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To: Elroy Jetson who wrote (57005)	12/7/2004 4:43:02 PM
From: Taikun	Respond to of 74559

Elroy, Won't happen to Switzerland? Canadian manufacturing sector salaries reflect disparity of regional economies Manufacturing sector salaries reflect disparity of regional economies Canada Montreal, 15 November 2004 Recent gains in the value of the Canadian dollar are forcing Canadian manufacturers to take a hard look at ways to manage labour costs. The competitive positioning of salaries has an impact on an employer’s bottom line. Pay too little and risk losing key staff and declining productivity; pay too much and risk reducing profit margins. Salaries for employees in Canada’s manufacturing sector vary widely across the country, according to the results of a 2004 Compensation Survey by Mercer Human Resource Consulting in partnership with Canadian Manufacturers & Exporters (CME). “The data show that geographical salary differentials are marked, particularly between major metropolitan centres and mid-sized urban areas. The gap in pay levels for similar jobs across the country is as wide as 25% between the highest paying areas like Fort McMurray in Alberta, and the lowest in the Maritimes. Despite that wide range of pay rates, only 40 per cent of companies plan their pay based on regional differentials,” said Danielle Bushen, Principal, Mercer Human Resource Consulting. National Annual Pay Ranges Low High Plant Manager C$93,000 C$127,000 Logistics Manager C$67,000 C$90,000 Shift Supervisor C$50,000 C$69,000 Import/Export Specialist C$45,000 C$61,000 Line Worker C$26,000 C$38,000 *Other factors may also impact pay including: size of company, industry. Mercer Human Resource Consulting The following table outlines the variance in salary levels compared to the national average for select manufacturing and export positions across the country. Above National ----- Fort McMurray 10% Calgary 6% Greater Toronto Area 5% Greater Vancouver 2% Below National ----- Montreal -2% Sarnia -3% Winnipeg -7% Atlantic -13% Although pay scales require more effort to administer when they are defined geographically, such a perspective can create a competitive and sustainable business environment. “Developing effective compensation strategies may mean making choices. Employers may choose to pay at a national average rate in the interest of simplicity and equity across the country,” says Bushen. “On the other hand, supporting a geographically differentiated pay philosophy allows the organization to match pay to local market rates as appropriate, resulting in the potential for a more targeted investment in people across much of the country.” This year’s survey represents pay data from roughly 55,000 employees across Canada in more than 320 positions. For further information or to purchase copies of the survey, visit www.imercer.ca, or call Mercer Global Information Services, 1-800-631-9628. Canadian Manufacturers & Exporters is Canada’s longest-standing business association and the nation’s leading business network. CME, known as the Alliance of Manufacturers & Exporters Canada until October, 2000, was formed through the merger in 1996 of the Canadian Manufacturers Association (CMA) and the Canadian Exporters Association (CEA). Mercer Human Resource Consulting, one of the world’s leading consulting organizations, helps employers create measurable business results through their people. With more than 13,000 employees serving clients from some 150 cities in 41 countries and territories worldwide, the company is part of Mercer Inc., a wholly owned subsidiary of Marsh & McLennan Companies, Inc., which lists its stock (ticker symbol: MMC) on the New York, Chicago, Pacific, and London stock exchanges. Contact: Nancy Altilia Toronto, Canada Tel: (416) 868 2364 Email: Customer Service mercerhr.com D

To: Elroy Jetson who wrote (57005)	12/8/2004 4:33:52 PM
From: Taikun	Read Replies (1) \| Respond to of 74559

Elroy: "The Swiss Franc also dropped significantly after the Swiss unemployment rate rose to 3.9 pct in November from 3.7 pct in October, increasing market speculation that the Swiss National Bank will leave the cost of borrowing unchanged at its Dec 16 meeting" LONDON (AFX) - The dollar continued to rise on consolidation after its recent sharp falls, with the prospect of interest rate hikes by the US Federal Reserve returning to the fore after rates in Canada and Australia were left unchanged The dollar's gains began after the Bank of Canada announced yesterday it was leaving interest rates unchanged at 2.5 pct and issued what the market perceived as a dovish accompanying statement. The Canadian dollar is currently trading at around 1.22 against the US dollar, falling sharply from around 1.95 just before yesterday's rate announcement "This move in the Canadian dollar seems to have led the dollar reversal pattern," said HSBC analyst Clyde Wardle The BoC made it clear that the Canadian currency's sharp appreciation against its US counterpart was the major factor in its decision to leave rates unchanged. If exchange rates were to persist at current levels, and all other variables remained equal, "there would be a dampening effect on aggregate demand for Canadian goods and services," the BoC said A drop in commodity prices, the BoC's decision and this morning's announcement by the Reserve Bank of Australia that it is also leaving rates unchanged, left the Canadian, Australian and New Zealand dollars -- the so-called 'commodity currencies' -- the biggest fallers of the day Meanwhile, weak Japanese economic growth figures released this morning also helped pull down the yen The Cabinet Office in Tokyo revealed this morning that Japan's July-September GDP data grew a revised real 0.1 pct from the previous quarter. On an annualized basis, growth was revised down to just 0.2 pct from an already anemic 0.3 pct Among European currencies, today provided good opportunities for profit-taking after the euro reached a record high of 1.3467 usd and after sterling recently hit a 12-year high, coming ever closer to the 2 usd mark The Swiss Franc also dropped significantly after the Swiss unemployment rate rose to 3.9 pct in November from 3.7 pct in October, increasing market speculation that the Swiss National Bank will leave the cost of borrowing unchanged at its Dec 16 meeting