Embracing its mission to enhance the value of union membership and support a stronger labour movement, Carmen Principato Scholarship Program has supported working families pursuing post-secondary education and has provided more than $112,000.00 to help fulfill the educational dreams of students.
With college tuition costs skyrocketing, students from union families enrolled in either a University or College have applied and this year three University students were awarded $2,000.00 each and one College student was awarded $1,000.00.
The following recipients were chosen by an independent committee comprised of professional people who graciously donated their time with the selection of four scholarship award winners who demonstrated academic ability, community involvement, extracurricular activities and a 500 word essay. The committee consisted of:
Mr. Joe Pantalone, Deputy Mayor and Councillor, City of Toronto;
Mr. Rob Gibson, Labour Lawyer, Gibson & Barnes LLP;
Mr. Gerry Varricchio, LIUNA Regional Organizing Director;
Mr. Brian Foote, Past Director of Labour Relations, Toronto General Contractors Section;
Mr. Rich Catan, Managing Director, Halton Indoor Climate Systems Ltd.
With thank you with great sincerity
Local 506 is proud to announce the winners of the 2008 Carmen Principato Scholarship Fund:
LILIANA COSTA
• Currently attending Seneca College and daughter of our Member Antonio Da Silva Costa, who is employed by Aviance Forming Ltd., working in our Construction Sector.
NATALIE GLOWACKI
• Studying the Bachelor of Business Administration, she is the daughter of our Member Teodor Glowacki, working for GES Canada in our Exhibit and Display Sector.
ARUP NATH
• Second time recipient attending the University of Toronto, studying Double-Major in Human Physiology and Human Biology, Minor in English. He is the son of our Member Anjana Nath, who is employed by Centreplate/Servomation, in our Hospitality Sector.
SIMON UTKALA
• Attending York University. He is studying the Bachelor of Business Administration and is the son of our Member Edward Utkala employed at Ontario Promotional Services in our Exhibit and Display Sector.
Congratulations to the 2008 Scholarship Winners!
Local 506 would like to thank all those who applied and encourage you to keep up the good work. In order to apply again next year, you must be a son or daughter of a Local 506 Member in good standing and must be accepted into an accredited college or university.
HOW HAS THE INCREASE IN COST OF FUEL AFFECTED OUR ECONOMY
The following is an extract of an essay submitted by Natalie Glowacki the daughter of our Member Teodor Glowacki, employed by GES Canada, working in our Exhibit and Display Sector. Natalie was one of our Recipients for the Carmen Principato Scholarship Fund. We are pleased to publish Natalie‘s essay:
With the onset of globalization during the 21st century, the world has seen tremendous advances making distances shorter, people smarter, and lives better. Despite positive outcomes, globalization has been the culprit behind many negative externalities, including global warming and resource depletion. The theory of supply and demand explains that increases in demand for products – as seen with the onset of globalization and the demand for oil – consequently raise prices. Just like the ripple effect, rising gas prices have a tremendous short and long term impact on our economy, reaching many stakeholders. A report produced at PricewaterhouseCoopers LLP states that, ‘With oil at $100 per barrel or higher, there is a very significant and permanent economic shift that will take place in Canada.’
In June 2008, Statistics Canada reported a 3.1 % increase in inflation from 2007, due to rising gas prices. This was the largest increase since September 2005, when Hurricane Katrina reeked havoc and disrupted oil supply. Time and again, economists including Alan Greenspan have warned of the inflationary impact of higher oil prices. Rising as prices have a profound impact on almost any product consumed today, thus causing inflation.
Rising gas price negatively affect profit margins of numerous companies, especially those in the transportation industry (air, ocean, rail, and road) and those that require gas for production. Moreover, as companies attempt to cut costs to maintain profitability, they begin to layoff employees. For instance, the U.S. aviation industry has fallen victim to soaring gas prices and could spend $17 billion more on fuel this year than 2007. In June 2008, American Airlines announced plans to cut 12% of its workforce. This has a catastrophic impact on the economy-unemployment rates will inevitable increase should this continue.
To better determine the direct impact on industries, an interview was conducted with management at a leading Canadian transportation company. “The effects of rising as prices have affected the entire the company, from the running of daily operations to the ultimate bottom line,” says the senior manager.
As companies raise prices, consumers’ disposable incomes become squeezed. Consumers hence decrease discretionary spending, purchasing necessities only; society has changed purchase decisions, hurting the economy badly. In a Gallup Poll performed in June, over sixty percent of respondents were dramatically affected by rising gas prices.
The government is also affected, mainly through increased tax revenue, which may be injected back into the economy. This is beneficial for infrastructure, roads, and other public services.
Even though small peaks and troughs in oil prices are normal, we are faced with a global problem due to drastic increases. While some say that we now need to re-localize to reduce the distance between producer and consumer, there are positive effects of rising prices. Most importantly, there may be a push towards alternative energy sources. Research and development into renewable energy is increasing as an alternative to oil, presenting an opportunity to companies to develop and commercialize new technologies, as supported by Industry Canada. Tapping into the renewable energy market represents tremendous potential to boost the economy through an influx of new businesses, jobs, and services. Good or bad, it is indisputable that the economic shift will be tremendous – the ripple effect will be felt by everyone.
Natalie Glowacki
