TORONTO, June 27, 2014 /PRNewswire/ — Royal Bank of Canada (RY on TSX and NYSE) today announced that it has completed the previously announced sale of RBC Royal Bank (Jamaica) Limited and RBTT Securities Jamaica Limited (collectively “RBC Jamaica”) to Sagicor Group Jamaica Limited.

As previously disclosed, RBC will record a further loss on sale of its operations of approximately C$37 million before and after tax, which includes an unrealized loss on foreign currency translation (C$45 million as at April 30, 2014). The net loss is subject to change and will be reflected in the results for the third quarter ending July 31, 2014. RBC will release its third quarter 2014 results and host an earnings conference call on August 22, 2014.

About RBC

Royal Bank of Canada is Canada’s largest bank, and one of the largest banks in the world, based on market capitalization. We are one of North America’s leading diversified financial services companies, and provide personal and commercial banking, wealth management services, insurance, investor services and capital markets products and services on a global basis. We employ approximately 79,000 full- and part-time employees who serve more than 16 million personal, business, public sector and institutional clients through offices in Canada, the U.S. and 42 other countries. For more information, please visit rbc.com.

Forward-Looking Statements
Certain statements contained in this press release may be deemed to be forward-looking statements within the meaning of certain securities laws, including the “safe harbour” provisions of the United States Private Securities Litigation Reform Act of 1995 and any applicable Canadian securities legislation. These forward-looking statements include, but are not limited to, statements with respect to the loss relating to the sale of RBC Jamaica expected to be reflected in our third quarter 2014 financial results. Forward-looking statements are typically identified by words such as “believe”, “expect”, “foresee”, “forecast”, “anticipate”, “intend”, “estimate”, “goal”, “plan” and “project” and similar expressions of future or conditional verbs such as “will”, “may”, “should”, “could” or “would”.

By their very nature, forward-looking statements require us to make assumptions and are subject to inherent risks and uncertainties, which give rise to the possibility that our predictions, forecasts, projections, expectations or conclusions will not prove to be accurate, that our assumptions may not be correct and that our forward-looking statements, including statements about the loss relating to the sale of RBC Jamaica expected to be reflected in our third quarter 2014 financial results, will not be achieved. We caution readers not to place undue reliance on these statements as a number of risk factors could cause our actual results to differ materially from the expectations expressed in such forward-looking statements. These factors – many of which are beyond our control and the effects of which can be difficult to predict – include: credit, market, liquidity and funding, insurance, regulatory compliance, operational, strategic, reputation and competitive risks and other risks discussed in the Risk management and Overview of other risks sections of our 2013 Annual Report; the impact of regulatory reform; the business and economic conditions in Canada, the United States and certain other countries in which we operate; the effects of changes in government fiscal, monetary and other policies; and judicial or regulatory judgments and legal proceedings.

We caution that the foregoing list of risk factors is not exhaustive and other factors could also adversely affect our results. When relying on our forward-looking statements to make decisions with respect to us, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. Additional information about these and other factors can be found in the Risk management and Overview of other risks sections of our 2013 Annual Report and the Risk management section of our Q2 2014 Report to Shareholders. Material economic assumptions underlying the forward looking statements contained in this press release are set out in our 2013 Annual Report under the heading Overview and outlook and for each business segment under the heading Outlook and priorities as updated under the heading Economic, market and regulatory review and outlook in our Q2 2014 Report to Shareholders. Except as required by law, we do not undertake to update any forward-looking statement contained in this press release.

For more information, please contact:

Investor Relations Contacts:
Robert Poole, Investor Relations, [email protected], +1-416-955-7809

Media RelationsContacts:
Wojtek Dabrowski, Corporate Communications, [email protected], +1-416-974-3718

SOURCE RBC; Royal Bank of Canada; RRYIR

BAKERSFIELD, Calif., June 26, 2014 /PRNewswire-HISPANIC PR WIRE/ — Cal/OSHA cited industrial service provider Shar-Craft Inc. following an investigation of a flash fire inside a metal tank that resulted in serious burns to an industrial painter. Cal/OSHA cited the employer for knowingly using an unauthorized electric lamp while the painter was working in an explosive atmosphere, for not having a permit to work in a confined space and for not having the proper ventilation or protective equipment for such a hazardous space, among other violations. Total proposed penalties are $82,090. 

On December 17, 2013, the worker was spraying a flammable coating on the inside walls of a large steel tank when a fire was ignited by a portable halogen light.  The 37-year-old Shafter man was rescued but spent three days in the Burn Unit of the San Joaquin Community Hospital.

“This was a preventable accident,” said Christine Baker, Director of the Department of Industrial Relations (DIR). “The employer was aware that working inside the confined space was dangerous but did not take the required steps to avoid putting workers at serious risk.” The Division of Occupational Safety and Health, known as Cal/OSHA, is a division of DIR. 

Confined spaces are defined as large enough for workers to enter, but have limited openings for exit and entry, with a potential for hazards related to the atmosphere and space. They are found in multiple industries, and include water and sewer pipes, boilers, silos, kilns, vaults, tunnels and pumping stations. They can also be deadly. In 2011, there were seven confined space fatalities in California; one fatality and two injuries resulted from attempted rescues. In response, Cal/OSHA launched a confined space emphasis program in 2012 to raise awareness of these hazards and ensure employers follow proper safeguards. This safety program includes training in identifying hazards, creating a safety plan and rescue procedures.

Cal/OSHA’s investigation found Shar-Craft Inc. did not meet the requirements for working in a confined space. Cal/OSHA cited the Shafter-based company on June 16 for one willful serious accident-related violation and three serious violations related to the lack of required entry permit for confined spaces, lack of proper equipment and inadequate training for employees working in the tank. Twelve additional citations were issued for a range of general violations, including failure to report the serious work-related injury within eight hours of the accident (which was reported four days later). 

“The purpose of requiring confined space entry permits is to prevent trouble before work begins,” said Cal/OSHA Acting Chief Juliann Sum. “This case involved flammable vapors that needed to be monitored and diluted to safe levels, and a lamp approved for this type of operation was required to avoid bringing a source of ignition into a flammable atmosphere.”  

For more resources on creating safe working conditions in confined spaces, or to learn about California workplace health and safety standards, visit the Cal/OSHA website.  The Cal/OSHA Consultation Program provides free and voluntary assistance to employers and employee organizations to help improve health and safety programs.  Employers are encouraged to call (800) 963-9424 for assistance from the Cal/OSHA Consultation Program. 

Employees with work-related questions or complaints may call the toll-free California Workers’ Information Line at (866) 924-9757 for recorded information, in English and Spanish.

Additional information about Cal/OSHA is available on our website as well as on Facebook and Twitter.

For media inquiries contact Erika Monterroza at (510) 286-1164 or Peter Melton at (510) 286-7046.

Twitter @CA_DIR 
Facebook

SOURCE California Department of Industrial Relations, Cal/OSHA