Business

Danielle Smith condemns Steven Guilbeault’s emissions comments

Published

1 year ago

August 30, 2023

Alberta Premier Danielle Smith is blasting federal Environment Minister Steven Guilbeault over comments he made about capping emissions.

Guilbeault had said because Alberta company Suncor wants to focus more on oil and gas production, it furthers the case for a federal emissions cap.

Smith says Guilbeault’s comments provocatively attack Alberta’s energy sector, which she says is environmentally responsible and ethical.

Guilbeault intends to publish draft regulations this fall to cap emissions from oil and gas production, and then force them downward overtime.

Smith says Alberta won’t implement the emissions cap, nor will it follow Ottawa’s target to have the electricity grid be net-zero by 2035.

The premier says Alberta doesn’t deserve comments that destabilize investment.

“Ottawa has no constitutional authority to regulate in these areas of exclusive provincial jurisdiction,” she said in a statement Wednesday.

“We would strongly suggest the federal government refrain from testing our government’s or Albertans’ resolve in this regard.”

During a conference call earlier this month, Suncor CEO Rich Kruger told investors the company had a “disproportionate” focus on the longer-term energy transition to lower-emitting and renewable fuels.

He said there was a “lack of emphasis on today’s business drivers.”

“Today, we win by creating value through our large integrated asset base underpinned by oilsands,” he said.

Guilbeault told The Canadian Press in a recent interview that Kruger’s comments were “disappointing,” particularly when wildfires have forced “tens of thousands of Canadians” to flee their communities.

Smith said the province is ready to begin a working group with Ottawa over achieving a carbon-neutral economy by 2050, but that it must be done collaboratively.

She took aim at Guilbeault for being involved in the China Council for International Co-operation on Environment and Development.

She said this “has him turning a blind eye to China’s environmental record while they add the equivalent of two new coal emissions plants each week.”

Guilbeault had travelled to China earlier this week to discuss collaboration on fighting climate change.

This report by The Canadian Press was first published Aug. 30, 2023.

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Business

Cineplex reports $24.7M Q3 loss on Competition Tribunal penalty

Published

22 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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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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