SAN FRANCISCO —
One of California’s three biggest utilities says it is cutting power to at least 200,000 customers in the northern part of the state.
The move Saturday night comes as a heat wave baking California in triple-digit temperatures continued to strain the electrical system.
The California Independent System Operator (California ISO), which manages the power grid, declared a need for the rolling power outage at 6:30 p.m. The authority previously said it didn’t expect to issue more rolling blackouts Saturday.
California ISO ordered the first rolling outages in nearly 20 years on Friday when it directed utilities around the state to shed their power loads. The state’s three biggest utilities — Pacific Gas & Electric, Southern California Edison and San Diego Gas and Electric — turned off power to more than 410,000 homes and businesses for about an hour at a time until the emergency declaration ended 3 1/2 hours later.
The move came as temperatures around the state hit triple digits in many areas, and air conditioning use soared.
The power grid is mostly stressed during the late afternoon and early evening because of higher demand and solar energy production falling. The state tried to prepare for the expected rise in electricity use by urging conservation and trying to buy more power. But a high-pressure system building over Western states meant there was less available.
A power outage caused a pump to fail at a wastewater treatment plant in Oakland, resulting in a sewer backup and the release of some 50,000 gallons of raw sewage into a waterway, the East Bay Municipal Utility District said.
The district said the outage began around 5 p.m. Friday, more than an hour before the rolling outages occurred, and sewage began to spill early Saturday. The agency said the sudden outage affected its ability to connect to backup power at the plant and during that time, workers were dealing with flooding while trying to restore power.
The agency warned boaters to stay away from the Oakland Estuary as it investigates the accident.
The state remained gripped by the heat wave Saturday, with several records either tied or broken, according to the National Weather Service.
The last time the state ordered rolling outages was during an energy crisis in 2001. Blackouts occurred several times from January to May, including one that affected more than 1.5 million customers. The cause was a combination of energy shortages and market manipulation by energy wholesalers, infamously including Enron Corp., that drove up prices by withholding supplies.
Counties up and down the state reported scattered outages, although the city of Los Angeles, which has its own power generating system, wasn’t affected.
The heat wave brought brutally high temperatures, increased wildfire danger and fears of coronavirus spread as people flock to beaches and parks for relief. A thunderstorm rolling from the Central Coast to inland Southern California also brought dry lightning that sparked several small blazes, wind and flash flooding in the high desert.
Records were set in Lake Elsinore, where the mercury hit 114; Riverside at 109 and Gilroy at 108, according to the National Weather Service. The high in Borrego Springs, in the desert northeast of San Diego, was 118. Coastal cities such as San Francisco and Los Angeles sweltered in 86 and 98 degrees, respectively.
Several cities opened cooling centres, but with limited capacity because of social distancing requirements.
San Francisco’s Department of Emergency Management issued simultaneous tweets urging residents to prepare for power outages and to protect themselves from the coronavirus during the heat wave.
“Stay home when possible. If it feels too hot indoors, seek cooler temps outside, keep physical distance, wear a face covering,” the department tweeted.
The scorching temperatures are a concern for firefighters battling blazes that have destroyed several homes and erupted near rural and urban foothill neighbourhoods, driving through tinder-dry brush.
In addition to the possibility of heat stroke and other hot-weather illnesses, health officers were concerned that people will pack beaches, lakes and other recreation areas without following mask and social distancing orders — a major concern in the state that has seen more than 613,000 coronavirus cases.
Israel saw a COVID-19 resurgence after a May heat wave inspired school officials to let children remove their masks, Dr. George Rutherford, an epidemiologist at the University of California, San Francisco, told the San Francisco Chronicle.
“People will want to take off their masks when it’s hot,” Rutherford said. “Don’t do it.”
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.
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.
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.
