Business

Manitoba NDP pledge to temporarily suspend fuel tax if elected

Published

1 year ago

August 21, 2023

WINNIPEG –

Manitoba’s Opposition New Democrats promised Monday to temporarily suspend the province’s fuel tax if they win the election slated for Oct. 3.

The move, which would save motorists 14 cents a litre, would remain in place until inflation eases — a time frame estimated somewhere between six and 12 months, NDP Leader Wab Kinew said.

“I don’t know about you, but (in) our household, the workhorse that we use to drive the kids to their activities, it’s a pickup truck and it takes a hundred litres to fill up,” Kinew said.

“That means that this announcement, for a family using a vehicle like (that), this will save you 14 bucks every time you gas up.”

Fuel taxes bring in roughly $340 million a year to provincial coffers. Kinew, who has been making a series of commitments before the election campaign’s official kickoff next month, has not laid out how he would pay for his promises.

An NDP government would also grant new powers to the province’s energy regulator, the Public Utilities Board, to investigate and regulate retail gasoline prices, Kinew said. Some provinces, including New Brunswick and Nova Scotia, have been regulating gas prices for more than 15 years.

Cliff Cullen, the finance minister for the Progressive Conservative government, said the province had earlier looked at the idea of suspending the fuel tax, as Alberta did in January. But he said there are no guarantees the tax relief would be passed on to consumers, and the Tories opted instead for “affordability” cheques mailed directly to homes in recent months to offset high energy and food costs.

“We wanted to get money directly to Manitobans,” Cullen said.

And with Manitoba running annual deficits almost every year since 2008, Cullen said the NDP might have to raise another tax to make up for the lost fuel revenue.

The Liberals accused the NDP of being irresponsible, both fiscally and environmentally.

“There is no world in which this makes sense. The NDP is borrowing to subsidize gas which is used once and literally goes up in smoke,” Liberal Leader Dougald Lamont said in a written statement.

Kinew said the tax cut would not drive up emissions. Because it is a temporary measure aimed at offsetting higher living costs, people will not drive more or buy larger vehicles, he said.

“People are going to be using the same car or truck that they’re using today. They are going to be living the same distance from work that they do today.”

This report by The Canadian Press was first published Aug. 21, 2023.

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Business

Cineplex reports $24.7M Q3 loss on Competition Tribunal penalty

Published

22 hours ago

November 6, 2024

Anne Joseph

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)

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

Published

2 days ago

November 5, 2024

Anne Joseph

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

Published

2 days ago

November 5, 2024

Anne Joseph

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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