TELUS is investing [$22.4 million (€20.53 million)] in Toronto this year as part of our [$28 billion (€25.66 billion)] investment in infrastructure, operations, and spectrum across Ontario through 2027. These investments are critical to providing Canadians with access to technology, connecting customers to the people, resources and information that make their lives better.
“TELUS’ [$28 billion (€25.66 billion)] investment in Ontario will further amplify the superiority of our world-leading wireless network, enabling vital connectivity for millions of citizens. This builds on the more than [$62 billion (€56.81 billion)] TELUS has invested in technology and operations in Ontario since 2000,” says Darren Entwistle, president and CEO of TELUS. “Our globally recognised networks are the backbone of our digital economy and societies, driving innovation and uplifting marginalised communities. This investment will help ensure that Ontarians can stay connected to what matters most, including healthcare, safe and healthy food, online education, friends and family, and the flexibility to work remotely; all with the accompanying environmental benefits.”
“Reliable, fast internet is not a luxury, it’s crucial to our daily lives and ensures our safety. The Government of Canada is working with providers like TELUS to bring Universal Broadband services to rural and remote communities so they can connect to the world,” says Filomena Tassi, minister responsible for the Federal Economic Agency for Southern Ontario. “This investment in Ontario from TELUS is another example of their support for growth and innovation across the province. Our government is working hard to create good jobs and strong economies across Ontario and it is great to have a partner in TELUS working toward that same goal.”
“TELUS’ Friendly Future Foundation has made it possible for Malvern Family Resource Centre (MFRC) to develop and pilot a really exciting and innovative new project in our community- the Future Farming Initiative. This programme will train and engage youth living in Scarborough at MFRC’s in-community hydroponic micro-farm and our two-acre urban farm,” says Amy Semenuk, manager, community and family programmes and services Malvern Family Resource Centre. “By the end of their 13-week term, youth will have gained in-demand employable skills in food growing and urban agriculture. At the same time, youth will grow hundreds of kilograms of culturally relevant food, improving local fresh food access to hundreds of food insecure families in local communities. We are grateful to TELUS for their generous support in improving food access and youth employment.”
TELUS’ next generation networks are unleashing human productivity and contributing to improved health and educational outcomes, supporting environmental sustainability, fostering entrepreneurship, bridging the socio-economic divide, and driving economic growth. Now through 2027 in Ontario, TELUS is:
Continuing to roll out 3500 MHz spectrum on its 5G network
Since June 2022, TELUS has been deploying its 3500 MHz spectrum holdings on its next-generation 5G wireless network to further support the country’s economic growth and competitiveness, bringing enhanced capacity, low latency and fast speeds to TELUS customers.
As part of this rollout, customers in Toronto with a compatible 5G device, on a 5G+ plan in a 3500MHz spectrum area will experience 50% faster average data speeds and increased capacity on our reliable 5G network.
Supporting Ontario’s agriculture industry
TELUS Agriculture and Consumer Goods is on a mission to create a unified, trusted and sustainable value chain that enables the production and logistics outcomes, while lowering the impact on the environment. It is delivering digital solutions and actionable data insights that connect global supply chains, improving the safety, quality and sustainability of food and consumer goods.
Leveraging TELUS’ 5G technology, UWindsor has partnered with Horteca to launch a fully-operational connected research greenhouse in Harrow, Ontario. The greenhouse will use IoT and compute capabilities to make food production more scalable, while reducing cost and footprint.
Creating a greener province and planet
Our investments in energy-efficient networks, renewable energy sources, technologies and sustainable business practices are supporting a greener future by reducing our carbon footprint and enabling TELUS to become net carbon neutral by 2030 or sooner.
In partnership with restoration companies, including Veritree and Flash Forest, TELUS is working to leverage the its networks and technology to modernise nature-based solutions with the goal of replenishing forests and seaforests. To start, TELUS, Veritree and Flash Forest are focusing on reforestation and seaforestation projects in western Canada and internationally.
TELUS also recognises the role of connectivity in supporting Canada’s climate objectives. Digital connectivity and technologies can reduce GHGs (greenhouse gas) emissions by up to 20%. As a country with high-quality telecom networks and high GHG emissions per capita, Canada has the opportunity to become a world provider in digital climate policy and digital climate solutions, incentivising digital uptake across underserved communities, GHG intensive-industries, and the public service.
Transforming how Ontarians access healthcare
TELUS’ approach to leveraging technology in health care has expanded globally since its acquisition of LifeWorks in fall 2022. Now supporting 67 million lives in 160 countries TELUS Health is on a mission to become the trusted wellbeing company in the world with solutions focused on enhancing total health, across three dimensions – physical, mental and financial.
Since 2022 TELUS Health has provided access to physical and mental health care for people in Canada either through our publicly-funded virtual care service, TELUS Health MyCare, or employer-funded health benefits resulting in more than 1.4 million virtual and in-person appointments, helping to build the healthy communities and workplaces on the planet.
From 2000 through 2022, TELUS has invested [$240 billion (€219.84 billion)] nationally in network infrastructure, operations and spectrum, including more than [$62 billion (€56.81 billion)] in Ontario. These investments are consistent with TELUS’ capital expenditure guidance for 2023, released in the fourth quarter of 2022 earnings release dated February 9, 2023.
