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Canada could help wean Europe from Russian oil and gas by shipping clean hydrogen

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OTTAWA — Canada could ship clean hydrogen to Europe in the future to help wean it from its dependency on Russian oil and gas, say federal ministers.

At meetings with G7 counterparts in Berlin this week, Natural Resources Minster Jonathan Wilkinson and Environment Minister Steven Guilbeault said Canada is investing in the development of clean hydrogen, which could help Europe reduce its reliance on Vladimir Putin’s regime for energy.

Canada also played a key role in persuading the G7 — which includes the United States — to phase out international financing of fossil fuel projects by the end of the year, the federal government said. Canada made its own commitment to do so at the COP26 climate-change conference in Glasgow last year.

The pledge at the G7 meeting was part of a package of measures agreed upon to combat climate change, including global action to phase out coal-fired power.

Wilkinson and Guilbeault also pushed for a G7 “hydrogen action pact,” focused on the role hydrogen can play as a clean energy source for the future.

The government has been supporting the development of clean hydrogen, a low-carbon fuel, including in Atlantic Canada, which is closer to Europe than Alberta and Saskatchewan, making it easier to ship.

“Canada remains steadfast in leading the global energy markets and security to ensure support for the international community,” Wilkinson said in a statement.

European countries, including Germany, have made it clear they want to be less reliant on Russian oil and gas.

Earlier this month, EU president Ursula von der Leyen announced a plan to phase out all Russian oil from Europe by early next year, in protest of Putin’s invasion of Ukraine. But Hungary, which is heavily reliant on Russian fossil fuel, has been opposing the move.

In an interview from Berlin, Guilbeault said “in the short term,” Canada may be able to supply European countries with liquefied natural gas as an alternative to energy from Russia.

But “in the middle or long term,” Canada could play a crucial part in supplying Europe with hydrogen.

“Germany, for example, is dependent 55 per cent on Russian gas, and they don’t want that any more. They wanted to diminish and eliminate dependencies to Russian gas,” he said.

Guilbeault said Canada is already one of the largest producers of hydrogen in the world.

“We can be a player, an important player in the hydrogen economy if we seize those opportunities,” he said.

After the meeting ended he said in a statement: “G7 leaders have clearly said that securing energy security and fighting climate change are mutually reinforcing goals.”

The G7 is made up of Canada, France, Germany, Italy, Japan, the United Kingdom and the United States, with the European Union also attending meetings.

In Berlin, G7 nations made significant progress on the global phaseout of coal-fired power, and decarbonizing electricity systems by 2035, the federal government said.

David Ryfisch, international climate policy lead at advocacy group Germanwatch, said the “decarbonization” of electricity sectors “represents a major breakthrough and a clear signal for more renewables and energy efficiency investments.”

“What is lacking is an explicit date for a coal phaseout,” he said. “In order to be able to put pressure on other major emitters to get out of coal, the G7 needs to be very clear that they will end coal by 2030.”

G7 members agreed to double climate financing to help developing countries become greener, as part of the $100-billion commitment.

Guilbeault also argued at the G7 for measures to protect biodiversity and a new legally-binding global agreement to reduce plastic waste.

Last year, the environment minister announced plans to ban harmful single-use plastics in Canada.

This report by The Canadian Press was first published May 27, 2022.

 

Marie Woolf and Mia Rabson, The Canadian Press

 

 

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Canada Goose to get into eyewear through deal with Marchon

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TORONTO – Canada Goose Holdings Inc. says it has signed a deal that will result in the creation of its first eyewear collection.

The deal announced on Thursday by the Toronto-based luxury apparel company comes in the form of an exclusive, long-term global licensing agreement with Marchon Eyewear Inc.

The terms and value of the agreement were not disclosed, but Marchon produces eyewear for brands including Lacoste, Nike, Calvin Klein, Ferragamo, Longchamp and Zeiss.

Marchon plans to roll out both sunglasses and optical wear under the Canada Goose name next spring, starting in North America.

Canada Goose says the eyewear will be sold through optical retailers, department stores, Canada Goose shops and its website.

Canada Goose CEO Dani Reiss told The Canadian Press in August that he envisioned his company eventually expanding into eyewear and luggage.

This report by The Canadian Press was first published Sept. 19, 2024.

