Uber, Lyft approved to operate in B.C.'s Lower Mainland - CTV News | Canada News Media
Connect with us

Business

Uber, Lyft approved to operate in B.C.'s Lower Mainland – CTV News

Published

 on


VANCOUVER —
Uber and Lyft are finally on their way to Metro Vancouver.

The Passenger Transportation Board announced Thursday that it has approved ride hail companies Uber and Lyft to operate in B.C.’s Lower Mainland and Whistler.

At the same time, the PTB declined approval for ReRyde Technologies Inc. and Kater Technologies Inc. for several B.C. regions.

“British Columbians have been asking for new ride hailing services since 2012, but the old government failed to get it done. Our government did the hard work and delivered,” Claire Trevena, B.C.’s transportation minister, said in a statement after the approvals were announced Thursday. 

“Over the last two years, our government has been diligent in developing a framework that puts passenger safety first, and we remained steadfast against pressures to abandon the safety measures we put in place. Road users can now be confident that B.C.’s ride-hailing services will comply with some of the highest safety standards in North America.”

Those eager to start using ride hailing shouldn’t open their apps just yet. Uber said that there are still “administrative approvals” it needs before it can start operating. 

“The PTB’s approval is one of the final steps before Uber is able to start providing reliable, safe, affordable rides in Metro Vancouver,” Michael van Hemmen, Uber’s head of Western Canada said in a news release. “We hope to launch very soon, once we have obtained a business licence from the City of Vancouver and purchased insurance from ICBC.”

Lyft also said it’s working with cities to get business licences.

“Once those are approved, we plan to announce our initial operating area, give our inaugural ride, and launch our service,” Lyft’s general manager for B.C. said in a news release. 

“We can’t wait to see the new ways in which Vancouverites explore their city once they have a Lyft ride at their fingertips.” 

Long wait for ride hailing

After the B.C. government introduced ride hailing last year, companies were able to apply to the PTB in the fall. 

However it still took months for Uber and Lyft to get approval from the PTB. First, Trevena told reporters in November that she was “very confident” ride hailing would be in place by Christmas. 

Then in December, just days before Christmas, CTV News received a statement from Trevena echoing those same words.

But by New Year’s Eve, only one ride-hailing company – which plans to mostly operate in resort towns like Whistler – had received approval from the PTB. 

Restrictions a hurdle for drivers

Even though ride hailing has been approved and Uber and Lyft can soon operate in the Lower Mainland, the process for drivers to sign up with the service is more complicated than in other provinces. As a result, both Uber and Lyft said recruiting could be an issue. 

The process for drivers includes getting a Class 4 commercial licence, which requires taking a knowledge test, road test, vehicle inspection and a medical exam. 

“Because of the Class 4 licensing restriction we are seeing fewer drivers than we would see in a healthy ride sharing market like the others ones we operate in,” said Lyft’s general manager for B.C., Peter Lukomskyj last October. 

“Getting drivers enrolled into the program and finding enough drivers will be a challenge here.”

Vancouver ready for ride hailing

Along with approval from the province, ride hail companies also need a licence from municipalities.

In December, the City of Vancouver said it was ready to welcome ride hailing and that regulations were already in place. 

“City staff are already working closely with ride-hailing companies to ready their business licence applications for quick processing, and aim to issue a municipal business licence within three days of receiving a complete application,” the city said in a news release at the time.

Mayor Kennedy Stewart reiterated that three-day timeline in a tweet Thursday. 

The city also said it was also working with other municipalities so ride-hailing companies can operate throughout the Lower Mainland. 

Licensing and vehicle fees for taxis and limousines are set at the same cost as ride-hailing companies in Vancouver. The annual licence fee is $155 and companies pay an additional $100 annual fee per vehicle. 

Wheelchair accessible and zero-emission vehicles have their vehicle fee waived, however. 

This is a developing story and will be updated

With files from CTV News Vancouver’s Bhinder Sajan and Shannon Paterson 

Let’s block ads! (Why?)



