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As carbon price fight flares, Wilkinson defends Liberal approach

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The federal carbon price is once again at the centre of a renewed political battle, after a Conservative pledge to block House of Commons business until it is repealed.

Meanwhile, Natural Resource Minister Jonathan Wilkinson tells The West Block host Mercedes Stephenson that while tactics like filibusters are technically allowed, he calls this instance “a ridiculous game.”

“The role of the official Opposition is definitely to oppose in a constructive way and to try to make suggestions about things that should be changed,” Wilkinson said.


Click to play video: 'Poilievre threatens to delay holiday breaks for MPs unless Liberals agree to drop carbon pricing'
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Poilievre threatens to delay holiday breaks for MPs unless Liberals agree to drop carbon pricing

 


Conservative House Leader Andrew Scheer told reporters on Friday morning, after an all-night round of procedural voting on measures in the government’s Fall Economic Statement, that they’ve seen Prime Minister Justin Trudeau change his stance on carbon pricing before when pressure was applied, so that is their goal with these votes.

Scheer is referring to the three-year exemption from the carbon price on home heating oil. While this is a national program, it disproportionately affects residents in Atlantic Canada where the heat source is more common.

Wilkinson defended the move, saying that eight out of 10 Canadian families still get more back in carbon price rebates than they pay.

The minister added that a goal of the government’s climate strategy is to try and keep climate initiatives affordable for regular Canadians.

“That’s exactly why we made the decision with respect to heating oil is the disparity in terms of the price and the amount that people pay for that particular form of heating is so high that they were not getting more money back,” Wilkinson told Stephenson.

Conservative Leader Pierre Poilievre and his caucus are saying that the next election will be the “carbon tax” election as part of their messaging on the carbon price. Currently, the next election is not set to take place until fall 2025, but it could happen earlier in this minority government.

Debate around carbon price has been a factor in the last two federal elections, but public opinion may be moving more to the Tory side on this issue.

A recent Ipsos poll found that six in 10 Canadians say that they can’t or don’t want to pay any more taxes to help fight climate change.

Despite this, Wilkinson tells Stephenson he still believes the government can get people on their side of the issue when the next election comes around.

“Well, I think we’re going to take a broader conversation to Canadians in an election than simply the price on pollution. We have a very comprehensive approach to addressing the climate issue, which involves the cap that we put in place on oil and gas emissions,” he said.

“You cannot have a relevant plan for the future of the Canadian economy in a global world that is moving to address carbon emissions if you don’t accept the reality of climate change and Mr. Poilievre doesn’t accept the reality of climate change or he just doesn’t care.”

The Liberal government has faced criticism for its continued misses of climate targets, but Wilkinson remains optimistic that Canada will hit its Paris Accord goal of cutting emissions by 40 to 45 per cent of 2005 levels by 2030.

Here, Wilkinson pointed to the government’s announcement last week of announcing an emission cap for the oil and gas sector, which includes an industry specific cap-and-trade system.

“We need to ensure that we are seeing significant declines in absolute emissions in the oil and gas sector. It’s the largest polluter in the country, but it has to be done in a manner that actually makes sense,” Wilkinson said.

 

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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)

The Canadian Press. All rights reserved.

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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)

The Canadian Press. All rights reserved.

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Thomson Reuters reports Q3 profit down from year ago as revenue rises

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TORONTO – Thomson Reuters reported its third-quarter profit fell compared with a year ago as its revenue rose eight per cent.

The company, which keeps its books in U.S. dollars, says it earned US$301 million or 67 cents US per diluted share for the quarter ended Sept. 30. The result compared with a profit of US$367 million or 80 cents US per diluted share in the same quarter a year earlier.

Revenue for the quarter totalled US$1.72 billion, up from US$1.59 billion a year earlier.

In its outlook, Thomson Reuters says it now expects organic revenue growth of 7.0 per cent for its full year, up from earlier expectations for growth of 6.5 per cent.

On an adjusted basis, Thomson Reuters says it earned 80 cents US per share in its latest quarter, down from an adjusted profit of 82 cents US per share in the same quarter last year.

The average analyst estimate had been for a profit of 76 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:TRI)

The Canadian Press. All rights reserved.

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