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Will local businesses survive the coming months?

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Businesses are feeling the pinch of a pandemic with no end in sight.

CTV’s Madison Erhardt talked with Barrie Chamber of Commerce President Todd Tuckey about how business owners are coping.

Madison: As numbers climb in the province and locally, what are business owners seeing?

Tuckey: Right now, locally, they aren’t seeing much of a difference. Some of them haven’t ramped up to pre-pandemic, but all in all, they are doing okay generally.

Madison: With the cooler weather upon us, what are business owners who rely on patio and outdoor spaces seeing and doing?

Tuckey: Recently, Doug Downey, our attorney general, announced that he is going to allow patios to stay open right until January 1st at 3 a.m., but the question is for patios; how do they handle it?

Can they deal with the snow load? What do they do for heaters?

At least he has made it available to them so that they can try and generate some revenue, because probably for quite a while in the future it is going to be limited indoor capacity.

Madison: How many business owners are telling you they won’t make it through the next couple of months?

Tuckey: The businesses are more concerned about the C.E.R.B., which goes into a blended unit on the 27th of this month, so it is going to drop off and go more to an E.I. model, and businesses are really looking forward to that because businesses are struggling right now finding employees.

The jobs are certainly there, but the people are not applying, and I think it’s C.E.R.B. that is really killing it.

Madison: Are business owners defaulting on rents? Is there anything that can help them survive?

Tuckey: Rent is a tough one because there is a rent subsidy that is being offered by the government, but the landlord has to take part in that for them to qualify, and the landlord is still running a business themselves.

If they start applying and accepting the subsidy, that means the landlords are getting less money and can they even afford to keep the properties managed at the level that you want.

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Business

Greater Vernon businesses honoured for excellence – Vernon Morning Star

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Businesses in the Vernon area received some well-earned accolades last week.

The Greater Vernon Chamber of Commerce announced its 2020 Business Excellence Award winners Friday night, with awards handed out in 12 categories during a virtual gala.

“It was an exciting evening as the winner in each category was announced, and this year was truly a celebration of entrepreneurial spirit, vision and thinking outside of the box as our businesses and non-profit agencies navigate the challenges created by the pandemic,” said Krystin Kempton, Greater Vernon Chamber president.

The winners of the 2020 Business Excellence Awards are:

  • Business of the Year sponsored by Valley First: The Med

(Honourable mention: Intermezzo Restaurant & Wine Cellar, Okanagan Spirits Craft Distillery)

  • People’s Choice Award sponsored by Total Restoration Services: Turning Points Collaborative Society

(Honourable mention: Sterling Centre Remedy’s RX Pharmacy, J.C. Tompson Construction, The Bridge Educational Society)

  • Small Business of the Year sponsored by Community Futures: Anna’s Vitamins Plus

(Honourable mention: Home for Dinner, Kalamalka General Store, Ritual Barbershop)

  • New Business of the Year sponsored by MNP LLP: Fill – Vernon’s Refill Store

(Honourable mention: Bottle None, Boarding House Cafe, Cheese on Wheels)

  • Young Entrepreneur of the Year sponsored by Nixon Wenger Lawyers: Alysia Lor-Knill, Teassential

(Honourable mention: Mitchel Derksen, Numu Consulting; Elmaz Wilder, Ritual Barbershop; Kayley Letendre, Sugarbees Ice Cream Company)

  • Businessperson of the Year sponsored by Kal Tire: Tony Dyck, Okanagan Spirits Craft Distillery

(Honourable mention: Brad Pelletier, Predator Ridge Resort; Richard Finn, Wayside; Joe Pearson, Remax)

  • Employer of the Year sponsored by City of Vernon: Sproing Creative

(Honourable mention: Community Futures North Okanagan, Valley First, The Home Depot)

  • Customer Service Award sponsored by Okanagan Spring Brewery: Sterling Centre Remedy’s RX Pharmacy

(Honourable mention: Intermezzo Restaurant & Wine Cellar, Vernon Teach and Learn, Olive Us Oil & Vinegar Tasting Room, Okanagan Restoration)

  • Manufacturer of the Year sponsored by Tekmar Control Systems: UnderGround Kombucha

(Honourable mention: Kekuli Bay Cabinetry, Summit Tiny Homes, Planet Bee Honey Farm)

  • Non-Profit Excellence Award sponsored by Community Foundation North Okanagan: Social Planning Council North Okanagan

(Honourable mention: Venture Training, Greater Vernon Museum & Archives, North Okanagan Valley Gleaners)

  • Community Leader of the Year sponsored by De Vine Vintners: Okanagan Spirits Craft Distillery

(Honourable mention: The Fig Bistro, Lake City Casino, Vernon Teach and Learn)

  • Innovator of the Year sponsored by TD Bank: The Med

(Honourable mention: Caufields Engraving, Turning Points Collaborative Society, Martens Holdings)

The winners will be invited to a private event to receive their awards in person.

