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US Treasuries fell on Tuesday after an upbeat survey of the country’s huge services industry fueled expectations of another big rate hike by the Federal Reserve.

The yield on the 10-year government bond, which is used as an indicator of the cost of borrowing worldwide, rose 0.15 percentage points to 3.34 percent. The yield on the two-year bond, which is sensitive to changes in interest rate expectations, rose 0.1 percentage point to 3.49 percent. Bond yields rise when their prices fall.

Those moves, which followed a US holiday, became more insistent after a closely-watched survey by the Institute for Supply Management showed service activity had beaten economists’ expectations, registering a reading of 56.9 in August, compared to the Forecasts of 55.1 and the July reading of 56.7. Any number above 50 signals an expansion. Growth in business activity and new orders accelerated over the past month, the report said.

The data, which came after a robust jobs report for the world’s largest economy last week, prompted investors to upgrade their forecasts of how far and fast the Fed will hike borrowing costs to tame inflation.

The ISM reading contrasted with a weak S&P Global survey that pushed the US services industry into contraction territory. “The source of the discrepancy is unclear,” analysts at Citi said, “but the strong ISM readings are urging immediate concerns about a slowdown in economic activity.”

The new survey “points to a resilient services side of the economy, despite pressure from high prices and ongoing difficulties in hiring workers,” they added. “This should result in the Fed continuing to adopt a hawkish stance [0.75 percentage point] Increase in September as inflationary pressures in services tend to point to tighter labor markets with less impact from commodity shocks.”

Government bond yields have risen in volatile trading in recent weeks after aggressive rhetoric from the Fed and a deepening European energy crisis sent shivers through the financial markets. Fed Chair Jay Powell last month reiterated the Federal Reserve’s commitment to curbing rapid price growth, saying they “have to hang in there until the job gets done.”

Markets are now pricing in the possibility that the Fed will hike borrowing costs by 0.75 percentage point at its late September meeting, which would be the third straight hike of this magnitude. The central bank’s current target range is 2.25 to 2.50 percent.

Wall Street’s broad S&P 500 stock index fell 0.2 percent through late morning, while the tech-heavy Nasdaq Composite fell 0.1 percent as indices struggled for firm direction in New York. Benchmarks were down 1.1 percent and 1.3 percent respectively on Friday, ending a third straight week of decline as recession fears, compounded by tighter monetary policy, weighed on market sentiment.

The European Central Bank is set to make its own monetary policy decision on Thursday, with several Wall Street banks expecting a jumbo three-quarter point hike. The ECB hiked interest rates by an unexpectedly large 0.5 percentage point in July for the first time in more than a decade.

Treasury movements on Tuesday bounced off other debt markets. The UK benchmark 10-year gilt yield rose 0.16 percentage points to 3.1% after hitting 3% for the first time since 2014, according to Refinitiv data on Monday. The cost of 10-year UK government bonds in the gilt market had risen by more than 0.9 percentage point over the past month, the sharpest rise since at least 1989.

On the currency side, the Japanese yen fell as much as 1.7 percent to 142.97 yen against the greenback, marking a 24-year low as Tokyo’s tight yield curve controls contrasted with rising bond yields in other major economies – fueling the appeal of the country’s currency decreased.

“The yen’s role as a safe haven has been undermined by Japan’s deteriorating trading position [fall in the yen] We may have to go further before the Japanese authorities intervene,” analysts at ING said.

For European stocks, the regional stock index Stoxx 600 closed 0.2 percent higher.

MONTREAL — Éric Duhaime invites Anglophones to “assert their balance of power” and respect their historical rights by voting for the Conservatives. In power, he would get rid of Bill 96 on the pretext that it divided Quebecers.

• Also read: Duhaime, “Party Breaker”

• Also read: Immigration: 50,000 immigrant threshold ‘acceptable’, says Duhaime

MONTREAL | Éric Duhaime urges Anglophones to “assert their balance of power” and respect their historical rights by voting conservative. In power, he would get rid of Bill 96 on the pretext that it divided Quebecers.

In a bilingual speech at the Institut du Courtage in Montreal, the Conservative leader reiterated his party’s opposition to Bill 96, specifically for derogating from 38 articles of Quebec’s Charter of Rights and Freedoms. He had already promised at the beginning of the summer that he would never use the devaluation clause.