Companies in this story: (TSX:GOOS)

The Canadian Press. All rights reserved.

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A timeline of events in the bread price-fixing scandal

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Almost seven years since news broke of an alleged conspiracy to fix the price of packaged bread across Canada, the saga isn’t over: the Competition Bureau continues to investigate the companies that may have been involved, and two class-action lawsuits continue to work their way through the courts.

Here’s a timeline of key events in the bread price-fixing case.

Oct. 31, 2017: The Competition Bureau says it’s investigating allegations of bread price-fixing and that it was granted search warrants in the case. Several grocers confirm they are co-operating in the probe.

Dec. 19, 2017: Loblaw and George Weston say they participated in an “industry-wide price-fixing arrangement” to raise the price of packaged bread. The companies say they have been co-operating in the Competition Bureau’s investigation since March 2015, when they self-reported to the bureau upon discovering anti-competitive behaviour, and are receiving immunity from prosecution. They announce they are offering $25 gift cards to customers amid the ongoing investigation into alleged bread price-fixing.

Jan. 31, 2018: In court documents, the Competition Bureau says at least $1.50 was added to the price of a loaf of bread between about 2001 and 2016.

Dec. 20, 2019: A class-action lawsuit in a Quebec court against multiple grocers and food companies is certified against a number of companies allegedly involved in bread price-fixing, including Loblaw, George Weston, Metro, Sobeys, Walmart Canada, Canada Bread and Giant Tiger (which have all denied involvement, except for Loblaw and George Weston, which later settled with the plaintiffs).

Dec. 31, 2021: A class-action lawsuit in an Ontario court covering all Canadian residents except those in Quebec who bought packaged bread from a company named in the suit is certified against roughly the same group of companies.

June 21, 2023: Bakery giant Canada Bread Co. is fined $50 million after pleading guilty to four counts of price-fixing under the Competition Act as part of the Competition Bureau’s ongoing investigation.

Oct. 25 2023: Canada Bread files a statement of defence in the Ontario class action denying participating in the alleged conspiracy and saying any anti-competitive behaviour it participated in was at the direction and to the benefit of its then-majority owner Maple Leaf Foods, which is not a defendant in the case (neither is its current owner Grupo Bimbo). Maple Leaf calls Canada Bread’s accusations “baseless.”

Dec. 20, 2023: Metro files new documents in the Ontario class action accusing Loblaw and its parent company George Weston of conspiring to implicate it in the alleged scheme, denying involvement. Sobeys has made a similar claim. The two companies deny the allegations.

July 25, 2024: Loblaw and George Weston say they agreed to pay a combined $500 million to settle both the Ontario and Quebec class-action lawsuits. Loblaw’s share of the settlement includes a $96-million credit for the gift cards it gave out years earlier.

Sept. 12, 2024: Canada Bread files new documents in Ontario court as part of the class action, claiming Maple Leaf used it as a “shield” to avoid liability in the alleged scheme. Maple Leaf was a majority shareholder of Canada Bread until 2014, and the company claims it’s liable for any price-fixing activity. Maple Leaf refutes the claims.

This report by The Canadian Press was first published Sept. 19, 2024.

Companies in this story: (TSX:L, TSX:MFI, TSX:MRU, TSX:EMP.A, TSX:WN)

The Canadian Press. All rights reserved.

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TD CEO to retire next year, takes responsibility for money laundering failures

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TORONTO – TD Bank Group, which is mired in a money laundering scandal in the U.S., says chief executive Bharat Masrani will retire next year.

Masrani, who will retire officially on April 10, 2025, says the bank’s, “anti-money laundering challenges,” took place on his watch and he takes full responsibility.

The bank named Raymond Chun, TD’s group head, Canadian personal banking, as his successor.

As part of a transition plan, Chun will become chief operating officer on Nov. 1 before taking over the top job when Masrani steps down at the bank’s annual meeting next year.

TD also announced that Riaz Ahmed, group head, wholesale banking and president and CEO of TD Securities, will retire at the end of January 2025.

TD has taken billions in charges related to ongoing U.S. investigations into the failure of its anti-money laundering program.

This report by The Canadian Press was first published Sept. 19, 2024.

Companies in this story: (TSX:TD)

The Canadian Press. All rights reserved.

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