Nearly three in five small businesses worry the U.S.-Canada trade war could impact their summer tourism season Français
"For many businesses, summer is a make-or-break season. Tourism operators in particular count on summer revenues to get ahead of their debt and high costs," said Louis-Philippe Gauthier, CFIB's vice-president for the Atlantic region.
This year, almost 40% of businesses expect summer tourism revenue to remain the same as last year, while about equal shares expect either higher or lower revenues. New data from CFIB found that 37% of those surveyed noticed changes in tourists' behaviour. Among those, 58% of businesses are seeing growing interest from Canadian travelers, and 37% noticed visitors choosing more affordable options for goods or services.
Cross-border travel takes a hit amid trade tensions
A public opinion poll conducted by CFIB with members of the Angus Reid Forum found that 10% of Canadians have canceled their business travel to the U.S and 22% cancelled their personal travel.
Among those who have finalized their travel plans or have yet to do so, 56% plan to travel within their province, 51% elsewhere in Canada, and 21% elsewhere in the world other than the U.S. Only 11% are travelling or looking to travel to the U.S. this summer.
"With more Canadians looking to stay within the country this summer, now is a great opportunity to explore our local businesses and communities and keep the loonies local. Every time Canadians choose to shop at a local small business, 66 cents of every dollar stays in the local economy," Gauthier added.
To help the tourism industry, CFIB urges all three levels of government to reduce permit and licensing requirements while actively promoting buying local and travelling within and to Canada.
"The tourism sector is one of the largest employers in Canada, and most tourism operators are small businesses," said Kalith Nanayakkara, CFIB's senior policy analyst for B.C. "Governments and Canadians have a significant role in strengthening our economy and supporting independent local businesses. We encourage people from coast to coast to get out and explore their communities, their provinces and their country this summer to create new memories and help give small businesses a much-needed boost."
Methodology
The Your Voice survey was conducted online, in English and French, from May 6 to June 2 and received 2,190 responses from Canadian business owners. For comparison purposes, a probability sample with the same number of respondents would have a margin of error of +/- 2.09%, 19 times out of 20.
The public opinion poll was conducted online, in English and French, by CFIB from June 6 to 9, with a representative sample of 1501 adult Canadians who are members of the Angus Reid Forum. For comparison purposes only, a probability sample with the same number of respondents would have a margin of error of +/-2.53%, 19 times out of 20.
About CFIB
The Canadian Federation of Independent Business (CFIB) is Canada's largest association of small and medium-sized businesses with 100,000 members across every industry and region. CFIB is dedicated to increasing business owners' chances of success by driving policy change at all levels of government, providing expert advice and tools, and negotiating exclusive savings. Learn more at cfib.ca
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TORONTO, July 16, 2025 /CNW/ - Orvana Minerals Corp. (TSX: ORV) (the "Company" or "Orvana") is pleased to report production and exploration updates for the third quarter of fiscal year 2025 ("Q3 FY2025) ending June 30, 2025 from Orovalle (Spain). Juan Gavidia, CEO of Orvana, commented, " We are pleased with the increased gold production levels during the third quarter. In addition, and in line with our plan, we have initiated preparatory and development activities at the Carlés mine, where skarn extraction is scheduled to begin in August. This will mark the start of a planned production ramp-up, with increasing tonnage from Carlés expected over the coming months". " Encouraging results have been obtained from the greenfield drilling program at Ortosa-Godán. Work continues with the aim of confirming a potential connection between the Godán mineralization and our Carlés deposit", he added. Orovalle – Q3 FY2025 Production Results The mill processed approximately 116,626 tonnes, 5% higher than the prior quarter. 8,536 gold ounces produced in Q3 FY2025, 26% higher than the previous quarter. Current production estimates are tracking moderately below the lower end of the guidance range of 37,000 to 41,000 ounces. The final production level will depend on the ramp-up pace of production at Carlés starting in August. Updated estimates will be released with the third quarter financials, expected mid-August 2025. 