Friday, March 08, 2024


International Women's Day: Arianna Huffington says 'culture ceiling' needs to be addressed

On International Women’s Day, Arianna Huffington says many businesses have a “culture ceiling” that needs to be addressed. 

In an interview with BNN Bloomberg on Friday, Huffington, the co-founder of The Huffington Post and founder and CEO Thrive Global, said that Thrive Global works with companies on issues of employee well-being. She said focusing on wellbeing “needs to be seen as a productivity multiplier” and is “incredibly important to allow women to advance.” 

“What stands out to me is that we need to pay more attention to the cultures in companies that make it harder for women to stay and advance because we have a lot of scientific data that shows that women respond to toxic stress and burnout differently than men,” Huffington said. 

“So in a sense, we have a culture ceiling that we need to look at.” 

Huffington also highlighted that flexible work options have been “great for women.” 

“We see more women participation in the workforce and that has a lot to do with the flexibility, that's available to them now because of remote and hybrid work,” she said. “The key is not so much where we work, but how flexible are our employers. That's what women need to navigate their lives.”

Huffington also noted that she feels the conversation around flexible working arrangements has been “settled.” 

“I think there are very few employers now who expect employees to be at work nine to five, five days a week. Flexibility has been more integrated into the expectations employers have,” she said. 


Not just a glass ceiling: Working moms on the 'maternal wall' that can stall careers

When Grace Adeniyi-Ogunyankin went into labour with her second child early, she was in the middle of grading her students' work.

“My closest friend was telling me to go to the hospital. My partner was like, ‘Let’s go to the hospital,’ but I’m like, ‘No, I have to finish this because once I have this baby, I don’t know how I’m going to do it,’” the Queen's University associate professor recalled.

“This is how wild it can be sometimes because you don’t want to feel like oh, I’m not doing my work.”

Adeniyi-Ogunyankin’s insistence on finishing her marking despite being on the cusp of one of her family's most important moments was a product of the pressure she and other women feel when juggling motherhood and their careers.

The challenges they encounter form what some call a "maternal wall:" the ways that negative perceptions of mothers in the workforce can block opportunities for career advancement.


For many, the maternal wall crops up when employers and peers start to doubt their ability to do their jobs because they're also raising kids.

A 2023 report from international non-profit Mothers in Science found one-third of women working in the sciences while raising children had their competence questioned by employers and colleagues after becoming a parent.

But the phenomenon is not contained to a particular field.

"It's shocking how prevalent it is," said Allison Venditti, founder of advocacy group Moms at Work.

You might assume there would be less of it in areas like health care, which have historically employed a higher number of women, but there are examples of it everywhere, she said.

It even affects women who aren't pregnant and don't have kids, Venditti said, because many see them as a "breeding horse" as soon they hit the typical child-bearing years.

"People are looking at you going, 'I wonder when she's going to have a kid,'" Venditti said.

"I've had conversations with the human resources person when people are looking at layoffs and whatever and they're like, 'Well, how many more good years does she have left?'"

If women have kids, Venditti said they are frequently become the "default" for childcare and housework, but their employers often view these responsibilities as a distraction from work. If the demands of child-rearing become too steep, mothers are commonly expected to put their careers aside.

"When couples are having these discussions about whose job to protect ... they're focusing on the person who's making more money and that is predominantly men," Venditti said.

Statistics Canada found women between the ages of 25 and 54 earned 89 cents for every dollar made by men in 2021.

Those who take time off for caregiving often find the wage gap is even larger because their absence can affect seniority and the opportunities open to them.

Some companies are trying to help with the challenges of motherhood.

Apparel brand Patagonia, for example, provides workers with on-site child care at its headquarters and one of its distribution centres.

Consulting firm PwC offers maternity top-ups for birth mothers, financial support for parents who adopt children, fertility coverage and parental leave coaching aimed at helping workers focus on their family while away and then return to work with their long-term career goals in mind.