Today he proposes protecting French while respecting the historic rights of the Anglophone community. To do so, he intends to “reject Law 96” and return powers in the area of ​​immigration.

Photo Gabriel Cote

Éric Duhaime reiterated his opposition to Bill 96 before the Institut de Brokerage in Montreal on Tuesday, September 6, 2022.

He believes the decline in French is due to the French-speaking majority not properly integrating newcomers into their “language community”.

The Conservatives therefore want to implement a stricter selection process for immigrants to ensure that those who settle here integrate more easily with the French-speaking majority. They also want to improve the measures for learning French.

“I know my speech today will shock some on both sides, both in English and in French,” he said, before declaring that he advocates “a nationalism that wants to be positive and inclusive”.

Everyone needs to realize that French is the common language in Quebec, the conservative leader believes. But on an individual level, he says, being bilingual is “a wealth, even “the best thing in the world”.

So Éric Duhaime does not want to discourage francophones from studying in English, for example at Cégep, but he does want to encourage anglophones to turn to francophone schools.

Call for Vote

The best option for Anglophones would therefore be to send Conservative MPs to the National Assembly, according to the PCQ leader.

“Anglophones have an interest in being part of a broader alliance with Francophones who share their core values ​​(…)”, he said.

“You’ve been hostage for too long to the Liberal Party of Quebec, a party that you took for granted (…) and on the other side a CAQ that doesn’t listen to you and doesn’t hear you,” Mr. Duhaime added.

Image: Ubisoft

Tencent has poured another small fortune into one of the biggest gaming companies. Ubisoft announced on Tuesday that the Chinese conglomerate would increase its investment in the Assassin’s Creed maker by nearly $300 million through a series of sophisticated financial maneuvers.

Instead of buying Ubisoft shares outright, Tencent is acquiring a 49.9 percent economic stake in Guillemot Brothers Limited, the main investment vehicle through which Ubisoft’s founders have managed their control of the French publisher over the years. This is in addition to an existing 4.5 percent stake in Ubisoft. Tencent paid almost double what the shares are currently worth to make it happen.

Although Tencent now owns more of Ubisoft than the Guillemot family, Tencent, which has slowly been buying up parts of other studios and publishers in the video game industry, will only hold 5 percent of the voting rights within Guillemot Brothers Limited. The message that Ubisoft CEO Yves Guillemot and the other founders want to send is clear: This is not a takeover.

Here are some more details of the new arrangement:

• Tencent is acquiring a 49.9 percent stake in Guillemot Brothers Limited for around $80 per share.

• Tencent will provide additional money to the Guillemot family to refinance their debt and acquire more equity from Ubisoft.
• Guillemot Brothers Limited is “solely controlled by the Guillemot family”.
• Tencent and the Guillemot family will now control up to 29.9 percent of Ubisoft.
• Tencent can now buy up to 9.99 percent of Ubisoft shares directly.
• Tencent can’t increase its stake for eight years, can’t sell its stake for five years, and will give the Guillemot family the first share if it sells.
• Ubisoft’s leadership will remain unchanged and Tencent will have no “operational veto powers.”

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News of a potential deal with Tencent was first reported by Portal in early August. And before that, there were reports of private equity interested in potentially buying into Ubisoft as well. It’s all coming amid a major industry consolidation after Take-Two bought Zynga earlier this year and Microsoft is trying to get regulatory approval to acquire Activision Blizzard.

But Ubisoft’s position is still unique. The company faced a spate of workplace grievances following a summer of 2020 settlement with reports of employee misconduct and struggled to find a new hit outside of the Assassin’s Creed franchise amid constant production delays and mediocre releases. After another disappointing financial quarter, CEO Yves Guillemot also urged employees to cut spending wherever possible in July.

Tencent hasn’t fared too well either. Over the past year, tens of billions of dollars have evaporated and thousands of employees have been laid off for the first time in nearly a decade due to falling revenue. At least part of the problem stems from the failure to obtain licenses to release new games in China. The company’s partnership with Ubisoft includes bringing PC versions of the publisher’s biggest franchises to China, as well as assisting in the release of mobile adaptations.

However, the recent turmoil hasn’t slowed Tencent’s ongoing spending spree in gaming. In addition to the Ubisoft deal, just last week the company announced a $260 million joint investment with Sony in Elden Ring maker FromSoftware. That’s because of a number of other recent investments in smaller companies like Life is Strange maker Dontnod.