0.9 million copper pounds produced in Q3 FY2025, in line with the previous quarter. As of the end of the third quarter, copper production has already exceeded the higher end of the 2025 production guidance of 2,400 to 2,700 K lbs. Q3 FY2025 Q2 FY2025 Q3 FY2024 YTD Q3 FY2025 FY 2025 Guidance Ore milled (tonnes) 116,626 111,272 150,843 346,547 Gold equivalent (oz) (1) 10,008 8,416 13,078 28,118 Gold Grade (g/t) 2.43 2.06 2.37 2.22 Recovery (%) 93.6 92.0 94.1 92.8 Production (oz) 8,536 6,792 10,832 22,960 37,000 - 41,000 Copper Grade (%) 0.42 0.43 0.39 0.44 Recovery (%) 82.0 84.0 76.3 83.9 Production (K lbs) 886 885 986 2,839 2,400 - 2,700 Silver Grade (g/t) 9.86 9.81 8.30 10.16 Recovery (%) 80.4 80.1 76.7 80.5 Production (oz) 29,752 28,129 30,872 91,187 (1) Gold Equivalent Ounces ("GEO") is a Non-GAAP Financial Performance Measure. For further information and detailed reconciliations, please see the "Non-GAAP Financial Performance Measures" section of the Company's latest MD&A. GEO were calculated using the following average market prices: Q3 FY2025: $3,279.16/oz Au, $33.64/oz Ag, $4.32/lb Cu Q2 FY2025: $2,862.56/oz Au, $31.91/oz Ag, $4.24/lb Cu Q3 FY2024: $2,337.99/oz Au, $28.86/oz Ag, $4.42/lb Cu Orovalle – Q3 FY2025 Drilling Update El Valle Boinás The Q3 FY2025 drilling program focused on skarn areas, aiming to convert inferred resources into measured and indicated resources. In Boinás East, 1,561 meters of drilling defined narrow skarn mineralization in the western part of the orebody, between levels 100 and 200, which will be incorporated into the mine plan. In Boinás South, 1,192 meters were drilled to complete mineral definition around stope designs and confirm orebody geometry. A minor drilling program was also carried out in Area 208 and will continue during the fourth quarter. 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Infill and brownfield drill holes samples were analyzed in Orovalle's Laboratory. Sample preparation was carried out at the El Valle facility. All diamond core samples have been prepared using the following procedure, once split: The core samples are dried at a temperature of 105°C and then crushed through a jaw crusher to 70%<6 mm. The coarse-crushed sample is further reduced to 70%<425 microns using an LM5 bowl-and-puck pulverizer. An Essa rotary splitter is used to take a 450 g to 550 g sub-sample of each split for pulverizing. The remaining reject portion is bagged and stored. The sample is reduced by 85% to a nominal -200 mesh using an LM2 bowl-and-puck pulverizer. 150 g sub-samples are split using a special vertical-sided scoop to cut channels through the sample which has been spread into a pancake on a sampling mat. Samples are then sent to the laboratory for gold and base metal analysis. Leftover pulp is bagged and stored. After sample preparation, 30g samples are analyzed for Au by fire assay with an atomic absorption spectroscopy (AAS) finish and one-gram samples for Ag, As, Bi, Cu, Hg, Pb, Sb, Se, and Zn by ICP-optical emission spectroscopy (ICP-OES) after an aqua regia digestion. For A208 core samples is used a 1000 g sub-sample of each split and 250 g sub-samples are split. 50 g samples are twice analyzed. In case of the twice analysis don´t match, a metalling screening method is used to confirm the grade. In case of the samples sent to an external laboratory, 30 g samples are analyzed for Au by fire assay with an atomic absorption (Au AA-25) and 35 elements by ICP (ME-ICP41) after an aqua regia digestion. When Au and Ag values are >100 ppm and Cu and As values are >10,000 ppm, specific analysis methods are used to determinate the final grade. 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Additional information is available at Orvana's website ( Cautionary Statements – Forward-Looking Information Certain statements in this news release constitute forward-looking statements or forward-looking information within the meaning of applicable securities laws ("forward-looking statements"). Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, potentials, future events or performance (often, but not always, using words or phrases such as "believes", "expects", "plans", "estimates" or "intends" or stating that certain actions, events or results "may", "could", "would", "might", "will", "are projected to" or "confident of" be taken or achieved) are not statements of historical fact, but are forward-looking statements. The forward-looking statements herein relate to, among other things, Orvana's ability to achieve improvement in free cash flow; the ability to maintain expected mining rates and expected throughput rates at El Valle Plant; the potential to extend the mine life of El Valle and Don Mario beyond their current life-of-mine estimates including specifically, but not limited to, Orvana's ability to optimize its assets to deliver shareholder value; estimates of future production (including without limitation, production guidance), operating costs and capital expenditures; mineral resource and reserve estimates; statements and information regarding future feasibility studies and their results; future transactions; future metal prices; the ability to achieve additional growth and geographic diversification; and future financial performance, including the ability to increase cash flow and profits; future financing requirements; mine development plans; the possibility of the conversion of inferred mineral resources to mineral reserves. 