Shaw Communications Inc. SJR-B-T has not recouped the $4.5-billion it has invested in its wireless business since 2016, an executive for the Calgary-based telecom told a Competition Tribunal hearing into the proposed $26-billion merger of Rogers Communications Inc. RCI-B-T and Shaw.
Trevor English, chief financial and corporate development officer at Shaw, said the investment, which includes the $1.6-billion that Shaw paid to acquire wireless carrier Freedom Mobile, is “net negative” by about $3.3-billion. Shaw has also not generated any free cash flow from its wireless business, he noted.
“We have not been able to increase our dividend since 2016 when we made the investment into Wind,” Mr. English said. (Shaw rebranded Wind Mobile to Freedom Mobile in late 2016.)
As part of the proposed merger between Rogers and Shaw, the cable companies have agreed to divest Freedom, Canada’s fourth-largest wireless carrier, to Quebecor Inc.’s QBR-B-T telecom subsidiary, Videotron Ltd., for $2.85-billion. That was in order to address concerns that the merger would hurt competition in the wireless sector.
Acquiring Freedom Mobile’s 1.7 million customers would double the size of Quebecor Inc.’s wireless business, giving it a “significant footprint” to grow outside its home province, Pierre Karl Péladeau, the telecom’s president and chief executive officer, told the tribunal earlier on Monday.
Despite the divestiture, the Competition Bureau is attempting to block the merger of Canada’s two largest cable companies, arguing that the deal would leave Freedom a weakened competitor because Rogers would acquire some of the assets that currently support the carrier.
Rogers, Shaw and Quebecor have contended that the deal will make the wireless sector more competitive by allowing Videotron to expand outside its home market of Quebec. Rogers and Shaw have also argued that combining their wireless networks would allow them to better compete against Telus in Western Canada.
Shaw has lost more than 15 per cent of its cable and internet market share to Telus since 2016, Mr. English said. That underperformance has affected the company’s share price, he said.
“Our share price hasn’t moved in 10 years – it’s basically flat, while the majority of our peer group, including Telus, has more than doubled,” Mr. English said.
The Competition Bureau has argued that separating Freedom from Shaw’s cable network would make it more difficult for the carrier to compete.
Mr. English noted that 70 per cent of Shaw’s wireless business is in Ontario, where Shaw has no cable assets. He said Shaw has not integrated Freedom with its wireline business in a “material manner.”
Mr. Péladeau told the tribunal that if Videotron wants to enjoy the same level of growth it has previously enjoyed, it must expand beyond Quebec.
He declined to comment on his company’s strategy if it is successful in acquiring Freedom, noting that competitors “are listening.”
“I’m not sure we would want to mention in a public arena what is our strategy in terms of getting customers out of [rivals’] customer base,” he said.
However, Mr. Péladeau said that while immigration drives growth in the wireless industry, Videotron “would like to be even more successful than the flow of immigrants that Canada receives and grow our business even larger than that.”
During cross-examination, Antoine Lippé, a lawyer for the Competition Bureau, noted that Quebecor has previously acquired wireless airwaves with the stated intention of expanding outside of Quebec, but later sold them at a profit.
Mr. Lippé also noted that Mr. Péladeau has previously referred to companies that purchase wholesale access to other telecoms’ networks as “parasites.” If Quebecor is successful in acquiring Freedom Mobile, it will rely on such wholesale access to provide wireless services.
The Montreal-based company has struck a deal that would allow it to access the combined Rogers-Shaw entity’s cable network in Western Canada at what the companies have described as “favourable rates.” Those rates are below the mandated wholesale rates set by the Canadian Radio-television and Telecommunications Commission.
Mr. English described the terms of the deal between Rogers, Shaw and Videotron as a “dream scenario” in terms of enabling Videotron to carry on the Freedom business.
“I don’t think you could have gotten a better solution here in terms of the fourth- and fifth-largest wireless operators coming together with the scale and size of 3.3 million customers across the four most populous provinces in this country,” Mr. English said.
New Screening Tool Flags 27,000 U.S. Communities for Climate Investment – The Energy Mix
A new screening tool that prioritizes 27,000 disadvantaged U.S. communities for billions of dollars in federal climate and energy investments is being criticized for leaving out racial makeup—one of the strongest predictors of environmental burden—as a criterion.
“The experiences of Indigenous, Black, Latinx, Asian-American and Pacific Islander, and People of Color in this nation have been predicated along systemic and institutional racism that permeates every aspect of where we live, where we work, where we go to school, and how we experience our daily lives,” wrote the Strong, Prosperous and Resilient Communities Challenge, an environmental justice initiative.
