OTTAWA, ON, Nov. 28, 2020/CNW/ - Today, the Honourable Marie-Claude Bibeau, Minister of Agriculture and Agri-Food, announced a substantial package that delivers on the Government of Canada's commitment to full and fair compensation for the market access concessions made under the Canada-European Union Comprehensive Economic and Trade Agreement (CETA) and the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).
Canada's supply-managed dairy, poultry and egg farmers are part of the backbone of the Canadian agriculture sector and the Canadian economy. They continue delivering the best quality products to the kitchen tables of Canadians, despite challenges presented by the COVID-19 pandemic. The strength of Canada's supply management sector is essential to the vitality of our family farms and rural regions from across Canada.
In August 2019, Minister Bibeau announced that $1.75 billion would be provided to compensate Canadian dairy farmers over 8 years. Between December 2019 and January 2020, more than 10,000 dairy farmers received a cash payment of $345 million. Today, the Government has set a schedule to deliver the remaining $1.405 billion through direct payments to farmers over a timeline of only three years.
Dairy farmers will receive, on the basis of their milk quota, cash payments of $468 million in 2020-21, $469 million in 2021-22 and $468 million in 2022-23. The owner of a farm with 80 dairy cows will be awarded compensation in the form of a direct payment of approximately $38,000 each year. These amounts also build on the $250 million CETA on-farm investment program, and provide certainty on the schedule and form of remaining payments in the $2 billion total compensation package for dairy farmers.
The Government is also announcing $691 million for 10-year programs for Canada's 4,800 chicken, egg, broiler hatching egg, and turkey farmers. Responding to sector demands, these programs will drive innovation and growth for farmers. Program details will be designed in consultation with sector representatives and launched as soon as possible.
Furthermore, the Government of Canada remains committed to engaging the sector on full and fair compensation for the Canada-United States-Mexico Agreement (CUSMA), and to processors of supply managed products.
"Our Government is fully behind our supply management sector, which supports our family farms and the vitality of our rural areas. Today's announcement of a substantial compensation package for our dairy, poultry and egg farmers shows our support for a strong supply management sector for many generations to come." - The Honourable Marie-Claude Bibeau, Minister of Agriculture and Agri Food
"The level of certainty provided by this announcement enables us to be in a better position in terms of innovations and efficiencies to better compete with increase imports of dairy products made from foreign milk."- Pierre Lampron, President, Dairy Farmers of Canada
"Canada's 2,877 chicken farmers appreciate the announcement today on mitigation measures stemming from the CPTPP. Farmers have waited a long time to see action on this file, and we believe that this is a step in the right direction. We look forward to continuing our work on the investment and market development programs for our sector." - Benoît Fontaine, Chair, Chicken Farmers of Canada
"Hatching egg producers have suffered significant losses due to recent trade agreements and we are pleased that the federal government finally recognizes the significant challenges posed to our farmers by CPTPP. We will continue to work closely with the federal government to develop policies that mitigate the impacts of the CPTPP and CUSMA"- Brian Bilkes, Chair, Canadian Hatching Egg Producers
"Turkey Farmers of Canada appreciates the announcement of mitigation funding required as a result of the CPTPP agreement. The access granted to our domestic market poses significant losses to Canadian turkey farmers. This funding will be used towards market development programs and for farmers to reinvest in their operations. We remain committed to continued work with the government and continued progress on this file." - Darren Ference, Chair, Turkey Farmers of Canada
"With today's announcement, the government has taken a positive step in supporting Canada's egg farmers. This investment in our sector will provide new opportunities for our farmers to reinvest in their operations and plan for the future as they navigate the market losses as a result of the CPTPP agreement. We appreciate the government's continued and vocal support for supply management, and look forward to the continuation of this commitment moving forward." - Roger Pelissero, Chair of Egg Farmers of Canada
The Government of Canada has maintained the three pillars of Canada's supply management system for dairy, poultry and eggs — production control, pricing mechanisms, and import control.
During negotiations for the Canada-United States-Mexico Agreement (CUSMA), the Government defended supply management from American efforts to dismantle it. In the recently concluded agreement with the U.K., the Government defended Canada's supply management system, and will continue to do so in future discussions with the U.K. The Government has been clear that there will be no more concessions on supply management in future trade negotiations.
In 2019, there were 10,371 dairy farms in Canada, supporting close to 19,000 direct jobs on farms.
There are over 4,000 producers of chicken, broiler hatching eggs, turkey, and eggs in Canada. The four supply managed poultry and egg sectors (chicken, broiler hatching eggs, turkey, and eggs) generated over $4.9 billion in farm cash receipts in 2019, 7.4 percent of all farm cash receipts in Canada. According to industry, Canada's poultry and egg sector supports more than 140,000 direct and indirect jobs.
