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The CEO of Olymel needs his 1,500 foreign temporary workers

While Quebec wants to “reduce the number of foreign workers,” Olymel says it cannot do without its 1,500 temporary foreign workers (TETs), who over the years have become team leaders, foremen and supervisors in the organization.

“They have really risen in the organization. “It's a nice welcome for new people who see this and say to themselves that there is potential,” explains Yanick Gervais, CEO of Olymel, in an interview with the Journal, which reported stable sales of 4.7 billion US dollars on Thursday -dollars, compared to $4.6 billion the previous year.

Without them, “we certainly wouldn’t be in the same place at all,” he adds. “We will be dependent on foreign workers in the future,” he emphasizes.

Last Monday, Labor Minister Kateri Champagne Jourdain announced in an interview with the Journal her intention to “reduce the number of foreign workers” by finding other ways to increase productivity.

“No difference”

Three days later, Olymel's No. 1 extolled the virtues of the temporary foreign worker program.

“A foreign worker who is very well integrated into his environment makes no difference to us,” says Yanick Gervais, head of Olymel.

“The nice thing about our factories is that we're local, so they're not people coming here to stay near Montreal,” he continues.

The CEO of Olymel needs his 1,500 foreign temporary workers

Provided by Olymel

Yamachiche, Saint-Esprit, Berthierville… Yanick Gervais confirms that almost all foreign workers who can go elsewhere after their two-year residence permit choose to stay at Olymel.

“It’s becoming increasingly difficult to find people who want to do a little more manual work,” he says.

In addition, after the dark year of 2023 with 1,500 layoffs, notably 994 at the Vallée-Jonction plant, the CEO of Olymel assumes that he will not have to make further layoffs of this magnitude this year.

The CEO of Olymel needs his 1,500 foreign temporary workers

Paul Beauchamp, 1st Vice President of Olymel, Yanick Gervais, CEO and Louis Banville, Vice President, Human Resources. Photo Francis Halin

“Are mega layoff announcements of 900 people to be expected? “There are none,” he swears.

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Write to us or call us directly at 1 800-63SCOOP.

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Lawyers who dismissed Elon Musk's salary as excessive demand $6 billion worth of Tesla shares | Elon Musk

Elon Musk

Three companies that represented a Tesla shareholder are demanding a record fee from the electric vehicle maker because they benefited from the return of Musk's stock options

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Lawyers who successfully argued that Elon Musk's $56 billion pay package was excessive are seeking a record $6 billion in legal fees, payable in the electric car maker's shares, a court filing says.

“We recognize that the fee requested is unprecedented in its absolute magnitude,” the three law firms said in the filing Friday in Delaware Chancery Court.

The fee amounts to an hourly rate of $288,888, according to the filing.

The electric vehicle maker is being ordered to pay the fee because it benefited from the return of Musk's pay package, which the legal team says will result in the return of 266 million shares to the automaker.

Elon Musk is suing OpenAI and accuses it of putting profit over humanity

“This structure has the advantage of directly linking the premium to the benefit created and avoiding taking even a penny from Tesla's balance sheet to pay fees,” the shareholders' legal team said, pointing out , that the fee for Tesla is also tax deductible.

The fee is being sought by lawyers who represented Richard Tornetta, a Tesla shareholder who sued Musk in 2018 over the pay package, which a Delaware judge rejected in January.

The three law firms are Bernstein Litowitz Berger & Grossmann and Friedman Oster & Tejtel, both based in New York, and Andrews & Springer of Wilmington.

The fee request must be approved by Kathaleen McCormick, the judge overseeing the case. In her January ruling, she called Musk's salary “unfathomable.”

Tesla, Musk's lawyer and Musk did not immediately respond to a request for comment.

The company may object to the fee as it has a fee application for the remuneration of its directors in a similar case.

The largest settlements in shareholder lawsuits take place in federal court, where the largest settlement in 2008 was $688 million for the legal team involved in a securities fraud case over Enron Corp.'s failure. reached a $7.2 billion settlement.

The Tesla fee request comes as the Delaware Supreme Court is considering an appeal of a $267 million fee in a case in which Dell Technologies is negotiating a $1 billion settlement became.

Delaware judges said that pursuing cases deep into litigation, through depositions and through trial, should receive a higher percentage of recovery to reflect the risk and effort. A week-long trial was held in the Musk salary case.

Opponents of this approach argued that as settlements and verdicts increase in size, lawyers should collect a decreasing percentage to avoid overcompensation.

The legal team said the requested fee was approximately 11% of the judgment amount.

Musk's pay package consisted of stock options that allowed him to purchase Tesla shares at deeply discounted prices and required him to hold the shares for five years. The legal department said it was looking for shares without sales restrictions.

