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CDPQ increases stake in dairy company Saputo with $378M share purchase

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MONTREAL – The Caisse de dépôt et placement du Québec has increased its stake in dairy company Saputo Inc.

The Quebec investment manager says it has acquired 13.5 million shares at a price of $27.96 per share for a total of about $378 million.

CDPQ now owns 19,152,378 common shares of Saputo for a 4.51 per cent stake.

It acquired the shares as part of a sale of 40 million shares of the company by Francesco Saputo for general estate and succession planning.

A wholly-owned subsidiary of Jolina Capital Inc., Lino Saputo and other members of the Saputo family acquired the other 26.5 million shares.

Francesco Saputo still holds 2.5 million Saputo shares.

This report by The Canadian Press was first published Sept. 30, 2024.

Companies in this story: (TSX:SAP)

The Canadian Press. All rights reserved.



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Raptors president Masai Ujiri says there are no issues with Edward Rogers

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Toronto Raptors team president Masai Ujiri tried to lay to rest rumours that he has friction with Edward Rogers, the executive chair of Rogers Communications, Inc.

Ujiri says he and Edward Rogers have the “same exact relationship for 10 years” and that it’s “great.”

He was speaking at the Raptors’ media day ahead of training camp.

Ujiri’s comments come nearly two weeks after Rogers Communications announced it was going to acquire rival telecom BCE Inc.’s 37.5 per cent stake in Maple Leaf Sports & Entertainment for $4.7 billion.

The Toronto Star reported in 2021 that Rogers had unsuccessfully fought plans to re-sign Ujiri as vice chairman and president of basketball operations, saying he was not worth the amount offered.

MLSE owns almost all of Toronto’s professional sports teams, including the Raptors, NHL’s Maple Leafs, Major League Soccer’s Toronto FC, and the CFL’s Argonauts.

MLSE chairman Larry Tanenbaum, via his holding company Kilmer Sports Inc., owns the other 25 per cent stake.

OMERS, a Canadian pension fund, purchased a five per cent indirect stake in MLSE in the summer of 2023 through a 20 per cent direct stake in Kilmer Sports for US$400 million.

Kilmer announced this past summer that it was bringing a WNBA franchise to Toronto.

Rogers Communications wholly owns the Toronto Blue Jays.

This report by The Canadian Press was first published Sept. 30, 2024.

The Canadian Press. All rights reserved.



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Analysis: Iran reluctant so far to retaliate against Israel after airstrike kills Hezbollah leader

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DUBAI, United Arab Emirates (AP) — Iran lost its most reliable ally in the Middle East when an Israeli airstrike killed Hezbollah leader Hassan Nasrallah. But Iran isn’t leading the charge to retaliate.

“By the grace and power of God, Lebanon will make the transgressing, malicious enemy regret its actions,” Iran’s Supreme Leader Ayatollah Ali Khamenei said in the wake of Nasrallah’s death Friday. But the 85-year-old paramount ruler in Iran gave no mention of his country taking action over the death of a man he once praised as “an exceptional face in the world of Islam” after the Israel-Hezbollah war in 2006.

That reluctance continued into Monday, as Iran’s Foreign Ministry spokesman Nasser Kanaani told journalists that “the Islamic Republic of Iran and the Iranian people are not after war” but rather “peace and stability in the region.”

Though Kananni added that, “any adventurous move or action against our national security or interests and our hands will never be tied,” at one point wearing a checkered Palestinian keffiyeh scarf during his remarks.

These comments highlight a reticence in responding to Nasrallah’s death. Though his leadership of Hezbollah was the crown jewel in Iran’s decades-long strategy of arming regional militias to counter both Israel and the United States, Iran remains cautious about when — or if — it will strike back.

That’s not to say that it hasn’t launched retaliatory strikes during the yearlong Israel-Hamas war that’s riven the Middle East and threatens to erupt into a regional conflict. Iran launched an unprecedented direct attack on Israel in April. It even launched a missile strike against sites in Iraq, Syria and Pakistan in January.

But those attacks stemmed from direct attacks on Iranian targets, like the suspected Israeli strike on an Iranian diplomatic post in Syria.

“Iran I think in its priorities have been very much misunderstood since Oct. 8,” said Sanam Vakil, the director of the Middle East and North Africa program at the London-based international affairs think tank Chatham House. “There was a misconception Iran would pile in.”