Because of the downturn of the restaurant and food service industry during the COVID-19 pandemic, the Government of Canada helped dairy farmers deal with the resulting surpluses of products like cream, by increasing the borrowing capacity of the Canadian Dairy Commission by $200 million. This gives the Commission added capacity to purchase excess perishable products like cream and convert them into longer lived ones like cheese in order support producers and reduce food waste during market disruptions.
Once fully phased-in, concessions made under three trade deals (the Canada-European Union Comprehensive Economic and Trade Agreement (CETA), the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and the CUSMA), as well as World Trade Organization commitments, are estimated to be equivalent to approximately 10 percent of Canada's current milk production.
The demand for Canadian dairy remains strong, and has grown by almost six percent over the past 10 years.
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SOURCE Agriculture and Agri-Food Canada
Victory Capital Holdings, Inc. (NASDAQ: VCTR) ("Victory Capital” or the "Company”) today reported assets under management (AUM) of $132.5 billion on July 31, 2020.
Victory Capital Holdings, Inc. and Subsidiaries
Assets Under Management1
(unaudited; in millions)
By Asset Class
July 31, 2020
June 30, 2020
U.S. Mid Cap Equity
U.S. Small Cap Equity
U.S. Large Cap Equity
Global / Non-U.S. Equity
Total Long-Term Assets
Money Market / Short Term Assets
Total Assets Under Management
Separate Accounts and Other Vehicles3
Total Assets Under Management
1Due to rounding, numbers presented in these tables may not add up precisely to the totals provided.
2Includes institutional and retail share classes, money market and VIP funds.
3Includes collective trust funds, wrap program accounts and unified managed accounts.
About Victory Capital
Victory Capital is a diversified global asset management firm with $132.5 billion in assets under management as of July 31, 2020. The Company operates a next-generation business model combining boutique investment qualities with the benefits of a fully integrated, centralized operating and distribution platform.
Victory Capital provides specialized investment strategies to institutions, intermediaries, retirement platforms and individual investors. With nine autonomous Investment Franchises and a Solutions Platform, Victory Capital offers a wide array of investment styles and investment vehicles including, actively managed mutual funds, separately managed accounts, rules-based and active ETFs, multi-asset class strategies, custom-designed solutions and a 529 College Savings Plan.
For more information, please visit www.vcm.com or follow us: Twitter and LinkedIn
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1-800-FLOWERS.COM, Inc. (the "Company”) (NASDAQ: FLWS), a leading ecommerce provider of products and services designed to inspire more human expression, connection and celebration, today announced that Jim McCann, Founder and Executive Chairman, and the McCann Family Trusts recently sold approximately 845,000 shares of 1-800-Flowers.com, Inc. stock for purposes of family tax and estate planning. The sale represents approximately 2% percent of McCann’s and the McCann Family Trusts’ aggregate ownership position in the Company. McCann and the McCann Family Trusts retain beneficial ownership of approximately 40 million shares representing more than 51 percent of the Company’s total shares outstanding. McCann has informed the Company that he currently has no plans to sell any additional shares.
About 1-800-FLOWERS.COM, Inc.
1-800-FLOWERS.COM, Inc. is a leading provider of gifts designed to help customers express, connect and celebrate. The Company’s business platform features our all-star family of brands, including: 1-800-Flowers.com®, 1-800-Baskets.com®, Cheryl’s Cookies®, Harry & David®, PersonalizationMall.com®, Shari’s Berries®, FruitBouquets.com®, Moose Munch®, The Popcorn Factory®, Wolferman’s Bakery? and Simply Chocolate®. We also offer top-quality steaks and chops from Stock Yards®. Through the Celebrations Passport® loyalty program, which provides members with free standard shipping and no service charge across our portfolio of brands, 1-800-FLOWERS.COM, Inc. strives to deepen relationships with customers. The Company also operates BloomNet®, an international floral service provider offering a broad-range of products and services designed to help professional florists grow their businesses profitably; Napco?, a resource for floral gifts and seasonal décor; and DesignPac Gifts, LLC, a manufacturer of gift baskets and towers. 1-800-FLOWERS.COM, Inc. was recognized as the 2019 Mid-Market Company of the Year by CEO Connection. Shares in 1-800-FLOWERS.COM, Inc. are traded on the NASDAQ Global Select Market, ticker symbol: FLWS. For more information, visit 1800flowersinc.com or follow @1800FLOWERSInc on Twitter.
View source version on businesswire.com: https://www.businesswire.com/news/home/20200901006063/en/