“Any tool that seeks to reverse and address injustices and deliver benefits to address environmental harms including to public health must account for these truths.”
Environmental justice was first brought to federal attention in the U.S. by President Bill Clinton in 1994, with an executive order directing agencies to identify and address the disproportionately high and adverse human health or environmental effects of their actions on minority and low-income populations. Federal and state agencies have developed a number of environmental justice mapping tools in the years since [pdf].
The Climate and Economic Justice Screening Tool (CEJST), announced by the White House Council on Environmental Quality (CEQ), will be used to identify “communities that have faced historic injustices” and ensure “they’re some of the first to see the benefits of climate action,” said CEQ Chair Brenda Mallory. It was developed to address a set of priorities laid out by President Joe Biden at the start of his term.
The CEJST differs from past mapping tools because it’s meant to provide a whole-of government, uniform definition of disadvantaged communities. Through CEJST, census tracts across the country are evaluated based on income, significant pollution exposures, climate risks from flooding and wildfires, lack of indoor plumbing, and lack of access to clean drinking water. Any tract that is above the threshold for three or more indicators is identified as “disadvantaged.”
The Biden administration anticipates using CEQ’s screening tool to advance its Justice40 effort by directing 40% of the funding for climate, clean energy, affordable housing, and other investments to benefit disadvantaged communities, says Bloomberg Law.
Although environmental justice advocates have welcomed the CEJST, they point to some important shortcomings, and the CEQ itself labeled the tool as “version 1.0″ that will be subject to changes and refinements.
“There is more work to do, but this is a positive step in the administration’s work to advance environmental justice for all,” said Richard Moore, co-coordinator of the Los Jardines Institute in Albuquerque, New Mexico, and a co-chair of the White House Environmental Justice Advisory Council.
CEQ also cautioned that not all disadvantaged communities can be easily identified in the map, citing migrant workers—who are geographically dispersed—as an example. The CEJST also fails to centre racial demographics in its evaluation of communities, despite the country’s long history of discrimination and redlining that have directly contributed to many of the environmental justice issues the Justice40 program aims to address.
An earlier analysis by Grist found such a strong correlation between race and factors that disadvantage communities that, even without including racial demographics, a beta version of the screening tool could still effectively direct Justice40 funds to communities of colour
That meant the tool’s criteria “are effectively functioning as proxies for race,” Grist wrote. “Race is one of the most potent predictors of pollution burdens,” and “by prioritizing communities with the greatest pollution burdens, it has automatically prioritized communities of colour, as well.”
Administration officials make this same point, adding that a race-neutral approach can sidestep legal challenges. The latest edition of CEJST also includes a methodology update from the beta version that uses redlining data to account for historic underinvestment.
But the changes don’t address concerns raised by critics earlier this summer, who cautioned that failing to include racial demographics neglects legacies of environmental racism and ignores the many communities that are disproportionately polluted, not because they are poor, but because they are non-white, says E&E News.
“Race is the primary predictor of where polluting facilities are sited,” said Peggy Shepard, executive director of New York-based WE ACT for Environmental Justice and co-chair of WHEJAC. “It doesn’t matter what the income of that community is.”
Abu Dhabi Hosts Annual Investment Meeting May 2023
ABU DHABI, United Arab Emirates — Abu Dhabi will host the 12th edition of the Annual Investment Meeting from 8 to 10 May 2023, which will take place under the theme of “The Investment Paradigm Shift: Future Investment Opportunities to Foster Sustainable Economic Growth, Diversity, and Prosperity”.
At a press conference held today in Abu Dhabi, the announcement of the launch of AIM Global 2023 which is supported by the Ministry of Industry & Advanced Technologies, with the Abu Dhabi Department of Economic Development (ADDED) as a lead partner was made in the presence of H.E. Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, Vice Chairman of the UAE Industry Development Council and H.E. Mohamed Ali Al Shorafa, Chairman of ADDED.
AIM Global 2023 pillars will discuss the global capital market transformation, ways to improve the flexibility of global supply chains to benefit from growth opportunities, and the Fourth Industrial Revolution & AI technologies in the years to come.
AIM will also address new trends in the current global digital transformation that’s being experienced by developing & developed economies. AIM Global 2023 will feature many sessions & workshops that discuss vital topics, including Future Cities, how to use innovative technologies to address the increasing demands, the business sector’s ability to keep abreast of the fast changes, and the future role of Startups & SMEs.
