adplus-dvertising
Connect with us

Business

Kenney announces new law clamping down on protestors – Edmonton Journal

Published

 on


On the eve of the Throne Speech and in the wake of Teck’s decision to pull out of its Frontier Mine project, Premier Jason Kenney announced legislation targeting protesters who disrupt vital infrastructure networks.

Kenney blamed Teck’s withdrawal on Sunday in part on the “appearance of anarchy” caused by nationwide protests in support of Wet’suwet’en heridetary chiefs who are opposed to the CoastalGas Link project in northern B.C.

“This decision was taken in large part because of regulatory uncertainty and endless delays created by the national government, as well as the general atmosphere of lawlessness that we have seen take hold of parts of our country and much of our economic infrastructure in the past three weeks,” said Kenney in a speech to caucus, government staff, invitees and media on Monday.

The first bill of the spring session will be the Critical Infrastructure Defense Act, creating new “stiff penalties for anyone who riots on or seeks to impair critical economic infrastructure,” Kenney said.

The government will table the legislation, otherwise known as Bill 1, on Tuesday.

Kenney said he had spoken to “major” investors who have cancelled, frozen and suspended major investments in the economy because of the rail blockades.

The Court of Queen’s Bench granted a province-wide, 30-day injunction last week after protesters blocked CN tracks east of Edmonton. Police can be called to serve and enforce that order. In Ontario, police enforced an injunction Monday, dismantling the blockade near Belleville, Ont., that began on Feb. 6 and halted freight and passenger rail service across much of the country.

Kenney targeted “urban green left zealots,” saying they were trying to appropriate protests and condemning Indigenous people to poverty. The Coastal GasLink project, which is supported by all 20 elected First Nation chiefs along the pipeline’s route, is expected to create 2,000 to 2,500 jobs during its four-year construction period.

Kenney also promised a “citizen-initiative” referendum law in the coming days that will allow citizens to put issues that are important to them on the ballot, although he added that the government would prevent frivolous abuse of the process.

Although Teck CEO Don Lindsay criticized the lack of a regulatory framework and cited investor uncertainty in his letter to the federal government Sunday, Kenney said the province can reconcile a potential referendum over national unity issues.

“When I talk about tensions on national unity, I’m not advocating that, I’m describing a reality that exists in this province and other parts of Canada. And I think it would be grossly irresponsible for political leaders to ignore that reality,” he said.

The Bill 1 announcement came on the heels of the Alberta Court of Appeal’s decision Monday afternoon, which ruled in favour of Alberta’s legal challenge and declared the federal carbon tax unconstitutional.

When asked how killing the carbon tax would make investing in Canada more attractive to companies like Teck, Kenney said the province’s Technology Innovation and Emissions Reduction (TIER) Regulation is a better solution than the federal carbon tax because it focuses on big emitters and scientific solutions.

He also reiterated that Teck did not flag environmental frameworks as a problem until its decision was made public on Sunday.

‘Let’s resolve those issues’: Mikisew Chief

Chief Archie Waquan of the Mikisew First Nation, who had announced the community’s support for the Teck project on Friday, said he was disappointed in the company’s decision on Monday.

“I feel badly about it,” he said, noting that it took 10 years of work to come to an agreement.

Hurting the economy is not the best way to protest, but clamping down on protestors might be “too strong” of an approach, he said, adding that talking with Indigenous communities is the only way to practical solutions.

“Let’s resolve those issues that are affecting First Nations — let’s get it going — and then you’ll never have any of those blockades in the future,” he said.


NDP Leader, Rachel Notley, answers question about Teck’s application withdraw from the Frontier oilsands mine during a news conference on costs being downloaded onto municipalities by the government, with NDP Municipal Affairs Critic, Joe Ceci (back) in Edmonton, February 24, 2020. Ed Kaiser/Postmedia

‘He’s scrambling’: Notley

Opposition NDP leader Rachel Notley said Monday that Teck’s decision is the direct result of Premier Jason Kenney’s “combative” political approach.

International investors are looking for a predictable regulatory framework on greenhouse gas emissions, but instead are seeing Kenney demonize anyone with any concerns about climate change, alienating investors and leaving Albertans behind, Notley said.

The blockades are the result of longstanding matters that need to be addressed across the country, and confounding the issue of protests, emissions regulation and investment is dishonest, she said.

“He’s scrambling, and it’s cheap issues management,” said Notley.

Kenney has fought against the environmental frameworks that investors want and mischaracterized international banking heads and fund managers as “urban green radicals,” she said.

“He is essentially promoting the continued investor uncertainty that created this problem in the first place,” she said.

It is already illegal to blockade railways, and police have the jurisdiction to arrest trespassers, she said when asked about how effective Kenney’s upcoming first bill will be.

“It comes down to what the deterrent element is, and how it’s constructed,” she said.

lijohnson@postmedia.com

twitter.com/reportrix

Let’s block ads! (Why?)

728x90x4

Source link

Business

Transat AT reports $39.9M Q3 loss compared with $57.3M profit a year earlier

Published

 on

 

MONTREAL – Travel company Transat AT Inc. reported a loss in its latest quarter compared with a profit a year earlier as its revenue edged lower.

The parent company of Air Transat says it lost $39.9 million or $1.03 per diluted share in its quarter ended July 31.

The result compared with a profit of $57.3 million or $1.49 per diluted share a year earlier.

