Business

Ontario Premier Doug Ford asks Bank of Canada to halt rate hikes

Published

1 year ago

September 4, 2023

Harry Miller

The Canadian Press

Published Monday, September 4, 2023 3:13PM EDT

Last Updated Monday, September 4, 2023 3:13PM EDT

Another provincial premier is making a direct appeal to the Bank of Canada to stop raising interest rates.

Ontario Premier Doug Ford says he wrote directly to the central bank’s governor Tiff Macklem on Sunday because of the devastating impact current rates are having on the province’s families and businesses.

He becomes the second premier to voice objections to further hikes after British Columbia Premier David Eby sent a similar letter to Macklem last Thursday.

The Bank of Canada raised its key interest rate to five per cent in July, citing projections suggesting it will take longer for the national inflation rate to reach the bank’s target of two per cent.

Ford’s letter urges Macklem to “consider the effect higher interest rates are having on everyday people” before the bank announces its next interest rate decision on Wednesday.

It says the bank has raised its interest rates 10 times in the last 18 months and is costing families “thousands of dollars” more a month to cover their mortgage payments.

Ford’s letter also says that Canada’s banks are expecting a spike in defaults on loans and mortgages stemming directly from the rate hikes.

The letter goes on to say the federal government should work with provinces and territories to invest and build critical infrastructure projects rather than raising rates again.

This report by The Canadian Press was first published September 4, 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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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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