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Canada ‘very concerned’ with OPEC’s decisions amid coronavirus outbreak: Trudeau – Global News

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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.”


READ MORE:
Coronavirus: How is the COVID-19 outbreak affecting gas prices in Canada?

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.


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Trudeau said the government remains focused on helping Canadians who are “hardest hit” economically by COVID-19.

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“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.”






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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.

READ MORE: Those with COVID-19 symptoms will be barred from domestic flights and intercity trains, Trudeau says

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.






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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.


READ MORE:
Trump tells Pence to not call states critical of federal COVID-19 response

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.”

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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.

–With files from The Canadian Press

© 2020 Global News, a division of Corus Entertainment Inc.

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My Boy Prince to race against older horses in $1-million Woodbine Mile

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TORONTO – He’s firmly among Canada’s top three-year-olds but My Boy Prince faces a stiff test Saturday at Woodbine Racetrack.

The ’24 King’s Plate runner-up will be part of a global field in the $1-million Woodbine Mile turf event. Not only will it be My Boy Prince’s first race against older competition but among the seven other starters will be such horses as Naval Power (Great Britain), Big Rock (France) and Filo Di Arianna (Brazil).

My Boy Prince will race for the first time since finishing second to filly Caitlinhergrtness in the Plate on Aug. 23.

“It’s his first try against older horses and it’s hard to say where he fits in,” said trainer Mark Casse. “This time of year running a three-year-old against older horses, it’s like running a teenager against college athletes.

“We’re doing it because we believe a mile on the turf is his preferred surface … we wanted to give him a shot at this. (American owner Gary Barber) is someone who likes to think outside the box and take calculated risks so we’re going to see where he fits in.”

Casse, 16 times Canada’s top trainer, is a Hall of Famer both here and in the U.S. He’s also a two-time Woodbine Mile winner with filly Tepin (2016) and World Approval (2017).

Sahin Civaci will again ride My Boy Prince, Canada’s top two-year-old male who has six wins and 10 money finishes (6-3-1) in 11 career starts. The horse will be one of three Casse trainees in the race with Filo Di Arianna (ridden by Sovereign Award winner Kazushi Kimura) and Win for the Money (veteran Woodbine jockey Patrick Husbands aboard).

Naval Power, a four-year-old, has finished in the money in eight of nine starts (six wins, twice second) and will race in Canada for the first time. He comes to Woodbine with second-place finishes in two Grade 1 turf races.

Big Rock, another four-year-old, makes his North American debut Saturday. The horse has five wins and five second-place finishes in 14 starts but has struggled in ’24, finishing sixth, 10th and fifth in three races.

Filo Di Arianna is a four-time graded stakes winner with nine victories, three seconds and a third from 17 starts. It was Canada’s ’22 top male sprinter and champion male turf horse.

Other starters include Playmea Tune, Niagara Skyline and Secret Reserve.

Playmea Tune, a four-year-old, is trained by Josie Carrol. The gelding has made three starts, winning twice and finishing second in the Grade 3 Bold Venture on Aug. 23.

Woodbine-based Niagara Skyline is a six-year-old with 13 money finishes (six wins, five seconds, twice third) in 24-lifetime starts. The John Charlambous trainee has reached the podium (1-1-1) in all three races this year.

Secret Reserve, also a six-year-old, has finished in the money in 15-of-26 starts (six wins, one second, eight thirds). The horse, at 44-1, was third in the Grade 2 King Edward Stakes over a mile on the E.P. Taylor turf course.

The Mile highlights a stellar card featuring six graded stakes races. Also on tap are the $750,000 E.P. Taylor Stakes (fillies and mares), $500,000 bet365 Summer Stakes (two-year-olds) and $500,000 Johnnie Walker Natalma Stakes (two-year-old fillies), all Grade 1 turf events.

The Mile, Natalma and Summer winners earn automatic entries into the Breeders’ Cup at Del Mar in November.

Casse has won all four races, earning his first E.P. Taylor title last year with filly Fev Rover, Canada’s horse of the year and champion female turf horse. Fev Rover will defend her title Saturday against a field that includes Moira, the ’22 King’s Plate winner and Canada’s horse of the year trained by Woodbine’s Kevin Attard.

“It (E.P. Taylor) was definitely on my bucket list because it had eluded us,” Casse said. “But I honestly hadn’t realized I’d won all four of them, hadn’t really thought about it.”

Casse will have horses in all four turf races Saturday. Arguably the most intriguing matchup will be between Moira and Fev Rover, who ran 1-2, respectively, in a photo finish Aug. 11 in the Grade 2 Beverly D. Stakes, a 1 3/16-mile turf race, at Virginia’s Colonial Downs.

“What’s funny is the two of them went all the way to Virginia and she beat us by a nose,” Casse said. “We could’ve done that at Woodbine.

