Wed, April 24, 2024 at 9:35 AM EDT
Business
Tim Hortons’ Roll Up The Rim is returning, and this time it’s digital
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TORONTO —
Tim Hortons’s annual “Roll Up the Rim To Win” contest is back, but not how you’ve come to know it.
The company said it is modernizing its popular 35-year-old contest to focus more on reducing waste, according to a press release.
The four-week promotion is scheduled to kick off on March 11, when customers will begin getting their to-go coffees in disposable cups featuring the familiar rims that unfurl to reveal whether they’ve won.
But contestants can only physically roll up the rim during the first two weeks of the month-long contest, when Tim Hortons will stop distributing the paper cups. Instead, for the last two weeks, customers can only roll up their rims digitally, by using an app or visiting a website.
Here’s a look at how Tim Hortons says its revised contest will work this year:
USING REGULAR PAPER CUPS GETS YOU ONE ROLL:
Between March 11 and April 7, hot beverages will be sold in the familiar “Roll Up the Rim To Win” paper cups, giving customers one chance to win a prize.
In the last two weeks, Tim Hortons says it will stop serving hot drinks in the contest cups, and will instead give customers a chance to virtually “roll up their rims” on the Tim Hortons app or online.
USING TIM REWARDS CARDS GETS YOU TWO ROLLS:
Unregistered Tims rewards cardholders
Tims Rewards cardholders who haven’t registered the app, essentially logging in with contact information, can present the card in the contest’s first two weeks to receive two chances at a prize: one on the cup and another on the app or website.
Then, in the last two weeks when Tims stops selling the contest cups, customers will only get a digital “roll” with their purchase. And here’s a catch: cardholders can accumulate chances to win, but won’t actually be able to see if they did until they register the app.
People have two weeks after the promotion ends, until April 21, to register their card and play their digital “rolls.”
Registered Tims Rewards cardholders
In the first two weeks of the contest, customers who have already registered their Tims Rewards card on the store’s app will get two digital chances with each hot drink purchase. The last two weeks, they’ll only recieve one digital “roll” on their app or online.
USING A REUSABLE CUP GETS YOU THREE ROLLS:
Throughout the entire promotion, people who purchase a hot beverage in a reusable cup or mug will receive three digital rolls which they can redeem on the app or online.
Starting on the eve of the contest, March 10, Tim Hortons says it will be giving away 1.8 million reusable hot beverage cups for free.
“We will reward guests who make the sustainable choice by using a reusable cup and scanning their Tims Rewards card with three digital rolls,” Tim Hortons’ Chief Marketing Officer Hope Bagozzi said.
Prizes up for grabs include 200 Samsung TVs, 150 $1,000 CIBC Prepaid Cards and 10 2020 Hyundai IONIQ Electric or Hybrid Vehicles.
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Oil companies planning to ship crude on the expanded Trans Mountain pipeline in Canada are concerned that the project may not begin full service on May 1 but they would be nevertheless obligated to pay tolls from that date.
In a letter to the Canada Energy Regulator (CER), Suncor Energy and other shippers including BP and Marathon Petroleum have expressed doubts that Trans Mountain will start full service on May 1, as previously communicated, Reuters reports.
Trans Mountain Corporation, the government-owned entity that completed the pipeline construction, told Reuters in an email that line fill on the expanded pipeline would be completed in early May.
After a series of delays, cost overruns, and legal challenges, the expanded Trans Mountain oil pipeline will open for business on May 1, the company said early this month.
“The Commencement Date for commercial operation of the expanded system will be May 1, 2024. Trans Mountain anticipates providing service for all contracted volumes in the month of May,” Trans Mountain Corporation said in early April.
The expanded pipeline will triple the capacity of the original pipeline to 890,000 barrels per day (bpd) from 300,000 bpd to carry crude from Alberta’s oil sands to British Columbia on the Pacific Coast.
The Federal Government of Canada bought the Trans Mountain Pipeline Expansion (TMX) from Kinder Morgan back in 2018, together with related pipeline and terminal assets. That cost the federal government $3.3 billion (C$4.5 billion) at the time. Since then, the costs for the expansion of the pipeline have quadrupled to nearly $23 billion (C$30.9 billion).
The expansion project has faced continuous delays over the years. In one of the latest roadblocks in December, the Canadian regulator denied a variance request from the project developer to move a small section of the pipeline due to challenging drilling conditions.