Instead, it hung back after Hamas — another militant group it has armed — launched its Oct. 7 attack on Israel that killed 1,200 people and saw another 250 taken hostage. Even as millions of Iranians purportedly volunteered online to fight on behalf of the Palestinians, Iran didn’t enter the war as an Israeli offensive devastated the Gaza Strip, killing over 41,000 people.

In the time since, an increasingly emboldened Israel has attacked Hezbollah, Yemen’s Houthi rebels and other groups. In marking Nasrallah’s killing, Prime Minister Benjamin Netanyahu cited a line in the Jewish Talmud fitting that strategy — “If someone rises up to kill you, kill him first.”

For Netanyahu, whose political career has revolved around the threat he perceives from Iran, that includes striking back at those Iranian allies Tehran refers to as the “Axis of Resistance.” Those militias grew in prominence and power in the chaos that followed the 2003 U.S.-led invasion of Iraq, the 2011 Arab Spring and the rise of Yemen’s Houthi rebels.

That created what Iran’s opponents feared would become a “Shiite crescent” of influence that Tehran would be able to wield, something Israel may be aiming to roll back.

“An increasingly emboldened Israel appears to be considering a more expansive plan to confront Iran across the Middle East with the ambition of creating a new regional order,” said Julien Barnes-Dacey, the director of the Middle East and North Africa program at the European Council on Foreign Relations. “This is a dangerous illusion. Despite Iran’s current weakness, this will be seen as an existential threat by Tehran and its regional allies.”

Iran could encourage more asymmetric attacks, targeting Jewish tourists, synagogues or Israeli diplomatic missions as it has done in the past.

Tehran also could weaponize its nuclear program. It already enriches uranium to near-weapons-grade levels after the collapse of its 2015 nuclear deal with world powers. Hard-line voices within Iran’s theocracy, like its daily Kahyan newspaper, already are calling for a response “harsher” than its April attack, which caused very little damage.

That, however, runs directly counter to the plans of Iran’s new reformist President Masoud Pezeshkian, who campaigned on a promise to get crushing economic sanctions lifted against Iran. That’s grown in importance as energy prices continue to fall and Iran likely sells its oil at a discount due to being locked out of many nations.

If nuclear deal “commitments are implemented fully and in good faith, dialogue on other issues can follow,” Pezeshkian told the United Nations General Assembly last week.

Ending the sanctions requires a deal with the West on the nuclear program, something that will become nearly impossible if Iran enters an all-out war with Israel. Relieving that economic pressure remains crucial for Iran’s domestic stability as well, as authorities remember the months of protests that followed the 2022 death of Mahsa Amini.

“For the time being it appears the president and the supreme leader, the latter who is abundantly cautious, want to keep the line open to dialogue and negotiations,” Vakil said.

And to keep that line open, Iran needs someone else to take the lead against Israel.

“Tehran apparently is content to allow Hezbollah to respond to the Nasrallah killing on its own, and perhaps in concert with the Houthi movement in Yemen, which has recently begun firing some of their Iran-supplied missiles against Israel,” the New York-based Soufan Center security think tank said Monday.

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EDITOR’S NOTE — Jon Gambrell, the news director for the Gulf and Iran for The Associated Press, has reported from each of the Gulf Cooperation Council countries, Iran and other locations across the world since joining the AP in 2006.



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As many forests fail to recover from wildfires, replanting efforts face huge odds — and obstacles

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BELLVUE, Colo. (AP) — Camille Stevens-Rumann crouched in the dirt and leaned over evergreen seedlings, measuring how much each had grown in seven months.

“That’s two to three inches of growth on the spruce,” said Stevens-Rumann, interim director at the Colorado Forest Restoration Institute.

Her research team is monitoring several species planted two years ago on a slope burned during the devastating 2020 Cameron Peak fire, which charred 326 square miles (844 square kilometers) in the Rocky Mountains of Colorado.

They want to determine which species are likely to survive at various elevations, because climate change makes it difficult or impossible for many forests to regrow even decades after wildfires.

As the gap between burned areas and replanting widens year after year, scientists see big challenges beyond where to put seedlings.

The U.S. currently lacks the ability to collect enough seeds from living trees and the nursery capacity to grow seedlings for replanting on a scale anywhere close to stemming accelerating losses, researchers say. It also doesn’t have enough trained workers to plant and monitor trees.

