The Globe and Mail - 21.10.2019

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Barrick Gold Corp.said on Sunday it had
reached a deal to settle a long-running tax
dispute between Tanzania and mining
group Acacia, which Barrick bought in a
US$1.2-billion transaction approved by a
British court last month.
The tax deal includes the payment of
US$300-million to settle outstanding tax
and other disputes, the lifting of a concen-
trate export ban, and the sharing of future
economic benefits from mines on a 50-50
basis, Barrick said in a statement Sunday.
“Barrick is definitely back in Tanzania,”
Barrick president and chief executive
Mark Bristow told reporters in Dar es Sa-
laam, Tanzania’s commercial capital. “A
true partnership can only be described
when you have 50-50 and our joint ven-
ture with thegovernment of Tanzania is
exactly that – a committed partnership to
develop Tanzania’s gold assets for the
benefit of all stakeholders,” Mr. Bristow
said.
A new operating company named Twi-
ga Minerals will be formed to manage the
Bulyanhulu, North Mara and Buzwagi
mines after a review by Tanzania’s Attor-
ney-General, the statement added.
Under the agreement, the Tanzanian
government will also buy a 16-per-cent
shareholding in each of the mines. “This
company has been registered in Tanzania
and it will be headquartered in Mwanza,
Tanzania,” Palamagamba Kabudi, Tanza-
nia’s Foreign Minister said.
Mr. Kabudi, speaking at the news con-
ference, said the deal marked a new part-
nership with Barrick under the new Twiga
Minerals name. “Twiga will make our new
partnership an example to other mining
ventures who are investing in Tanzania
and who want to invest in Tanzania.” He
said he expected the Attorney-General’s
review to be completed by Nov. 15.
An Africa-focused international dis-
pute resolution framework will also be es-
tablished as part of the agreement, Bar-
rick said. The deal comes days after the
Canadian company fell short of analysts’
estimates for third-quarter gold produc-
tion due to low output at its North Mara
mine in Tanzania.

REUTERS

BarrickGold

settlestaxdispute

withTanzania

overAcaciaMining

SABAHATJAHANCONTRACTOR
BENGALURU,INDIA
NUZULACKDAUSEN
DARESSALAAM,TANZANIA

OTTAWA/QUEBECEDITION ■ MONDAY,OCTOBER21,2019 ■ GLOBEANDMAIL.COM

Technology advances are upending tens

of thousands of jobs across the global fi-

nancial sector, including at Canada’s big

banks.

As global banks unveiled plans to slash

tens of thousands of jobs this year, those

in Canada held staffing levels fairly stea-

dy. But that doesn’t mean this country

has been immune to the forces of auto-

mation and artificial intelligence that are

reshaping banking around the world.

Beneath the surface, there are tectonic

shifts under way in the nature of work

and the kinds of skills Canada’s banks

need. Experts predict that as many as a

third of all Canadian bank employees face

a substantial possibility that their jobs

will change meaningfully – or in some

cases, disappear altogether. In response,

bank executives are trying to assuage

fears of disruption by focusing on the po-

tential to replace rote tasks with more

productive and rewarding work.

But Canadian banks are also grappling

with how to prepare employees for the

transition.

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CHRISDONOVAN/THEGLOBEANDMAIL

ly to make affordability worse. Artifi-

cially boosting demand risks exacerbat-

ing a shortage of available homes for

sale in some areas.

Yes, real-estate prices have risen dra-

matically in cities such as Toronto and

Vancouver in recent years. It’s also true

that affordable rental units are hard to

find in many markets.

But the evidence does not support

the notion that Canada is facing a home

ownership crisis worthy ofgovernment

intervention.

More than 66 per cent of Canadian

households currently own their home,

according to TradingEconomics.com.

That is down from a peak of 69 per cent

in 2011. But it’s still higher than in most

other developed countries.

Canada’s rate of home ownership is

more than two full percentage points

I

t’s human nature for people to see a

problem and want to fix it.

Take the housing market, for ex-

ample. All of the main parties, in-

cluding the Liberals and Conservatives,

campaigned hard in this election on the

promise of making homes more affor-

dable.

And with sales and prices rising

again in many of the country’s hottest

housing markets, anew government

will be tempted to act early in its man-

date.

That’s unfortunate. Meddling in the

real-estate market – by making it easier

for people to buy homes – is just as like-

higher than in the United States, where

there are generous tax incentives, in-

cluding the ability to deduct mortgage

interest from their taxable income.

Even in Toronto and Vancouver – the

least affordable markets in Canada –

home ownership rates are near the top

among major cities around the world,

the Royal Bank of Canada pointed out

in a recent report.

Ownership rates in those cities are

double what they are in Paris and Ber-

lin.

Younger buyers are also doing pretty

well compared with their peers else-

where.

The ownership rate among under-35-

year-olds in Canada was 43.1 per cent in

2016, or nearly 10 percentage points

higher than in the U.S.

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[TECHNOLOGY]

Boeing Co.said on Sunday that it regrets
and understands concerns raised by the
release of a former Boeing test pilot’s in-
ternal instant messages noting erratic
software behaviour two years before
deadly crashes of its 737 Max jet.
The world’s largest plane maker,
plunged into a fresh crisis over the safety
of the banned 737 Max after Reuters re-
ported the messages on Friday, also said it
was investigating the “circumstances of
this exchange” and regretted the difficul-
ties that the release of messages present-
ed for the U.S. Federal Aviation Adminis-
tration.
The FAA on Friday ordered Boeing
chief executive Dennis Muilenburg to give
an “immediate” explanation for the delay
in turning over the “concerning” docu-
ment, which Boeing discovered some
months ago.
In the messages from November, 2016,
then-chief technical pilot Mark Forkner
tells a colleague that what’s known as the
MCAS anti-stall system was “running ram-
pant” in a flight-simulator session.
At another point, he says: “I basically
lied to the regulators (unknowingly).”
The messages prompted a new call in
the U.S. Congress for Boeing to shake up
its management as it scrambles to rebuild
trust and lift an eight-month safety ban of
its fastest-selling plane.
“We understand entirely the scrutiny
this matter is receiving, and are commit-
ted to working with investigative author-
ities and the U.S. Congress as they contin-
ue their investigations,” Boeing said.
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