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New collective agreement: Ore Iron Quebec employees are among the highest paid

The majority of Iron Ore Quebec employees (86.7%) signed a new five-year collective agreement that announced salary increases of up to 30.62%.

• Also read: Champion Iron is moving forward with its $470 million project near Fermont

“This contract makes the Quebec company Ore de fer Québec one of the mines where employees are paid the best. “This is thanks to the presence of the steelworkers, who were able to negotiate on an equal footing, so that the workers were taken into account and valued according to their contribution to the success of the mine,” argued the president of the local section on Friday. 9996, Sébastien Bergeron, via press release.

The average increase is forecast to be 26.25% over a five-year period, reaching 30.62% for day laborers.

Salaries are expected to increase by 13.25% in the first year, by 3% in the following three years and finally by 4% in the final year.

Day laborers will therefore go from a salary of $39.79 an hour to $53.45 over the five years, while electricians will go from a salary of $50 an hour to $65 at the end of the contract will rise, said the Union of Steelworkers (FTQ).

The additional 4.37% increase for day laborers is justified by the reclassification in the pay scale, making them the highest paid workers on the North Shore, the company said.

The overnight premium was also increased from $1.50 to $2, the highest among North Coast mining companies. Group insurance has also been improved.

About sixty improvements were made to the normative part of the employment contract and a clause on permanent employment of seasonal workers was negotiated.

“The extent of improvements in the normative aspects of the contract made it possible to conclude an agreement with a longer duration, i.e. 5 years. These changes have resulted in greater equity and stability for workers,” said Marc Tremblay, representative of the Steelworkers union.

The ratification of the Convention followed a series of general meetings held from Monday to Thursday at which an agreement in principle was presented.

New collective agreement: Ore Iron Quebec employees are among the highest paid Read More »

YouTube fires 43 unionized Google contractors after they appeal to the City Council

A YouTube contractor addressed the Austin City Council on Thursday, urging him to pressure Google into negotiations with its union when a colleague interrupted him with stunning news: His 43-person contractor team had all been laid off.

“I was speechless, shocked. I didn’t know what to do,” Jack Benedict, a YouTube data analyst who spoke to the city council, told The Washington Post. “But upset, that was the main feeling.”

The council meeting was broadcast live online and has since been shared on social media. The contractors view the layoff as retaliation for unionization, but Google and IT subcontractor Cognizant said it was the normal end of a business contract. The possibility of layoffs spreading through social media highlights how often the painful experience of job loss is made public, from employees sharing recordings of Zoom meetings to posts about their unemployment.

The rising tensions between YouTube and Google contractors come as mass layoffs continue in the tech industry – unsettling workers and emboldening companies. Google has already made cuts in the last two years.

Big Tech isn't done with layoffs yet, as Google and Amazon announce cuts for 2024

Google has long been at odds with many of its contractors, who want to receive the benefits and high wages that full-time Google employees are accustomed to. The company employs tens of thousands of contractors who do everything from catering to sales to writing code.

YouTube workers working for Google and Cognizant voted unanimously to unionize into the Alphabet Workers Union-CWA in April 2023. Since then, workers say Google has refused to negotiate with them. Thursday's firing is a sign of ongoing tensions between Google and its workers, some of whom formed a union in 2021.

Google claims that Cognizant is responsible for the employment and working conditions of contractors and is therefore not responsible for negotiating with them. Cognizant said it is offering employees seven weeks of paid time to explore other roles in the company and take advantage of training resources.

Last year, the National Labor Relations Board ruled that Cognizant and Google are joint employers of the contractors. In January, the NLRB sent a cease-and-desist letter to both employers for failing to negotiate with the union. Since then, the question of joint employment has arisen, which would ultimately decide which company is responsible for negotiations, has ended up in an appeals court and has yet to be decided. The Alphabet Workers Union said Google never negotiated with either of its two bargaining units. Google said it was not responsible for negotiating with the union by Cognizant employees.

“We have no objection to these Cognizant employees’ decision to form a union,” said Courtenay Mencini, a Google spokeswoman. “We simply believe that it is only appropriate for Cognizant as an employer to engage in collective bargaining.”

Cognizant did not comment on the workers' claim that it refused to negotiate with the union, but issued the following statement: “While we respect our employees' right to unionize, our philosophy is that we do so through direct, “Open dialogue and collaboration work best together,” said Cognizant spokesman Bill Abelson.

The team responsible for ensuring music content is available and approved for YouTube Music's 80 million subscribers has unionized to fight for better pay and benefits. Workers say they receive no sick pay, minimal benefits and are paid just $19 an hour, forcing some to work multiple jobs to make ends meet.

