The new service will focus on Whister, Tofino resort communities
It could be a Green Christmas for those awaiting ride-hailing in Whistler and Tofino during the holidays.
The Passenger Transportation Board on Monday announced it has approved an application from Green Coast Ventures to provide ride-hailing in the Lower Mainland, Whistler and Vancouver Island outside of the Capital Regional District.
The company says it will focus on the resort areas of Whistler-Squamish-Pemberton-Lillooet and Tofino-Ucluelet. Expansion plans include Courtenay-Mt. Washington and Parksville-Qualicum.
Uber and Lyft still await a decision from the transportation board.
Green Coast told the board that the Wickaninnish Inn in Tofino gets about 25 ride-hailing requests a day, the Wolf in the Fog restaurant in Tofino gets about 30, while the Nicklaus North Golf Course at Whistler calls for more than 20 taxis a day but that even when phoning an hour ahead, taxi companies can’t meet the demand.
“First-year fleet size goals are 15 vehicles for (Tofino-Ucluelet) and 30 vehicles in (Whistler),” the board said in its decision to award Green Coast its licence.
“Green Coast relies on (founder Dylan) Green’s previous experience operating a transportation company and knowledge of resort communities to establish that it is fit, proper and capable.”
Green started Tofino Bus Services 16 years ago with one vehicle, growing to 30 by the time he sold his company to Wilson’s Group in 2018. He could not be reached to comment on when his service will be running.
The decision points to the “significant peaks and valleys” resort communities experience in transportation demands depending on tourist seasons and holidays, and noted Green Coast’s unique app, Whistle, which focuses on resort towns.
“Passengers may also choose to share their ride, aiming to reduce fares for locals who often have to commute from outside of town to work,” the company said in its application.
The board turned down an application from another company, LTG Technologies, to operate in the Capital Regional District and the rest of Vancouver Island, and in the Interior (Okanagan, Kootenays, Boundary and Cariboo).
“A business plan requires documentation on the market for the proposed product or service,” the board decision on LTG says. “The only market information contained in LTG’s business plan consists of a few references to the global market for ride sharing. There is no information on the market for ride-hailing in the areas in which LTG proposes to operate. … The directors of LTG do not have experience in operating a passenger transportation business.”
The decisions were made after a careful review of the extensive materials received during the application process which included the supporting information provided by the applicants and submissions from interested members of the public, which included information from experts, the board said.
The next step for Green Coast is to secure appropriate insurance and to work with municipalities to ensure compliance with local bylaws, the transport board said.
Claire Trevena, the transportation minister, said she welcomes the announcement.
“People want to see ride-hailing vehicles on the road as soon as possible,” she said. “We are hoping to hear of more decisions in the very near future.”
The transport board is an independent licensing tribunal and continues to review the remaining 22 ride-hailing applications that have been submitted to it so far, a spokesman said.
Canadian police charged a Tesla owner for sleeping while driving – Engadget
Police in Canada say they recently charged a Tesla Model S owner with driving dangerously for sleeping at his car’s wheel. In July, the Royal Canadian Mounted Police (RCMP) say they responded to a speeding complaint on Highway 2 near Ponoka — a town in Alberta, south of the province’s capital of Edmonton. Those who saw the car report it was traveling faster than 140 kilometers per hour (86MPH), with the front seats “completely reclined,” and both the driver and passenger seemingly asleep. When a police officer found the 2019 Model S and turned on their emergency lights, the vehicle accelerated to 150 kilometers per hour (about 93MPH) before it eventually stopped.
Police initially charged the driver, a 20-year-old man from the province of British Columbia, with speeding and handed him a 24-hour license suspension for driving while fatigued. He was also later charged with dangerous driving and has a court date in December.
It’s unclear how the Model S driver misused Autopilot in the way that they did. The incident occurred before Tesla updated the system to give it the ability to detect speed limit signs using a vehicle’s cameras. However, as The Verge notes, Tesla has said Autopilot will only work when it detects that the driver has their hands on the steering wheel. If that’s not the case, the car will try to get the driver’s attention with visual and audio warnings before disabling Autopilot.
But the fact that drivers can disengage from Autopilot is something that the National Transportation Safety Board (NTSB) in the US has criticized Tesla over repeatedly. In March, the agency published a report that said a Model 3 driver’s overreliance on the system — in a situation it wasn’t designed to handle — led to a deadly crash in Delray Beach, Florida in 2019.
