Business
Toronto restaurant sends Premier Doug Ford $431 bill for spoiled beer – CP24 Toronto's Breaking News
A Toronto restaurant has sent Ontario Premier Doug Ford a $431 invoice for beer they say will spoil as a result of the provincewide shutdown.
Michael Hunter, co-owner of Antler Kitchen & Bar in the city’s west end, told CP24 that he sent the premier an invoice for two kegs of beer he purchased after being told Toronto restaurants could reopen their patios.
“We haven’t been buying draft beer because we can’t sell draft for our curbside pickup and takeout, so for the patio weekend we decided okay, we’re open for the patio, now let’s buy these kegs,” Hunter said. “We tapped the kegs, hooked them up to our lines, had the lines cleaned, only for a week later told now we have to shut down.”
“Once a keg is opened, it has a shelf life.’
Two weeks ago restaurants in the grey zone of Ontario’s COVID-19 lockdown framework were allowed to reopen their patios. The news was highly anticipated by businesses in Toronto and Peel Region that had been shuttered to in-person dining all winter.
But with the announcement of a provincewide shutdown, those same restaurants now have to close their outdoor dining areas.
Under the new regulations that went into effect at midnight, in-person dining—both indoors and outdoors—is prohibited.
“These openings and closings after two weeks, they have an effect on us,” Hunter said, adding that the invoice is a “statement” and doesn’t include the cost of additional food and staff hired.
“We’re more in debt today than we were two weeks ago before we were told we could open the patio.”
In a letter sent along with the invoice for $431.55, Antler Kitchen & Bar says that the reopening of patios “was a path for our business to survive.”
“You say you care about Toronto’s restaurants,” the letter to Ford says. “And we know you care about beer. So we’re sending an invoice to you for two kegs worth of beer that will spoil because of this shut down. We bought them because you said we could re-open.”
“So now that you’ve closed us down, we know you will be glad to cover the cost and take them off our hands. They might go down well at the next cabinet meeting.”
Hunter said that while he isn’t a medical expert, the service industry, along with other businesses completely shuttered during the shutdown, has been hardest hit during the pandemic.
“It’s literally just been a nightmare.”
A spokesperson for the premier did not comment on the invoice, but said that the government recognizes that the pandemic “has had a devastating impact on all Ontarians.”
“At a time when case counts are increasing unsustainably and intensive care units are immensely strained, risking care, the hard decision to implement the emergency brake provincewide was necessary and the right thing to do. We must continue to respect the advice and recommendations of public health officials and the Chief Medical Officer of Health.”
Indoor dining has been prohibited in all grey zone regions since the inception of the Ontario COVID-19 lockdown framework in early November.
Areas such as Toronto and Peel Region have never left the grey zone, while other Ontario public health units have moved back and forth among the five tiers.
In the red zone, which is just below the grey zone, indoor dining was allowed with a 10-person limit.
At the same time outdoor dining was given the green light in the grey zone, the province made adjustments to the red zone allowing restaurants to operate at either 50 per cent capacity or up to 50 people, whichever one is reached first with a two-metre distance between customers.
The provincewide shutdown that started on April 3 is expected to last at least a month.
Business
Former crypto mogul Sam Bankman-Fried sentenced to 25 years in prison
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Bankman-Fried, 32, sentenced for fraud on customers of the FTX cryptocurrency exchange he founded.
Former crypto tycoon Sam Bankman-Fried has been sentenced to 25 years in United States federal prison for stealing $8bn from customers of the now-bankrupt FTX cryptocurrency exchange he founded.
US District Judge Lewis Kaplan handed down the sentence at a Manhattan court hearing on Thursday after rejecting Bankman-Fried’s claim that FTX customers did not actually lose money and accusing him of lying during his trial testimony.
A jury found Bankman-Fried, 32, guilty on November 2 on seven fraud and conspiracy counts stemming from FTX’s 2022 collapse in what prosecutors have called one of the biggest financial frauds in US history.
“He knew it was wrong,” Kaplan said of Bankman-Fried before handing down the sentence. “He knew it was criminal. He regrets that he made a very bad bet about the likelihood of getting caught. But he is not going to admit a thing, as is his right.”
Bankman-Fried stood with his hands clasped before him as Kaplan read the sentence.
Kaplan said the sentence reflected “that there is a risk that this man will be in position to do something very bad in the future. And it’s not a trivial risk at all.”
Prior to sentencing, Bankman-Fried stood and apologised. “A lot of people feel really let down. And they were very let down. And I’m sorry about that. I’m sorry about what happened at every stage,” he said.
“My useful life is probably over. It’s been over for a while now, from before my arrest.”
Al Jazeera’s Kristen Saloomey, reporting from New York, said that Bankman-Fried could have received up to 110 years behind bars for his crimes and that the 25-year sentence was less than the 40-50 years that prosecutors were seeking.