Workers took part in two strikes: a month-long walkout in February 2023 over Cognizant's return policy, which led to the departure of about 20 percent of the team, and a one-day strike break in September over Google and Cognizant's refusal to negotiate. After the strikes, workers were asked to train agents in India on how to do their jobs so they could fill in during holidays or if the workers ever went on strike, Benedict said.

Benedict expected Thursday to be a victorious moment as the council was expected to vote for a resolution supporting workers. Instead, workers were told by the council ten minutes before the meeting that the vote would be postponed but they would still be allowed to speak. During the speech, the team working in the office was called into a meeting and told that they no longer had jobs. They texted workers at the council meeting to let them know.

“I don’t think they could have delivered the news at a worse time,” Benedict said. “Things are looking really bad for them.”

Sam Regan, a data analyst for YouTube Music, was in the office when the firing occurred. The mood was suspicious, he said, as security guards attended a brief morning meeting attended by company executives “cold” informed the workers that their project would be cut. Workers had about 20 minutes to collect their belongings and leave the site before they were deemed to be trespassing.

Regan said he was one of the last to leave. As he left, he heard one of the security guards calling the police emergency number to report intruders.

“It was really bad,” he said. “It was just one of the most dehumanizing experiences of my life.”

The workers say they are shocked but plan to keep fighting.

“The [city council video] The clip is circulating everywhere and we are seeing a lot of traction,” Benedict said. “We’re not just going to sit back and let them do that.”

YouTube fires 43 unionized Google contractors after they appeal to the City Council Read More »

Super Micro joins the S&P 500 after shares rose 20-fold in two years

David Paul Morris | Bloomberg | Getty Images

Super Micro Computer will join the S&P 500 after the stock staged a historic rally that pushed the company's market capitalization past $50 billion.

The shares, which have risen more than 20-fold in the past two years and more than 200% since the start of 2024 alone, rose another 8% in extended trading on Friday.

According to a press release, Super Micro replaces Whirlpool. Deckers Outdoor also joins the S&P 500, replacing Zions Bancorporation.

The value of stocks included in the benchmark index often increases because funds that track the S&P 500 include them in their portfolios. The median market capitalization of companies in the S&P 500 is $33.7 billion.

Super Micro has been one of the main beneficiaries of the artificial intelligence boom in the technology industry. The company makes servers and other computing infrastructure and is one of the main providers for building Nvidia-based “server clusters” for training and deploying AI models.

In the quarter that ended in December, Super Micro's revenue doubled to $3.66 billion. Analysts expect sales to more than triple in the current quarter.

“We see Nvidia's results as a positive data point for SMCI, a leading partner that designs and builds servers that wrap around GPUs and customize racks to a customer's specific needs,” wrote Ruplu Bhattacharya, an analyst at the bank of America, in a note last month. He has a buy recommendation for the stock.

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According to the FDA, yogurt's claims to reduce the risk of type 2 diabetes are limited

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In a decision nearly five years in the making, the U.S. Food and Drug Administration has decided that yogurts can now make a limited claim that the food can reduce the risk of type 2 diabetes, the federal agency concluded Friday.

The decision represents the first qualified health claim the federal agency has issued for yogurt.

Qualified health claims “are supported by scientific evidence but do not meet the more stringent standard of 'significant scientific agreement' required for an approved health claim,” according to the FDA. “To ensure that these claims are not misleading, they must be accompanied by a disclaimer or other qualifying language to accurately convey to consumers the level of scientific evidence supporting the claim.”

In the case of yogurt, the claim states that, according to limited scientific evidence, “regular consumption of yogurt, at least 2 cups (3 servings) per week,” may reduce the risk of the disease, which affects about 38 million people in the United States 462 million people worldwide are affected.

Basak Gurbuz Derma/Moment RF/Getty Images

Yogurt can be a nutrient-dense addition to a healthy diet.

The serving size recommendation is supported by the FDA's conclusion that, based on two prospective cohorts evaluated in high-quality studies, the specific amount is the minimum required to achieve the claimed effect.

Yogurt is made from milk fermented with the bacteria or probiotics Lactobacillus bulgaricus and Streptococcus thermophilus and is rich in calcium, protein, B vitamins and minerals, including magnesium, phosphorus and potassium.

The move comes in response to a 2018 year Petition from food and beverage company Danone North America. According to a press release, the application triggered an FDA review of existing research on the links between yogurt and type 2 diabetes.

“The petition to have a qualified health claim related to type 2 diabetes appear on yogurt labels followed appropriate steps and included peer-reviewed research in support of their petition,” said Caroline Passerrello, registered dietitian and lecturer at the University of Pittsburgh's School of Health and Rehabilitation Sciences, via email.