The Canadian Institute for Advanced Research reimburses individuals with a dependent under the age of 12 for costs associated with childcare when it holds meetings.

However, Adeniyi-Ogunyankin still sees hurdles in areas like research travel.

“If you're going to go away and do research, you can't just go there for a week or two weeks in order to get something substantial,” said Adeniyi-Ogunyankin, a CIFAR fellow who researches the politics of gender and neoliberal urbanism in two Nigerian cities.

"To understand the context, you need to be there for months at a time ... so that becomes challenging when you have kids."

She's contemplating what to do with her kids if she is able to travel to Nigeria. Plane tickets would cost $2,000 per child and she’d have to cover daycare fees to keep one of her kids from losing their spot.

But she's made her career and child care work several times before.

When she was interviewing for a job while one of her children was a few months old, she heard a common refrain: don’t let people know you have a child.

“I decided not to do that,” she said. "I was like, 'I have a three-month-old, so you need to schedule some breaks in for me.'”

She has brought her baby to presentations and dinners during the recruitment process. She figures it was more acceptable because she's in the gender studies field, but still argues "we don't need to make that part of ourselves invisible."

Jessica Metcalf, a CIFAR Azrieli Global Scholar who teaches at Colorado State University, agrees. She strives to be a role model for others aspiring to pursue academia and have kids.

Doing both means sometimes making "hard decisions" because "the reality is I can't do everything," she said.

"I have to do in 40 hours a week, what some people have 50 or 60 hours a week to do," she said, noting she can't catch up on work during the weekend because she has to care for her kids then.

"I always joke, if I was as efficient as I am now when I was in grad school, I would have finished in, like, half the time."

To manage the demands of work and motherhood, Metcalf hired a sleep consultant to smooth out her kids' bedtime so she isn't awoken several times in the night, and feverishly uses her calendar.

She sees signs that conditions are improving for working mothers. Her employer, for example, is exploring a pilot project which could offer financial support or temporary caregiving during research periods.

But supporting working moms can't come solely from small policy changes, Venditti said. It has to come from companies' operating ethos or from a new generation dramatically improving the work situation for the next one.

"When women run companies, when people start companies because of the way they were treated, magic happens," she said.

This report by The Canadian Press was first published March 8, 2024.


How to avoid paying the pink tax on clothes, toys and other everyday items

When Amrita Maharaj-Dube goes shopping with her daughter, the five-year-old is instantly drawn toward all things pink and sparkly. 

But when unicorns and hearts make an item more expensive than one with dinosaurs or space ships, her mother draws a line.

"I started buying more gender-neutral colours for my children," said Maharaj-Dube, who also has an eight-year-old son. "The black, the greys, the reds, orange and yellow — colours that are a bit more gender neutral (and) both my son and my daughter can use."

Products marketed toward women and girls such as razors, shampoo and even children's clothes can cost more than their equivalent for men or boys, a phenomenon that's been dubbed the "pink tax."

"Pink tax was a term coined in the '70s to describe the difference in pricing between men's and women's products," said Calgary-based Janine Rogan, a chartered professional accountant and author of the book, "The Pink Tax."

Disposable razors have been a representative example for years — the same product was priced higher when it came in pink.

Some of that discrepancy has improved in recent years. Along with companies adjusting their prices to become more equal, some jurisdictions around the world have eliminated actual taxes on necessary health products such as menstrual pads and tampons in a bid to level the playing field for those who use them.

However, corporations and marketers still find ways to raise prices for products aimed at women and girls such as shampoos and lotions, Rogan says.

Maharaj-Dube says her daughter is often disappointed with her money-saving choices, so she's turned to a solution that works for her bank account and keeps her child happy: thrifting.

"I take her to the thrift store and (tell her), 'Hey, you can pick out whatever you want,'" she said. "It's at a fraction of the prices (and) I'm getting good value for money." 

