Coldwater River nearing village’s treatment infrastructure
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Nov 19, 2021 • 9 hours ago • 3 minute read • 90 Comments
The British Columbia government is rationing gasoline and restricting travel on Vancouver Island, the Gulf Islands, southwestern parts of the province and the Sunshine Coast after this week’s unprecedented storm severed highways and cut supply lines.
Public Safety Minister Mike Farnworth said a limit of 30 litres of fuel per visit to a gas station is an important step to maintaining the supply as the province works to bring in more gas by truck and barge from Alberta, Washington state, Oregon and California.
He said the order would apply for 10 to 11 days and he trusts that people won’t be greedy while keeping critical services in mind as they focus on residents whose communities have been devastated by flooding.
He says police will not be enforcing the 30-litres-per-visit rule, but will be relying on residents to “do the right thing.”
Farnworth says if people follow the restrictions, B.C.’s gas supply will hold for the next 10 to 11 days.
He says gas stations are required to ensure their supplies last until Dec. 1 in southwestern B.C., the Sea To Sky region, Sunshine Coast, Gulf Islands and Vancouver Island.
Farnworth said non-essential travel has also been prohibited on sections of highways 99, 3 and 7 starting Friday and passage through restricted areas will be reserved for commercial transport of such goods as food, water and medical supplies.
“As roads are repaired and the backlog of essential traffic clears, restrictions on essential travel can and will be eased. We will be releasing the details on enforcement in short order,” he said.
“But my hope is that everyone understands the need for these restrictions and fully co-operates. In other words, if you don’t need to be travelling right now, don’t. Stay home. And if you can’t do that, carpool or take public transit or work from home.”
Officials in Merritt are working with the provincial Ministry of Forests, Lands and Natural Resources on what the city called the “new course” of the Coldwater River.
The city inundated by floodwaters says the river is now much closer to Merritt’s wastewater treatment infrastructure, causing problems with its operation.
An update posted on Merritt’s Facebook page on Friday says the city and the ministry are starting to investigate whether rerouting the river to its original course would be possible, though no plans exist yet.
B.C. Agriculture Minister Lana Popham says affected farmers will be eligible for the province’s disaster relief, and she has been assured by her federal counterpart that there would also be support from that jurisdiction.
Highways throughout the southern parts of the province saw major damage, and some, like the Coquihalla, will not be rebuilt for several months while limited access has been restored to others with single-lane traffic permitted.
Transportation Minister Rob Fleming said Highway 3 from Hope to the southern interior of the province had opened for essential travel and Highway 99, which links up with Highway 97 north of Cache Creek, could be open by Sunday depending on whether crews can continue their work.
“I want to emphasize this will not be travel as we’d expect under normal conditions. Crews will be on site with heavy equipment to continue to repair the roads. And until that work is complete, the traffic is going to be slow on these routes.”
TOKYO (AP) — Japanese technology group SoftBank swung back to profitability in the July-September quarter, boosted by positive results in its Vision Fund investments.
Tokyo-based SoftBank Group Corp. reported Tuesday a fiscal second quarter profit of nearly 1.18 trillion yen ($7.7 billion), compared with a 931 billion yen loss in the year-earlier period.
Quarterly sales edged up about 6% to nearly 1.77 trillion yen ($11.5 billion).
SoftBank credited income from royalties and licensing related to its holdings in Arm, a computer chip-designing company, whose business spans smartphones, data centers, networking equipment, automotive, consumer electronic devices, and AI applications.
The results were also helped by the absence of losses related to SoftBank’s investment in office-space sharing venture WeWork, which hit the previous fiscal year.
WeWork, which filed for Chapter 11 bankruptcy protection in 2023, emerged from Chapter 11 in June.
SoftBank has benefitted in recent months from rising share prices in some investment, such as U.S.-based e-commerce company Coupang, Chinese mobility provider DiDi Global and Bytedance, the Chinese developer of TikTok.
SoftBank’s financial results tend to swing wildly, partly because of its sprawling investment portfolio that includes search engine Yahoo, Chinese retailer Alibaba, and artificial intelligence company Nvidia.
SoftBank makes investments in a variety of companies that it groups together in a series of Vision Funds.
