Investment

PHF’s Tumminia on impact of new investment: ‘I think it’s a watershed moment’ – Sportsnet.ca

Published

3 years ago

January 18, 2022

After the announcement of a significant investment that will directly impact Premier Hockey Federation player salaries and benefits, PHF commissioner Tyler Tumminia said she views Tuesday’s news as a landmark moment for women’s hockey.

The PHF made public the details of its board of governors’ investment earlier Tuesday — a $25-million infusion that will see $7.5 million directed toward the coming 2022-23 season — along with the wide-reaching impact of that added sum. The league’s salary cap will rise 150 per cent, from $300,000 to $750,000. Players will receive full healthcare benefits and 10 per cent equity in their teams. The league will add two more teams to the mix as well, expanding to Montreal and an American city yet to be revealed. Past that, the impact of the added funds will allow the PHF to update facilities, purchase new equipment, and expand their season to a 28-game schedule.

“I think it’s a watershed moment for athletes,” Tumminia said of the news Tuesday, speaking with Sportsnet 590 The FAN’s Jeff Marek. “Not only our PHF athletes, but just women athletes in hockey in general. You know, this is an investment that supports everything that we all want to see, and that’s enhanced opportunities for the athlete to take the sport to the next level.”

The ability to offer full healthcare benefits, in particular, is an historic step forward for her league and sport, Tumminia said.

“That is our owners committing very loudly and strongly with their group investment to help with getting them to that next step, and that includes health benefits,” she told Marek. “I think it’s a game changer. You know, it’s never been done here in women’s hockey before, so I think it was imperative to do that and to offer that to the athletes.”

The Jeff Marek Show

Next Steps for the Habs + PHF Commissioner Tyler Tumminia

January 18 2022

The PHF has undergone plenty of changes during what’s been a transformative period for the league, with Tumminia at the centre of much of it.

In early 2020, the former baseball executive came over to the hockey world to take on a role with the newly-created Toronto Six’s front office. In October 2020, she was named the league’s interim commissioner. Tumminia announced the league was doubling its salary cap, from $150,000 to $300,000, in April 2021. By June, the PHF had sold all of its formerly league-operated teams to independent ownership groups. Tumminia shed the interim tag in August, becoming the permanent commissioner of the league, known at the time as the National Women’s Hockey League. In September, the league officially rebranded to the PHF.

Tuesday’s announcement represents the latest positive step in that transformation, the commissioner told Marek.

“We’ve spent the past 18 months truly just strengthening all facets of our organization,” Tumminia said, “with private ownership, office staff, team leadership, and redefining our league a couple of months ago through a rebrand. So, it’s definitely been an exciting new era for the last couple of months here.”

Among the most unique details announced Tuesday was the fact that players will be granted 10 per cent equity in their teams. According to Tumminia, the gesture is one aimed at moving the sport forward collectively.

“It’s basically saying, ‘Hey, look, we want to grow this together. We want you to be a part of it,’” Tumminia explained. “Oftentimes in sports, if you keep players on one side and ownership on the other side, you get this divide. What we’re saying here, what the owners are saying, is ‘We want you to be part of the fabric. We want you to grow this with us, and grow in the investment, and capitalize on the investment as well.’”

Listen to the full interview with PHF commissioner Tyler Tumminia and Sportsnet 590 The FAN’s Jeff Marek via the audio player embedded in this post.

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Investment

Tesla shares soar more than 14% as Trump win is seen boosting Elon Musk’s electric vehicle company

Published

3 days ago

November 6, 2024

Anne Joseph

NEW YORK (AP) — Shares of Tesla soared Wednesday as investors bet that the electric vehicle maker and its CEO Elon Musk will benefit from Donald Trump’s return to the White House.

Tesla stands to make significant gains under a Trump administration with the threat of diminished subsidies for alternative energy and electric vehicles doing the most harm to smaller competitors. Trump’s plans for extensive tariffs on Chinese imports make it less likely that Chinese EVs will be sold in bulk in the U.S. anytime soon.