Source link

Business

Telus prioritizing ‘most important customers,’ avoiding ‘unprofitable’ offers: CFO

Published

 on

 

Telus Corp. says it is avoiding offering “unprofitable” discounts as fierce competition in the Canadian telecommunications sector shows no sign of slowing down.

The company said Friday it had fewer net new customers during its third quarter compared with the same time last year, as it copes with increasingly “aggressive marketing and promotional pricing” that is prompting more customers to switch providers.

Telus said it added 347,000 net new customers, down around 14.5 per cent compared with last year. The figure includes 130,000 mobile phone subscribers and 34,000 internet customers, down 30,000 and 3,000, respectively, year-over-year.

The company reported its mobile phone churn rate — a metric measuring subscribers who cancelled their services — was 1.09 per cent in the third quarter, up from 1.03 per cent in the third quarter of 2023. That included a postpaid mobile phone churn rate of 0.90 per cent in its latest quarter.

Telus said its focus is on customer retention through its “industry-leading service and network quality, along with successful promotions and bundled offerings.”

“The customers we have are the most important customers we can get,” said chief financial officer Doug French in an interview.

“We’ve, again, just continued to focus on what matters most to our customers, from a product and customer service perspective, while not loading unprofitable customers.”

Meanwhile, Telus reported its net income attributable to common shares more than doubled during its third quarter.

The telecommunications company said it earned $280 million, up 105.9 per cent from the same three-month period in 2023. Earnings per diluted share for the quarter ended Sept. 30 was 19 cents compared with nine cents a year earlier.

It reported adjusted net income was $413 million, up 10.7 per cent year-over-year from $373 million in the same quarter last year. Operating revenue and other income for the quarter was $5.1 billion, up 1.8 per cent from the previous year.

Mobile phone average revenue per user was $58.85 in the third quarter, a decrease of $2.09 or 3.4 per cent from a year ago. Telus said the drop was attributable to customers signing up for base rate plans with lower prices, along with a decline in overage and roaming revenues.

It said customers are increasingly adopting unlimited data and Canada-U.S. plans which provide higher and more stable ARPU on a monthly basis.

“In a tough operating environment and relative to peers, we view Q3 results that were in line to slightly better than forecast as the best of the bunch,” said RBC analyst Drew McReynolds in a note.

Scotiabank analyst Maher Yaghi added that “the telecom industry in Canada remains very challenging for all players, however, Telus has been able to face these pressures” and still deliver growth.

The Big 3 telecom providers — which also include Rogers Communications Inc. and BCE Inc. — have frequently stressed that the market has grown more competitive in recent years, especially after the closing of Quebecor Inc.’s purchase of Freedom Mobile in April 2023.

Hailed as a fourth national carrier, Quebecor has invested in enhancements to Freedom’s network while offering more affordable plans as part of a set of commitments it was mandated by Ottawa to agree to.

The cost of telephone services in September was down eight per cent compared with a year earlier, according to Statistics Canada’s most recent inflation report last month.

“I think competition has been and continues to be, I’d say, quite intense in Canada, and we’ve obviously had to just manage our business the way we see fit,” said French.

Asked how long that environment could last, he said that’s out of Telus’ hands.

“What I can control, though, is how we go to market and how we lead with our products,” he said.

“I think the conditions within the market will have to adjust accordingly over time. We’ve continued to focus on digitization, continued to bring our cost structure down to compete, irrespective of the price and the current market conditions.”

Still, Canada’s telecom regulator continues to warn providers about customers facing more charges on their cellphone and internet bills.

On Tuesday, CRTC vice-president of consumer, analytics and strategy Scott Hutton called on providers to ensure they clearly inform their customers of charges such as early cancellation fees.

That followed statements from the regulator in recent weeks cautioning against rising international roaming fees and “surprise” price increases being found on their bills.

