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Sears Canada: workers denied severance while bosses get millions

Sears CanadaOn June 22, Sears Canada announced it would be closing 59 stores as part of a restructuring plan under the Companies' Creditors Arrangement Act (CCAA). The CCAA offers troubled companies an opportunity to restructure their affairs under court protection. These restructuring agreements prioritize the interests of shareholders and creditors over the needs of employees.

Toronto: A Tale of Two Cities

6263959180 26be92d267 bAccording to a recent survey by real estate consultant Knight Frank, there are 1,216 “super-rich” people in Toronto. This is the second highest of any city in North America, behind only New York City.

Scandal Reveals Rottenness of Canadian Banks

TD BANKCanada’s “Big Five” banks are under fire for pushing unrealistic sales targets on their employees. To meet these targets, front-line workers are forced to mislead their customers into purchasing financial products without full knowledge.

Home Capital Group Crisis Provokes Concerns Among Bourgeoisie

Home Capital GroupCanada’s largest non-bank mortgage lender is collapsing. Home Capital Group recently experienced a massive 78 per cent plummet in share prices. This was due to its April 26 press release which stated that, to continue operating, it required an expensive, high interest loan (effectively a 22.5 per cent interest loan) from Healthcare of Ontario Pension Plan.

Universal basic income: utopian dream or libertarian nightmare?

Basic IncomeUniversal basic income (or UBI), an unconditional payment to all citizens, has become part of the economic zeitgeist in recent times, embraced by advocates on both the Left and the Right as a solution to the symptoms and sores of the crisis-ridden capitalist system.

Part II – Port of Churchill Closure - Nightmare facing Northern Communities

seven stories from the suicide epidemic plaguing canadas indigenous youth 1461613689In this continuation of our two-part analysis of the repercussions of the Port of Churchill closure, we detail the economic depression facing the North, the impact of the world capitalist crisis on the resource extraction sector, the social crisis facing nothern communities and the struggle against anti-aboriginal racism.

Part I - Port of Churchill closure – Niki Ashton supports community’s call for nationalization!

Nationalize PortIn response to the closure of the Port of Churchill a movement has arisen demanding that the port be nationalized to save the jobs in this strategic industry. Manitoba NDP MP Niki Ashton has come out in support of this demand for nationalization against the latest symptom of the crisis of capitalism. We support the call by Ashton and the community. In part one of this two-part article we detail the struggle in Churchill.

Canada's own Panama Scandal: Rich Cheat with Impunity using Tax Havens

panamapapersThe hypocrisy of the rich has never been more glaring since the release of the Panama Papers. While the rest of the world is reeling about the scandal, we cannot forget Canada's own tax haven. Canada is not immune to the scandalous use of tax havens among the rich and famous. At least 350 wealthy Canadians listed in the documents have been implicated in the shadowy practices of tax dodging. This has proven what many Canadians already knew: that there is one set of rules for the rich, and another more punishing set of rules for everyone else.

Notes on the global economy: drowning in oil and credit

Financial crisis past and presentGlobal markets gave fallen 7.1% since January 1st, their worst start since 1970. George Soros, the renowned business magnate, says the situation developing in China reminds him of the period prior to the banking crisis of 2008. Former US treasury secretary Larry Summers has said, "The global risk to domestic performance in the US, Europe and many emerging markets is as great as any time I can remember."

Bank Bonuses Rise Amid Economic Crisis: Nationalize Them Under Workers’ Control!

After laying off 4,664 workers, Canada’s top six banks have recorded a combined profit of $35 billion and set aside a bonus pool of $12.5 billion for their executives at the end of 2015. It has become evidently clear that Canada’s bankers have not felt the pain of the economic crisis the same way as the working class and impoverished.