The company asked the regulator to reconsider its decision, and received on January 12 a conditional approval, avoiding what could have been another two-year delay to start-up.
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Tesla profits slump by more than a half
Tesla has announced its profits fell sharply in the first three months of the year to $1.13bn (£910m), compared with $2.51bn in 2023.
It caps a difficult period for the electric vehicle (EV) maker, which – faced with falling sales – has announced thousands of job cuts.
Boss Elon Musk remains bullish about its prospects, telling investors the launch of new models would be brought forward.
Its share price has risen but analysts say it continues to face significant challenges, including from lower-cost rivals.
The company has suffered from falling demand and competition from cheaper Chinese imports which has led its stock price to collapse by 43% over 2024.
Figures for the first quarter of 2024 revealed revenues of $21.3bn, down on analysts’ predictions of just over $22bn.
But the decision by Tesla to bring forward the launch of new models from the second half of 2025 boosted its shares by nearly 12.5% in after-hours trading.
It did not reveal pricing details for the new vehicles.
However Mr Musk made clear he also grander ambitions, touting Tesla’s AI credentials and plans for self-driving vehicles – even going as far as to say considering it to be just a car company was the “wrong framework.”
“If somebody doesn’t believe Tesla is going to solve autonomy I think they should not be an investor,” he said.
Such sentiments have been questioned by analysts though, with Deutsche Bank saying driverless cars face “technological, regulatory and operational challenges.”
Some investors have called for the company to instead focus on releasing a lower price, mass-market EV.
However, Tesla has already been on a charm offensive, trying to win over new customers by dropping its prices in a series of markets in the face of falling sales.
It also said its situation was not unique.
“Global EV sales continue to be under pressure as many carmakers prioritize hybrids over EVs,” it said.
Despite plans to bring forward new models originally planned for next year the firm is cutting its workforce.
Tesla said it would lose 3,332 jobs in California and 2,688 positions in Texas, starting mid-June.
The cuts in Texas represent 12% of Tesla’s total workforce of almost 23,000 in the area where its gigafactory and headquarters are located.
However, Mr Musk sought to downplay the move.
“Tesla has now created over 30,000 manufacturing jobs in California!” he said in a post on his social media platform X, formerly Twitter, on Tuesday.
Another 285 jobs will be lost in New York.
Tesla’s total workforce stood at more than 140,000 late last year, up from around 100,000 at the end of 2021, according to the company’s filings with US regulators.
Musk’s salary
The car firm is also facing other issues, with a struggle over Mr Musk’s compensation still raging on.
On Wednesday, Tesla asked shareholders to vote for a proposal to accept Mr Musk’s compensation package – once valued at $56bn – which had been rejected by a Delaware judge.
The judge found Tesla’s directors had breached their fiduciary duty to the firm by awarding Mr Musk the pay-out.
Due to the fall in Tesla’s stock value, the compensation package is now estimated to be around $10bn less – but still greater than the GDP of many countries.
In addition, Tesla wants its shareholders to agree to the firm being moved from Delaware to Texas – which Mr Musk called for after the judge rejected his payday.
Business
Stock market today: Nasdaq futures pop, Tesla surges after earnings with more heavyweights on deck
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Tech stocks rose on Wednesday, outstripping the broader market as investors welcomed Tesla’s (TSLA) cheaper car pledge and waited for the next rush of corporate earnings.
The Nasdaq Composite (^IXIC) rose roughly 0.6%, coming off a sharp closing gain. The S&P 500 (^GSPC) was up 0.2%, continuing a rebound from its longest losing streak of 2024, while the Dow Jones Industrial Average (^DJI) fell 0.1%.
Tesla shares jumped nearly 12% after the EV maker’s vow to speed up the launch of more affordable models eclipsed its quarterly earnings and revenue miss. That cheered up investors worried about growth amid a strategy shift to robotaxis and the planned cancellation of a cheaper model.
The results from the first “Magnificent Seven” to report have intensified the already high hopes for Big Tech earnings, that the megacaps can revive the rally in stocks they powered. The spotlight is now on Meta’s (META) report due after the market close, as the Facebook owner’s shares rose after the Senate voted for a potential ban on rival TikTok. Microsoft (MSFT) and Alphabet (GOOG) next up on Thursday.
Meanwhile, Boeing (BA) reported better than expected first quarter results before the opening bell with a loss per share of $1.13, narrower than the $1.72 estimated by Wall Street. Shares rose about 2% in morning trade.
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