Latest news with #profitsharing
CBC
09-07-2025
- Business
- CBC
Sand mining company offers 5% of profits, up to $20M a year, to Manitoba First Nation
Mining company Sio Silica has offered Brokenhead Ojibway Nation a five per cent share of profits from its proposed sand-extraction operation, promising the Winnipeg-area First Nation $20 million in annual revenue once the project is operating at full capacity. The Alberta-based company, whose plan to extract up to 33 million tonnes of high-grade silica from the below the surface of southeastern Manitoba over 24 years was rejected by the NDP government in 2024, has held a series of meetings with Brokenhead members since last fall as part of a revised effort to obtain an environmental licence for its operation. In a presentation at Winnipeg's Club Regent hotel on Monday night, Sio Silica officials displayed a slide stating its mining operations will bring "significant financial benefits" for the First Nation, which has 2,307 members living both on and off reserve. Those benefits include employment, training and educational opportunities, Sio Silica chief executive officer Feisal Somji said at the meeting. "We recognize that when a new project and a new process comes into the area, you're not automatically qualified or educated on how to to work and benefit from that," Somji said in an address to Brokenhead members. "We have to ensure that there is proper training, proper education and proper resources for everyone to take advantage of that." The sand Sio Silica hopes to extract does not lie below Brokenhead's reserve lands. Sio Silica president Carla Devlin said the band is being consulted because it is the closest First Nation to the wells her company intends to drill across a broad swath of land in southeastern Manitoba. "We believe First Nations need to be at the table before approval, not after. And if we're serious about true reconciliation, then it's about partnership," Devlin said Tuesday in a telephone interview. She would not confirm whether a formal partnership with Brokenhead is on the table or whether the benefits promised to the community depend on formal band support for the project. "Right now, I can't speak to that. I can tell you that we are actively engaging in respectful dialogue and we're encouraging economic reconciliation for First Nations," she said. Brokenhead Chief Gordon Bluesky also did not confirm whether a formal partnership is on the table. In a statement, Bluesky said it's important Brokenhead members understand the full scope of a project proposed for its territory, where he said generations of development have impacted land and water with no benefit to the nation or the well-being of its members. "This cannot continue," Bluesky said. "If we are truly going to advance economic reconciliation on our territory, it must happen on our terms." Taylor Galvin, a Brokenhead member who lives in the community and opposes to the sand extraction proposal, said she and other band members were told Tuesday night the band has already hired an official to work on an impact-benefit agreement between the First Nation and Sio Silica. "A lot of people who were there didn't realize that we were even at that stage, considering there's no licence and there's no signed agreements yet," Galvin, a graduate student in environmental studies, said Tuesday in a telephone interview. "They're already moving forward on impact benefits and have somebody who's working on this file already." Sio Silica proposes to drill fewer wells, at first Sio Silica's original application for an environmental licence was rejected by the province over concerns about the potential effects on water quality and the geological stability of the aquifer containing ultrapure crystalline quartz, which can be used to produce solar panels, new batteries and semiconductors. The company proposed to drill up to 7,200 wells to the east and southeast of Winnipeg to extract the sought-after substance from about 50 metres below the surface. The Clean Environment Commission, an arm's-length provincial body, raised concerns about the proposal and advised the government only to approve it after applying many conditions to the proposal and to insist it proceed in stages, with only a few mines drilled at first. "As a general principle, full-scale production should only proceed if and when the body of scientific and engineering evidence confirms that the risks are adequately understood and manageable," the commission advised in its report. Sio Silica now proposes to drill 25 wells during its first year of operation and 75 wells the following year, according to its Monday presentation. Somji also suggested the company erred in its earlier public-relations efforts by describing its sand-extraction process as utilizing new technology. "One of the mistakes that we made in the past is we talked about it being a patent pending process and that was really just an element of advantage that we could have on our competitors," he said at Monday's meeting. "But the actual process itself is not new, it's not novel. It's just taking a a process that's being used, using air to lift sand and using that to extract the material. Since the province rejected Sio Silica's licence application, the mining company has rebranded its project as SiMBA, amended its plans to involve more gradual drilling and started engaging with Brokenhead. Brokenhead member Galvin said she wants