With the People’s Choice Award, partial proceeds from online voting will establish a scholarship for a local business student while other proceeds will fund Chamber initiatives to support local business.

The gala featured video messages from Ken Holland, general manager of the Edmonton Oilers; and Jillian Harris, founder and creative director of Jillian Harris Design, former Bachelorette and co-host of Love It Or List It Vancouver. There was also a live performance by Andrew Allen.


@VernonNews
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Supreme Announces Business Model and Name Change

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One of North America’s leading steel solution providers returns to its roots

ACHESON, AB, Oct. 27, 2020 /CNW/ – Supreme is proud to announce a major change to our business model and to simultaneously unveil an exciting refresh of our operating name and brand.

Since 1972, we have been transforming landscapes across western Canada and the United States with major projects like the Rainier Tower in Seattle, the Port Mann Bridge in Vancouver and the Diavik diamond mine in the Northwest Territories, to name a few.

Today we honour our history, returning to the roots set down by company founders John and Sally Leder.

Our company is rolling together the brands Supreme Group, Canron, Midwest Constructors and Supreme Industrial.

Going forward we will be known as Supreme Steel LP.

Along with our brand and name change, our services have been refined.

Supreme Steel will no longer offer large scope general contracting or multi-disciplinary module construction services. Structural steel and bridges have built the company’s foundation as a focused leading steel solution provider, and we are recommitting to these offerings.

Over the past 50 years, our family-run company has developed expertise in fabricating and constructing extraordinary steel projects. From bridges to skyscrapers, maintenance work to plant modifications, and potash headframes to barges Supreme is your complex steel solution provider. Our large facilities and strong geographical diversity allows us to provide these services from coast-to-coast.

Please visit our new website www.supremesteel.com to view our brand story and to read more about our offerings.

Exceptional people. Enduring relationships. Extraordinary solutions

SOURCE Supreme Steel

For further information: Media Contact: Rhandi Berndt, Marketing & Communication Coordinator, Supreme Steel, [email protected]

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AIG to depart from life & retirement business

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“AIG’s executive management and board believe a simplified corporate structure will unlock significant value for shareholders and other stakeholders,” a company release said. “Although no decisions have been made as to how to achieve a full separation, the board’s intent is to accomplish it in a way that maximizes shareholder value and establishes two independent, market leading companies.”

“Over the last three years, we have taken significant action to de-risk AIG and position the company for profitable growth, including fortifying general insurance, diversifying life & retirement, significantly strengthening AIG’s capital and liquidity position, and building a world-class team,” said outgoing AIG CEO Brian Duperreault in a statement. “This foundational work has positioned AIG to pursue a separation of life & retirement enabling both companies to prosper as stand-alone entities.” 

Read more: AIG appoints Peter Zaffino as CEO

AIG’s decision to separate from the life & retirement business comes shortly after it named Peter Zaffino to serve as the company’s newest chief executive officer, succeeding current CEO Duperreault. Duperreault will transition into a new role as executive chairman of the company.

“Across AIG, we have made significant progress executing on our strategy to deliver value for our clients, distribution partners, shareholders and other stakeholders,” commented CEO-elect Zaffino on the decision. “Our businesses can be further strengthened by separating life & retirement from AIG, which we believe will enable each entity to achieve a more appropriate and sustainable valuation.”

Coinciding with the major announcement, AIG also revealed its Q3 2020 catastrophe loss estimates. The company’s catastrophe loss estimates for the third quarter, net of reinsurance, totaled US$790 million (before tax). Of that US$790 million, there was US$185 million of estimated catastrophe losses for claims related to COVID-19 – principally in AIG’s travel, event cancellation, trade credit, property, agriculture, and casualty books of business.

AIG also announced the results of its annual actuarial assumption update for the life & retirement and legacy segments. This year saw lower interest rate assumptions, including a decrease in the expected 10 year forward 10-year Treasury rate to approximately 2.8%.

The company recorded a third quarter 2020 charge of US$7 million, after-tax (US$9 million pre-tax), to net income attributable to AIG common shareholders, representing a charge of US$22 million, pre-tax, in the life & retirement segment and a benefit of US$13 million, pre-tax, in the legacy segment.

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