Latest news with #MondayMornings
Winnipeg Free Press
5 days ago
- Business
- Winnipeg Free Press
Algoma Steel seeking federal support amid ongoing concern over U.S. tariffs
SAULT STE. MARIE – Algoma Steel says it is seeking $500 million in federal support as the company faces continued uncertainty from U.S. tariffs on Canadian steel. The Sault Ste. Marie, Ont.-based steel producer says it applied for the funding under the Large Enterprise Tariff Loan program, announced by Ottawa in March to support companies affected by tariffs and countermeasures. The company says in a press release it remains concerned with the 'significant impact' that U.S. tariffs are having on its operations and outlook. In June, U.S. President Donald Trump signed an executive order doubling his country's tariffs on steel and aluminum imports to 50 per cent. Algoma says it has enough resources on hand to manage its liquidity over the near term, but it is considering various options to achieve support and diversify its customer base, 'given the ongoing uncertainty caused by the U.S. tariffs resulting in a structural imbalance in the Canadian market.' That includes an evaluation of capital investments 'that align with long-term domestic demand in sectors such as defence and construction, while reinforcing Canada's industrial resilience and low-carbon transformation.' It says the amount of additional financing it could seek will partly depend on the duration and severity of the trade dispute 'and the extent to which the Canadian steel market remains exposed to unfairly priced imports.' Monday Mornings The latest local business news and a lookahead to the coming week. This report by The Canadian Press was first published July 24, 2025. Companies in this story: (TSX:ASTL)
Winnipeg Free Press
6 days ago
- Business
- Winnipeg Free Press
Rogers Communications reports Q2 profit down amid acquisition and restructuring costs
TORONTO – Rogers Communications Inc. reported its second-quarter profit declined compared with a year ago as a result of higher restructuring, acquisition and other costs. The company says it earned $148 million or 29 cents per diluted share attributable to shareholders for the quarter ended June 30. The result was down from a profit of $394 million or 73 cents per share in the same quarter last year. Revenue for the three-month period totalled $5.22 billion, up from $5.09 billion a year earlier. On an adjusted basis, Rogers says it earned $1.14 per diluted share, down from $1.16 per diluted share in the second quarter of 2024. The results came as the company reported 61,000 total mobile phone net subscriber additions, including 35,000 postpaid and 26,000 prepaid. Retail internet net additions totalled 26,000. Monday Mornings The latest local business news and a lookahead to the coming week. This report by The Canadian Press was first published July 23, 2025. Companies in this story: (TSX:RCI.B)
Winnipeg Free Press
21-07-2025
- Business
- Winnipeg Free Press
Premiers to meet with Indigenous groups on first day of three-day Ontario gathering
HUNTSVILLE, ONT. – A three-day meeting of the country's premiers gets underway today, and the first item on the agenda is discussions with Indigenous groups. The premiers are gathering at Deerhurst Resort in Ontario's cottage country and trade and tariffs are expected to be the main topics, particularly when they meet Tuesday with Prime Minister Mark Carney. But first they are set to have discussions with leaders from the Assembly of First Nations, the Métis National Council and the Native Women's Association of Canada, among other Indigenous groups. That meeting comes as Indigenous communities have expressed concerns with federal and provincial laws meant to fast-track major infrastructure projects as a way to stimulate the economy facing tariff impacts. The federal law known as Bill C-5 allows cabinet to quickly grant federal approvals for big projects deemed to be in the national interest by sidestepping existing laws, while Ontario's Bill C-5 allows its cabinet to suspend provincial and municipal laws through the creation of so-called 'special economic zones.' Nine Ontario First Nations have filed a court challenge to the laws and are concerned there will not be meaningful consultation with them. Carney hosted a meeting with hundreds of First Nations chiefs last week and while some chiefs walked out saying they saw an insufficient response to concerns they'd been raising for weeks, others left the meeting 'cautiously optimistic.' Monday Mornings The latest local business news and a lookahead to the coming week. Ford has said that over the course of the meeting this week, the premiers will also talk about emergency management, energy security, sovereignty and national security, health, and public safety. This report by The Canadian Press was first published July 21, 2025.
