MEDIA: CBC News Network Weekend Business Panel (March, 2022)
On a difficult news week, pleased to join the CBC News Network Weekend Business Panel, alongside Elmer Kim, Sherena Hussain, and John Northcott, discussing the impact of the Russian invasion of the Ukraine, a sovereign nation. As a Canadian of Ukrainian descent, I have known since my childhood that Ukrainians are strong and resilient people; something that is being witnessed on the world stage in circumstances that are hard to imagine in 2022.
- For as many companies that have taken steps to cease business dealings with Russia, there are even more who have been silent on this crisis thus far. Expect customers and other stakeholders to bring attention to these companies in the days ahead (and for those who are not happy with a company’s lack of action on this issue, customers have the ultimate power to take their business elsewhere).
- Here in Canada, inflation arising out of issues such as the supply chain crisis and COVID19 has received a lot of attention over the past several months. As global companies cease business relations with Russia, we are reminded of its prominence in the oil and gas industry and what the price impact could be for Canadians. We have seen price increases at the pumps in recent days and can expect this to continue.
- It is important to recognize, however, that rising gas prices should not mean an abandonment of green energy initiatives, as this is the way of the future. Concerns about climate change and the environment should not dissipate because of Russia’s actions against Ukraine. Rather, we are reminded of an important business strategy for managing risk: diversification. Although transition to green energy is not something that will occur overnight, diversification of energy supply is something that all countries should keep in mind, as experts have indicated that the way to impact Russian leadership is through its oil and gas industry.
- In times of inflation and rising interest rates, Canadians should follow credible news sources and consider their own financial situation. As we are witnessing with Ukrainians who are living through horrendous circumstances, resourcefulness and resilience are important strategies for managing through difficult times.
Thinking of everyone in the Ukraine, including those who have made the difficult journey to a safer location, often leaving family members and friends behind; it is hard to imagine what a nightmare this must be. For those who would like to help, remember that the Canadian government is matching donations to the Red Cross Ukraine Humanitarian Crisis Appeal until March 18, 2022; more information about donating can be found here, CanadaHelps, or seek out ways to support from your own community.
Thanks for watching; here’s to better days ahead. We see you, Ukraine.
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