In this latest incident, the RCMP similarly warned against overlying on Autopilot. “Although manufacturers of new vehicles have built in safeguards to prevent drivers from taking advantage of the new safety systems in vehicles, those systems are just that — supplemental safety systems,” said Superintendent Gary Graham of Alberta RCMP Traffic Services. “They are not self-driving systems, they still come with the responsibility of driving.”
Canadian retail sales slow after surpassing pandemic losses – BNN
Gains for Canadian retailers slowed sharply in July and August, suggesting pent-up demand from prior months has been largely extinguished.
Sales grew 0.6 per cent in July, versus 23 per cent in June and 21 per cent in May, Statistics Canada said Friday in Ottawa. Excluding vehicles, receipts unexpectedly dropped 0.4 per cent, versus a forecast gain of 0.5 per cent. Preliminary estimates from the agency show receipts climbed 1.1 per cent in August, suggesting the weaker trend will continue.
The report reinforces warnings that the pace of the recovery will slow in the second half of the year, after a strong V-shaped rebound through the early summer.
“All in all, the numbers imply that retail activity is normalizing after the whipsaw of a huge downturn and recovery,” said Scotiabank economist Brett House in a note.
Core retail sales, or those excluding vehicles and gasoline, dropped 1.2 per cent.
Still, the rebound has been impressive. In July, retail sales were up 2.7 per cent compared with year earlier levels.
1 TSX Stock With a 12% DIVIDEND YIELD to Buy Today – The Motley Fool Canada
The year 2020 is continuing to be highly volatile for the Toronto Stock Exchange. In March, the index saw a sharp surge in volatility after the COVID-19 cases started rising in the country. While the market seems to be on a path of a sharp recovery, massive sell-offs every now and then (like the one we saw in the first week of September) continue to haunt investors.
Market volatility is likely to continue
Despite the broader market recovery in recent months, the ongoing pandemic-related uncertainties are expected to keep stocks highly volatile in the near term. Also, the upcoming U.S. general elections could add to this volatility.
That’s why it’s a good idea for Canadian investors to play it safe and start minimizing their risk exposure. Adding some stocks with good fundamentals from various industries is one way to minimize risks.
Role of dividends in minimizing risks
Another great option is to add some high-dividend-yielding stocks in your portfolio right now. Doing so would not only help you minimize your risk exposure but would also ensure that you continue to get regular income from your investments in the form of dividends.
If you don’t want to use this annual income yourself, you can reinvest these dividends in stocks to boost the overall investment return.
The top TSX dividend stock
Brookfield Property Partners (TSX:BPY.UN)(NASDAQ:BPY) is the highest-dividend-yielding stock on TSX. Currently, it has a solid double-digit dividend yield of nearly 12% — much higher than any other Canadian company.
It’s a Hamilton-based commercial real estate firm. Apart from its unbelievably attractive dividend yield, its strong fundamentals give you more reasons to buy Brookfield Property Partners stock and hold it forever.
In 2019, Brookfield Property Partners rose by 37% to about US$7 billion. The company reported US$1.95 billion adjusted net profit last year with an amazingly high net profit margin of 27.9%.
In the first half of this year, the COVID-19-related restrictions and shutdowns took a big toll on the real estate business and the housing market. As a result, Brookfield reported a US$1.2 billion net loss in the second quarter of 2020. Nonetheless, analysts expect the ongoing recovery in the real estate business to boost the company’s bottom line in the next couple of quarters. According to Bay Street analysts’ estimates, its 2020 net profit is likely to be at around US$104 million.
In 2021, Brookfield Property Partners’s net profit is expected to be over US$2.1 billion — much higher as compared to its 2019 profits. Overall, it proves that analysts expect the COVID-19-related headwinds to be temporary for the company, as the pandemic might not affect its long-term financial growth trend.
Brookfield Property Partners stock
On a year-to-date basis, Brookfield Property Partners stock is trading deep in negative territory with 37% losses. However, its stock has already started a sharp recovery in the third quarter as it has risen by 11.2% in the ongoing quarter so far. These gains are much higher as compared to only 5.3% quarter-to-date rise in the S&P/TSX60 Index.
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Fool contributor Jitendra Parashar has no position in any of the stocks mentioned. The Motley Fool recommends Brookfield Property Partners LP.
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