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GO Transit disruptions expected to continue after new protest sites emerge – The Globe and Mail

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A protest in Tyendinaga Mohawk Territory flared up Wednesday morning as CN attempted to resume train service. A fire lit on the tracks by protesters was cleared and two fright trains were able to pass.

A spokesman for Wet’suwet’en hereditary chiefs, whose opposition to the construction of a natural gas pipeline in British Columbia triggered a new rail blockade in Ontario on Wednesday, said talks to ensure the RCMP leave their territory are going well and they hope to meet with federal officials there on Thursday.

John Ridsdale, who also goes by the hereditary name Na’Moks, said the RCMP had already agreed to shutter a temporary office police set up on a logging road in January 2019, and that talks are making progress on a second demand: that police patrols in the territory must end.

“Today we think we can move forward on that and possibly start discussions with the federal government tomorrow,” he said, speaking at the Office of the Wet’suwet’en in Smithers, B.C.

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“Our hope is that today is the day when we could move forward.”​

The chiefs met for several hours Tuesday evening and convened once again Wednesday morning. Former federal MP Nathan Cullen, whom the province appointed as a provincial liaison in an unsuccessful round of talks in January, also attended on Tuesday.

The talks come as protests linked to the Wet’suwet’en dispute have snarled commuter traffic and stalled shipments of fuel, food and other cargo at ports and railways in several provinces. Some Wet’suwet’en hereditary chiefs oppose the construction of the $6.6-billion Coastal GasLink natural gas pipeline through their traditional territory in northern B.C.

A protest in Tyendinaga Mohawk Territory flared up Wednesday morning as Canadian National Railway attempted to resume train service on a critical rail route to Eastern Canada.

A freight train was briefly halted near Belleville, Ont., after protesters threw snowballs at train cars. Tires had earlier been burned on the tracks and protesters later attempted to stoke another fire with wood pallets.

“It’s a little bit of a tense situation right now in terms of how CN goes in to check out the tracks,” said Ontario Provincial Police spokesman Bill Dickson. “The big issue is CN’s trying to roll the trains but having tires burning on the tracks is definitely an issue.”

The train and two others were allowed to pass. About 20 police officers remain on the north side of the tracks. A handful more are monitoring the situation from from an overpass above. About 20 Mohawk protesters remain on the south side of the railway.

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The freight trains were among the first to travel through the area since the OPP on Monday cleared a blockade set by Tyendinaga Mohawk protesters that cut a main eastern Canadian railway link. Ten people were charged with mischief and disobeying a court order.

The arrests quickly fuelled new protests across the country, including several rail blockades that disrupted commuter trains during Tuesday’s afternoon rush hour in the Toronto area.

The rail disruption in Tyendinaga Mohawk Territory, which began Feb. 6, has been the most economically disruptive, halting freight service on CN’s eastern Canadian network and leading to the suspension of most of Via Rail’s passenger trains.

CN had briefly resumed freight-train service on Monday evening after safety inspections were done on the tracks. However, a CN spokesman cautioned that day that the situation remains fluid and the continued presence of protesters near the line could force another halt to service. Protesters had warned their demonstration wasn’t over.

The Coastal GasLink pipeline would stretch across 670 kilometres, transporting natural gas to LNG Canada’s $18-billion export terminal, under construction in Kitimat, B.C.

All 20 elected First Nation councils along the pipeline’s route support the project. However, a group of Wet’suwet’en Nation hereditary house chiefs has led a vocal campaign opposing the pipeline’s construction, saying hereditary leaders have jurisdiction over their unceded traditional territory located outside of federal reserves, not elected band councillors. About 190 kilometres of the pipeline route cross the Wet’suwet’en’s territory.

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The Tyendinaga blockade forced CN to suspend service on its eastern network on Feb. 14, cutting off freight service to much of the country east of Toronto, including ports in Montreal and Halifax, and laying off about 450 people.

Via Rail, which leases track space from CN, also cancelled most trains and laid off almost 1,000 people. The passenger rail company has gradually restored service in Southern Ontario and between Ottawa, Montreal and Quebec City, but its trains running east of Toronto remain suspended.

The loss of rail transport has disrupted Canada’s manufacturing industries and harmed its international reputation as a reliable supplier and safe place to invest, Bob Masterson, head of the Chemistry Industry Association of Canada, said Tuesday.