But aside from being limited, the supporting research is also “not very strong,” Passerrello added. “Because of the way the study was conducted, we can't really say for sure that there is a causal relationship, but rather a link between type 2 diabetes and yogurt.”

CNN has reached out to the FDA for comment.

Qualified health claims have been approved by the FDA for dietary supplements since 2000 and for foods since 2002, but are rarely disclosed. In the last decade, only 10 foods were allowed to be sold with such claims – including those with high flavonol content cocoa powder to reduce the risk of cardiovascular disease and certain cranberry products to reduce the likelihood of recurrent urinary tract infections in women.

Dr. Marion Nestle, a nutritionist and molecular biologist, echoed Passerrello's sentiments, adding that “qualified health claims are, on their face, ridiculous.”

“Why would any reasonable person think that all you need to do to prevent type 2 diabetes is eat two cups of yogurt a week?” said Nestlé, Paulette Goddard Professor Emeritus of Nutrition, Food Studies and public health at New York University, via email. “All we can hope for is that the yogurt is at least unsweetened, but since it's really difficult to find unsweetened yogurt, we want to tell people who want to avoid type 2 diabetes that sweetened yogurt is good for she is.”

“According to the FDA's review of the studies, the amount of sugar in yogurt had no impact on the results,” Nestlé added. “That’s why the FDA says sugar isn’t a problem.”

All yogurts can make this limited claim as long as they use the exact wording specified by the FDA, Nestle added. In several studies, high consumption of added sugars has been linked to a higher risk of developing type 2 diabetes.

What makes the claim even more dubious is the fact that the cause of type 2 diabetes is multifactorial. Although yogurt can be part of a healthy, weight-maintaining diet, “yoghurt alone is expected to have a causal relationship to diabetes prevention.” “Doesn't make sense in the context of the overall diet,” Nestle said.

In this context, using “common sense” is crucial when evaluating the health claims of products to make the best choice for your diet and health, Nestlé added.

Previous research has suggested limiting added sugar intake to less than 25 grams, or about 6 teaspoons, per day. This is equivalent to about 2 ½ chocolate chip cookies, 16 ounces of fruit punch, or about 1 ½ tablespoons of honey.

Nutritionist and author Lisa Drayer contributed to this report.

According to the FDA, yogurt's claims to reduce the risk of type 2 diabetes are limited Read More »

Novatech closes its factory in Anjou: 41 people lose their jobs

Around forty people who worked at the Novatech factory in Anjou on Boulevard Ray-Lawson will lose their livelihoods because the company will concentrate its activities at other sites on the outskirts of the city.

“We have announced the closure of our Anjou site. “This site produced glass for the manufacture of our patio doors, which are manufactured in Terrebonne and Beauce,” Novatech marketing director Dominique Dubé confirmed to the Journal on Friday.

“In the interest of operational efficiency, glass manufacturing is now done in the same factories that make doors,” she said.

doors and windows

The company is ceasing its activities and moving them to other locations.

Novatech employs more than 1,500 people. The company specializes in the production of components for the door and window sector.

The company has 16 manufacturing facilities and distribution centers in Quebec, Ontario, Alberta and the United States.

Novatech closes its factory in Anjou: 41 people lose their jobs Read More »

Super Micro booms as AI server maker looks to join S&P 500

(Portal) – Shares of Super Micro Computer rose 13.5% in extended trading on Friday after it said the seller of AI-optimized servers will be added to the S&P 500.

Super Micro and Deckers Outdoor Corp will be added to the S&P 500 before trading opens on Monday, March 18, coinciding with a quarterly rebalancing of Wall Street's most followed stock benchmark, S&P Dow Jones Indices said in a news release.

These two companies will replace Whirlpool Corp and Zion Bancorporation, S&P Dow Jones Indices said.

Index funds that track the S&P 500 are among the most popular investment vehicles on Wall Street, and these funds must buy shares of Super Micro and Deckers to keep pace with the composition of the benchmark.

According to Howard Silverblatt, senior index analyst at S&P Dow Jones Indices, such S&P 500 index funds have about $7.8 trillion in assets.

Super Micro sells high-end servers made with Nvidia's top-of-the-line AI processors, and its inventory has more than tripled this year.

With Super Micro's market value reaching over $50 billion, investors had speculated that the company would be included in the S&P 500.

On Friday, investors swapped nearly $10 billion worth of Super Micro shares, outpacing trading in Wall Street heavyweights like Microsoft and Amazon.

Its jump in after-hours trading adds to a 4.5% gain during Friday's trading session.

Deckers shares rose 2.7% in extended trading, while Whirlpool fell 1.7% and Zion Bancorporation fell 2%.

(Reporting by Noel Randewich; Editing by Diane Craft)

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