Site Royalties Corp. and Brigham Minerals Inc. have reached an agreement to merge to form one of the largest publicly traded minerals and royalty companies in the United States, valued at approximately $4 billion, the companies announced Tuesday.

Sitio and Brigham, like the rest of the industry, have both posted rising profits in recent months on the back of rising oil prices. The combination of the two companies would allow the new company to achieve economies of scale and become a leader in the mineral rights industry, the companies said.

“The minerals and royalty business benefits from scale like no other company in the energy value chain,” said Chris Conoscenti, Sitio’s chief executive officer, in an interview on Monday.

After the deal was announced, shares of Sitio fell about 2% to $24.71 in morning trade. Brigham shares fell 3.54% to $28.36.

Mineral owners take home a portion of the oil and gas pumped on their land in the form of royalties, often 12.5% ​​to 20% of the value of the fuel. They don’t control the pace of development, but neither are they dependent on drilling or overhead costs and benefit from high commodity prices.

Both Brigham Minerals and Sitio made major acquisitions in the oil-rich Permian Basin this year.

Photo: Michael Nagle/Bloomberg News

Upon closing of the transaction, Noam Lockshin, a partner at private equity firm Kimmeridge Energy Management, which currently owns 43.2% of Sitio’s outstanding shares, would become chairman of the new company, the companies said. Mr. Lockshin is currently Chairman of Sitio. Mr. Conoscenti will serve as CEO of the combined company, which will be based in Denver and will operate under the Sitio name.

The all-stock deal is expected to close in the first quarter of 2023, according to the companies. Under the terms of the transaction, Sitio shareholders will own approximately 54% of the company, while Brigham’s will own the remaining 46%, the companies said.

Both Sitio and Brigham have pursued a strategy of consolidation in the oil-rich Permian Basin of West Texas and New Mexico, making significant acquisitions this year.

Sitio was formed following the merger of Desert Peak Minerals Inc., owned by Kimmeridge, and Falcon Minerals Corp., backed by Blackstone Inc., earlier this year.

Brigham has announced approximately $150 million in mineral and royalty contracts in the region so far this year. Sitio, meanwhile, acquired more than 40,000 net royalties in the Perm during the second and third quarters of the year, the company told its investors last month, including a roughly $323 million acquisition in June.

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The newly formed company would have interests in more than 34% of all wells drilled in the Permian during the fourth quarter of 2021, the companies said.

Robert Roosa, CEO of Brigham, said last month he was bullish on oil prices, citing supply chain issues limiting production at the oil field, problems related to Russia’s energy supply, the need to replenish the drawn strategic oil reserve, and what he described as the Organization of Petroleum Exporting Countries’ inability to ramp up production.

“We’ve seen long-term structural benefits from being in the energy sector,” he told investors.

—Collin Eaton contributed to this article.

write to Benoît Morenne at [email protected]

Copyright ©2022 Dow Jones & Company, Inc. All rights reserved. 87990cbe856818d5eddac44c7b1cdeb8

According to financial analytics firm Equifax Canada, total consumer debt in Canada rose to $2.32 trillion in the second quarter of 2022, an 8.2% increase from the same quarter last year.

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In particular, the increase in new loans and higher inflation-related spending caused non-mortgage debt to soar by 5.2% year-on-year. In Quebec, the average debt is now $18,429, the second lowest in Canada behind Manitoba ($16,956) and ahead of Nova Scotia ($20,701).

“Financial hardship is becoming a reality for more and more Canadians. The consequences of these consumer lending difficulties are affecting spending on credit cards and other types of nonmortgage debt, such as auto loans and lines of credit, whose balances are growing,” said Rebecca Oakes, vice president of Advanced Analytics Equifax Canada.

All-time highs for credit cards

This quarter, credit card balances hit the highest level since the fourth quarter of 2019, just before the pandemic, and is up 6.4% since the last quarter. As a result, credit card balances have reached “historic highs,” according to Ms. Oakes.

In her opinion, this strong demand for credit cards is creating a competitive market for lenders. On average, the new credit limit offered is over $5,800 for new cards, which is the highest limit in seven years. Monthly expenses are up 22% year over year.

