Bank of Canada Boosts Targets for Women, Minorities in Top Roles

(Bloomberg) — The Bank of Canada is undertaking a diversity push that will see it significantly increase the representation of women and visible minorities in senior management over the next decade.

In a notice to staff this month, the Ottawa-based central bank unveiled plans to double the number of senior officers who are visible minorities by 2030, and to raise the number of women in those roles by 45% over the same period. Louise Egan, a spokeswoman at the bank, confirmed the contents of the notice.

Governor Tiff Macklem and the Executive Council are “committed to the ideal that a more diverse and inclusive Bank of Canada is crucial to reflect the society we serve, and that it strengthens us as an organization,” Egan said in an email. “They have made clear that our senior leadership team needs to reflect that diversity.”



graphical user interface, application: Diversity Push


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Diversity Push

The move, if successful, would bring the number of visible minority senior officers to 14 from seven, and the number of female senior officers to 32 from 22.

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There are currently 76 senior officers, including members of Governing Council, the group of policy makers responsible for setting interest rates, as well as the chief operating officer, advisers, managing directors and other senior management in various departments.

That would mean 18% of senior management would be visible minorities and 42% would be women, from 9% and 29% now, according to Bloomberg calculations.

The move comes amid a nationwide focus on diversity, spearheaded by Prime Minister Justin Trudeau, whose Liberal government unveiled a gender balanced cabinet shortly after taking power in 2015. Last month, the government introduced a “diversity challenge” as part of an effort to increase the share of women and minority groups in corporate leadership positions.

There’s currently only one woman on the central bank’s six-member Governing Council, though that spot will soon be vacant. Senior Deputy Governor Carolyn Wilkins is stepping down on Dec. 9, before the end of her seven-year term in May, capping two decades of work at the institution.

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PayPal beats profit estimates as pandemic boosts online shopping

(Reuters) – PayPal Holdings Inc beat Wall Street estimates for quarterly revenue and profit on Monday, driven by a surge in online spending from consumers staying at home due to the COVID-19 pandemic.



logo: FILE PHOTO: The German headquarters of PayPal is pictured at Europarc Dreilinden business park south of Berlin in Kleinmachnow


© Reuters/Fabrizio Bensch
FILE PHOTO: The German headquarters of PayPal is pictured at Europarc Dreilinden business park south of Berlin in Kleinmachnow

However, the e-commerce payments processor forecast current-quarter profit below expectations, sending its shares down more than 6% in extended trade.

For the fourth quarter, PayPal expects adjusted profit to grow in a range of 17% to 18%, while analysts had estimated a growth of about 24%, according to IBES data from Refinitiv.

Video: Paypal beats the top and bottom line in Q3, raises guidance (CNBC)

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The company processed $247 billion in payments during the quarter, up 38% from a year earlier.

On an adjusted basis, PayPal earned $1.07 per share. Analysts had expected it to earn 94 cents per share.

Net income jumped to $1.02 billion, or 86 cents per share, for the quarter ended Sept. 30, from $462 million, or 39 cents per share, a year earlier.

Revenue rose about 25% to $5.46 billion, compared with analysts’ average estimate of $5.43 billion.

(Reporting by Niket Nishant and Eva Mathews in Bengaluru; Editing by Vinay Dwivedi)

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Isle of Wight county hopes gift card match using federal relief funds boosts region’s small businesses



a car parked on the side of the street: A file photo showing a view down Main Street in downtown Smithfield.


© Stephen M. Katz | The Virginian-Pilot/The Virginian-Pilot/TNS
A file photo showing a view down Main Street in downtown Smithfield.

Looking to shop local this holiday season but need a little extra incentive amid a global pandemic that might make one skittish about spending? Isle of Wight County and two of its towns are using federal COVID-19 relief funds to create a matching gift card program to help small businesses.



