil counts for more than 90% of export revenue, while copper counts for more than 70% of export revenue in Zambia.

“There’s a reaction to a year ago, to the euphoria of new investors coming into Africa,” said Stuart Culverhouse, an economist with Exotix, a London-based frontier fund and advisory firm. “They are trying to get out now, and they are being quite indiscriminate.”

The upshot is that frontier investors are moving their money from Africa to Asian countries like Pakistan, Bangladesh and Vietnam; net energy and commodity importers which have shown more commitment to industrialization.
Africa  investors  private_equity  commodities  China  Barclays  exodus  frontier_markets  natural_resources 
february 2016 by jerryking
Overcoming Setbacks Helps One Executive - WSJ.com
October 5, 1999 | WSJ | By CAROL HYMOWITZ

Surmounting Setbacks Helps Executive Win War
Carol_Hymowitz  bouncing_back  movingonup  women  CEOs  setbacks  firings  Managing_Your_Career  networking  IBM  Apple  Exodus 
february 2013 by jerryking
The head-office exodus - The Globe and Mail
Jun. 29 2012 | The Globe and Mail | ERIC REGULY.

Gord Nixon stated that “we should be asking why so many of our industry leaders are being consolidated, rather than doing the consolidating; why we are losing head offices at such an alarming rate; and what is the cost?”...Hollowing out has turned Canadians into bit players in industries that we used to dominate, or where we at least had a seat at the table....Why are Canadians so keen to sell? Lack of confidence is a good place to start. For decades, Canadian companies had capital handed to them, first by the British, then by the Americans. Now that CEOs face a global fight for capital, many of them seem to be taking the easy way out and selling to, rather than competing with, big-name rivals.

Greed is surely another reason. Canadian investors adore instant gratification, even if it means giving up a long-term growth play....All hope is not gone. We’ve lost head offices in mining, beer, steel and other businesses, but there is an industry where Canada has a chance to become a world-beater: agriculture. We have land, water, technology, potash-based fertilizer and infrastructure, such as rail and ports. Another two billion people will have to be fed by 2050. Canada should, and could, build its own Glencore, Archer Daniels Midland, Cargill or Monsanto.

Oops! We’ve now agreed to sell Viterra and its irreplaceable grain elevators, to Glencore.
Eric_Reguly  exodus  mining  mergers_&_acquisitions  Glencore  agriculture  hollowing_out  Strata  sellout_culture  global_champions  Viterra  head_offices 
june 2012 by jerryking
Rolls-Royce Powers Ahead in High-Wage Countries - WSJ.com
OCTOBER 20, 2011| WSJ | By DANIEL MICHAELS. While many American and European manufacturers transplanted production to low-wage countries in Asia and Latin America in recent years, British industrial giant Rolls-Royce PLC has taken a contrarian course. It gravitates to high-wage hot spots.

The turbine producer has factories in England, the U.S. and Germany, where it recently bought into an engine maker for more than $2 billion.

...Preserving even a limited amount of high-end manufacturing in advanced economies can help stem a vicious cycle of industrial exodus that plagues parts of the U.S. and U.K. Each specialized marine or aerospace manufacturing job creates around three more jobs nearby at suppliers, maintenance operations and in services such as design or finance, according to studies.

Until the recent economic crisis, many advanced economies had looked to service industries, such as finance and information technology, as substitutes for vanishing manufacturing employment. But the spillover job creation from such services is "effectively trivial,"
exodus  manufacturers  United_Kingdom  China  intellectual_property  Singapore  shipbuilding  value_creation  engineering  high-wage  hotspots  spillover  Rolls-Royce  downward_spirals  developed_countries  contrarians 
october 2011 by jerryking
As boomer bureaucrats retire, savvy entrepreneurs rejoice - The Globe and Mail
Dec. 16, 2010 | Globe and Mail | MARY GOODERHAM. The exodus
within Canada’s public service, with more than a quarter of civil
servants retiring or preparing to leave jobs within the next few
years... is creating big opportunity for entrepreneurs...those who make
up Canada’s 8.5 per cent unemployment rate can’t easily replace retirees
leaving senior positions, especially within the public sector, as many
are young males who once worked in the manufacturing and construction
sectors....As a result, executive training programs are becoming
increasingly popular.
exodus  human_resources  baby_boomers  retirement  entrepreneurship  entrepreneur  training  public_sector  civil_service  civil_servants  bureaucrats  Octothorpe_Software  Ottawa  training_programs 
december 2010 by jerryking

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