Business
Fear of US recession drives global market turmoil
From The Center Square
“This is a preview of the world markets without Donald J. Trump in the White House. None of this happens if Trump is in. Kamala and the markets don’t go together,” Trump said
The U.S. stock market took a major dive Monday as Japan saw its worst stock market day since 1987, raising recessing fears and drawing fresh criticism for President Joe Biden and Vice President Kamala Harris.
As of Monday morning, the Dow had dropped 900 points and the Nasdaq a whopping 4%, which experts say is fueled by a fear of a coming recession.
Federal jobs data released on Friday showed far fewer jobs were created than expected.
Overseas conflicts between Russia and Ukraine, possibly imminent all-out war between Iran and Israel and the ongoing threat of a Chinese invasion of Taiwan are also constant stability concerns for global markets.
Former President Donald Trump released a flurry of posts blaming Harris, the presumptive Democratic nominee, for the market downturn, labeling it the “Kamala crash.”
“This is a preview of the world markets without Donald J. Trump in the White House. None of this happens if Trump is in. Kamala and the markets don’t go together,” Trump said in a post online Monday morning. “She’ll destroy the markets. She’s in power now and look at what is happening. One week of the fake media saying better polls and you get a market crash.”
In 2020, Trump predicted that if Biden were to win reelection, the stock market would “crash.”
“Of course there is a massive market downturn,” Trump said. “Kamala is even worse than Crooked Joe. Markets will NEVER accept the Radical Left Lunatic that DESTROYED San Francisco and California, as a whole. Next move, THE GREAT DEPRESSION OF 2024! You can’t play games with MARKETS. KAMALA CRASH!!!”
U.S. Sen. J.D. Vance, R-Ohio, Trump’s pick for Vice President, warned that the economic situation could get much worse if it is not handled well.
“This moment could set off a real economic calamity around the globe,” Vance wrote no X, formerly known as Twitter. “It requires steady leadership–the kind President Trump delivered for four years. Kamala Harris is too afraid to answer media questions and cannot lead us in these troubled times.”
Renowned investor Warren Buffett of Berkshire Hathaway said over the weekend that he had sold over half his stock in Apple, which subsequently saw a 5% decrease in its stock price.
“He is clearly expecting a correction of some kind or otherwise simply cannot see better investments than Treasury bills,” Billionaire Elon Musk wrote on X Sunday in response to the news. “The Fed needs to drop rates. They have been foolish not to have done so already.”
Business
Molson Coors beer company walks back DEI policy after being exposed on X
From LifeSiteNews
An internal memo from brewing giant Molson Coors Beverage Co. reveals that the company is abandoning its DEI hiring and promotion processes, meaning it will no longer be making decisions based on race, sexuality or other categories.
Brewing giant Molson Coors Beverage Co., a large Canadian-American multinational company, will be dropping its woke corporate diversity, equity, and inclusion (DEI) policies after it received backlash online following an exposé by a popular conservative activist.
A recently revealed internal memo says that the company’s DEI employee training process has been discontinued, and as such it will no longer have specific “representation goals” in how it hires new people.
The company, as per a Canadian Press report, will also no longer be participating in the Human Rights Campaign ranking program. The Human Rights Campaign is an LGBT advocacy group that ranks companies based on how “inclusive” their workplaces are.
According to Molson Coors, it will now follow its own internal metrics to develop a “strong workplace where everyone can thrive.”
Robby Starbuck, a conservative activist and filmmaker, had earlier called out Molson Coors for its woke DEI policies, noting on X on September 3 that he recently “let them know that I planned to expose their woke policies.”
Big news: Last week I messaged executives from @CoorsLight @MolsonCoors to let them know that I planned to expose their woke policies. Today they’re preemptively making changes.
Here are the changes:
• Ending participation in the @HRC’s woke Corporate Equality Index social… pic.twitter.com/RuOVb1IuNU
— Robby Starbuck (@robbystarbuck) September 3, 2024
“Today they’re preemptively making changes,” he wrote.
