Gas prices have smashed records in recent weeks as the world grapples with Russia’s invasion of Ukraine and demand has soared as the economy reopens.
The daily average retail price for gas across the country hit an all-time high of 197.4 cents per litre Tuesday, up from the start of the year, when it hovered around 146.1 cents, Natural Resources Canada data shows.
The high prices have drivers grumbling, but there are a few ways to get better mileage and reduce your gas bills, says Teresa Di Felice, an assistant vice-president at the Canadian Automobile Association’s south central Ontario branch.
PLAN YOUR TRIPS
Saving on gas and getting better mileage starts before you leave home. If you research your route and use traffic newscasts or driving apps, you can avoid accident zones and other slow-moving areas, which help you save on gas, says Di Felice.
Grouping your trips too. “Sometimes we go out some place and then get home and are like, ‘Oh I meant to go to that place’ and you go out again,” Di Felice says. “Try and think about the trips that you need to take, so you can combine them and avoid rush hour.”
PRACTICE PROPER VEHICLE MAINTENANCE
Mileage is better when vehicles are running properly, says Di Felice. To keep your vehicle in good shape, she recommends ensuring engine filters are clean, brake fluids are topped up and tire pressure is optimal.
“It’s not good for your gas or your car, if you’re driving underinflated or even overinflated,” she says.
To learn what the optimal pressure is, Di Felice tells drivers to look for guidance printed on the inside of your driver-side car door. Because driving, road conditions and weather can impact pressure, she suggests setting a monthly alert on your phone or marking your calendar, so you review the tire pressure regularly.
AVOID HARD BRAKING AND ‘JACK RABBIT’ STARTS
Cars consume more fuel when they go from stopping to travelling at a high speed immediately or vice versa. When you drive, try not to slam on the brakes at the last second or hit the gas hard as you take off from a stop light or sign to save on gas, says Di Felice.
USE CRUISE CONTROL WHEN IT IS SAFE TO DO
Maintaining a constant speed can boost savings because you’re avoiding fluctuations that hurt your fuel efficiency. Turn to cruise control, when it’s safe, to help your mileage, says Di Felice, who notes maximum fuel efficiency is achieved for most cars between 80 and 90 kilometres an hour.
AVOID IDLING
“People have this idea that they have to run their car before they start driving it in order for it to warm up because they think that’s better for the car,” says Di Felice.
“That maybe true, if you’re driving a really, really old model… but you don’t really need to run a newer car for two or three minutes before you take off.”
You’re pretty safe to get moving within 15 to 30 seconds of starting your car, and not idling your vehicle will save you gas and help the environment, says Di Felice.
BE STRATEGIC ABOUT AIR CONDITIONING
“Your air conditioner is a really big drain on your gas tank, especially if you’re choosing the automatic max function in your car,” says Di Felice.
She recommends drivers roll down their windows before opting for air conditioning, avoid the maximum auto air conditioning features vehicles have and stop idling their cars in the warm months to cool them down before heading off.
REMOVE ROOF RACKS WHEN NOT IN USE
If you have roof racks or other storage devices on your car, consider taking them off your vehicle, when you don’t need them to transport goods. These devices create a drag on your car and your fuel efficiency, says Di Felice.
KEEP TABS ON GAS PRICES
While you often can’t avoid filling up on gas when your car is nearly on empty, it is worth watching prices when you have some leeway, says Di Felice. Several websites map out gas stations and note their prices, so you can find deals, and news sites will often alert readers when prices are due to rise or drop by a few cents, she says.
LOOK FOR LOYALTY PROGRAMS
Many gas stations, credit cards and other loyalty programs offer discounts on gas. CAA, for example, offers three cents off per litre at Shell stations for all its members, says Di Felice. Esso, Husky’s and several other stations have incentive programs too.
Sometimes these programs let you earn points each time you fill up and those points can be exchanged for other rewards.
Di Felice says, “Maybe you’re not saving directly at the pump, but maybe you’re saving a few dollars on a grocery bill or something else that you typically purchase.”
MAKE THESE TIPS A HABIT
Most people know what to do to improve their mileage or save on gas, but easily slip out of following that guidance. Build the advice into your routine, says Di Felice.
“It’s just a matter of making it a habit.”
This report by The Canadian Press was first published May 12, 2022.
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.
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.
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.