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Without limiting the generality of the foregoing, this news release also contains certain "forward-looking statements" within the meaning of applicable securities legislation, including, without limitation, references to the results of the Company's exploration activities, including but not limited to, drilling results and analyses, mineral resource estimation, conceptual mine plan and operations, internal rate of return, sensitivities, taxes, net present value, potential recoveries, design parameters, operating costs, capital costs, production data and economic potential; the timing and costs for production decisions; permitting timelines and requirements; exploration and planned exploration programs; and the Company's general objectives and strategies. A variety of inherent risks, uncertainties and factors, many of which are beyond the Company's control, affect the operations, performance and results of the Company and its business, and could cause actual events or results to differ materially from estimated or anticipated events or results expressed or implied by forward looking statements. 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This list is not exhaustive of the factors that may affect any of the Company's forward-looking statements and reference should also be made to the Company's Disclosures for a description of additional risk factors. Any forward-looking statements made herein with respect to the anticipated development and exploration of the Company's mineral projects are intended to provide an overview of management's expectations with respect to certain future activities of the Company and may not be appropriate for other purposes. Forward-looking statements are based on management's current plans, estimates, projections, beliefs and opinions and, except as required by law, the Company does not undertake any obligation to update forward-looking statements should assumptions related to these plans, estimates, projections, beliefs and opinions change. Readers are cautioned not to put undue reliance on forward-looking statements. 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'Persistent lack of good faith engagement': Couche-Tard abandons $11B takeover of 7-Eleven owner
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THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLY Subscribe now to read the latest news in your city and across Canada. Unlimited online access to articles from across Canada with one account. Get exclusive access to the Toronto Sun ePaper, an electronic replica of the print edition that you can share, download and comment on. Enjoy insights and behind-the-scenes analysis from our award-winning journalists. Support local journalists and the next generation of journalists. Daily puzzles including the New York Times Crossword. SUBSCRIBE TO UNLOCK MORE ARTICLES Subscribe now to read the latest news in your city and across Canada. Unlimited online access to articles from across Canada with one account. Get exclusive access to the Toronto Sun ePaper, an electronic replica of the print edition that you can share, download and comment on. Enjoy insights and behind-the-scenes analysis from our award-winning journalists. Support local journalists and the next generation of journalists. Daily puzzles including the New York Times Crossword. REGISTER / SIGN IN TO UNLOCK MORE ARTICLES Create an account or sign in to continue with your reading experience. Access articles from across Canada with one account. Share your thoughts and join the conversation in the comments. Enjoy additional articles per month. Get email updates from your favourite authors. THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK. Create an account or sign in to continue with your reading experience. Access articles from across Canada with one account Share your thoughts and join the conversation in the comments Enjoy additional articles per month Get email updates from your favourite authors Don't have an account? Create Account Couche-Tard said its proposal, submitted earlier this year, represented a 47.6 per cent premium to Seven & i's unaffected share price. It said the offer was fully financed and included a plan to obtain regulatory approvals, particularly in the United States. 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'At the Dallas meeting… the content of the meeting was, as your advisor characterized it, a 'readout,'' the letter stated. 'When one 7-Eleven executive attempted to thoughtfully address a question… he was interrupted and rebuked by Mr. Dacus who pointed to his head as if to remind his colleague to 'think.' Mr. Dacus also declared in the meeting that the discussion was a management presentation and 'not due diligence.'' On regulatory issues, Couche-Tard said it had proposed a term sheet with specific store divestiture plans and a reverse termination fee worth over $1.4 billion, but that Seven & i 'was not willing to share the required information with potential buyers.' In a bid to find common ground, Couche-Tard said it proposed acquiring 100 per cent of Seven & i's non-Japanese operations and 40 per cent of its domestic business, leaving 60 per cent with existing shareholders. This advertisement has not loaded yet, but your article continues below. However, it said Seven & i instead proposed contributing its U.S. business into Couche-Tard in exchange for equity, which Couche-Tard argued would not deliver the 'significant premium' its proposal offered and would 'undermine the operational prospects of the combined business.' The company concluded: 'We remain as excited as ever about the path forward for (Alimentation Couche-Tard)… However, we are not able to effectively pursue this combination without deeper and genuine further engagement from 7&i leadership and the special committee. Accordingly, we are withdrawing our proposal at this time.' Couche-Tard operates nearly 17,000 stores across 29 countries and territories, under the Circle K and Couche-Tard banners, and employs approximately 146,000 people. It is one of the largest independent convenience store operators in the U.S. Its founder, Alain Bouchard, is the richest man in Quebec, according to The Gazette Rich List. 