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Abitibi CEO forgoes bonus

MONTREAL—AbitibiBowater’s chief executive is foregoing an annual bonus of $1.7 million this year as the forest products producer appeals for help from employees and communities to lower fixed costs.

Among the challenges the company faces is a planned 11 percent reduction in AbitibiBowater’s lumber harvesting rights in Quebec as of April 1, 2013.

Don’t rush to diversify

Investors constantly are being bombarded by a mantra-like litany to diversify their holdings.

Any objective observer should acknowledge this is a cop-out. Instead, what is essential is to determine if the possible loss in an investment situation is greater than the amount of a possible return.

Rafferty tables severence bill

Thunder Bay-Rainy River MP John Rafferty today tabled Bill C-338, which will better protect the severance and termination of workers when their employer enters bankruptcy proceedings.

“The tabling of this bill is the fulfillment of a promise that I made to former Buchanan workers some time ago to seek justice on their behalf moving forward,” Rafferty said.

Hydro rates going up

Time-of-use (TOU) hydro rates for residential and small business consumers, including those of the Fort Frances Power Corp., are going up as of Nov. 1, the Ontario Energy Board (OEB) reported Monday.

In a press release, the OEB said the TOU prices are changing as follows:

Effective philanthropy needed

So often when the telephone rings, it is a telemarketer asking for a charitable donation.

Whether or not the cause is worthwhile is not all that evident. The question, obviously, is will that giving do any good?

Is our philanthropic tradition as helpful as we believe? Superficially, our practice seems intact—even now despite the financial crisis.