Economy

2023-06-20 19:10:41

The pay gap between men and women in Canada narrowed last year compared to 2021, but it still stands at more than 20%, according to a new survey.

The survey for payroll company ADP Canada finds Canadian workers who identify as women said they earned 21% less than workers who identify as men last year.

The report showed a gap of 24% for 2021, compared to 21% in 2020.

The survey considered 2022 self-reported gross salaries for part-time and full-time employees.

The average salary reported by men was $72,743, while women reported an average of $57,725.

The report also states that in 2022, 33% of men reported incomes over $80,000, compared to 18% of women.

Maru Public Opinion’s online survey included 1,556 employed Canadian adults who responded between March 6 and March 9.

The poll cannot be assigned a margin of error, as online polls are not considered truly random samples.

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#Gender #pay #gap #narrowed #survey #finds

2023-06-20 20:14:43

US stocks fell at the end of trading today, Tuesday, if investors took profits in the first sessions of the week following a long weekend in the wake of a rally in the market amid signs of a decline in global demand.

According to preliminary data, the Standard & Poor’s 500 index closed down 20.79 points, or 0.47 percent, at 4,388.80 points, while the Nasdaq Composite Index fell 22.28 points, or 0.16 percent, to 13,667.29 points. The Dow Jones industrial average fell 242.15 points, or 0.71 percent, to 34,056.97 points.

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#stocks #fell #signs #declining #global #demand

2023-06-20 19:58:05

Crude oil futures fell regarding 2 percent in volatile trading, amid expectations of slowing oil demand growth from China, the world’s second-largest oil consumer, and market disappointment over the amount of reduction in China’s main lending interest rates.

Brent futures for August delivery lost $1.11, or 1.5 percent, to $74.98. US West Texas Intermediate (WTI) crude for July delivery fell $1.66, or 2.3 percent, to $70.12 in its last trading days as a US front-month contract.

West Texas Intermediate crude fell 2.2 percent to $70.31 in the August delivery contract, which will soon become the front-month contract in the United States.

China cut its main lending rate for the first time in 10 months, but by a smaller than expected 10 basis points for the five-year lending rate. The rate cut came following recent economic data showed that China’s retail and manufacturing sectors were having difficulty maintaining the momentum seen earlier this year.

An expert at the research unit of the China National Petroleum Corporation said that Chinese demand for crude oil will grow at a lower rate than expected, with gasoline consumption affected by the demand for electric cars.

China’s crude oil imports fell in May following hitting a ten-year high in April, while exports of low-sulphur marine fuel rose, according to data from the General Administration of Customs. Crude prices were also affected by the rise of the dollar index once morest a basket of currencies due to data showing a jump in home construction in the United States.

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#Expectations #weak #Chinese #demand #oil #prices

2023-06-20 18:14:00

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20.06.2023 21:14, Dmitry Fedorov

Electric vehicle manufacturer Rivian announced its decision to switch to Tesla’s NACS charging standard. This will give Rivian EV owners the largest charging network in the US. In turn, Tesla has become even closer to making its chargers the industry standard.

Image Source: Tesla

Rivian, which operates its own small network of fast charging stations, plans to provide its customers with access to 12,000 Tesla Supercharge charging stations across the US and Canada by spring 2024 through special adapters. In addition, the company will equip its electric vehicles with Tesla NACS-standard charging ports starting in 2025. RJ Scaringe, CEO of Rivian, said in a statement that the deal will allow owners of Rivian’s electric pickups and SUVs to make efficient use of Tesla’s vast charging network.

Against this background, shares of the Californian company Rivian rose by 3% in pre-sales. Tesla shares also climbed 0.5%, continuing to rise more than 40% since the announcement of the Ford deal at the end of May.

Tesla recently entered into similar agreements with General Motors and Ford. This allows other automakers to use Tesla’s charging network while Tesla can increase its revenues by selling electricity to more EV owners.

Access to charging stations is critical for automakers to reduce customer fears of running out of power. According to the US Department of Energy, Tesla Superchargers account for regarding 60% of all fast charging stations in the US. However, apart from Tesla, most manufacturers are not looking to create their own networks.

Analysts note that establishing and maintaining a network of charging stations requires significant investment, with revenues limited due to the relatively small number of electric vehicles on the roads. Revenue from services and other sources, including fees for using Tesla chargers, accounted for just under 10% of the company’s total revenue for the most recent quarter. Tesla does not provide separate statistics on income from its own charging stations.

Image Source: Rivian

Tesla has made a big breakthrough by supplanting the competing CCS standard that was previously supported by the Biden administration. The US government has provided $7.5 billion to accelerate the deployment of electric vehicle charging stations in the US. Tesla was forced to open up its charging network in order to qualify for a portion of these federal funds.

Tesla’s charging standard was closed until November, when the company unveiled the design and specifications, renaming the technology the North American Charging Standard (NACS). “We are excited to see the industry come together to adopt the North American Charging StandardRebecca Tinucci, Tesla Senior Director of Charging Infrastructure, said in a statement. Manufacturers such as ABB E-mobility North America, Tritium DCFC, EVgo and FreeWire are actively adapting their charging stations by adding NACS connectors following Ford and GM announcements.

Rivian, which makes the R1T pickup truck and the R1S SUV, has announced its intention to continue expanding its network of charging stations. The company previously announced plans to build more than 3,500 charging stations.

At the same time, China, as the world’s largest market for electric vehicles, has its own charging standard. In Japan, automakers such as Toyota and Nissan are promoting the CHAdeMo standard.

With strong government support and increased federal funding, the electric vehicle industry will continue to grow and develop. It is important that electric vehicle manufacturers continue to collaborate and standardize charging solutions to ensure convenience and affordability for end consumers, contributing to more sustainable and environmentally friendly transportation.

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#Electric #car #manufacturer #Rivian #switch #Tesla #charging #standard