Not surprisingly, the real estate market is developing at a snail’s pace

According to the Equifax report, new mortgage applications fell 16.4% in the second quarter of 2022. High home prices have also impacted affordability for all buyers, particularly those of a primary home, we read. The size of new mortgages remains relatively high at $430,700 for first-time homebuyers and $367,500 for others.

“Higher interest rates combined with high inflation are really helping to increase monthly consumer spending; Many may have difficulty qualifying for a mortgage,” Oakes warned.

If your company is looking for a corporate recruiter, chances are many of your candidates will be Gen Zers, according to a new report.

In its recent report, A Change of Pace For Gen Z Employees Entering the Workforce, Glassdoor analyzed its database of company reviews to examine which functions, companies, and cities employees rate best. The report found that “Generation Z workers are happiest in roles that give them the opportunity to shape organizational culture and make a social impact.”

The top-rated job for Gen Z employees is corporate recruiter, with a score of 4.79 on a 5-point scale. Marketing managers (4.56) and social media managers (4.46) follow closely behind.

Although data shows that Gen Zers born between 1997 and 2012 are excited to work in roles that involve influence and influence, Glassdoor found that they are less satisfied with their jobs than other demographic groups, which is mainly is due to the impact of the pandemic on jobs. While Gen Z workers and Millennials rate their job satisfaction at 3.80, Gen X workers rate theirs at 3.85, and Boomers are happiest in their role at 3.93.

However, there are some jobs that Gen Z find cheaper than others. According to Glassdoor’s report, here are the top 10 jobs that make Gen Zers happy:

1. Corporate Recruiter

Average rating: 4.79

2. Marketing Manager

Average rating: 4.56

3. Social Media Manager

Average rating: 4.46

4. Data Scientist

Average rating: 4.44

5. Product Manager

Average rating: 4.40

6. IT specialist

Average rating: 4.35

7. Account Coordinator

Average rating: 4.31

8. Credit Analyst

Average rating: 4.30

9. Project Engineer

Average rating: 4.28

10. Business Development Associate

Average rating: 4.28

Corporate recruitment, which offers Gen Z the greatest job satisfaction, offers an opportunity to “shape how companies attract and retain talent, including helping build diverse and inclusive workforces.”

“For example, corporate recruiters can ensure candidates come from geographic regions that have historically been overlooked and at universities that often don’t receive the same level of attention as top-tier institutions,” Richard Johnson, associate economist at Glassdoor, said in the report.

This role was also ranked number one among non-Gen Z workers (4.59), followed by Real Estate Agent (4.56) and Technical Account Manager (4.56) in second and third place respectively.

According to Johnson, these results also reflect Generation Z’s desire to work in companies with a collaborative, inclusive and innovative culture.

“Entering the workforce during the pandemic hasn’t been easy for Gen Z, but Glassdoor data shows these younger workers are happiest in jobs rooted in community and creativity, and especially satisfied when they work for larger companies work established to withstand turbulent economic periods,” Johnson said in a press release.

“This next generation of talent is already shaping the future of work, so employers looking to attract and retain a younger workforce need to consider what jobs, companies and cities will truly satisfy Gen Z.”

Cash:

1 in 4 Gen Z workers worry that taking a lunch break will make them look bad at work

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This 30-year-old Etch A Sketch artist used TikTok to repay over $13,000 in student loans in 30 days

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Two men were still at large in Saskatchewan as of Monday afternoon and were being actively searched for by law enforcement 10 people killed and 15 others injured the day before in a series of knife attacks in 13 different locations. This isn’t the first time a brutal tragedy has surprised Canada in this way – here are four more to remember from the last 20 years.

• Also read: What we know about the Saskatchewan stabbings

Filming at Dawson College in Montreal – 2006

Nearly 16 years ago, on September 13, 2006, a gunman broke into Dawson College, an English-language CEGEP in downtown Montreal, to shoot at nearly twenty students.

Montreal Journal/QMI Agency

Montreal Journal/QMI Agency

Montreal Journal/QMI Agency

Montreal Journal/QMI Agency

Montreal Journal/QMI Agency

Montreal Journal/QMI Agency

Montreal Journal/QMI Agency

Only one victim, Anastasia De Sousa, 18, lost her life during this tragedy reminiscent of that at Polytechnique Montreal that occurred in December 1989. The shooter was arrested by the Montreal City Police Department (SPVM).