“Given the scale of this crime, one of the largest frauds in history, the judge took a very strong stance but also showed some flexibility… perhaps based on the arguments made by Bankman-Fried’s lawyers and his family that he had always intended to do good”, she said.
Bankman-Fried had billed himself as a proponent of effective altruism – finding the best way to help other people, in particular by donating all or part of one’s wealth to charity rather than, say, volunteering at a soup kitchen.
When the cryptocurrency world lurched into crisis in the spring of 2022, he bought shares in the troubled platform BlockFi and another troubled company, Voyager.
However, prosecutors have said the responsible image he cultivated concealed his years-long embezzlement of customer funds.
“The defendant victimised tens of thousands of people and companies, across several continents, over a period of multiple years. He stole money from customers who entrusted it to him” prosecutors said in a court filing.
Business
Gas prices in the Thompson Okanagan jumped by 7 cents a litre, days before the next carbon tax increase – Vernon News – Castanet.net
Some area gas stations are not waiting until April 1 to crank up the price of gas.
On April Fools Day, the federal Liberals will be increasing the controversial carbon tax, which will directly impact the price at the pump.
However, overnight, several Thompson Okanagan gas stations have already increased the price, selling the liquid gold for 174.9.
In January, gas was selling for a ‘mere’ 143.9 cents a litre. The latest hike is a whopping 31-cent-a-litre increase in just three months.
And the price of petrol is guaranteed to go up again when the carbon tax increase is implemented on Monday.
Kelowna drivers are also paying more at the pump today, with the majority of stations raising the price to 174.9.
As of 9:30 Thursday morning, the Co-op stations on Rutland and Sexsmith roads were at 168.9 as was the Costco gas station.
Several Vernon stations are holding at 167.9.
In Penticton, motorists are also paying more, with the price at the majority of stations hitting the 174.9 mark.
Kamloops drivers are also taking a hit to the wallet with gas in the Thompson community also selling for 174.9.
The Kamloops Costco was the cheapest in the city at 161.9 cents a litre.
Enderby continues to have some of the cheapest gas in the region at 165.9, however the Esso in Tappen has them all beat at 157.9.
Gas in Vancouver has crested the $2 a litre mark, sitting at 202.9 cents a litre.
And as usual, Calgary motorists are paying significantly less than their BC counterparts, filling up for 154.9 cents a litre.
Business
Calgary breaks all-time record in housing starts but increasing demand keeps inventory low – CBC.ca
Soaring housing demands in Calgary led to an all-time record for new residential builds last year, but inventory levels of completed and unsold units remained low due to demand outpacing supply.
According to the latest report from Canada Mortgage and Housing Corporation (CMHC), total housing starts increased by 13 per cent in Calgary, reaching a total of 19,579 units with growth across all dwelling types in the city.
That compares to a decline of 0.5 per cent overall for housing starts in the six major Canadian cities surveyed by CMHC.
Calgary also had the highest housing starts by population.
“Part of the reason why we think that might have happened is that developers are responding to low vacancies in the rental market,” said Adebola Omosola, a housing economics specialist with CMHC.
“The population of Calgary is still growing, a record number of people moved here last year, and we still expect that to remain at least in the short term.”
Earlier this year, the Calgary Real Estate Board also predicted that demand, especially for rental apartments, wouldn’t let up any time soon.
Industry can cope with demand, expert says
According to numbers from the report, average construction times were higher in 2023 for all dwelling types except for apartments.
The agency’s report suggests the increase in the number of under-construction residential projects might mean builders are operating at or near full capacity.
However, there’s optimism the construction industry can match the increasing need.
Brian Hahn, CEO of BILD Calgary Region, said despite concerns around about construction costs, project timelines and labour shortages, the industry has kept up with the demand for new builds.
“I’ve heard that kind of conversation at the end of 2022 and I heard it in 2023,” Hahn said.
“Yet here we are early in 2024, and January and February were record numbers again.”
Hahn added he believes the current pace of construction will continue for at least the next six months and that the industry is looking at initiatives to attract more people to the trades.
Increase in row house and apartment construction
Construction growth was largely driven by new apartment projects, making up almost half of the housing starts in Calgary in 2023.
The federal housing agency says 9,034 apartment units were started that year, an increase of 17 per cent from the previous year. Of those, about 54 per cent were purpose-built rentals.
Apartments made up around two-thirds of all units under construction, CMHC said, with the total number of units under construction reaching 23,473.
Growth, however, was seen across all dwelling types. Row homes increased by 34 per cent from the previous year while groundbreaking on single-detached homes grew by two per cent.
“Notwithstanding challenges, our members and the industry counterparts that support them managed to produce a record amount of starts and completions,” Hahn said.
“I have little doubt that the industry will do their very best to keep pace at those levels.”
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