Neighbourhood Facebook groups can also prove a helpful resource for swapping or buying young girls' hair clips, clothes or toys, said Maharaj-Dube, a corporate communications manager for a mental health and addiction treatment centre.

"We're all mothers and we're all feeling the pinch of these economic times," she said. "We're always trying to find ways to save money." 

Maharaj-Dube's efforts to stretch a dollar on products targeted at her gender go beyond fulfilling her daughter's demands. 

"I'll confess ... I'm in my late '30s and I (had started) investing more in skin care," she said. But she started noticing how expensive it can get if one adopts a 10-step skin care routine.

She resorted to do-it-yourself skin care, such as at-home turmeric or Greek yogurt face masks and aloe vera for her hair and skin instead of expensive facials.

"I've been changing my spending habits and not giving into the marketing powers of the skin care and beauty industry," she said.

Women often feel compelled to spend more on perfecting their physical appearance, but men don't typically face similar pressures. A man with greying hair is less likely to feel the need to dye it, for example.

Samantha Sykes, a senior investment adviser at Raymond James Ltd., said skin care products — targeted at women — tend to be priced higher than if they were aimed at men, such as men's facewash or face scrub.

"I tell people to go to a dermatologist for their skin care products as opposed to going to Sephora or Shoppers," Sykes said. "The dermatologists would have the same products and you can run stuff through benefits, and not necessarily pay that overcharge."

Other tips such as shopping from the men's section for razors or shampoo, or visiting a barber for a haircut if you have shorter hair, could help avoid the pink tax, she added.

Sykes said the pink tax follows women into their retirement years — when fixed incomes mean there is only so much money available.

"The pink tax is literally chipping away at their retirement savings because they're constantly being told they have to pay more for dry cleaning, for haircuts, for cosmetics, for toiletries and now, for (entertainment)," she said. 

Many old-school financial advisers don't explain how the pink tax might affect older women into their retirement, Sykes said. 

"I tell people: 'I'm not shaming you for liking the pink shirt and the pink tools and the pink shoes ... I'm just making sure that you are aware that you're being taken for a ride,'" she said. 

"That's OK if you can afford it."

 This report by The Canadian Press was first published March 7, 2024.


 

Small class sizes not better for pupils' grades or resilience, says study

students
Credit: Unsplash/CC0 Public Domain

Smaller class sizes in schools are failing to increase the resilience of children from low-income families, according to a study published in the International Journal of Science Education.

Data on more than 2,700 disadvantaged secondary (high) school students shows that minimizing pupil numbers in classrooms does not lead to better grades. Reducing class sizes could even decrease the odds of children achieving the best results, say the study authors.

The quantity of teachers also does not increase the odds of pupils from the poorest backgrounds achieving academically, despite concerns over staff shortages in schools. Instead, the researchers say that  is guaranteed by the quality of teachers such as those with high discipline standards and who use their expertise to improve learning.

The study authors, who looked at data from China and Japan, are now urging policymakers to invest more in high-quality teachers and not waste resources on cutting down the number of children in each class.

"This study supports the view that the quality of teachers, rather than the quantity, is the primary guarantee of students' resilience," says lead author Professor Tao Jiang, of Taizhou University whose research team also included experts from his institution and other China-based universities Northwest Normal, and Southwest.

"Quality teachers who effectively used teaching methods and managed classroom discipline increased the odds that individuals became resilient students. On the other hand, emphasizing the reduction of class sizes in schools may not benefit resilience. Smaller classes either had no relevance to resilience or were disadvantageous for resilience.

"Excessive emphasis on reducing class sizes is unnecessary, as it is detrimental to the emergence of students with high levels of resilience. Instead of allocating  to reduce class sizes, it would be more effective to invest in providing high-quality science teachers."

Academic resilience is defined as an individual's ability to resist adversity and do well in school. It's not fixed, and therefore can be improved, and is linked to what happens in schools and classrooms.