The Forest Service said the biggest roadblock to replanting on public land is completing environmental and cultural assessments and preparing severely burned areas so they’re safe to plant. That can take years — while more forests are lost to fire.

“If we have the seedlings but we don’t have the sites prepped … we can’t put the seedlings out there,” said Stephanie Miller, assistant director of a reforestation program.

Scientists, private industry and environmental agencies are acutely aware of the challenges as they consider how to restore forested landscapes in an increasingly arid region.

“We need to start being creative if we want trees on our landscapes,” Stevens-Rumann said. “We’re in a place of such drastic climate change that we are not talking about whether or not some of these places will be a different kind of forest, but whether or not they will be forests at all.”

Reforestation gap

Four years after the Cameron Peak fire — the largest in recorded Colorado history — a smattering of wild raspberry bushes and seedlings has taken root. But the mountainside mostly is dotted with charred trees.

In burn scars across the West and Southwest, areas of forests may never grow back on their own.

Larger and more intense fires destroy trees that normally provide seeds for regeneration or leave burn scars so large trees can’t naturally bridge the gap. The climate also has changed so markedly that many forests can’t regrow in the same places. Even when seedlings take hold, drought and new fires often kill them.

Nineteen of the 20 largest wildfires ever recorded in the contiguous U.S. have occurred in Western states since 2000, according to Sean Parks, a Forest Service research ecologist. That’s when the region slipped into an ongoing megadrought.

The U.S. once was able to reliably replant burned forests. But now the gap between areas in the West that need replanting after fire and the ability to do so has grown to at least 3.8 million acres (1.5 million hectares) — and that could triple by 2050, said Solomon Z. Dobrowski, a University of Montana forest management expert and a study lead author.

Forests are burning more often and especially intense and hot, which can destroy seeds that normally survive fire, harden the ground like concrete and leave barren slopes susceptible to washing away in rainstorms, polluting waterways.

In 22 years since the Hayman fire on Colorado’s front range burned 182 square miles (471 square kilometers) of forest, there has been almost no tree regeneration in the most severely burned areas, researchers and the Forest Service said.

In California’s Sierra Nevada, where up to 20% of the world’s mature giant sequoias and their seeds have been killed by fire in recent years, there are massive openings without seedlings. A U.S. Geological Survey study concluded some groves will never recover without replanting.

But researchers say the odds of forests growing back will worsen regardless of fire intensity because of more heat and drought.

That means burned forest could convert to shrubland and grassland, leading to loss of snowpack that provides drinking water and helps irrigate crops.

“Over 70% of our water in the western U.S. comes from our forested ecosystems and our mountains,” Stevens-Rumann said. “And for that water to come the way we want it … at the right time throughout the year, we need to have forests, not just grasslands.”

Targeted tree planting

When forest ecologist Matthew Hurteau joined the University of New Mexico nine years ago, he took in the aftermath of the 2011 Las Conchas fire that decimated a huge swath of Ponderosa pine forest.

Though the area had been replanted several times, most seedlings died, Hurteau said. While the average survival in the Southwest is about 25%, he said only about 13% of trees planted most recently in the Los Conchas burn scar have survived.

So he planted seedlings of different species at various elevations and on slopes facing different directions, then monitored the soil moisture, temperature and humidity.

A resulting computer model can predict the probability a seedling will survive in a particular spot with about 63% accuracy. It will be used to inform planting this fall.

“Let’s not do the old plant-and-pray” method, said Hurteau. “Let’s plant where we know that their chance of survival is quite high, and in places where the chance … is quite low, let’s just forego planting there.”

Researchers say seedling survival is worst at lower elevations, where it’s hotter, drier and more open — so replanting the same trees in the same areas is likely to fail.

They’re experimenting with planting near surviving trees that might provide shade for seedlings and aid water uptake and with planting in clusters that leave gaps in the landscape. Some are even asking whether different species should replace trees wiped out by fire.

Environmental groups working on private land burned by the Cameron Peak fire are replanting Ponderosa pines 500 feet (152 meters) higher because of climate change and near fallen trees that can provide shade, said Megan Maiolo-Heath, spokeswoman for the Coalition for the Poudre River Watershed.

