Trudeau: ‘This is where the puck is going, this is the future we are building together every single day’
A billion-dollar battery cell production plant in Maple Ridge, B.C., will produce up to 135 million batteries each year as part of Canada’s push toward clean technology, Prime Minister Justin Trudeau said Tuesday during a stop in Metro Vancouver.
Trudeau was joined by B.C. Premier David Eby to announce federal and provincial financial support for the E-One Moli lithium-ion battery cell production plant.
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It will be the largest factory in Canada to manufacture such high-performance batteries, Trudeau said.
“This is where the puck is going, this is the future we are building together every single day. Climate policy is economic policy.”
The B.C. government will contribute up to $80 million, while $970 million is set to come from the federal government, E-One Moli and private sources.
A news release from the City of Maple Ridge said the total federal-provincial investment was $280 million to support the expansion of the manufacturing of lithium-ion batteries.
B.C. has long been known for its innovation in the clean-technology sector, and securing the clean battery manufacturing project will build on that expertise, Trudeau told the press conference.
Nelson Chang, the chairman of E-One Moli Energy, said the company has always been committed to innovation and creativity as the creator of the world’s first commercialized lithium-metal battery.
E-One Moli has been operating a plant in Maple Ridge since 1990. Its parent company, Taiwan Cement Corp., is based in Taiwan.
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“We believe that human freedom is a chance for us to do good for others and appreciate life’s fleeing nature, to leave a positive impact on the world,” Chang said.
“We believe that (carbon dioxide) reduction is absolutely the key to success for all future businesses,” he said.
The new plant will produce high-performance lithium-cell batteries found in numerous products, including vacuums, medical devices, and power and gardening tools.
Construction is expected to start next June and the company plans for the facility to be fully operational in 2028.
With the creation of 450 jobs, E-One Moli is poised to become the largest private-sector employer in Maple Ridge.
Eby said every industry needs to find ways to reduce their carbon footprint to ensure they have a prosperous future and every province should do the same.
It’s the responsible thing to do given the record wildfires, extreme heat, and atmospheric rivers that caused catastrophic flooding in B.C., he said.
“We know that this is what we have to do. The people who suggest that we have to accept that as the future and stop taking action are simply wrong.”
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Trudeau, Eby and Chang toured the existing plant in Maple Ridge, east of Vancouver, before making the announcement.
The prime minister wove his way around several machines and apologized to technicians about the commotion his visit was creating in the warehouse.
As part of the agreement, E-One Moli will switch some of its plant operations to electricity from natural gas, the B.C. government said in a news release.
The Canadian Taxpayers Federation criticized the federal and B.C. governments for the announcement, saying in a statement the multimillion-dollar handout to the battery firm will cost taxpayers hundreds of thousands of dollars for each job.
Federation director Franco Terrazzano said the Trudeau government has recently given “buckets of cash” to corporations such as Volkswagen, Stellantis, the Ford Motor Company and Northvolt.
“Instead of raising taxes on ordinary Canadians and handing out corporate welfare, governments should be cutting red tape and taxes to grow the economy.”
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TOKYO (AP) — Japanese technology group SoftBank swung back to profitability in the July-September quarter, boosted by positive results in its Vision Fund investments.
Tokyo-based SoftBank Group Corp. reported Tuesday a fiscal second quarter profit of nearly 1.18 trillion yen ($7.7 billion), compared with a 931 billion yen loss in the year-earlier period.
Quarterly sales edged up about 6% to nearly 1.77 trillion yen ($11.5 billion).
SoftBank credited income from royalties and licensing related to its holdings in Arm, a computer chip-designing company, whose business spans smartphones, data centers, networking equipment, automotive, consumer electronic devices, and AI applications.
The results were also helped by the absence of losses related to SoftBank’s investment in office-space sharing venture WeWork, which hit the previous fiscal year.
WeWork, which filed for Chapter 11 bankruptcy protection in 2023, emerged from Chapter 11 in June.
SoftBank has benefitted in recent months from rising share prices in some investment, such as U.S.-based e-commerce company Coupang, Chinese mobility provider DiDi Global and Bytedance, the Chinese developer of TikTok.
SoftBank’s financial results tend to swing wildly, partly because of its sprawling investment portfolio that includes search engine Yahoo, Chinese retailer Alibaba, and artificial intelligence company Nvidia.