The company’s founder, Masayoshi Son, is a pioneer in technology investment in Japan. SoftBank Group does not give earnings forecasts.
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The Canadian Press. All rights reserved.
Shopify Inc. executives brushed off concerns that incoming U.S. President Donald Trump will be a major detriment to many of the company’s merchants.
“There’s nothing in what we’ve heard from Trump, nor would there have been anything from (Democratic candidate) Kamala (Harris), which we think impacts the overall state of new business formation and entrepreneurship,” Shopify’s chief financial officer Jeff Hoffmeister told analysts on a call Tuesday.
“We still feel really good about all the merchants out there, all the entrepreneurs that want to start new businesses and that’s obviously not going to change with the administration.”
Hoffmeister’s comments come a week after Trump, a Republican businessman, trounced Harris in an election that will soon return him to the Oval Office.
On the campaign trail, he threatened to impose tariffs of 60 per cent on imports from China and roughly 10 per cent to 20 per cent on goods from all other countries.
If the president-elect makes good on the promise, many worry the cost of operating will soar for companies, including customers of Shopify, which sells e-commerce software to small businesses but also brands as big as Kylie Cosmetics and Victoria’s Secret.
These merchants may feel they have no choice but to pass on the increases to customers, perhaps sparking more inflation.
If Trump’s tariffs do come to fruition, Shopify’s president Harley Finkelstein pointed out China is “not a huge area” for Shopify.
However, “we can’t anticipate what every presidential administration is going to do,” he cautioned.
He likened the uncertainty facing the business community to the COVID-19 pandemic where Shopify had to help companies migrate online.
“Our job is no matter what comes the way of our merchants, we provide them with tools and service and support for them to navigate it really well,” he said.
Finkelstein was questioned about the forthcoming U.S. leadership change on a call meant to delve into Shopify’s latest earnings, which sent shares soaring 27 per cent to $158.63 shortly after Tuesday’s market open.
The Ottawa-based company, which keeps its books in U.S. dollars, reported US$828 million in net income for its third quarter, up from US$718 million in the same quarter last year, as its revenue rose 26 per cent.
Revenue for the period ended Sept. 30 totalled US$2.16 billion, up from US$1.71 billion a year earlier.
Subscription solutions revenue reached US$610 million, up from US$486 million in the same quarter last year.
Merchant solutions revenue amounted to US$1.55 billion, up from US$1.23 billion.
Shopify’s net income excluding the impact of equity investments totalled US$344 million for the quarter, up from US$173 million in the same quarter last year.
Daniel Chan, a TD Cowen analyst, said the results show Shopify has a leadership position in the e-commerce world and “a continued ability to gain market share.”
In its outlook for its fourth quarter of 2024, the company said it expects revenue to grow at a mid-to-high-twenties percentage rate on a year-over-year basis.
“Q4 guidance suggests Shopify will finish the year strong, with better-than-expected revenue growth and operating margin,” Chan pointed out in a note to investors.
This report by The Canadian Press was first published Nov. 12, 2024.
Companies in this story: (TSX:SHOP)
The Canadian Press. All rights reserved.
TORONTO – RioCan Real Estate Investment Trust says it has cut almost 10 per cent of its staff as it deals with a slowdown in the condo market and overall pushes for greater efficiency.
The company says the cuts, which amount to around 60 employees based on its last annual filing, will mean about $9 million in restructuring charges and should translate to about $8 million in annualized cash savings.
The job cuts come as RioCan and others scale back condo development plans as the market softens, but chief executive Jonathan Gitlin says the reductions were from a companywide efficiency effort.
RioCan says it doesn’t plan to start any new construction of mixed-use properties this year and well into 2025 as it adjusts to the shifting market demand.
The company reported a net income of $96.9 million in the third quarter, up from a loss of $73.5 million last year, as it saw a $159 million boost from a favourable change in the fair value of investment properties.
RioCan reported what it says is a record-breaking 97.8 per cent occupancy rate in the quarter including retail committed occupancy of 98.6 per cent.
This report by The Canadian Press was first published Nov. 12, 2024.
Companies in this story: (TSX:REI.UN)
The Canadian Press. All rights reserved.
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