The authors of this study set out to identify the qualities and characteristics of 1,594 disadvantaged science students in Japan and 1,114 in the Macau region of China. Ages ranged from 15 to 16 years approximately and class size from 15 pupils (or fewer) to more than 50.

The participants were grouped into low, medium, or high-level resilience. The researchers looked at which classroom factors, school resources and school culture increased the odds of being in the high-level group.

All students in the study had participated in the 2015 Programme of International Student Assessment (PISA), an international questionnaire-based survey. PISA measures a pupil's ability to use their reading, mathematics, and science knowledge.

Teacher discipline and support levels were among the many issues assessed by PISA. Pupils were also scored on motivation and how anxious they became during exams. Results showed overall that a third of students displayed high-level resilience, a quarter low, and the rest medium.

High-resilience students were very positive towards school, science, and their future careers. They also dedicated more time to learning science than others but did experience anxiety about exams.

Science teachers and their  "play a crucial role" in building students' resilience, according to the authors. The findings show that these students benefited from classroom discipline, teacher-directed instruction, inquiry-based teaching, and teacher support.

In Japan, the most robust predictor of high-level resilience was inquiry-based teaching, while in Macau, it was teacher-directed instruction.

As for the impact of class size, smaller classes either had no impact on resilience such as in Macau or had a negative effect as in Japan. Conversely, an increase in class size by just one rank raised the odds of disadvantaged pupils in Japan attaining the best rather than the lowest grades by 1.2 times.

Other findings from the study show that misbehavior in the classroom or school in general undermines resilience.

The messages from the study for teachers include the need to guide pupils to conform to rules, to maintain discipline, and prepare lessons in line with the needs of students.

The study did not analyze changes in how classrooms are managed now compared with before the pandemic. On this basis, the authors suggest that further studies are needed on how COVID-19 has affected teaching in the context of student resilience.

More information: Typologies of secondary school student academic resilience in science with classroom and school context predictors, International Journal of Science Education (2024). DOI: 10.1080/09500693.2024.2321471


Provided by Taylor & Francis 

Students do better and schools are more stable when teachers get mental health support

WORKERS CAPITAL  EVERYBODY WANTS IT


TSX could 'disappear' without more domestic investment from Canadian pensions: Letko

A veteran wealth management executive says that unless Canada’s largest pension plans start investing more domestically, institutions like the Toronto Stock Exchange could one day fall by the wayside.

Peter Letko, co-founder and partner at investment management firm Letko Brosseau, told BNN Bloomberg that Canada’s economic and financial health is being impacted by the low level of investment from Canadian pension funds.

“I don't think this is good for our economy. It's certainly not good for our financial markets,” he said in a Friday morning television interview.

“Do we want to see a great institution that has served us well like the TSX and other exchanges in Canada just disappear or wind into the Nasdaq or the New York Stock Exchange? I think it's important that we control our capital and direct our capital to the benefit of Canadians as a whole.”

Letko said that without more investment from Canada's largest savings pool, the exchange’s importance could diminish over time. His comments came a day after the TSX marked a full year without a new public offering.


“Will we need it? Will we need all the individuals that are involved and regulate it? We might as well wind all that up and just become part of the Nasdaq,” he said.

“I don't think that's what Canadians would wish and that’s certainly not what we would wish.”

Open letter to Freeland

On Wednesday, Letko and his firm spearheaded the writing of an open letter to Finance Minister Chrystia Freeland and her provincial counterparts, urging them to “amend the rules governing pension funds to encourage them to invest in Canada.”

The letter, also published as an advertisement in several major newspapers, included signatures from nearly 100 business leaders, including Rogers CEO Tony Staffieri and Canaccord Genuity Group CEO Dan Daviau.

“We thought that it would be helpful to hear the voices of some of the most successful people in the country; some of the wisest business leaders,” Letko said.

“And by the way, they're not just business leaders that have signed, they’re union leaders too, so we thought this would be helpful to move this dialogue forward.”