Revenue in what was the company’s third quarter totalled $736.2 million, down from $746.3 million in the same quarter last year.

On an adjusted basis, Transat says it lost $1.10 per share in its latest quarter compared with an adjusted profit of $1.10 per share a year earlier.

Transat chief executive Annick Guérard says demand for leisure travel remains healthy, as evidenced by higher traffic, but consumers are increasingly price conscious given the current economic uncertainty.

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

Companies in this story: (TSX:TRZ)

The Canadian Press. All rights reserved.

Source link

Continue Reading

Business

Dollarama keeping an eye on competitors as Loblaw launches new ultra-discount chain

Published

 on

 

Dollarama Inc.’s food aisles may have expanded far beyond sweet treats or piles of gum by the checkout counter in recent years, but its chief executive maintains his company is “not in the grocery business,” even if it’s keeping an eye on the sector.

“It’s just one small part of our store,” Neil Rossy told analysts on a Wednesday call, where he was questioned about the company’s food merchandise and rivals playing in the same space.

“We will keep an eye on all retailers — like all retailers keep an eye on us — to make sure that we’re competitive and we understand what’s out there.”

Over the last decade and as consumers have more recently sought deals, Dollarama’s food merchandise has expanded to include bread and pantry staples like cereal, rice and pasta sold at prices on par or below supermarkets.

However, the competition in the discount segment of the market Dollarama operates in intensified recently when the country’s biggest grocery chain began piloting a new ultra-discount store.

The No Name stores being tested by Loblaw Cos. Ltd. in Windsor, St. Catharines and Brockville, Ont., are billed as 20 per cent cheaper than discount retail competitors including No Frills. The grocery giant is able to offer such cost savings by relying on a smaller store footprint, fewer chilled products and a hearty range of No Name merchandise.

Though Rossy brushed off notions that his company is a supermarket challenger, grocers aren’t off his radar.

“All retailers in Canada are realistic about the fact that everyone is everyone’s competition on any given item or category,” he said.

Rossy declined to reveal how much of the chain’s sales would overlap with Loblaw or the food category, arguing the vast variety of items Dollarama sells is its strength rather than its grocery products alone.

“What makes Dollarama Dollarama is a very wide assortment of different departments that somewhat represent the old five-and-dime local convenience store,” he said.

The breadth of Dollarama’s offerings helped carry the company to a second-quarter profit of $285.9 million, up from $245.8 million in the same quarter last year as its sales rose 7.4 per cent.

The retailer said Wednesday the profit amounted to $1.02 per diluted share for the 13-week period ended July 28, up from 86 cents per diluted share a year earlier.

The period the quarter covers includes the start of summer, when Rossy said the weather was “terrible.”

“The weather got slightly better towards the end of the summer and our sales certainly increased, but not enough to make up for the season’s horrible start,” he said.

Sales totalled $1.56 billion for the quarter, up from $1.46 billion in the same quarter last year.

Comparable store sales, a key metric for retailers, increased 4.7 per cent, while the average transaction was down2.2 per cent and traffic was up seven per cent, RBC analyst Irene Nattel pointed out.

She told investors in a note that the numbers reflect “solid demand as cautious consumers focus on core consumables and everyday essentials.”

Analysts have attributed such behaviour to interest rates that have been slow to drop and high prices of key consumer goods, which are weighing on household budgets.

To cope, many Canadians have spent more time seeking deals, trading down to more affordable brands and forgoing small luxuries they would treat themselves to in better economic times.

“When people feel squeezed, they tend to shy away from discretionary, focus on the basics,” Rossy said. “When people are feeling good about their wallet, they tend to be more lax about the basics and more willing to spend on discretionary.”

The current economic situation has drawn in not just the average Canadian looking to save a buck or two, but also wealthier consumers.

“When the entire economy is feeling slightly squeezed, we get more consumers who might not have to or want to shop at a Dollarama generally or who enjoy shopping at a Dollarama but have the luxury of not having to worry about the price in some other store that they happen to be standing in that has those goods,” Rossy said.

“Well, when times are tougher, they’ll consider the extra five minutes to go to the store next door.”

This report by The Canadian Press was first published Sept. 11, 2024.

Companies in this story: (TSX:DOL)

Source link

Continue Reading

Business

U.S. regulator fines TD Bank US$28M for faulty consumer reports

Published

 on

 

TORONTO – The U.S. Consumer Financial Protection Bureau has ordered TD Bank Group to pay US$28 million for repeatedly sharing inaccurate, negative information about its customers to consumer reporting companies.

The agency says TD has to pay US$7.76 million in total to tens of thousands of victims of its illegal actions, along with a US$20 million civil penalty.

It says TD shared information that contained systemic errors about credit card and bank deposit accounts to consumer reporting companies, which can include credit reports as well as screening reports for tenants and employees and other background checks.

CFPB director Rohit Chopra says in a statement that TD threatened the consumer reports of customers with fraudulent information then “barely lifted a finger to fix it,” and that regulators will need to “focus major attention” on TD Bank to change its course.

TD says in a statement it self-identified these issues and proactively worked to improve its practices, and that it is committed to delivering on its responsibilities to its customers.

The bank also faces scrutiny in the U.S. over its anti-money laundering program where it expects to pay more than US$3 billion in monetary penalties to resolve.

This report by The Canadian Press was first published Sept. 11, 2024.

Companies in this story: (TSX:TD)

The Canadian Press. All rights reserved.

Source link

Continue Reading

Trending