Business

Canada’s industry minister slams Rogers and Bell phone plan price hikes

Published

10 months ago

January 6, 2024

Canada’s industry minister is calling out telecom giants like Rogers and Bell for recent price hikes on phone plans amid a cost of living crisis.

On Wednesday, Rogers confirmed with Daily Hive that it would be increasing prices on some of its wireless plans for customers who aren’t on a term contract this month.

Bell is also set to increase the rates for its phone plans, according to a report by MobileSyrup.

In an email statement to Daily Hive, Industry Minister François-Philippe Champagne slammed the companies’ decisions.

“Let’s be clear, while some progress has been made to lower prices, Canadians still pay too much and see too little competition,” said the minister.

“That is why, last year, I issued a policy direction to the CRTC to make sure that competition, affordability, and consumer rights would be at the core of CRTC decisions.”

« Let’s be clear, while some progress has been made to lower prices, Canadians still pay too much and see too little competition ». Read the full article below on telecom services in Canada.

I will continue to fight everyday for Canadian consumers. https://t.co/aNfHsdWkWX

— François-Philippe Champagne (FPC) ???????? (@FP_Champagne) January 5, 2024

Last August, the Canadian Radio-television and Telecommunications Commission reached a major milestone that aimed to make cellphone plans cheaper for Canadians.

Agreements were put in place to enable regional companies to access the networks of Canada’s telecom giants like Rogers, Bell, and Telus.

The access finally allows smaller, regional wireless providers to act as mobile virtual network operators (MVNOs), offering inexpensive phone plans to Canadians living in parts of the country they do not currently serve.

“While prices for some wireless plans have declined by more than 22% over the past year, the planned price increases to certain month-to-month plans that have recently been announced go against the spirit we set at a time when Canadians are struggling to make ends meet,” stated Champagne.

“I strongly urge companies and carriers to seriously consider customers over profits at this time.”

The minister said he’s to use all the tools at his disposal to “fight for Canadian consumers.”

What do you think about these price hikes? Let us know in the comments.

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Business

Cineplex reports $24.7M Q3 loss on Competition Tribunal penalty

Published

24 hours ago

November 6, 2024

Anne Joseph

TORONTO – Cineplex Inc. reported a loss in its latest quarter compared with a profit a year ago as it was hit by a fine for deceptive marketing practices imposed by the Competition Tribunal.

The movie theatre company says it lost $24.7 million or 39 cents per diluted share for the quarter ended Sept. 30 compared with a profit of $29.7 million or 40 cents per diluted share a year earlier.

The results in the most recent quarter included a $39.2-million provision related to the Competition Tribunal decision, which Cineplex is appealing.

The Competition Bureau accused the company of misleading theatregoers by not immediately presenting them with the full price of a movie ticket when they purchased seats online, a view the company has rejected.

Revenue for the quarter totalled $395.6 million, down from $414.5 million in the same quarter last year, while theatre attendance totalled 13.3 million for the quarter compared with nearly 15.7 million a year earlier.

Box office revenue per patron in the quarter climbed to $13.19 compared with $12 in the same quarter last year, while concession revenue per patron amounted to $9.85, up from $8.44 a year ago.

This report by The Canadian Press was first published Nov. 6, 2024.

Companies in this story: (TSX:CGX)

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Business

Restaurant Brands reports US$357M Q3 net income, down from US$364M a year ago

Published

2 days ago

November 5, 2024

Anne Joseph

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)

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Business

Electric and gas utility Fortis reports $420M Q3 profit, up from $394M a year ago

Published

2 days ago

November 5, 2024

Anne Joseph

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)

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