The letter claims that Canada’s pension funds, which represent nearly 40 per cent of the country’s institutional savings, have over the years reduced their holding of public Canadian companies from 28 per cent in 2000 to less than four per cent at the end of last year.

“It is estimated that the eight largest pension funds in Canada have more invested in China (roughly $88 billion) than they do in Canadian public and private equities (roughly $81 billion),” the letter said.

Canada a 'wonderful' place to invest: Letko

Letko said that he doesn’t want to limit the ability of pension funds to seek investing opportunities around the world, but said that the lack of investment in Canadian companies is negatively impacting returns.


“We agree with investing around the world and we believe that pension funds should be allowed to invest wherever and in whatever quantities they wish, we are not restricting that,” he said.

“What we're concerned about is that there's not enough being invested here in Canada… it is not an effort in getting the best possible returns.”

Letko said that historically, Canada has been a “wonderful” country to invest in, both for institutional and private investors.

“If you look at the last 25 years comparing Canadian returns to the G7, we're on top, and if you look at it over 100 years, the returns have been very, very respectable,” he said.

“Canada has got lots of global champions… that have enjoyed wonderful growth and are being completely ignored by our biggest pool of capital.”

With files from Bloomberg News


CPP to invest up to US$2.2 billion in Telecom Italia’s network

Canada Pension Plan Investment Board has agreed to acquire a minority stake in Telecom Italia SpA’s landline network.

The investment firm is taking a 17.5 per cent stake for as much as €2 billion (US$2.2 billion), CPP Investments said in a statement Friday. It joins a group of investors led by KKR & Co. in buying the former phone monopolist’s grid. The transaction gives the newly defined business, called NetCo, an enterprise value of about €18.8 billion.

The investor group also includes a wholly owned subsidiary of the Abu Dhabi Investment Authority, the Italian infrastructure fund F2i SGR SpA and Italy’s Finance Ministry. 

The investor group plans to upgrade the existing copper network with fiber-based services and drive efficiencies in the business, CPP Investments said. The Italian telecommunications company sold off its fixed network in an effort to reduce debt.

Telecom Italia shares rose as much as 7.7 per cent to about 23 cents in Milan on Friday. The day before, the phone carrier’s shares plunged the most ever, wiping out about €1.4 billion of market value as investors expressed skepticism about the company’s plans for reducing debt.

Lead investor KKR agreed to buy Telecom Italia’s fixed landline network, its most valuable asset, in a €22 billion deal last year. The sale was cleared by regulators in January. Italy has one of the most competitive telecom markets in Europe, in part because of discount carrier Iliad SA, which entered the country in 2018 offering cheap, no-frills mobile plans, sparking a price war.

CPP Investments has made 29 direct investments in 13 countries totalling $51.8 billion as of the end of 2023. These include communications infrastructure companies such as Boldyn Networks, Cellnex Telecom and V Tal-Rede Neutra de Telecomunicacoes.

Chinese Oil Giant Calls for Government Support of Shale Projects

China’s government should do more to back shale oil projects in the country through preferential tax treatment for the sector, one of the biggest state-owned oil and gas giants says.  

The authorities need to roll out financial support policies and preferential taxes for the shale industry in China, Ma Yongsheng, chairman of China Petroleum & Chemical Corporation, or Sinopec, said on Wednesday, as quoted by Reuters.

China has a lot of shale oil reserves, but their extraction is more complex than in the U.S. due to geology constraints, according to Ma.

The Chinese government should also boost financial support to research and development for drilling and extraction of the shale resources, Sinopec’s executive said.

Early this year, Sinopec, said it had found oil and gas at a shale exploration well in the Sichuan province in the southwest, estimating that the initial flows could lead to the discovery of around 100 million metric tons of hydrocarbons. 

The Sichuan province in southwestern China is estimated to hold a large part of China’s shale gas resources. 

Chinese state oil and gas giants have stepped up exploration efforts in China in recent years, in line with a government policy to boost reserves and production to help reduce dependence on imports.

