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Protestors seen leaving blockade west of Aldershot GO Station just as another blockade forms near Kipling GO Station – CP24 Toronto's Breaking News

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Chris Fox and Joshua Freeman, CP24.com


Published Tuesday, February 25, 2020 5:42AM EST


Last Updated Tuesday, February 25, 2020 8:46PM EST

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Thousands of GTA commuters faced a difficult time getting home Tuesday as rail protests hampered GO Train service.

New protests cropped up Tuesday on several rail lines, affecting service on the Milton, Lakeshore East and Lakeshore West lines.

At around 6:15 p.m., Metrolinx said that all service was resuming across all lines, but advised customers to expect longer travel times, residual delays and some cancellations throughout the evening.

The protests have been set up in solidarity with the Wet’suwet’en hereditary chiefs in British Columbia, who are opposing a pipeline project and infringements on their territorial rights.

A number of people set up a blockade west of Aldershot GO Station on Monday night and had remained on the tracks throughout Tuesday, forcing Metrolinx to suspend GO train service between Hamilton and Aldershot stations and replace it with buses.

Police served the protesters with an injunction ordering them to leave on Tuesday morning but did not forcibly remove them from the premises.

At around 5:15 p.m., CP24’s cameras captured the protesters peacefully leaving the area in two large groups.

However their departure came about an hour after another blockade formed on the tracks near  Lambton Arena, in the area of Dundas Street West and Scarlett Road.

Service was completely suspended along GO Transit’s Milton line due to that blockade.

A media liaison for the blockade said eight people had been arrested at the demonstration.

Metrolinx said that it was unable to provide buses to supplement service along the route because it does not have enough of them to carry the 20,000 commuters that utilize the line each night.

The agency later said that the resumption of service would not rely on buses, but would involve trains taking a longer route to make use of a detour.

As of 8:45 p.m., a large crowd was still at the site of the blockade, along with a large number of police officers.

“We are on scene to keep the peace and ensure public safety for all involved and limit disruption to critical infrastructure,” Toronto police said in a tweet.

Service was also suspended between Union and Pickering GO stations on the Lakeshore East Line for close to an hour due to a disruption near Guildwood. Service resumed on that line at around 5 p.m.

Video captured by CP24 reporters at Union Station showed huge crowding amid the disruptions.

Metrolinx spokesperson Anne Marie Aikins said it was “very hard to say” how much longer it would take people to get home.

“If you can hold back from coming to Union yet – you can see how crowded it is – I would wait a little while,” Aikins said. “I would plan on it taking you much longer to get home regardless of your route.”

She said that while trains are moving, some are moving very slowly, resulting in backlogs. Other trains also had to turn around and return to Union because of the protests, resulting in a surge of customers waiting to get home.

“There’s just congestion all throughout our corridor,” Aikins said. “It’s an extremely difficult situation for all involved. We’re doing the best we can.”

She advised customers to stay tuned to the latest updates.

Aikins said Metrolinx is planning for the possibility of further disruptions in the coming days.

“We’re planning farther in advance right across our system,” she said. “These are security incidents that we just don’t know when they’re going to happen, when they’re going to end.

“They are out of our control and we’re doing what we can to make sure everybody stays safe. That’s our first priority. We want you to stay safe around our tracks.”

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Tesla Promises Cheap EVs by 2025 | OilPrice.com – OilPrice.com

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Tesla Promises Cheap EVs by 2025 | OilPrice.com



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Charles Kennedy

Charles Kennedy

Charles is a writer for Oilprice.com

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Tesla has promised to start selling cheaper models next year, days after a Reuters report revealed that the company had shelved its plans for an all-new Tesla that would cost only $25,000.

The news that Tesla was scrapping the Model 2 came amid a drop in sales and profits, and a decision to slash a tenth of the company’s global workforce. Reuters also noted increased competition from Chinese EV makers.

Tesla’s deliveries slumped in the first quarter for the first annual drop since the start of the pandemic in 2020, missing analyst forecasts by a mile in a sign that even price cuts haven’t been able to stave off an increasingly heated competition on the EV market.

Profits dropped by 50%, disappointing investors and leading to a slump in the company’s share prices, which made any good news urgently needed. Tesla delivered: it said it would bring forward the date for the release of new, lower-cost models. These would be produced on its existing platform and rolled out in the second half of 2025, per the BBC.

Reuters cited the company as warning that this change of plans could “result in achieving less cost reduction than previously expected,” however. This suggests the price tag of the new models is unlikely to be as small as the $25,000 promised for the Model 2.

The decision is based on a substantially reduced risk appetite in Tesla’s management, likely affected by the recent financial results and the intensifying competition with Chinese EV makers. Shelving the Model 2 and opting instead for cars to be produced on existing manufacturing lines is the safer move in these “uncertain times”, per the company.