“You’ve got closures, you’ve got imminent closures. Eighty per cent of what we make is exported and our customers don’t understand and don’t care” why supplies have been disrupted, he said, adding, “When you lose those customers, you’ve lost them forever.”

Industry groups have warned of shortages of water-treatment chemicals, propane and even food.

Indigenous Services Minister Marc Miller said Tuesday that Wet’suwet’en hereditary chiefs have been in discussions with the B.C. RCMP about a de-escalation plan for a community outpost. He said the federal ministers are “eager” to hear the results of these discussions, adding he believes there has been progress in efforts to secure a meeting with the chiefs.

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“We are all aiming, every level of government is aiming for a peaceful resolution to this conflict,” Mr. Miller said in Ottawa.

Meanwhile, Quebec Premier François Legault says the provincial government has solid intelligence that Mohawk Warriors protesting on Kahnawake territory south of Montreal have “dangerous, offensive weapons” including the AK-47 assault rifle.

Mr. Legault told reporters Wednesday that he shared the information because he wanted to explain why the Sûreté du Québec has delayed serving and executing an injunction ordering protesters to clear Canadian Pacific tracks.

“We have intelligence that confirms there are weapons, AK-47s to name them, very dangerous weapons,” Mr. Legault told reporters at the Quebec National Assembly. “Right now (the SQ) is working on finding someone to serve the injunction and working on a plan to dismantle the barricade. They’re talking to the peacekeepers. But there are armed people and it’s very delicate.”

While Kahnawake Mohawk Peacekeepers are the local police force with jurisdiction over the area, the Quebec Police Act gives the SQ “jurisdiction to enforce the law throughout Quebec.” Mohawk leaders maintain only the Peacekeepers have jurisdiction over the territory. The Peacekeepers have said they have no intention of serving or executing the injunction.

“The Peacekeepers have very good relations with the people here. I have a hard time imagining the Peacekeepers would do anything that would provoke a confrontation,” Kenneth Deer, secretary of the Mohawk Nation of Kahnawake, told reporters near the protest site. Mr. Deer denied Mr. Legault’s contention that any weapons pose a threat on the barricade.

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In documents filed in Quebec Superior Court to support its injunction application, the Canadian Pacific Railway said the SQ had informed the railway officers wouldn’t intervene on the reserve unless Peacekeepers requested backup.

Meanwhile, workers using heavy equipment and dump trucks poured stones Wednesday to reinforce concrete barricades at the protest site near the railway.

Further west, the agency responsible for a major commuter rail service covering much of southern Ontario said it was not anticipating any of the delays and cancellations that brought trains to a standstill during the Tuesday rush hour.

Metrolinx, operator of the GO Transit network, suspended service on multiple routes as a series of protests sprang up in and around Toronto.

Toronto police said they arrested three people at the demonstrations.

Police said in a tweet Wednesday morning that officers provided protesters with an injunction and began moving them from rail tracks. They said most were co-operative, but “arrests were made when necessary.”

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The blockade threatened to delay morning commutes west of the city, but police said the rail line has been cleared and most commuter rail lines were running on time or with minor delays.

With files from Canadian Press

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Japan’s SoftBank returns to profit after gains at Vision Fund and other investments

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TOKYO (AP) — Japanese technology group SoftBank swung back to profitability in the July-September quarter, boosted by positive results in its Vision Fund investments.

Tokyo-based SoftBank Group Corp. reported Tuesday a fiscal second quarter profit of nearly 1.18 trillion yen ($7.7 billion), compared with a 931 billion yen loss in the year-earlier period.

Quarterly sales edged up about 6% to nearly 1.77 trillion yen ($11.5 billion).

SoftBank credited income from royalties and licensing related to its holdings in Arm, a computer chip-designing company, whose business spans smartphones, data centers, networking equipment, automotive, consumer electronic devices, and AI applications.

The results were also helped by the absence of losses related to SoftBank’s investment in office-space sharing venture WeWork, which hit the previous fiscal year.

WeWork, which filed for Chapter 11 bankruptcy protection in 2023, emerged from Chapter 11 in June.

SoftBank has benefitted in recent months from rising share prices in some investment, such as U.S.-based e-commerce company Coupang, Chinese mobility provider DiDi Global and Bytedance, the Chinese developer of TikTok.

SoftBank’s financial results tend to swing wildly, partly because of its sprawling investment portfolio that includes search engine Yahoo, Chinese retailer Alibaba, and artificial intelligence company Nvidia.

