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End B.C. port strike, CFIB urges Ottawa, as half of businesses impacted

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The Canadian Federation of Independent Business says “enough is enough” when it comes to the ongoing work stoppage at B.C. ports and is calling for an end to the strike that it says has affected half of small businesses in the country.

Tuesday marks the 11th day of the strike among B.C. cargo loaders, a disruption that has seen shipping containers pile up at some of Canada’s busiest ports. More than 7,400 workers walked off the job on Canada Day as they push for better wages and job security from B.C. maritime employers.

Since July 6, more than half (53 per cent) of the roughly 1,400 business owners surveyed by the Canadian Federation of Independent Business (CFIB) say their operations have been affected amid the strike. Some 16 per cent said the strike wouldn’t affect their businesses, while 31 per cent said they weren’t sure of the impact.

The CFIB says that among the affected businesses are an Ontario retailer waiting for shipments of clothes and footwear to stock up ahead of the back-to-school season, as well as an Albertan construction company that needs steel to finish projects on time.

Experts who spoke to Global News say the Port of Vancouver and more than 30 other maritime gateways on the west coast are critical to the functioning of Canada’s economy and are the primary ports for goods coming from and heading to Asia.

Canadians across the country might see the price of goods push higher the longer the strike goes on, experts have said. The work stoppage is disrupting $500 million in goods every day, estimates industry group Canadian Manufacturers and Exporters.

Saskatoon-based fertilizer company Nutrien Ltd. says it has curtailed production at its Cory potash mine due to the port workers strike in Vancouver and warned if the work stoppage continues it could affect its other potash mines in Saskatchewan.

“We’re hearing from members across the country who are worried about missing critical sales, delayed production or orders or an inability to get their products to export markets because of the strike,” said CFIB president Dan Kelly in a statement Tuesday.

Three-quarters of businesses surveyed by the CFIB said the federal government should make ending the strike a top priority.

Jasmin Guénette, vice-president of national affairs at CFIB, added in the Tuesday statement that “enough is enough” the federal government must “intervene quickly” to protect small businesses, many of whom are still recovering from losses in the COVID-19 pandemic and the ensuing supply chain impacts.

The CFIB is calling on the federal government to enact back-to-work legislation to put an end to the strike, which would involve recalling Parliament from the summer break. The independent business group had also called for Ottawa to put an end to the Canada Revenue Agency strike in May, though that work stoppage was ultimately resolved at the bargaining table.

Ottawa and provincial governments had urged the International Longshore and Warehouse Union Canada and the B.C. Maritime Employers Association to return to the table over the weekend with federal mediators at the table, but there was no indication the sides were closer to reaching a deal.

The union has previously accused employers of waiting for the federal government to do their “dirty work” instead of negotiating.

— with files from Global News’ Aaron D’Andrea and The Canadian Press

 

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Cineplex reports $24.7M Q3 loss on Competition Tribunal penalty

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TORONTO – Cineplex Inc. reported a loss in its latest quarter compared with a profit a year ago as it was hit by a fine for deceptive marketing practices imposed by the Competition Tribunal.

The movie theatre company says it lost $24.7 million or 39 cents per diluted share for the quarter ended Sept. 30 compared with a profit of $29.7 million or 40 cents per diluted share a year earlier.

The results in the most recent quarter included a $39.2-million provision related to the Competition Tribunal decision, which Cineplex is appealing.

The Competition Bureau accused the company of misleading theatregoers by not immediately presenting them with the full price of a movie ticket when they purchased seats online, a view the company has rejected.

Revenue for the quarter totalled $395.6 million, down from $414.5 million in the same quarter last year, while theatre attendance totalled 13.3 million for the quarter compared with nearly 15.7 million a year earlier.

Box office revenue per patron in the quarter climbed to $13.19 compared with $12 in the same quarter last year, while concession revenue per patron amounted to $9.85, up from $8.44 a year ago.

This report by The Canadian Press was first published Nov. 6, 2024.

Companies in this story: (TSX:CGX)

The Canadian Press. All rights reserved.

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Restaurant Brands reports US$357M Q3 net income, down from US$364M a year ago

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TORONTO – Restaurant Brands International Inc. reported net income of US$357 million for its third quarter, down from US$364 million in the same quarter last year.

The company, which keeps its books in U.S. dollars, says its profit amounted to 79 cents US per diluted share for the quarter ended Sept. 30 compared with 79 cents US per diluted share a year earlier.

Revenue for the parent company of Tim Hortons, Burger King, Popeyes and Firehouse Subs, totalled US$2.29 billion, up from US$1.84 billion in the same quarter last year.

Consolidated comparable sales were up 0.3 per cent.

On an adjusted basis, Restaurant Brands says it earned 93 cents US per diluted share in its latest quarter, up from an adjusted profit of 90 cents US per diluted share a year earlier.

The average analyst estimate had been for a profit of 95 cents US per share, according to LSEG Data & Analytics.

This report by The Canadian Press was first published Nov. 5, 2024.

Companies in this story: (TSX:QSR)

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Electric and gas utility Fortis reports $420M Q3 profit, up from $394M a year ago

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ST. JOHN’S, N.L. – Fortis Inc. reported a third-quarter profit of $420 million, up from $394 million in the same quarter last year.

The electric and gas utility says the profit amounted to 85 cents per share for the quarter ended Sept. 30, up from 81 cents per share a year earlier.

Fortis says the increase was driven by rate base growth across its utilities, and strong earnings in Arizona largely reflecting new customer rates at Tucson Electric Power.

Revenue in the quarter totalled $2.77 billion, up from $2.72 billion in the same quarter last year.

On an adjusted basis, Fortis says it earned 85 cents per share in its latest quarter, up from an adjusted profit of 84 cents per share in the third quarter of 2023.

The average analyst estimate had been for a profit of 82 cents per share, according to LSEG Data & Analytics.

This report by The Canadian Press was first published Nov. 5, 2024.

Companies in this story: (TSX:FTS)

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