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"This robust data set, amassed from several studies in cancers that have historically resisted immunotherapeutic approaches, provides definitive validation of pelareorep's immune-mediated mechanism of action," said Dr. Thomas Heineman, Chief Medical Officer of Oncolytics. "We observed tumor biopsy-confirmed virus replication, immune cell activation, and the recruitment of cytotoxic T cells into the TME – all consistent with the durable responses observed in patients with metastatic PDAC and HR+/HER2- breast cancer who were treated with pelareorep." Investigators also recorded a clear increase in PD‑L1 expression, a checkpoint marker that helps immune cells recognize tumors, and tracked newly expanded T‑cell clones in the blood that matched those inside shrinking lesions. Together, these findings suggest pelareorep can convert "cold" tumors into "hot" ones that respond better to modern immunotherapies. "The collection of data here show that pelareorep works how a cancer immunotherapy should work," said Jared Kelly, CEO of Oncolytics. "Pelareorep is a versatile product candidate with strong platform potential to enhance immunological responses in multiple indications, including hard-to-treat cancers. Such compelling findings should be exciting to strategic partners focused on finding a platform immunotherapy in large indications with high unmet medical needs." Two GOBLET cohorts—metastatic pancreatic ductal adenocarcinoma (mPDAC) and anal cancer—remain open. Management plans to outline the next clinical milestones before the end of the third quarter. Clinical outcomes already hint at real‑world benefit. In more than 100 first‑line mPDAC patients, pelareorep‑based regimens achieved a two‑year overall‑survival rate of 21.9%, compared with the historical benchmark of 9.2%. A separate single‑arm study that paired pelareorep with chemotherapy and a checkpoint blocker produced a 62% objective response rate. No immune checkpoint therapy is approved in this cancer today, which makes the signal especially noteworthy. Progress extends to hormone‑receptor‑positive, HER2‑negative metastatic breast cancer (HR+/HER2‑ mBC). Across two randomized trials, pelareorep added more than ten months of median overall survival. In BRACELET‑1, the drug nearly doubled median progression‑free survival to 12.1 months versus 6.4 months in the control arm, suggesting durable disease control. Next week, Oncolytics will host a KOL webinar on July 22 featuring leading GI and immuno-oncology experts to discuss pelareorep's data and positioning in pancreatic and gastrointestinal cancers. Participating physicians include the GOBLET trial's primary investigator as well as global leaders in immunotherapy and clinical trial design, underscoring the growing interest in pelareorep's mechanism and outcomes. To steer these data toward value‑creating deals and late‑stage trials, Oncolytics Biotech strengthened its leadership earlier this year. The board tapped industry veteran Jared Kelly for the CEO seat and named Andrew Aromando Chief Business Officer. Both executives helped guide Ambrx Biopharma into a $2‑billion sale to Johnson & Johnson, giving them a playbook for capital‑efficient development and strategic partnering. "Pelareorep's clinical data across multiple tumors is striking and represents the potential for a true backbone immunotherapy to address many in-need indications," said Kelly. 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"Bemarituzumab is the first FGFR2b inhibitor to demonstrate a statistically and clinically significant overall survival benefit in a randomized Phase 3 trial for the first-line treatment of FGFR2b-positive gastric cancer," said Dr. Rafael Amado, M.D., President, Head of Global Research and Development at Zai Lab. "The success of the global Phase 3 FORTITUDE-101 study highlights the potential of bemarituzumab to redefine the standard of care for a patient population that has faced poor outcomes with existing therapies. We are proud to have contributed meaningfully to this pivotal trial, including a substantial number of patients enrolled in China. Based on these results, and the regulatory Breakthrough Designation, we plan to move rapidly toward regulatory submission in China to bring this transformative therapy to patients as quickly as possible." GeoVax Labs, Inc. (NASDAQ: GOVX) recently stated that the FDA's curative‑intent approval of Keytruda for head and neck cancer strengthens the rationale for its planned Phase 2 trial combining Gedeptin and pembrolizumab. "We believe Gedeptin's tumor-targeted