While Chinese majors increase exploration in the shale basins and in conventional locations, the much deeper location of the shale oil and gas reserves in China makes extraction more challenging than in the U.S., for example. 

Although China is estimated to have a high volume of shale gas resources, topping even those in the United States, its shale gas boom has not yet materialized. Unlike in the U.S., the development of shale gas resources in China is much more difficult due to more complex geography and a lack of adequate infrastructure in the remote mountainous regions where most of the Chinese shale resources lie. 

By Tsvetana Paraskova for Oilprice.com

EV Charging Points in America Are Finally Making Money

Utilization rates at electric vehicle (EV) charging stations in the United States have surged over the past year, making the Level 3 charging stations in many states profitable, a new report by start-up Stable Auto Corporation shows.  

Stable Auto, a San Francisco firm helping firms place charging EV infrastructure, says in the report on the EV charging utilization trends that 19 states in the west, south, southeast, and northeast reported for 2023 average charger utilization of over 15%, marking the achievement of profitability.

Stable Auto’s utilization data showed that non-Tesla Level 3 (L3) charging stations, the so-called DCFCs, are now becoming profitable across many U.S. states. Previously, DCFCs were deemed poor investments due to low utilization rates.

L3 (DCFC) utilization has jumped by 104%, growing from an average of 8.8% in January 2023 to 18% in December 2023.

Moreover, the entry of higher-range, faster-charging vehicles into the U.S. market has led to demand for EV charging to outpace EV sales, significantly increasing public DCFC utilization, Stable Auto said.

“This trend likely causes crowding and long wait times at many DCFC stations during peak hours, which can be mitigated through proactive pricing strategies,” Stable Auto noted.

While utilization rates have jumped to make many EV fast-charging stations profitable, the U.S. still needs a lot of additional EV charging infrastructure to alleviate consumer concerns about the range and convenience of fast public charging.

There are about 104 gas pumps per 1,000 road miles on average in the United States compared to just 22 EV charging ports for the same road distance, a study by smart fuel card management platform Coast showed last year.

“While EV adoption continues to surge, ensuring convenient and accessible charging options is crucial for further growth and widespread acceptance of electric vehicles. The transition to electric transportation requires a concerted effort to build a robust charging infrastructure,” the authors of the study wrote.

By Tsvetana Paraskova for Oilprice.com

 

UK Extends Windfall Tax on Oil Profits by a Year To 2029

The UK is extending the windfall tax on oil and gas operators in the UK North Sea by a year to March 2029, Chancellor of the Exchequer Jeremy Hunt said in the spring budget statement, in a move expected by analysts and opposed by the industry.  

The initial windfall tax, officially known as the Energy Profits Levy, was implemented in May 2022, when the government of Rishi Sunak announced a temporary 25% tax intended to represent extraordinary profits as oil and gas prices surged. In November 2022, that levy was increased by 10 percentage points to 35% beginning on January 1, 2023, and until March 2028.  

The period of the windfall tax is now extended by a year, to March 2029. 

“As the oil and gas sector’s windfall profits from higher prices are expected to last longer, the sunset clause on the Energy Profits Levy will be extended by a year to March 2029, raising £1.5 billion while encouraging investment in the UK’s energy security by promising to legislate for its abolition should market prices fall to their historic norm sooner than expected,” Hunt said in his speech to present the Spring Budget 2024.

However, “legislation in the Finance Bill will abolish the Levy if market prices fall to their historic norm sooner than expected – maintaining investment in our energy security,” the chancellor added.

With the levy at 35%, the total tax rate on the oil and gas sector has increased to a massive 75%, the highest of any UK sector.

The windfall tax on UK North Sea producers is hitting all companies, with firms already announcing lower investments and deferring drilling plans, David Whitehouse, chief executive of trade body Offshore Energies UK (OEUK), warned last year.

The windfall tax has prompted many companies operating offshore the UK to cut investments and review projects.