SoftBank makes investments in a variety of companies that it groups together in a series of Vision Funds.
The company’s founder, Masayoshi Son, is a pioneer in technology investment in Japan. SoftBank Group does not give earnings forecasts.
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Yuri Kageyama is on X:
The Canadian Press. All rights reserved.
Shopify Inc. executives brushed off concerns that incoming U.S. President Donald Trump will be a major detriment to many of the company’s merchants.
“There’s nothing in what we’ve heard from Trump, nor would there have been anything from (Democratic candidate) Kamala (Harris), which we think impacts the overall state of new business formation and entrepreneurship,” Shopify’s chief financial officer Jeff Hoffmeister told analysts on a call Tuesday.
“We still feel really good about all the merchants out there, all the entrepreneurs that want to start new businesses and that’s obviously not going to change with the administration.”
Hoffmeister’s comments come a week after Trump, a Republican businessman, trounced Harris in an election that will soon return him to the Oval Office.
On the campaign trail, he threatened to impose tariffs of 60 per cent on imports from China and roughly 10 per cent to 20 per cent on goods from all other countries.
If the president-elect makes good on the promise, many worry the cost of operating will soar for companies, including customers of Shopify, which sells e-commerce software to small businesses but also brands as big as Kylie Cosmetics and Victoria’s Secret.
These merchants may feel they have no choice but to pass on the increases to customers, perhaps sparking more inflation.
If Trump’s tariffs do come to fruition, Shopify’s president Harley Finkelstein pointed out China is “not a huge area” for Shopify.
However, “we can’t anticipate what every presidential administration is going to do,” he cautioned.
He likened the uncertainty facing the business community to the COVID-19 pandemic where Shopify had to help companies migrate online.
“Our job is no matter what comes the way of our merchants, we provide them with tools and service and support for them to navigate it really well,” he said.
Finkelstein was questioned about the forthcoming U.S. leadership change on a call meant to delve into Shopify’s latest earnings, which sent shares soaring 27 per cent to $158.63 shortly after Tuesday’s market open.
The Ottawa-based company, which keeps its books in U.S. dollars, reported US$828 million in net income for its third quarter, up from US$718 million in the same quarter last year, as its revenue rose 26 per cent.
Revenue for the period ended Sept. 30 totalled US$2.16 billion, up from US$1.71 billion a year earlier.
Subscription solutions revenue reached US$610 million, up from US$486 million in the same quarter last year.
Merchant solutions revenue amounted to US$1.55 billion, up from US$1.23 billion.
Shopify’s net income excluding the impact of equity investments totalled US$344 million for the quarter, up from US$173 million in the same quarter last year.
Daniel Chan, a TD Cowen analyst, said the results show Shopify has a leadership position in the e-commerce world and “a continued ability to gain market share.”
In its outlook for its fourth quarter of 2024, the company said it expects revenue to grow at a mid-to-high-twenties percentage rate on a year-over-year basis.
“Q4 guidance suggests Shopify will finish the year strong, with better-than-expected revenue growth and operating margin,” Chan pointed out in a note to investors.
This report by The Canadian Press was first published Nov. 12, 2024.
Companies in this story: (TSX:SHOP)
The Canadian Press. All rights reserved.
TORONTO – RioCan Real Estate Investment Trust says it has cut almost 10 per cent of its staff as it deals with a slowdown in the condo market and overall pushes for greater efficiency.
The company says the cuts, which amount to around 60 employees based on its last annual filing, will mean about $9 million in restructuring charges and should translate to about $8 million in annualized cash savings.
The job cuts come as RioCan and others scale back condo development plans as the market softens, but chief executive Jonathan Gitlin says the reductions were from a companywide efficiency effort.
RioCan says it doesn’t plan to start any new construction of mixed-use properties this year and well into 2025 as it adjusts to the shifting market demand.
The company reported a net income of $96.9 million in the third quarter, up from a loss of $73.5 million last year, as it saw a $159 million boost from a favourable change in the fair value of investment properties.
RioCan reported what it says is a record-breaking 97.8 per cent occupancy rate in the quarter including retail committed occupancy of 98.6 per cent.
This report by The Canadian Press was first published Nov. 12, 2024.
Companies in this story: (TSX:REI.UN)
The Canadian Press. All rights reserved.
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