Starbuck said that the coming changes include, “Ending participation in the @HRC’s woke Corporate Equality Index social credit system,” as well as “No more DEI based training programs.”
Also gone will be donations to “divisive events.” There will also be no more “supplier diversity goals” as well as “executive/employee compensation tied to DEI hiring goals.”
In recent weeks, due to both political and customer backlash, many large U.S.-based corporations have announced they are walking back their DEI policies. Some of the most notable companies include Lowes Hardware, Jack Daniels, and Harley Davidson. Other companies such as Disney, Target, and Bud Light, have faced negative sales due to consumers simply fighting back and refusing to patronize the companies.
As reported by LifeSiteNews, over the past decade left-wing activists have used DEI dogma as well as “environmental, social, & governance” (ESG) standards to encourage major Canadian and U.S. corporations to take particular stands when it comes to both political and cultural issues, notably in promotion of homosexuality, transgenderism, race relations, the environment, and abortion.
Agriculture
P&H Group building $241-million flour milling facility in Red Deer County.
P&H Milling Group has qualified for the Agri-Processing Investment Tax Credit program
Alberta’s food processing sector is the second-largest manufacturing industry in the province and the flour milling industry plays an important role within the sector, generating millions in annual economic impact and creating thousands of jobs. As Canada’s population continues to increase, demand for high-quality wheat flour products is expected to rise. With Alberta farmers growing about one-third of Canada’s wheat crops, the province is well-positioned to help meet this demand.
Alberta’s Agri-Processing Investment Tax Credit program is supporting this growing sector by helping to attract a new wheat flour milling business to Red Deer County. P&H Milling Group, a division of Parrish & Heimbecker, Limited, is constructing a $241-million facility in the hamlet of Springbrook to mill about 750 metric tonnes of wheat from western Canadian farmers into flour, every single day. The new facility will complement the company’s wheat and durum milling operation in Lethbridge.
“P&H Milling Group’s new flour mill project is proof our Agri-Processing Investment Tax Credit program is doing its job to attract large-scale investments in value-added agricultural manufacturing. With incentives like the ag tax credit, we’re providing the right conditions for processors to invest in Alberta, expand their business and help stimulate our economy.”
P&H Milling Group’s project is expected to create about 27 permanent and 200 temporary jobs. Byproducts from the milling process will be sold to the livestock feed industry across Canada to create products for cattle, poultry, swine, bison, goats and fish. The new facility will also have capacity to add two more flour mills as demand for product increases in the future.
“This new facility not only strengthens our position in the Canadian milling industry, but also boostsAlberta’s baking industry by supplying high-quality flour to a diverse range of customers. We are proud to contribute to the local economy and support the agricultural community by sourcing 230,000 metric tonnes of locally grown wheat each year.”
To be considered for the tax credit program, corporations must invest at least $10 million in a project to build or expand a value-added agri-processing facility in Alberta. The program offers a 12 per cent non-refundable tax credit based on eligible capital expenditures. Through this program, Alberta’s government has granted P&H Milling Group conditional approval for a tax credit estimated at $27.3 million.
“We are grateful P&H Milling Group chose to build here in Red Deer County. This partnership willbolster our local economy and showcase our prime centralized location in Alberta, an advantage that facilitates efficient operations and distribution.”
Quick facts
- In 2023, Alberta’s food processing sector generated $24.3 billion in sales, making it the province’s second-largest manufacturing industry, behind petroleum and coal.
- That same year, just over three million metric tonnes of milled wheat and more than 2.3 million metric tonnes of wheat flour was manufactured in Canada.
- Alberta’s milled wheat and meslin flour exports increased from $8.6 million in 2019 to $19.8 million in 2023, a 130.2 per cent increase.
- Demand for flour products rose in Alberta from 2019 to 2022, with retail sales increasing by 24 per cent during that period.
- Alberta’s flour milling industry generated about $840.7 million in economic impact and created more than 2,200 jobs on average between 2018 and 2021.
- Alberta farmers produced 9.3 million metric tonnes of wheat in 2023, representing 29.2 per cent of total Canadian production.
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