to know why Sio Silica did not consult First Nations during its first attempt to secure an environmental licence and questioned the sincerity of the company's current effort. "It's a political checkbox that they all have to, we all have to, abide by nowadays, right? It makes them look good," Galvin said. "They're just trying to dot their i's and cross their t's to make everything look like they're following through on consultation, engagement and all these different things with the nearest First Nation." How the mining would work 2 years ago Duration 0:32 How Sio Silica hopes to extract sand from below the surface of southeastern Manitoba. Tangi Bell, who leads a non-Indigenous organization opposed to Sio Silica's extraction plans, called the company's ongoing effort to obtain an environmental licence "simply absurd." Bell, the Springfield-based president of Our Line In The Sand, said if another licence application is filed, she wants the NDP government to ensure the Clean Environment Commission holds a public hearing and provides funding for participants, something she said did not happen when the previous application was considered under the former Progressive Conservative government. The province has not received any new or revised licence applications from the company, according to a spokesperson for Environment and Climate Change. Sio Silica president Devlin said the company intends to file a new application this calendar year. Devlin is also the mayor of East St. Paul, where Brokenhead owns 194 hectares of land, including a three-hectare reserve established two decades ago and another 25-hectare parcel that will become a new Brokenhead reserve. She said she would consider recusing herself from any future East St. Paul decisions related to Brokenhead developments should the First Nation become a formal partner with Sio Silica. Galvin, the Sio Silica opponent, said she does not trust Devlin because she wears both hats. "It's a very clear and open conflict of interest on her part," Galvin said. In a 100-page report issued in May, Manitoba's ethics commissioner determined former Manitoba premier Heather Stefanson and two of her PC cabinet ministers violated the province's conflict-of-interest law and should be fined for pushing for the approval of the Sio Silica proposal after the Tories lost the 2023 election to the NDP. Sio Silica was not sanctioned in that report. What silica mining critics fear 2 years ago Duration 0:31 What critics fear could happen if silica mining in southeastern Manitoba is approved.
Globe and Mail
19-06-2025
- Business
- Globe and Mail
Axi Invites Traders to Explore Their Funded Program With Free, and Early Access Profit-Sharing Perks
SYDNEY, June 19, 2025 (GLOBE NEWSWIRE) -- Leading online FX and CFD broker Axi is bringing back last year's standout promotion in its capital allocation offering, inviting more traders to reap the benefits of Axi Select. Throughout August 2025, all new and existing Axi Select clients in Seed – the first stage of the program – will receive access to $5,000 in trading capital and benefit from a generous 10% profit-sharing opportunity at month's end. This unique promotion allows traders to not only joining the broker's funded trading program for free but to also benefit from an exclusive profit-sharing opportunity – typically unavailable at the first stage. Profit-sharing is traditionally not available at Seed. At this stage, traders focus on solidifying their knowledge and skills using the Axi Select Trading Room and Dashboard. However, once they advance to Incubation – Axi Select's second stage – the structure changes significantly, with traders becoming eligible for a 40% profit-sharing from Axi funds, increasing up to 90% upon reaching the program's top milestone. This limited time offer aims to showcase the tremendous potential of Axi Select to a broader range of talented, ambitious traders. As Greg Rubin, Head of Axi Select, says: ' In August, we invite both new and existing traders to discover the innovation that is Axi Select. Axi Select is not just an empty promise of success – multiple traders have already secured the top funding amount of $1,000,000 USD. Our revolutionary, trader-centric program provides all the tools and support needed to guide your trading journey. ' Participation in the promotion is free and incurs no fees – the main requirements for new traders are to create their Axi Select account, fund it with at least $500, and qualify for the Seed stage before or during the promotional period. Trades placed in one's Axi Select account will be mirrored in their allocation account, where all profits generated from trading activity during this period will be subject to a 10% profit-share – automatically paid out at the end of month. Existing clients in Seed will automatically participate by placing trades between August 1 st and 31 st. Learn more about the Axi Select capital allocation program, here. About Axi Axi is a global online FX and CFD trading company, with thousands of customers in 100+ countries worldwide. Axi offers CFDs for several asset classes including Forex, Shares, Gold, Oil, Coffee, and more. For more information or additional comments from Axi, please contact: mediaenquiries@ The Axi Select program is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available to AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. *Standard trading fees and minimum deposit apply.