Winnipeg Free Press
16-07-2025
- Business
- Winnipeg Free Press
Federal utility backs off Tennessee gas plant site after John Rich says he enlisted Trump's help
NASHVILLE, Tenn. (AP) — The nation's largest public utility says it is looking at other sites for a new natural gas power plant after its preferred location in Tennessee drew heavy public scrutiny, including from country musician John Rich. The Tennessee Valley Authority announced Tuesday that the Cheatham County site is no longer its preferred one. Rich, a conservative supporter of President Donald Trump who has Cheatham County roots, has been a key opponent of TVA's 900-megawatt plant in the county. He said he enlisted Trump to 'team up' on the issue. A TVA spokesperson declined to comment about Rich's comments, including whether Trump was involved. A White House spokesperson also declined to comment. The community has raised concerns about the potential impact on water quality, air quality, noise pollution, safety, property rights and more, in a rural area that also has homes and schools nearby. Clean energy and environmental groups have also led resistance to the proposal. Rich said Trump and U.S. Department of Agriculture Secretary Brooke Rollins 'joined forces with me and all the residents of Cheatham County.' 'They pulled out under threat,' Rich said in a social media post Tuesday. 'They pulled out because they're afraid President Trump is going to fire every member of that board.' Based on feedback, the federal utility says it is considering a site at a nearby industrial park and other Middle Tennessee locations. Additionally, it floated options such as working with the Trump administration to extend the use of some fossil fuel plants. The utility has been planning to retire the last of its coal-fired plants by 2035. But Trump has signed executive orders aimed at boosting the coal industry. Power from the proposed Cheatham plant was intended to replace some of the electricity from the second unit of the coal-fired Cumberland Fossil Plant, which had been planned for retirement in 2028 but is now among the coal units being evaluated for potentially longer life. The site that sparked opposition includes the power plant and a battery storage system on 286 acres in Cheatham County, in addition to a 12-mile natural gas pipeline and up to 45 miles of transmission lines to the project. Rich last week posted a map showing many areas of farmland around the preferred area, saying it 'CANNOT happen.' Rollins, the agriculture secretary, replied, 'ON IT' and 'Standby.' Rich additionally has called for a 'complete revamping' of TVA, saying, 'Cheatham County ain't the only place they're doing this.' Monday Mornings The latest local business news and a lookahead to the coming week. Any final decision on the plant would need to await more TVA board members. Trump recently announced four nominees for the board, which for months has not had enough members to take many actions because Trump fired some of former President Joe Biden's picks. TVA provides power to more than 10 million people across seven southern states. The board normally has nine members and requires five to make a quorum. It currently has three. Trump's picks would not be seated until the U.S. Senate confirms them. Clean energy advocates applauded TVA's decision to back off the Cheatham County location, but said it should instead invest more in clean energy options and heed the concern of communities where similar gas plants are proposed in Cumberland City, Kingston and Memphis. 'Instead of simply shifting those harmful impacts to another area, TVA should scrap its plans for a new gas plant altogether and invest in clean and cost-effective power options, like solar power and battery storage,' said Trey Bussey, a staff attorney at the Southern Environmental Law Center.
Winnipeg Free Press
16-07-2025
- Automotive
- Winnipeg Free Press
USA Bobsled and Skeleton signs endorsement deal with Honda through 2030 Olympics
USA Bobsled and Skeleton has entered into a multi-year endorsement deal with American Honda, one that will give the sliding sports federation financial and technical support going into both next winter's Milan-Cortina Olympics and the 2030 Games in the French Alps. The deal, announced Wednesday, has been in the works for some time. Honda — which becomes the official premier technology partner of the teams — will give USABS, among other things, access to its wind tunnel in Ohio for research and development purposes. Such access is crucial when determining optimal sled positioning and other aerodynamic factors in sports where one-hundredth of a second can be the difference between winning and losing. Eventually, the partnership will evolve into sled design as well. 'Long term, they'll be playing a role in helping us design bobsleds,' USABS CEO Aron McGuire told The Associated Press. 'We'll be looking at building four-man sleds initially. They will be providing the aerodynamic expertise and providing us insights, recommendations, into how we can best design a sled as it relates to other factors, like safety of the athletes sitting in the sled and the performance side of the design.' The teams will also have Acura logos on their sleds for all competitions through the 2030 Games. 'In sports where sleds can reach speeds of over 90 miles per hour and the difference between first and last can be measured in fractions of a second, our Honda engineers are eager to apply their engineering skills and racing background to the USABS programs,' said Larry Geise, the executive vice president of Honda Development & Manufacturing of America. Monday Mornings The latest local business news and a lookahead to the coming week. Financial specifics were not disclosed, but the deal is one of the more significant in USABS history. 'It's at the top of the cash partners that we've had,' McGuire said. The news comes at a key time for the programs, with the next Olympics just seven months away. The U.S. has legitimate medal hopes in bobsled and skeleton going into Milan-Cortina; Kaysha Love is the reigning women's monobob champion, women's pilots Kaillie Humphries Armbruster and Elana Meyers Taylor are the two most decorated female drivers in Olympic history, and the American duo of Austin Florian and Mystique Ro won a gold medal in the new mixed team skeleton discipline at the world championships earlier this year. ___ AP sports:
