Prime Minister Justin Trudeau said Canada is “very concerned” with the Organization of the Petroleum Exporting Countries’ (OPEC) decisions amid the novel coronavirus outbreak, but that the government remains focused on helping Canadians struggling as a result of the dramatic drop in oil prices.
Trudeau made the remarks during a press conference from Rideau Cottage on Saturday, saying OPEC’s decisions are “putting at risk the livelihoods of people around the world, particularly Canadians who work in the oil and gas sector.”
The price of oil sank nearly 20 per cent in early March after Russia refused to roll back production in response to falling demand and OPEC member Saudi Arabia signalled it will ramp up its own output.
OPEC is an intergovernmental organization comprised of 13 nations that seeks to co-ordinate and unify petroleum policies to stabilize oil markets.
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Saudi Arabia‘s state-run oil giant Saudi Aramco said it would increase its crude oil production to 12.3 million barrels a day in April, a record amount.
While low oil prices can translate into cheaper gasoline, they wreak havoc on energy companies and countries that count on petroleum revenue.
“The measures we’ve put in place will support Canadians right across the country, including in our oil and gas sector,” he said. “But we also know it’s a sector that has been particularly hard-hit and we will look for further help to be able to support people as they get through.”
1:15 Coronavirus outbreak: Trudeau announces new measures on domestic flights and intercity passenger trains
Coronavirus outbreak: Trudeau announces new measures on domestic flights and intercity passenger trains
The price of Western Canadian Select for crude fell below $5 USD a barrel on Friday, as demand during the COVID-19 outbreak continued to drop.
Western Canadian Select prices averaged $27.28 USD a barrel in February, almost 40 per cent lower than the average in February 2019.
Trudeau’s comments come a day after Alberta Premier Jason Kenney called for a coordinated North American approach, saying the energy sector employs millions and must be protected.
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“I fear if the Saudis and Russians continue this foolishness in the midst of a crash in demand you will see these kinds of catastrophically low prices for some time and ultimately producers will have nowhere to ship it to in the short term,” Kenney told reporters on Friday.
2:41 Coronavirus outbreak: Kenney calls for coordinated tariffs with U.S. in response to ‘predatory dumping’ of Saudi oil
Coronavirus outbreak: Kenney calls for coordinated tariffs with U.S. in response to ‘predatory dumping’ of Saudi oil
Kenney said Canada should consider coordinating with the U.S. to end what he called “predatory dumping” by Saudi Arabia.
“Some measures would include, potentially, tariffs on foreign oil imports or certainly a potential investigation into dumping activity by OPEC into the North American market,” Kenney said.
Kenney said 13 U.S. Senators have written to U.S. President Donald Trump calling for such an investigation to be launched.
But, when asked by reporters if Canada would consider taking a more aggressive approach in dealing with Saudi Arabia, Trudeau said he thinks Canada should focus on “getting through COVID-19 as best we possibly can.”
“I think there will be a lot of reflections on how various countries behaved in this particular moment. Our focus right now is on making sure we can support our citizens and stabilize the global economy the best way we can, which we are doing in our membership in the G7, in the G20, in various international fora and approaches that we have,” he said. “While at the same time focusing on making sure we’re supporting Canadians and keeping them safe.”
When asked when people in the hard-hit energy sector will know what kind of aid to expect, Trudeau said the government is continuing to work with provinces and industry members to “get this right.”
“People in industries and places right across the country are going to be able to pick themselves up and get back to work and have our economy continue to work strongly like it was before,” Trudeau said.
“It’s going to take a lot of effort in the meantime, and it’s going to take us doing different things and trying different things, but we are going to keep working until we may manage to help everyone,” he continued.
TORONTO – Will Taylor Swift bring chaos or do we all need to calm down?
It’s a question many Torontonians are asking this week as the city braces for the massive fan base of one of the world’s biggest pop stars.
Hundreds of thousands of Swifties are expected to descend on downtown core for the singer’s six concerts which kick off Thursday at the Rogers Centre and run until Nov. 23.
And while their arrival will be a boon to tourism dollars, it could further clog the city’s already gridlocked streets.
Swift’s shows collide with other scheduled events at the nearby Scotiabank Arena, including a Toronto Raptors game on Friday and a Toronto Maple Leafs game on Saturday.
Some locals have already adjusted their plans to avoid the area.
Aahil Dayani says he and some friends intended to throw a birthday bash for one of their pals, until they realized it would overlap with the concerts.
“Ultimately, everybody agreed they just didn’t want to deal with that,” he said.
“Something as simple as getting together and having dinner is now thrown out the window.”
Dayani says the group rescheduled the birthday party for after Swift leaves town. In the meantime, he plans to hunker down at his Toronto residence.
“Her coming into town has kind of changed up my social life,” he added.
“We’re pretty much just not doing anything.”
Max Sinclair, chief executive and founder of A.I. technology firm Ecomtent, has suggested his employees stay away from the company’s downtown offices on concert days, since he doesn’t see the point in forcing people to endure potential traffic jams.
“It’s going to be less productive for us, and it’s going to be just a pain for everyone, so it’s easier to avoid it,” he said.
“We’re a hybrid company, so we can be flexible. It just makes sense.”
Toronto Transit Commission spokesperson Stuart Green says the public agency has been preparing for over a year to ease the pressure of so many Swifties in one confined area.
Dozens of buses and streetcars have been added to the transit routes around the stadium, while the TTC has consulted with the city on how to handle potential emergency scenarios.
“There may be some who will say we’re over-preparing, and that’s fair,” Green said.
“But we know based on what’s happened in other places, better to be over-prepared than under-prepared.”
This report by The Canadian Press was first published Nov. 13, 2024.
REDWOOD CITY, Calif. – Electronic Arts has incorporated the Professional Women’s Hockey League into its NHL 25 video game.
The six teams starting their second seasons Nov. 30 will be represented in “play now,” “online versus,” “shootout” and “season” modes, plus a championship Walter Cup, in the updated game scheduled for release Dec. 5, the PWHL and EA Sports announced Wednesday.
Gamers can create a virtual PWHL player.
The league and video game company have agreed to a multi-year partnership, the PWHL stated.
“Our partnership with EA SPORTS opens new doors to elevate women’s hockey across all levels,” said PWHL operations senior vice-president Amy Scheer in a statement.
“Through this alliance, we’ll develop in-game and out-of-game experiences that strengthen the bond between our teams, players, and fans, bringing the PWHL closer to the global hockey community.”
NHL 22 featured playable women’s teams for the first time through an agreement with the International Ice Hockey Federation.
Toronto Sceptres forward Sarah Nurse became the first woman to appear on the video game’s cover in 2023 alongside Anaheim Ducks centre Trevor Zegras.
The Ottawa Charge, Montreal Victoire, Boston Fleet, Minnesota Frost and New York Sirens round out the PWHL. The league announced team names and logos in September, and unveiled jerseys earlier this month.
“It is so meaningful that young girls will be able to see themselves in the game,” said Frost forward Taylor Heise, who grew up playing EA’s NHL games.
“It is a big milestone for inclusivity within the hockey community and shows that women’s prominence in hockey only continues to grow.”
This report by The Canadian Press was first published Nov. 13, 2024.
Maple Leaf Foods Inc. continued to navigate weaker consumer demand in the third quarter as it looked ahead to the spinoff of its pork business in 2025.
“This environment has a particularly significant impact on a premium portfolio like ours and I want you to know that we are not sitting still waiting for the macro environment to recover on its own,” said CEO Curtis Frank on a call with analysts.
Frank said the company is working to adapt its strategies to consumer demand. As inflation has stabilized and interest rates decline, he said pressure on consumers is expected to ease.
Maple Leaf reported a third-quarter profit of $17.7 million compared with a loss of $4.3 million in the same quarter last year.
The company says the profit amounted to 14 cents per share for the quarter ended Sept. 30 compared with a loss of four cents per share a year earlier. Sales for the quarter totalled $1.26 billion, up from $1.24 billion a year ago.
“At a strategic level … we’re certainly seeing the transitory impacts of an inflation-stressed consumer environment play through our business,” Frank said.
“We are seeing more trade-down than we would like. And we are making more investments to grow our volume and protect our market share than we would like in the moment. But again, we believe that those impacts will prove to be transitory as they have been over the course of history.”
Financial results are improving in the segment as feed costs have stabilized, said Dennis Organ, president, pork complex.
Maple Leaf, which is working to spin off its pork business into a new, publicly traded company to be called Canada Packers Inc. and led by Organ, also said it has identified a way to implement the plan through a tax-free “butterfly reorganization.”
Frank said Wednesday that the new structure will see Maple Leaf retain slightly lower ownership than previously intended.
The company said it continues to expect to complete the transaction next year. However, the spinoff under the new structure is subject to an advance tax ruling from the Canada Revenue Agency and will take longer than first anticipated.
Maple Leaf announced the spinoff in July with a plan to become a more focused consumer packaged goods company, including its Maple Leaf and Schneiders brands.
“The prospect of executing the transaction as a tax-free spin-off is a positive development as we continue to advance our strategy to unlock value and unleash the potential of these two unique and distinct businesses,” Frank said in the news release.
He also said that Maple Leaf is set on delivering profitability for its plant protein business in mid-2025.
“This includes the recent completion of a procurement project aimed at leveraging our purchasing scale,” he said.
On an adjusted basis, Maple Leaf says it earned 18 cents per share in its latest quarter compared with an adjusted profit of 13 cents per share in the same quarter last year.
The results were largely in line with expectations, said RBC analyst Irene Nattel in a note.
Maple Leaf shares were down 4.5 per cent in midday trading on the Toronto Stock Exchange at $21.49.
This report by The Canadian Press was first published Nov. 13, 2024.