Bloomberg
27-05-2025
- Automotive
- Bloomberg
Billionaire-Minting Brazilian Motor Maker Gears Up to Fight Trump Tariffs
It's said that 'dividend days' are the best days of the year in the remote Brazilian town of Jaragua do Sul, population 180,000. That payment, together with a profit-sharing program from electric-motor maker WEG SA, helps to support some 20% of the city's residents, spanning current workers to family members and retirees. The 64-year-old company, founded by an electrician, an accountant and a mechanic, says its own health clinics treat nearly as many patients a year as the city's health system.
CNA
16-05-2025
- Business
- CNA
Singapore Airlines posts record annual profit of S$2.8 billion; staff to get 7.45 months' bonus
SINGAPORE: Singapore Airlines (SIA) reported a record annual net profit on Thursday (May 15), boosted by a one-off gain from the merger of Air India and Vistara, but lower air fares in response to increased competition weighed on operating profit. Singapore's flag carrier said net profit was S$2.78 billion (US$2.14 billion) for the year ended Mar 31, compared with S$2.68 billion a year earlier. The airline group recognised a one-off gain of about S$1.1 billion after completing the merger of its 49 per cent-owned Indian carrier Vistara with Air India last November. Its operating profit fell 37 per cent from a year earlier, however, to S$1.71 billion, as passenger yields - a proxy for airfares - dropped by 5.5 per cent due to stiff competition as airlines globally added capacity. Employees will be rewarded with a profit-sharing bonus of 7.45 months. "This is based on a long-standing formula that has been agreed with our staff unions," SIA said in response to CNA's queries. In the previous financial year, SIA gave its employees 7.94 months' worth of profit-sharing bonus, the highest in the airline's history. While the airline carried a record annual number of passengers and described demand as robust, increased capacity in the industry drove ticket prices down, while fuel and expenditure rose, squeezing profit margins. Following warnings from other carriers world-wide, SIA said US-led tariffs were likely to hit consumer and business confidence and weigh on passenger and cargo markets. Annual cargo revenues rose 4.4 per cent on strong e-commerce and perishables demand, and from disruption to Red Sea shipping, but freight yields fell 7.8 per cent due to increased competition. US carriers such as American Airlines and Delta pulled their forecasts, while Asian major Cathay Pacific said air cargo demand between mainland China and the US was likely to fall. SIA declared a final dividend of 30 Singapore cents per share, lower than 38 Singapore cents declared a year earlier. The Air India-Vistara merger, completed on Nov 12 last year, gives SIA a 25.1 per cent stake in Air India, allowing it to "participate directly in the fast-expanding Indian aviation market", said SIA. On the industry's outlook, SIA said that the global airline industry faces a "challenging operating environment amid changing tariff policies and trade tensions, economic and geopolitical uncertainties, and continued supply chain constraints". The group said it will remain vigilant and closely monitor developments so it is able to react swiftly to market conditions. It also noted that shifts in global passenger and trade flows may create new opportunities for the group due to its "well-diversified global passenger and cargo network".
South China Morning Post
16-05-2025
- Business
- South China Morning Post
Singapore Airlines to pay staff over 7 months' bonus, warns of Trump's tariffs hurting demand
Singapore Airlines Ltd. will reward employees with a profit-sharing bonus worth more than seven months after delivering full-year net income of S$2.78 billion (US$2.1 billion) that beat analyst estimates. Advertisement Employees will be paid 7.45 months' bonus, lower than the 7.94 months received a year ago, The Straits Times reported on Thursday, citing a response from the airline. The smaller bonus payout comes as Singapore Airlines on Thursday warned that tariff and trade tensions on top of broader economic and geopolitical uncertainties could hurt demand for passenger and cargo flights. 'The global airline industry faces a challenging operating environment,' the airline said in a statement. The growing challenges 'may impact consumer and business confidence, potentially affecting both passenger and cargo markets', adding it remained vigilant to adapt to changing market conditions. The company's net income rose 3.9 per cent to S$2.78 billion (US$2.1 billion) in the year ended March 31, higher than analyst estimates for S$2.4 billion. Revenue edged 2.8 per cent higher to a record S$19.5 billion, topping expectations for S$19.3 billion. Advertisement Singapore Airlines' muted final quarter underscores the uncertainty hanging over the carrier for the year ahead. While the airline had been confident about robust travel demand, US President Donald Trump's ever-changing policies have hurt consumer sentiment and upended global trade flows.