TELUS also embraces tax morality as a means of further investing in our communities. Since 2000, TELUS has paid approximately [$54 billion (€49.46 billion)] in total tax and spectrum remittances to our federal, provincial and municipal governments across Canada, consisting of corporate income taxes, sales taxes, property taxes, employer portion of payroll taxes, various regulatory fees and spectrum remittances, including more than [$2.3 billion (€2.11 billion)] in taxes in 2022 alone. These funds support public works projects, education, healthcare, cultural pursuits and other initiatives that improve the social and economic well-being of our communities.
TORONTO – Canada’s main stock index was down more than 200 points in late-morning trading, weighed down by losses in the technology, base metal and energy sectors, while U.S. stock markets also fell.
The S&P/TSX composite index was down 239.24 points at 22,749.04.
In New York, the Dow Jones industrial average was down 312.36 points at 40,443.39. The S&P 500 index was down 80.94 points at 5,422.47, while the Nasdaq composite was down 380.17 points at 16,747.49.
The Canadian dollar traded for 73.80 cents US compared with 74.00 cents US on Thursday.
The October crude oil contract was down US$1.07 at US$68.08 per barrel and the October natural gas contract was up less than a penny at US$2.26 per mmBTU.
The December gold contract was down US$2.10 at US$2,541.00 an ounce and the December copper contract was down four cents at US$4.10 a pound.
This report by The Canadian Press was first published Sept. 6, 2024.
TORONTO – Canada’s main stock index was up more than 150 points in late-morning trading, helped by strength in technology, financial and energy stocks, while U.S. stock markets also pushed higher.
The S&P/TSX composite index was up 171.41 points at 23,298.39.
In New York, the Dow Jones industrial average was up 278.37 points at 41,369.79. The S&P 500 index was up 38.17 points at 5,630.35, while the Nasdaq composite was up 177.15 points at 17,733.18.
The Canadian dollar traded for 74.19 cents US compared with 74.23 cents US on Wednesday.
The October crude oil contract was up US$1.75 at US$76.27 per barrel and the October natural gas contract was up less than a penny at US$2.10 per mmBTU.
The December gold contract was up US$18.70 at US$2,556.50 an ounce and the December copper contract was down less than a penny at US$4.22 a pound.
This report by The Canadian Press was first published Aug. 29, 2024.
The crypto market has recently experienced a significant downturn, mirroring broader risk asset sell-offs. Over the past week, Bitcoin’s price dropped by 24%, reaching $53,000, while Ethereum plummeted nearly a third to $2,340. Major altcoins also suffered, with Cardano down 27.7%, Solana 36.2%, Dogecoin 34.6%, XRP 23.1%, Shiba Inu 30.1%, and BNB 25.7%.
The severe downturn in the crypto market appears to be part of a broader flight to safety, triggered by disappointing economic data. A worse-than-expected unemployment report on Friday marked the beginning of a technical recession, as defined by the Sahm Rule. This rule identifies a recession when the three-month average unemployment rate rises by at least half a percentage point from its lowest point in the past year.
Friday’s figures met this threshold, signaling an abrupt economic downshift. Consequently, investors sought safer assets, leading to declines in major stock indices: the S&P 500 dropped 2%, the Nasdaq 2.5%, and the Dow 1.5%. This trend continued into Monday with further sell-offs overseas.
The crypto market’s rapid decline raises questions about its role as either a speculative asset or a hedge against inflation and recession. Despite hopes that crypto could act as a risk hedge, the recent crash suggests it remains a speculative investment.
Since the downturn, the crypto market has seen its largest three-day sell-off in nearly a year, losing over $500 billion in market value. According to CoinGlass data, this bloodbath wiped out more than $1 billion in leveraged positions within the last 24 hours, including $365 million in Bitcoin and $348 million in Ether.
Khushboo Khullar of Lightning Ventures, speaking to Bloomberg, argued that the crypto sell-off is part of a broader liquidity panic as traders rush to cover margin calls. Khullar views this as a temporary sell-off, presenting a potential buying opportunity.
Josh Gilbert, an eToro market analyst, supports Khullar’s perspective, suggesting that the expected Federal Reserve rate cuts could benefit crypto assets. “Crypto assets have sold off, but many investors will see an opportunity. We see Federal Reserve rate cuts, which are now likely to come sharper than expected, as hugely positive for crypto assets,” Gilbert told Coindesk.
Despite the recent volatility, crypto continues to make strides toward mainstream acceptance. Notably, Morgan Stanley will allow its advisors to offer Bitcoin ETFs starting Wednesday. This follows more than half a year after the introduction of the first Bitcoin ETF. The investment bank will enable over 15,000 of its financial advisors to sell BlackRock’s IBIT and Fidelity’s FBTC. This move is seen as a significant step toward the “mainstreamization” of crypto, given the lengthy regulatory and company processes in major investment banks.
The recent crypto market downturn highlights its volatility and the broader economic concerns affecting all risk assets. While some analysts see the current situation as a temporary sell-off and a buying opportunity, others caution against the speculative nature of crypto. As the market evolves, its role as a mainstream alternative asset continues to grow, marked by increasing institutional acceptance and new investment opportunities.