cytotoxicity can enhance immunotherapy efficacy, particularly in the perioperative window where anti-tumor immunity can be primed," added Dr. Kelly McKee, GeoVax's Chief Medical Officer. "We are excited to embark on the next phase of Gedeptin development as we attempt to build on the important advances being made in this disease." The study, expected to launch in 2026, will give Gedeptin intratumorally before surgery to trigger local cytotoxicity, then add checkpoint inhibition to boost systemic immunity. Endpoints include pathologic response, recurrence rates, and immune biomarkers, aligning with guidance in a recent New England Journal of Medicine editorial. OS Therapies (NYSE-American: OSTX) has locked in an End‑of‑Phase 2 FDA meeting for 27 August 2025 to discuss a rolling Biologics License Application for OST‑HER2 in recurrent, lung‑metastatic osteosarcoma, while parallel regulatory consultations are set with the EMA and the UK MHRA. "We are making significant progress towards our primary objective of obtaining regulatory approval for OST-HER2 in recurrent, pulmonary metastatic osteosarcoma prior to the sunsetting of the rare pediatric disease priority review voucher ("PRV") program," said Paul Romness, MPH, Chairman & CEO of OS Therapies. "We strongly believe in the promise of the listeria immunotherapy platform to help prevent and treat cancer, and intend to judiciously deploy our capital to focus on the OST-HER2 approval while advancing our other clinical programs without deploying significant capital or running other clinical studies while we wait for the OST-HER2 approval and related PRV sale." The company is also advancing a Phase 1 prostate‑cancer immunotherapy, OST‑504, with full data expected later in 2025. OST‑HER2 already carries Rare Pediatric Disease, Fast Track, and Orphan Drug designations, positioning the program for a potential Priority Review Voucher and accelerated approvals in multiple markets. SELLAS Life Sciences Group, Inc. (NASDAQ: SLS) met every primary endpoint in its Phase 2 trial of SLS009 in relapsed/refractory acute myeloid leukemia-myelodysplasia-related changes (AML MR), delivering a 44% overall response rate at the optimal 30 mg twice‑weekly dose and a median overall survival of 8.9 months—far above the 2.4 month historical benchmark. The CDK9 inhibitor also showed a 50% response rate in high‑risk ASXL1‑mutated and M4/M5 subgroups, with no dose‑limiting toxicities reported. "We are excited to report that our Phase 2 trial met all key endpoints, with clinical responses and survival outcomes that exceed targeted expectations and historical benchmarks," said Angelos Stergiou, MD, ScD h.c., President and CEO of SELLAS. "AML remains an area of urgent unmet medical need, particularly for patients with relapsed or refractory disease, where standard treatments are often ineffective and poorly tolerated. What sets SLS009 apart is its consistent efficacy across a broad range of molecular subtypes." Following FDA guidance, the company will launch an 80‑patient randomized study in newly diagnosed first‑line AML by Q1 2026 to support a potential New Drug Application. DISCLAIMER: Nothing in this publication should be considered as personalized financial advice. We are not licensed under securities laws to address your particular financial situation. No communication by our employees to you should be deemed as personalized financial advice. Please consult a licensed financial advisor before making any investment decision. This is a paid advertisement and is neither an offer nor recommendation to buy or sell any security. We hold no investment licenses and are thus neither licensed nor qualified to provide investment advice. The content in this report or email is not provided to any individual with a view toward their individual circumstances. Equity Insider is a wholly-owned subsidiary of Market IQ Media Group, Inc. ("MIQ"). MIQ has been paid a fee for Oncolytics Biotech Inc. advertising and digital media from the company directly. There may be 3rd parties who may have shares of Oncolytics Biotech Inc., and may liquidate their shares which could have a negative effect on the price of the stock. This compensation constitutes a conflict of interest as to our ability to remain objective in our communication regarding the profiled company. Because of this conflict, individuals are strongly encouraged to not use this publication as the basis for any investment decision. The owner/operator of MIQ own shares of Oncolytics Biotech Inc. which were purchased in the open market, and reserve the right to buy and sell, and will buy and sell shares of Oncolytics Biotech Inc. at any time without any further notice commencing immediately and ongoing. We also expect further compensation as an ongoing digital media effort to increase visibility for the company, no further notice will be given, but let this disclaimer serve as notice that all material, including this article, which is disseminated by MIQ has been approved by Oncolytics Biotech Inc.; this is a paid advertisement, we currently own shares of Oncolytics Biotech Inc. and will buy and sell shares of the company in the open market, or through private placements, and/or other investment vehicles. 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