• Also read: Internet users arrested for bloody political images

Attack on the Quebec Grand Mosque – 2017

On the evening of January 29, 2017, a young gunman burst into the prayer room of Quebec’s Grand Mosque with the aim of inflicting as many casualties as possible with a semi-automatic rifle and a firearm.

Blood and bullets everywhere…

Photo Pierre-Olivier Fortin

Ahmed El Ghandouri

Photo Pierre-Olivier Fortin

Blood and bullets everywhere…

Photo Pierre-Olivier Fortin

Amel Henchiri

Photo Pierre-Olivier Fortin

Several shots were fired in that corner of the prayer hall where the faithful huddled to avoid death.

Photo Pierre-Olivier Fortin

Blood and bullets everywhere…

Photo Pierre-Olivier Fortin

Blood and bullets everywhere…

Photo Pierre-Olivier Fortin

Blood and bullets everywhere…

Photo Pierre-Olivier Fortin

Blood and bullets everywhere…

Photo Pierre-Olivier Fortin

Mohammed Yangi and Mohamed Labidi, President and Vice-President of the CCIQ.

Photo Pierre-Olivier Fortin

Blood and bullets everywhere…

Photo Pierre-Olivier Fortin

He will kill six men and injure five others in less than two minutes before leaving the scene by car. He will turn himself in to the police a little later in the evening.

The then prime ministers of the federal and state governments, Justin Trudeau and Philippe Couillard, also described the sad event as an act of terrorism. This murder will have reignited the debate about Islamophobia and racism in Quebec and Canada.

• Also read: The incredible death of Montreal native Jayson Colin

Truck Ram Attack, Toronto – 2018

On April 23, 2018, a man drove a rented white pickup truck at high speed between lanes and sidewalks in downtown Toronto, targeting passersby about two kilometers.

A total of eight women and two men were killed in the ramming attack, and 16 other people were injured. The death toll rose with the death in October 2021 of an injured woman who had spent more than three years in hospital.

The driver, then a member of the Incel movement, had previously posted a misogynistic message on social networks.

• Also read: Abolition of the welcome tax possible? “Not really,” says one expert

Portapique Massacre – 2020

On the night of April 18-19, 2020, a 51-year-old man posing as a Royal Canadian Mounted Police (RCMP) officer killed 22 people while walking through the streets of Portapique, a small town in Nova Scotia, went.

Along the way, the killer, who was eventually shot dead by police after a 90-kilometer chase, set houses – including his own – on fire and fired shots in his path.

It is the deadliest mass shooting in Canadian history.

• Also read: Women politicians remember where they were during the attack on Pauline Marois

− With information from QMI Agency and AFP

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FRANKFURT, Sept 6 (Portal) – German airline Lufthansa (LHAG.DE) and pilots’ union VC announced on Tuesday that they have reached an agreement in a wage dispute and averted a second strike that was planned for later this week.

The deal comes after a strike at Lufthansa last week forced the cancellation of hundreds of flights, further plaguing a summer of travel chaos.

The Vereinigung Cockpit (VC) pilots’ union has agreed on the foundations of a comprehensive monetary and structural package of issues that is to be specified in the next few days.

Register

It gave no further details but said it was sufficient to call off a strike that was due to start on Wednesday.

“We are pleased that a result was reached at the negotiating table and that further disruption for customers, employees and the company could be avoided,” said Marcel Groels, responsible for collective bargaining at the union.

Planes of German airline Lufthansa are photographed on the day of the airline’s annual general meeting at Frankfurt Airport, Germany, May 4, 2021. Portal/Kai Pfaffenbach/File Photo

“Today, important first steps towards a long-term cooperation were taken,” he said.

According to the union, which brings together more than 5,000 pilots, passenger plane pilots should go on strike Wednesday and Thursday and cargo pilots Wednesday through Friday.

Lufthansa, which earlier announced it would make an improved offer on Tuesday, said the agreement means flights could operate as planned over the next few days.

“We are pleased that we were able to reach a solution in constructive discussions with the Vereinigung Cockpit pilots’ union,” the national airline said in a statement, without giving details of the deal.

VC had called for a retrospective 5.5% pay rise from July 1, as well as an 8.2% pay rise in 2023, in response to inflation.

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Reporting by Tom Sims, Ilona Wissenbach; Writing by Miranday Murray and Madeline Chambers Editing by Clarence Fernandez, Louise Heavens and Susan Fenton

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