Business

Ontario Premier Doug Ford asks Bank of Canada, Prime Minister to pause interest rate increases

Published

1 year ago

October 22, 2023

For the second time in as many months, Ontario Premier Doug Ford is calling on the Bank of Canada to pause any further interest rate increases, saying millions of Canadians are “struggling to make ends meet.”

“There is simply no excuse for increasing the already crushing pressure previous interest rate hikes have placed on so many families and business,” Ford said in a letter addressed to Bank of Canada Governor Tiff Macklem and posted to X, formerly Twitter, on Sunday.

Ford’s letter comes ahead of the central bank’s upcoming interest rate announcement on Wednesday, where it’s expected that the key interest rate will hold at five per cent – the highest level since 2001.

The Bank of Canada has increased its key interest rate 10 times since March 2022 in an effort to tighten up economic activity and bring down inflation to its two per cent target.

At its last interest rate announcement on Sept. 6, the central bank left its policy interest rate unchanged at five per cent. Canada’s inflation rate also dropped to 3.8 per cent that month after rising to four per cent in August.

Two days before that decision, Ford penned a similar letter to Macklem and urged federal government to collaborate with provinces and territories to invest and build critical infrastructure projects rather than raising rates again.

To that end, and in a separate letter addressed to Prime Minister Justin Trudeau on Sunday, Ford called on Ottawa to “address the root causes of inflation” and “bolster and strengthen” domestic supply chains, which he said have shown “vulnerabilities” due to the COVID-19 pandemic, Russia’s invasion of Ukraine, and the developing violence in the Middle East.

“When everyday essentials like groceries, fuel and building supplies can no longer get to market in a timely manner, it is inevitably the hardworking, ordinary people who pay the price – at the checkout, at the pumps, and on their monthly mortgage and rent payments,” he said.

On Wednesday, the Bank of Canada will also release its quarterly monetary policy report which will offer updated forecasts for inflation and both global and domestic economies.

Ahead of this week’s decision on interest rates, I’ve written to the Governor of the Bank of Canada to again express my opposition to any further rate hikes. Higher interest rates are hurting people and businesses that are already struggling to pay their bills. pic.twitter.com/B0l4yBYDAO

— Doug Ford (@fordnation) October 22, 2023

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Business

Cineplex reports $24.7M Q3 loss on Competition Tribunal penalty

Published

21 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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Business

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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