Business

Canadian farmers advised to ditch palm oil after 'buttergate' row – BBC News

Published

4 years ago

February 25, 2021

Cows in Canada, like these, are being put on a diet of less palm fat

Canadian farmers have been advised to stop feeding palm oil to cows after foodies claimed local butter had become harder due to the diet supplement.

The Dairy Farmers of Canada group has formed an expert panel to examine the matter and has asked milk producers to temporarily halt the practice.

Experts note many factors, not just fat intake, determine butter consistency.

The Canadian butter controversy comes amid a rise in demand for baking goods during Covid lockdowns.

Canadian butter ‘changes’ churn up concerns

In a news release issued on Thursday, the Dairy Farmers of Canada (DFA) lobbying group asked that while their investigation is ongoing, milk producers “consider alternatives to palm supplements”.

“It’s just a precautionary [measure] to ensure that consumers maintain confidence in dairy products across Canada,” DFA board member Gordon MacBeath told CBC News.

DFA communications director Lucie Boileau told the BBC the working group has not formally met yet, but individual farmers “have already reached out to their animal nutritionist to identify alternatives”.

Adding palm oil-based energy supplements to cow feed is a decades-old practice said to increase the milk output of cows and increase the milk’s fat content. Little research has been done on the true impact of palm oil in dairy.

With a 12% rise in butter demand last year amid pandemic lockdowns, according to the DFA, many farmers increased their use of palm oil supplements to boost dairy supply.

The so-called “buttergate” row took off earlier this month, when Canadian foodies took to social media to express problems with too-hard butter that would not melt at room temperature.

Agricultural experts have said that butter made from cows with palm oil has a higher melting point and may thus be harder to spread at room temperature.

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

Published

5 hours 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

6 hours 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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Thomson Reuters reports Q3 profit down from year ago as revenue rises

Published

6 hours ago

November 5, 2024

Anne Joseph

TORONTO – Thomson Reuters reported its third-quarter profit fell compared with a year ago as its revenue rose eight per cent.

The company, which keeps its books in U.S. dollars, says it earned US$301 million or 67 cents US per diluted share for the quarter ended Sept. 30. The result compared with a profit of US$367 million or 80 cents US per diluted share in the same quarter a year earlier.

Revenue for the quarter totalled US$1.72 billion, up from US$1.59 billion a year earlier.

In its outlook, Thomson Reuters says it now expects organic revenue growth of 7.0 per cent for its full year, up from earlier expectations for growth of 6.5 per cent.

On an adjusted basis, Thomson Reuters says it earned 80 cents US per share in its latest quarter, down from an adjusted profit of 82 cents US per share in the same quarter last year.

The average analyst estimate had been for a profit of 76 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:TRI)

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