“There’s two of the best fillies in the world both from Toronto and they’re going to be competing Saturday.”

Some question having so many solid races on a single card but Casse likes the strategy.

“I think it’s a good thing,” he said. “On Saturday, the main focus on horse racing in the world will be on Woodbine and that’s because it’s such a great card.

“It’s an international day, there’s horses coming from everywhere and we’re going to do our best to represent Canada.”

This report by The Canadian Press was first published Sept. 13, 2024.



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Former world No. 1 Sharapova wins fan vote for International Tennis Hall of Fame

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NEWPORT, R.I. (AP) — Maria Sharapova, a five-time Grand Slam singles champion, led the International Tennis Hall of Fame’s fan vote her first year on the ballot — an important part to possible selection to the hall’s next class.

The organization released the voting results Friday. American doubles team Bob and Mike Bryan finished second with Canada’s Daniel Nestor third.

The Hall of Fame said tens of thousands of fans from 120 countries cast ballots. Fan voting is one of two steps in the hall’s selection process. The second is an official group of journalists, historians, and Hall of Famers from the sport who vote on the ballot for the hall’s class of 2025.

“I am incredibly grateful to the fans all around the world who supported me during the International Tennis Hall of Fame’s fan votes,” Sharapova said in a statement. “It is a tremendous honor to be considered for the Hall of Fame, and having the fans’ support makes it all the more special.”

Sharapova became the first Russian woman to reach No. 1 in the world. She won Wimbledon in 2004, the U.S. Open in 2006 and the Australian Open in 2008. She also won the French Open twice, in 2012 and 2014.

Sharapova was also part of Russia’s championship Fed Cup team in 2008 and won a silver medal at the London Olympics in 2012.

To make the hall, candidates must receive 75% or higher on combined results of the official voting group and additional percentage from the fan vote. Sharapova will have an additional three percentage points from winning the fan vote.

The Bryans, who won 16 Grand Slam doubles titles, will have two additional percentage points and Nestor, who won eight Grand Slam doubles titles, will get one extra percentage point.

The hall’s next class will be announced late next month.

___

AP tennis:

The Canadian Press. All rights reserved.



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Roots sees room for expansion in activewear, reports $5.2M Q2 loss and sales drop

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TORONTO – Roots Corp. may have built its brand on all things comfy and cosy, but its CEO says activewear is now “really becoming a core part” of the brand.

The category, which at Roots spans leggings, tracksuits, sports bras and bike shorts, has seen such sustained double-digit growth that Meghan Roach plans to make it a key part of the business’ future.

“It’s an area … you will see us continue to expand upon,” she told analysts on a Friday call.

The Toronto-based retailer’s push into activewear has taken shape over many years and included several turns as the official designer and supplier of Team Canada’s Olympic uniform.

But consumers have had plenty of choice when it comes to workout gear and other apparel suited to their sporting needs. On top of the slew of athletic brands like Nike and Adidas, shoppers have also gravitated toward Lululemon Athletica Inc., Alo and Vuori, ramping up competition in the activewear category.

Roach feels Roots’ toehold in the category stems from the fit, feel and following its merchandise has cultivated.

“Our product really resonates with (shoppers) because you can wear it through multiple different use cases and occasions,” she said.

“We’ve been seeing customers come back again and again for some of these core products in our activewear collection.”

Her remarks came the same day as Roots revealed it lost $5.2 million in its latest quarter compared with a loss of $5.3 million in the same quarter last year.

The company said the second-quarter loss amounted to 13 cents per diluted share for the quarter ended Aug. 3, the same as a year earlier.

In presenting the results, Roach reminded analysts that the first half of the year is usually “seasonally small,” representing just 30 per cent of the company’s annual sales.

Sales for the second quarter totalled $47.7 million, down from $49.4 million in the same quarter last year.

The move lower came as direct-to-consumer sales amounted to $36.4 million, down from $37.1 million a year earlier, as comparable sales edged down 0.2 per cent.

The numbers reflect the fact that Roots continued to grapple with inventory challenges in the company’s Cooper fleece line that first cropped up in its previous quarter.

Roots recently began to use artificial intelligence to assist with daily inventory replenishments and said more tools helping with allocation will go live in the next quarter.

Beyond that time period, the company intends to keep exploring AI and renovate more of its stores.

It will also re-evaluate its design ranks.

Roots announced Friday that chief product officer Karuna Scheinfeld has stepped down.

Rather than fill the role, the company plans to hire senior level design talent with international experience in the outdoor and activewear sectors who will take on tasks previously done by the chief product officer.

This report by The Canadian Press was first published Sept. 13, 2024.

Companies in this story: (TSX:ROOT)

The Canadian Press. All rights reserved.



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