SoftBank makes investments in a variety of companies that it groups together in a series of Vision Funds.

The company’s founder, Masayoshi Son, is a pioneer in technology investment in Japan. SoftBank Group does not give earnings forecasts.

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Yuri Kageyama is on X:

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Trump campaign promises unlikely to harm entrepreneurship: Shopify CFO

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Shopify Inc. executives brushed off concerns that incoming U.S. President Donald Trump will be a major detriment to many of the company’s merchants.

“There’s nothing in what we’ve heard from Trump, nor would there have been anything from (Democratic candidate) Kamala (Harris), which we think impacts the overall state of new business formation and entrepreneurship,” Shopify’s chief financial officer Jeff Hoffmeister told analysts on a call Tuesday.

“We still feel really good about all the merchants out there, all the entrepreneurs that want to start new businesses and that’s obviously not going to change with the administration.”

Hoffmeister’s comments come a week after Trump, a Republican businessman, trounced Harris in an election that will soon return him to the Oval Office.

On the campaign trail, he threatened to impose tariffs of 60 per cent on imports from China and roughly 10 per cent to 20 per cent on goods from all other countries.

If the president-elect makes good on the promise, many worry the cost of operating will soar for companies, including customers of Shopify, which sells e-commerce software to small businesses but also brands as big as Kylie Cosmetics and Victoria’s Secret.

These merchants may feel they have no choice but to pass on the increases to customers, perhaps sparking more inflation.

If Trump’s tariffs do come to fruition, Shopify’s president Harley Finkelstein pointed out China is “not a huge area” for Shopify.

However, “we can’t anticipate what every presidential administration is going to do,” he cautioned.

He likened the uncertainty facing the business community to the COVID-19 pandemic where Shopify had to help companies migrate online.

“Our job is no matter what comes the way of our merchants, we provide them with tools and service and support for them to navigate it really well,” he said.

Finkelstein was questioned about the forthcoming U.S. leadership change on a call meant to delve into Shopify’s latest earnings, which sent shares soaring 27 per cent to $158.63 shortly after Tuesday’s market open.

The Ottawa-based company, which keeps its books in U.S. dollars, reported US$828 million in net income for its third quarter, up from US$718 million in the same quarter last year, as its revenue rose 26 per cent.

Revenue for the period ended Sept. 30 totalled US$2.16 billion, up from US$1.71 billion a year earlier.

Subscription solutions revenue reached US$610 million, up from US$486 million in the same quarter last year.

Merchant solutions revenue amounted to US$1.55 billion, up from US$1.23 billion.

Shopify’s net income excluding the impact of equity investments totalled US$344 million for the quarter, up from US$173 million in the same quarter last year.

Daniel Chan, a TD Cowen analyst, said the results show Shopify has a leadership position in the e-commerce world and “a continued ability to gain market share.”

In its outlook for its fourth quarter of 2024, the company said it expects revenue to grow at a mid-to-high-twenties percentage rate on a year-over-year basis.

“Q4 guidance suggests Shopify will finish the year strong, with better-than-expected revenue growth and operating margin,” Chan pointed out in a note to investors.

This report by The Canadian Press was first published Nov. 12, 2024.

Companies in this story: (TSX:SHOP)

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RioCan cuts nearly 10 per cent staff in efficiency push as condo market slows

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TORONTO – RioCan Real Estate Investment Trust says it has cut almost 10 per cent of its staff as it deals with a slowdown in the condo market and overall pushes for greater efficiency.

The company says the cuts, which amount to around 60 employees based on its last annual filing, will mean about $9 million in restructuring charges and should translate to about $8 million in annualized cash savings.

The job cuts come as RioCan and others scale back condo development plans as the market softens, but chief executive Jonathan Gitlin says the reductions were from a companywide efficiency effort.

RioCan says it doesn’t plan to start any new construction of mixed-use properties this year and well into 2025 as it adjusts to the shifting market demand.

The company reported a net income of $96.9 million in the third quarter, up from a loss of $73.5 million last year, as it saw a $159 million boost from a favourable change in the fair value of investment properties.

RioCan reported what it says is a record-breaking 97.8 per cent occupancy rate in the quarter including retail committed occupancy of 98.6 per cent.

This report by The Canadian Press was first published Nov. 12, 2024.

Companies in this story: (TSX:REI.UN)

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