Hutton said the CRTC plans to launch public consultations in the coming weeks that will focus “on ensuring that information is clear and consistent, making it easier to compare offers and switch services or providers.”

“The CRTC is concerned with recent trends, which suggest that Canadians may not be benefiting from the full protections of our codes,” he said.

“We will continue to monitor developments and will take further action if our codes are not being followed.”

French said any initiative to boost transparency is a step in the right direction.

“I can’t say we are perfect across the board, but what I can say is we are absolutely taking it under consideration and trying to be the best at communicating with our customers,” he said.

“I think everyone looking in the mirror would say there’s room for improvement.”

This report by The Canadian Press was first published Nov. 8, 2024.

Companies in this story: (TSX:T)

Source link

Continue Reading

Business

TC Energy cuts cost estimate for Southeast Gateway pipeline project in Mexico

Published

 on

 

CALGARY – TC Energy Corp. has lowered the estimated cost of its Southeast Gateway pipeline project in Mexico.

It says it now expects the project to cost between US$3.9 billion and US$4.1 billion compared with its original estimate of US$4.5 billion.

The change came as the company reported a third-quarter profit attributable to common shareholders of C$1.46 billion or $1.40 per share compared with a loss of C$197 million or 19 cents per share in the same quarter last year.

Revenue for the quarter ended Sept. 30 totalled C$4.08 billion, up from C$3.94 billion in the third quarter of 2023.

TC Energy says its comparable earnings for its latest quarter amounted to C$1.03 per share compared with C$1.00 per share a year earlier.

The average analyst estimate had been for a profit of 95 cents per share, according to LSEG Data & Analytics.

This report by The Canadian Press was first published Nov. 7, 2024.

Companies in this story: (TSX:TRP)

The Canadian Press. All rights reserved.

Source link

Continue Reading

Business

BCE reports Q3 loss on asset impairment charge, cuts revenue guidance

Published

 on

 

BCE Inc. reported a loss in its latest quarter as it recorded $2.11 billion in asset impairment charges, mainly related to Bell Media’s TV and radio properties.

The company says its net loss attributable to common shareholders amounted to $1.24 billion or $1.36 per share for the quarter ended Sept. 30 compared with a profit of $640 million or 70 cents per share a year earlier.

On an adjusted basis, BCE says it earned 75 cents per share in its latest quarter compared with an adjusted profit of 81 cents per share in the same quarter last year.

“Bell’s results for the third quarter demonstrate that we are disciplined in our pursuit of profitable growth in an intensely competitive environment,” BCE chief executive Mirko Bibic said in a statement.

“Our focus this quarter, and throughout 2024, has been to attract higher-margin subscribers and reduce costs to help offset short-term revenue impacts from sustained competitive pricing pressures, slow economic growth and a media advertising market that is in transition.”

Operating revenue for the quarter totalled $5.97 billion, down from $6.08 billion in its third quarter of 2023.

BCE also said it now expects its revenue for 2024 to fall about 1.5 per cent compared with earlier guidance for an increase of zero to four per cent.

The company says the change comes as it faces lower-than-anticipated wireless product revenue and sustained pressure on wireless prices.

BCE added 33,111 net postpaid mobile phone subscribers, down 76.8 per cent from the same period last year, which was the company’s second-best performance on the metric since 2010.

It says the drop was driven by higher customer churn — a measure of subscribers who cancelled their service — amid greater competitive activity and promotional offer intensity. BCE’s monthly churn rate for the category was 1.28 per cent, up from 1.1 per cent during its previous third quarter.

The company also saw 11.6 per cent fewer gross subscriber activations “due to more targeted promotional offers and mobile device discounting compared to last year.”

Bell’s wireless mobile phone average revenue per user was $58.26, down 3.4 per cent from $60.28 in the third quarter of the prior year.

This report by The Canadian Press was first published Nov. 7, 2024.

Companies in this story: (TSX:BCE)

The Canadian Press. All rights reserved.

Source link

Continue Reading

Trending

Exit mobile version