Victoria, Crown Princess of Sweden wearing a hat: Princess Victoria of Sweden poses during the welcoming ceremony of the President of Romania, Mr Traian Basescu, and his wife, Mrs Maria Basescu at the Royal Palace, in Stockholm, Sweden, on March 11, 2008. Photo by Toni Sica/STELLA PICTURES/ABACAPRESS.COM


© Sica Toni/ABACA PRESS/MCT
Princess Victoria of Sweden poses during the welcoming ceremony of the President of Romania, Mr Traian Basescu, and his wife, Mrs Maria Basescu at the Royal Palace, in Stockholm, Sweden, on March 11, 2008. Photo by Toni Sica/STELLA PICTURES/ABACAPRESS.COM

Isle of Wight County, Smithfield and Windsor have dedicated $100,000 worth of federal CARES Act funding to create the #IsleShopSmall program, led by Isle of Wight County Tourism and Economic Development and coordinated by the Isle of Wight Chamber of Commerce.

From 3 to 8 p.m. on Nov. 10 only, the chamber will sell gift cards to local participating businesses online at www.theisle.org or in person at the Smithfield Visitor Center, and will match each purchase dollar for dollar.

For example, for $20, a shopper will get a $40 gift certificate. Shoppers will be limited to buying no more than five gift vouchers costing $20 each.



Queen Silvia of Sweden et al. posing for the camera: Romanian state visit to Stockholm. Queen Silvia of Sweden welcomes the President of Romania's wife, Mrs Maria Basescu at the Royal Palace, in Stockholm, Sweden, on March 11, 2008. Photo by Toni Sica/STELLA PICTURES/ABACAPRESS.COM


© Sica Toni/ABACA PRESS/MCT
Romanian state visit to Stockholm. Queen Silvia of Sweden welcomes the President of Romania’s wife, Mrs Maria Basescu at the Royal Palace, in Stockholm, Sweden, on March 11, 2008. Photo by Toni Sica/STELLA PICTURES/ABACAPRESS.COM

Gift cards can be redeemed beginning Nov. 27, the Friday after Thanksgiving, and will expire Nov. 10, 2021. Businesses, though, will get the customer’s payment and the matching amount within two weeks, “when cashflow is most crucial,” according to a statement from the organizers.

The businesses must be locally-owned, for-profit enterprises that sell merchandise, food or a service in Isle of Wight County. Franchisees and licensees are included. Participating businesses can apply to join through Oct. 30 online at www.theisle.org. They don’t need to be members of the chamber.



Traian Basescu wearing a suit and tie: King Carl XVI Gustaf welcomes the President of Romania, Mr Traian Basescu at the Royal Palace, in Stockholm, Sweden, on March 11, 2008. Photo by Toni Sica/STELLA PICTURES/ABACAPRESS.COM


© Sica Toni/ABACA PRESS/MCT
King Carl XVI Gustaf welcomes the President of Romania, Mr Traian Basescu at the Royal Palace, in Stockholm, Sweden, on March 11, 2008. Photo by Toni Sica/STELLA PICTURES/ABACAPRESS.COM

Participating businesses must also agree to refund the full amount of the voucher back to the program if it can’t honor it, including if the business closes permanently. The county program would then refund the amount paid to the customer. It’s the only eligible reason for a refund.



Carl XVI Gustaf of Sweden, Queen Silvia of Sweden, Traian Basescu, Victoria, Crown Princess of Sweden posing for a photo: Romanian state visit to Stockholm. King Carl XVI Gustaf, Queen Silvia and Crown Princess Victoria of Sweden welcome the President of Romania, Mr Traian Basescu, and his wife, Mrs Maria Basescu at the Royal Palace, in Stockholm, Sweden, on March 11, 2008. Photo by Toni Sica/STELLA PICTURES/ABACAPRESS.COM


© Sica Toni/ABACA PRESS/MCT
Romanian state visit to Stockholm. King Carl XVI Gustaf, Queen Silvia and Crown Princess Victoria of Sweden welcome the President of Romania, Mr Traian Basescu, and his wife, Mrs Maria Basescu at the Royal Palace, in Stockholm, Sweden, on March 11, 2008. Photo by Toni Sica/STELLA PICTURES/ABACAPRESS.COM

If the $100,000 in matching funds doesn’t run out on Nov. 10, the organizers say a second shopping day will be arranged for

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