Tesla is also cutting prices, as many other EV makers are doing amid a palpable decline in sales in key markets such as Europe, where the phaseout of subsidies has hit demand for EVs seriously. The cut is of about $2,000 on all models that Tesla currently sells.

By Charles Kennedy for Oilprice.com

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Why the Bank of Canada decided to hold interest rates in April – Financial Post

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Divisions within the Bank of Canada over the timing of a much-anticipated cut to its key overnight interest rate stem from concerns of some members of the central bank’s governing council that progress on taming inflation could stall in the face of stronger domestic demand — or even pick up again in the event of “new surprises.”

“Some members emphasized that, with the economy performing well, the risk had diminished that restrictive monetary policy would slow the economy more than necessary to return inflation to target,” according to a summary of deliberations for the April 10 rate decision that were published Wednesday. “They felt more reassurance was needed to reduce the risk that the downward progress on core inflation would stall, and to avoid jeopardizing the progress made thus far.”

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Others argued that there were additional risks from keeping monetary policy too tight in light of progress already made to tame inflation, which had come down “significantly” across most goods and services.

Some pointed out that the distribution of inflation rates across components of the consumer price index had approached normal, despite outsized price increases and decreases in certain components.

“Coupled with indicators that the economy was in excess supply and with a base case projection showing the output gap starting to close only next year, they felt there was a risk of keeping monetary policy more restrictive than needed.”

In the end, though, the central bankers agreed to hold the rate at five per cent because inflation remained too high and there were still upside risks to the outlook, albeit “less acute” than in the past couple of years.

Despite the “diversity of views” about when conditions will warrant cutting the interest rate, central bank officials agreed that monetary policy easing would probably be gradual, given risks to the outlook and the slow path for returning inflation to target, according to the summary of deliberations.

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They considered a number of potential risks to the outlook for economic growth and inflation, including housing and immigration, according to summary of deliberations.

The central bankers discussed the risk that housing market activity could accelerate and further boost shelter prices and acknowledged that easing monetary policy could increase the likelihood of this risk materializing. They concluded that their focus on measures such as CPI-trim, which strips out extreme movements in price changes, allowed them to effectively look through mortgage interest costs while capturing other shelter prices such as rent that are more reflective of supply and demand in housing.

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They also agreed to keep a close eye on immigration in the coming quarters due to uncertainty around recent announcements by the federal government.

“The projection incorporated continued strong population growth in the first half of 2024 followed by much softer growth, in line with the federal government’s target for reducing the share of non-permanent residents,” the summary said. “But details of how these plans will be implemented had not been announced. Governing council recognized that there was some uncertainty about future population growth and agreed it would be important to update the population forecast each quarter.”

• Email: bshecter@nationalpost.com

Bookmark our website and support our journalism: Don’t miss the business news you need to know — add financialpost.com to your bookmarks and sign up for our newsletters here.

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Meta shares sink after it reveals spending plans – BBC.com

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Woman looks at phone in front of Facebook image - stock shot.

Shares in US tech giant Meta have sunk in US after-hours trading despite better-than-expected earnings.

The Facebook and Instagram owner said expenses would be higher this year as it spends heavily on artificial intelligence (AI).

Its shares fell more than 15% after it said it expected to spend billions of dollars more than it had previously predicted in 2024.

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Meta has been updating its ad-buying products with AI tools to boost earnings growth.

It has also been introducing more AI features on its social media platforms such as chat assistants.

The firm said it now expected to spend between $35bn and $40bn, (£28bn-32bn) in 2024, up from an earlier prediction of $30-$37bn.

Its shares fell despite it beating expectations on its earnings.

First quarter revenue rose 27% to $36.46bn, while analysts had expected earnings of $36.16bn.

Sophie Lund-Yates, lead equity analyst at Hargreaves Lansdown, said its spending plans were “aggressive”.

She said Meta’s “substantial investment” in AI has helped it get people to spend time on its platforms, so advertisers are willing to spend more money “in a time when digital advertising uncertainty remains rife”.

More than 50 countries are due to have elections this year, she said, “which hugely increases uncertainty” and can spook advertisers.

She added that Meta’s “fortunes are probably also being bolstered by TikTok’s uncertain future in the US”.

Meta’s rival has said it will fight an “unconstitutional” law that could result in TikTok being sold or banned in the US.

President Biden has signed into law a bill which gives the social media platform’s Chinese owner, ByteDance, nine months to sell off the app or it will be blocked in the US.

Ms Lund-Yates said that “looking further ahead, the biggest risk [for Meta] remains regulatory”.

Last year, Meta was fined €1.2bn (£1bn) by Ireland’s data authorities for mishandling people’s data when transferring it between Europe and the US.

And in February of this year, Meta chief executive Mark Zuckerberg faced blistering criticism from US lawmakers and was pushed to apologise to families of victims of child sexual exploitation.

Ms Lund-Yates added that the firm has “more than enough resources to throw at legal challenges, but that doesn’t rule out the risks of ups and downs in market sentiment”.

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