“Tesla has the scale and scope that is unmatched,” said Wedbush analyst Dan Ives, in a note to investors. “This dynamic could give Musk and Tesla a clear competitive advantage in a non-EV subsidy environment, coupled by likely higher China tariffs that would continue to push away cheaper Chinese EV players.”

Tesla shares jumped 14.8% Wednesday while shares of rival electric vehicle makers tumbled. Nio, based in Shanghai, fell 5.3%. Shares of electric truck maker Rivian dropped 8.3% and Lucid Group fell 5.3%.

Tesla dominates sales of electric vehicles in the U.S, with 48.9% in market share through the middle of 2024, according to the U.S. Energy Information Administration.

Subsidies for clean energy are part of the Inflation Reduction Act, signed into law by President Joe Biden in 2022. It included tax credits for manufacturing, along with tax credits for consumers of electric vehicles.

Musk was one of Trump’s biggest donors, spending at least $119 million mobilizing Trump’s supporters to back the Republican nominee. He also pledged to give away $1 million a day to voters signing a petition for his political action committee.

In some ways, it has been a rocky year for Tesla, with sales and profit declining through the first half of the year. Profit did rise 17.3% in the third quarter.

The U.S. opened an investigation into the company’s “Full Self-Driving” system after reports of crashes in low-visibility conditions, including one that killed a pedestrian. The investigation covers roughly 2.4 million Teslas from the 2016 through 2024 model years.

And investors sent company shares tumbling last month after Tesla unveiled its long-awaited robotaxi at a Hollywood studio Thursday night, seeing not much progress at Tesla on autonomous vehicles while other companies have been making notable progress.

Tesla began selling the software, which is called “Full Self-Driving,” nine years ago. But there are doubts about its reliability.

The stock is now showing a 16.1% gain for the year after rising the past two days.

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Investment

S&P/TSX composite up more than 100 points, U.S. stock markets mixed

Published

3 weeks ago

October 16, 2024

Anne Joseph

TORONTO – Canada’s main stock index was up more than 100 points in late-morning trading, helped by strength in base metal and utility stocks, while U.S. stock markets were mixed.

The S&P/TSX composite index was up 103.40 points at 24,542.48.

In New York, the Dow Jones industrial average was up 192.31 points at 42,932.73. The S&P 500 index was up 7.14 points at 5,822.40, while the Nasdaq composite was down 9.03 points at 18,306.56.

The Canadian dollar traded for 72.61 cents US compared with 72.44 cents US on Tuesday.

The November crude oil contract was down 71 cents at US$69.87 per barrel and the November natural gas contract was down eight cents at US$2.42 per mmBTU.

The December gold contract was up US$7.20 at US$2,686.10 an ounce and the December copper contract was up a penny at US$4.35 a pound.

This report by The Canadian Press was first published Oct. 16, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

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Economy

S&P/TSX up more than 200 points, U.S. markets also higher

Published

4 weeks ago

October 11, 2024

Anne Joseph

TORONTO – Canada’s main stock index was up more than 200 points in late-morning trading, while U.S. stock markets were also headed higher.

The S&P/TSX composite index was up 205.86 points at 24,508.12.

In New York, the Dow Jones industrial average was up 336.62 points at 42,790.74. The S&P 500 index was up 34.19 points at 5,814.24, while the Nasdaq composite was up 60.27 points at 18.342.32.

The Canadian dollar traded for 72.61 cents US compared with 72.71 cents US on Thursday.

The November crude oil contract was down 15 cents at US$75.70 per barrel and the November natural gas contract was down two cents at US$2.65 per mmBTU.

The December gold contract was down US$29.60 at US$2,668.90 an ounce and the December copper contract was up four cents at US$4.47 a pound.

This report by The Canadian Press was first published Oct. 11, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

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