So far, 84% of trees planted last year remain alive, though long-term survival is uncertain. “Any work in the environmental world at this point can feel daunting and overwhelming,” Maiolo-Heath said. “So I think just taking small bites … and trying not to get too overwhelmed is the way to go about it.”

Forest Service rules generally require planting the same species at the same elevations as before a fire, but it’s increasingly clear the agency will “need to be flexible moving forward,” said Jason Sieg, acting supervisor of the Arapaho and Roosevelt National Forests & Pawnee National Grassland.

Relying on research data, Sieg said, “We’ll be able to plan a strategy around how we set this landscape up for the greatest chance of success … long term.”

For now, that might mean replanting at different elevations or collecting seeds from another location. Eventually, researchers say it could require the controversial option of planting trees not found in an area originally.

Additional research and caution are necessary, researchers and the Forest Service said. But more people are warming up to the idea.

“I’ve seen people go from saying, ‘Absolutely, we cannot move trees around’ to, ‘Well, let’s maybe let’s try it at least, and do a few experiments to see if this will work,’” said Stevens-Rumann, the Colorado scientist.

Restoration challenges

Four years ago, researchers and New Mexico’s state forester wrote a reforestation plan for the state, where 4,500 square miles (11,655 square kilometers) of forest were charred between 2011 and 2021, leaving up to 2.6 million acres (1.5 million hectares) in need of replanting.

That was before the 2022 Calf Canyon-Hermits Peak Fire — the most destructive in state history — burned another 534 square miles (1,383 square kilometers).

They soon discovered a big problem.

“We realized that we were never going to have enough seedlings to meet the objectives,” said Hurteau, the University of New Mexico researcher.

The number of Forest Service nurseries — once financed by deposits on timber sales — dropped from 14 to six in the 1990s as timber harvests declined and habitat protections were enacted, according to a Forest Service report on the nurseries’ history.

Most Western seedling production is private and occurs in Oregon, California and Washington, Dobrowski said.

In places like New Mexico and the Rocky Mountains, “we don’t really have a base of facilities to support widespread reforestation,” the researcher said. “We’re (asking) ‘What’s going to fill the gap?’”

In New Mexico, several universities and the state’s forestry division started the New Mexico Reforestation Center with a goal of building a nursery that can produce 5 million seedlings per year for government, tribal and private lands. The first seedlings will be planted this year.

But experts say much more nursery capacity, seed collection and trained workers are needed to make even modest progress in closing the reforestation gap. And they say public and private sector cooperation will be essential.

“There’s all these bottlenecks,” Hurteau said. “We’ve just underinvested in reforestation for decades in the U.S. There’s a lot of investment in human capital that’s going to have to happen.”

Seed collection, for example, requires the right weather and is expensive and labor-intensive. It takes a few years for a typical Western conifer to develop cones. Then contractors must harvest them, typically by climbing trees. Growing, planting and monitoring seedlings amid more frequent droughts adds to the uncertainty, time and money.

The Forest Service said its biggest challenge is simply that the number of intense wildfires is outpacing the ability to prepare sites for replanting.

But the agency is also modernizing nurseries and seeking ways to either expand internal capacity or work with private industry, states and groups like the New Mexico Reforestation Center.

“This is an all-hands-on effort,” said Miller, from the reforestation program.

Researchers say the challenges complicate a Biden administration goal to plant a billion trees over 10 years in national forests, where it identified a nearly 4 million-acre (1.6 million-hectare) backlog.

But money provided for reforestation in the 2021 infrastructure bill enabled the agency to clear 15% of the backlog, Miller said. “If we can get more site preparation done, that would be excellent so that we can move forward a little bit faster.”

Experts say there clearly will be areas where trees never return but it’s critical that the U.S. does as much possible in a thoughtful way.

“Trees live for hundreds of years so we need to be thinking about what’s right as we plant trees today,” Hurteau said. “Are we putting the right species and densities on the landscape given what the next 100, 200 and 300 years will look like?”

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AP data reporter Mary Katherine Wildeman contributed to this story from Hartford, Connecticut. Webber reported from Fenton, Michigan, and Fassett from San Francisco.

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The Associated Press’ climate and environmental coverage receives financial support from multiple private foundations. AP is solely responsible for all content. Find AP’s standards for working with philanthropies, a list of supporters and funded coverage areas at AP.org.



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