H.E. Dr. Thani bin Ahmed Al Zeyoudi, lauded AIM’s ability to change its activities to keep abreast of the new changes in the global economy and praised AIM Global 2023’s gathering of all investment stakeholders in an effort to overcome the current obstacles to achieve sustainable economic development & prosperity for the world via several paths, including Digitization, Sustainability, Industrialization, and Free Trade.
H.E. Mohamed Ali Al Shorafa said: “We’re pleased to host AIM 2023 in Abu Dhabi, which has established its position as a preferred destination for business & investments due to its proactive, open approach in dealing with changes. AIM is a suitable platform to discuss new trends and ways to deal with changes and developments in the global economic landscape.”
AIM will comprise several features, including the Exhibition, Investment Roundtables, Investment Destinations Presentations, Investment Awards, Startups Awards, Investors Hub and G2G, G2B & B2B Meetings.
AI will continue to attract investment in near future in the healthcare industry
Artificial intelligence (AI) was seen as one of the top current investment priorities and was thought to continue to attract investment in the healthcare sector in the upcoming two years, according to GlobalData’s latest report ‘Digital Transformation and Emerging Technology in the Healthcare Industry – 2022 Edition’.
In this survey-based report tracker, digital media was prioritised as a top current investment target, with 53% of surveyed respondents confirming that their companies are currently investing in this technology. It was followed by AI, social media and big data (Figure 1). Compared with last year’s data, digital media saw the biggest increase in current investment, up by 22% from last year. AI (+9% from 2021), social media (+8%) and big data (+5%) have also gained since last year, besides trending as very popular technologies for investment priorities for several years. Their combined usage can release synergetic power and potential that could be disruptive to the healthcare sector.
While digital media was selected as the number one current investment target, the percentage of companies investing in this technology is expected to drop by 16% over the next two years. This would likely be due to the current inflation and rising costs, which contribute to a gloomy investment environment. In the next two years, the surveyed healthcare industry professionals believed that their companies will prioritise AI as the main investment target (figure 2).
Having topped the chart as the most attractive investment target since 2018, AI is a rather versatile technology that can be applied in a wide spectrum of processes in the pharmaceutical value chain, making processes faster and more efficient; eventually saving time and labour costs.
The technology has a multititle of applications; for example, companies like Exscientia are using AI to help their pharmaceutical clients analyse vast data sets to identify potential drug targets in a shorter time. K Health, in its AI-based telehealth app, is using AI and big data to help users access accurate information on their symptoms and connect with physicians; BioSymetrics is using AI and machine learning to provide a platform and models to help pharmaceutical companies to identify targets for drug discovery; while Bayer’s AI-enabled Calantic™ Digital Solutions platform, which combines AI with Cloud computing, is used to provide more structured tasks and more improved workflow, to ease workload and pressure for radiologists.
The new digital era has been driving the uptake of digital technologies. Technologies like AI are expected to bring disruptive power to and revolutionise processes within the healthcare sector. There has been an increasing number of successful AI-use cases in the healthcare industry that support a growing trust in AI. AI’s potential is substantial – not only limited to shortening the time and reducing cost in the drug discovery process, or providing healthcare professionals with faster and more accurate diagnoses.
Canada's top five federal contaminated sites to cost taxpayers billions to clean up – CTV News
US not worried about Iran at World Cup despite social media furor – ESPN
Riots in Belgium, Netherlands after Morocco win at World Cup – CTV News
Silver investment demand jumped 12% in 2019
Iran anticipates renewed protests amid social media shutdown
Search for life on Mars accelerates as new bodies of water found below planet’s surface
Sports24 hours ago
Croatia coach sends Canada a stern message ahead of World Cup showdown
Science23 hours ago
In a B.C. first, UVic mini-satellite launched into space after four years of work
Health22 hours ago
Flu shots are now free for everyone in Quebec due to overwhelmed hospital ERs
Science21 hours ago
YouTuber Mark Rober drops eggs from space to land in Victor Valley
Politics14 hours ago
Fauci says ‘we need to keep the politics out of’ investigating COVID origins – The Hill
Media13 hours ago
Your Employees Might Be ‘Quiet Quitting’ On Social Media. Here Are The Signs
Art15 hours ago
Pearl Lam and Basma Al Sulaiman on their feisty, art-fuelled friendship – Financial Times
Politics15 hours ago
Twitter's time in Canadian politics began with an apology — and then it got worse – CBC.ca