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Canadian Tire sees cautious consumer spending drag down profits

Published Tue, 04 Mar 2025 12:02:57 GMT

TORONTO — Canadian Tire Corp. Ltd. said Thursday it is withdrawing its sales growth target due to increasing pressures caused by inflation and higher interest rates as the company reported a drop in earnings and revenue.In the three months ended July 1, the Toronto-based retail giant said net income attributable to shareholders fell 32 per cent to $99.4 million from $145.2 million in the same period a year earlier.The 101-year-old company said revenue in its second quarter fell three per cent to $4.26 billion from $4.40 billion the previous year. Normalized diluted earnings decreased to $3.08 per share from $3.11 per share, roughly in line with analyst expectations, according to financial markets data firm Refinitiv.“As inflation persisted and rate hikes continued, consumer demand for discretionary goods softened, particularly in the latter half of the quarter, and Canadians shifted to more essentials within our multi-category assortment,” said Canadian Tire president and CEO ...

Premier asks Integrity Commissioner to investigate Housing Minister’s Chief of Staff over Greenbelt report

Published Tue, 04 Mar 2025 12:02:57 GMT

Ontario Premier Doug Ford and his office have asked the Integrity Commissioner to investigate the Housing Minister’s Chief of Staff in light of the auditor general’s scathing report on the decision to remove land from the Greenbelt.The Integrity Commissioner confirmed the request to investigate whether the Chief of Staff acted “contrary to the requirements of the Public Service of Ontario Act, 2006, which includes the Conflict of Interest Rules for Public Servants (Ministers’ Offices).”Bonnie Lysyk’s report found the process to choose the sites favoured developers that had ties to the Chief of Staff for Housing Minister Steve Clark.The Housing Minister’s Chief of Staff was appointed by the Premier’s Chief of Staff in July 2022. He was “given the responsibility by the Premier’s Office to direct a project to change the Green­belt’s boundary.” The entire process to unlock portions of the Greenbelt was conducted in three weeks.In her report, the auditor gen...

Highest court refuses to hear appeal from B.C. churches opposed to COVID-19 ruling

Published Tue, 04 Mar 2025 12:02:57 GMT

OTTAWA — The Supreme Court of Canada has refused to hear an appeal from three British Columbia churches that argued their constitutional rights were violated when provincial restrictions banned indoor religious services at the height of the COVID-19 pandemic.The case stems from orders issued by provincial health officer Dr. Bonnie Henry during the second wave of the pandemic more than two years ago.The orders prohibited or regulated specific gatherings and activities, including in-person religious worship, which Riverside Calvary Chapel in Langley, Immanuel Covenant Reformed Church in Abbotsford and the Free Reformed Church of Chilliwack argued were violations of several sections of the Charter.BC Supreme Court Chief Justice Christopher Hinkson ruled in April 2021 that the regulations violated the section of the Charter guaranteeing freedom of expression and freedom of religion.But in a ruling supported by the BC Court of Appeal, Hinkson also found that given the threat posed by COV...

CPP Investments sees rate hikes, stronger dollar offset its gains

Published Tue, 04 Mar 2025 12:02:57 GMT

TORONTO — The Canada Pension Plan Investment Board says its net return amounted to a loss of 0.8 per cent last quarter.The country’s largest pension fund manager says its net assets as of June 30 totalled $575 billion, up from $570 billion at the end of the previous quarter.Chief executive John Graham says the gains were offset by higher interest rates as well as a stronger Canadian dollar compared to the U.S. dollar and other major currencies.The Toronto-based fund manager says investments in public equities and renewable energy as well as gains by external portfolio managers all added to the quarter’s results, while investments in credit and real assets stayed fairly flat.However, CPP Investments says fixed income assets declined in value due to higher interest rates set off by central banks, and foreign exchange losses negated any other gains.Over a 10-year period, CPP Investments says its cumulative net income totalled $314 billion, with a 9.8 per cent net nominal re...

Rising flood risks threaten many water and sewage treatment plants across the US

Published Tue, 04 Mar 2025 12:02:57 GMT

LUDLOW, Vermont (AP) — The crack of a summer thunderstorm once comforted people in Ludlow, Vermont. But that was before a storm dropped eight inches of rain on the village of 2,200 in two days last month. And it was before the devastation of Tropical Storm Irene in 2011. Now a coming rainstorm can stir panic.“We could lose everything again,” said Brendan McNamara, Ludlow’s municipal manager.The rainfall that walloped Vermont last month hit Ludlow so hard that floodwaters carried away cars and wiped out roads. It sent mud and debris into homes and businesses and forced officials to close a main road for days. Thankfully, the facility that keeps the village’s drinking water safe was built at elevation and survived. But its sewage plant fared less well. Flooding tore through it, uprooting chunks of road, damaging buildings and sweeping sewage from treatment tanks into the river. Even now the plant can only handle half its normal load.It’s not just Ludlow. Water infrastructure across th...

Travelers return to Chicago from Hawaii amid deadly fires

Published Tue, 04 Mar 2025 12:02:57 GMT

CHICAGO -- One of the first flights from Hawaii landed in Chicago Thursday morning as the deadly fires burn through Hawaii.Travellers have been trying to evacuate for the last 48 hours but haven't been able to due to road closures.An Illinois resident who landed at O'Hare Thursday morning was one of the first travelers to leave Maui as the fire spread throughout the island."We had power outage for about 36 hours, there were hurricane winds. It was really bad," Mark Mautino from Spring Valley, Illinois said. He and his wife got off the island before the fires spread but road closures kept them close to the resort. "We went for a walk. We turned the corner and Laianna was just on fire," Mautino said. Lahaina Maui, Photo Courtesy of Mark MuatinoAt least 36 people have died from the fires. Hurricane Dora winds whipped up brush fires that have now devastated the island. Some people were fortunate enough to jump in the Pacific Ocean to escape the smoke and flames. Mautino said it looked l...

Paddleboarder discovers body of Wilmette man in Lake Michigan

Published Tue, 04 Mar 2025 12:02:57 GMT

WILMETTE, Ill. — A paddleboarder discovered the body of a Wilmette resident in Lake Michigan Wednesday evening.Just after 5:10 p.m., authorities responded to Gillson Park on the report of a body in the water.Police said the paddleboarder discovered the body of a 56-year-old man from Wilmette approximately 50 to 100 yards offshore in Lake Michigan. 4 dead, including suspected ‘aggressor,’ after shooting inside home in Crystal Lake: police Authorities believe the man was not in the water for a prolonged period of time and there were no obvious signs of trauma.

Taylor Swift announces '1989 (Taylor’s Version)' at Eras Tour show in Los Angeles

Published Tue, 04 Mar 2025 12:02:57 GMT

LOS ANGELES (AP) — Taylor Swift closed the 2023 U.S. leg of her landmark Eras Tour in Los Angeles in a big way, announcing the fourth edition of her re-recording project: “1989 (Taylor’s Version).”After playing a few tracks from her “1989” era live, the pop superstar approached the center of the stage with an acoustic guitar in hand and suggested to the audience that she had been working on something big.“Instead of telling you about it, we’ll just show you,” she told the crowd as the screen illuminated behind her. “'1989 (Taylor’s Version)' available Oct. 27!” she cheered.Just last month, Swift released her re-recording of “Speak Now” and soon claimed the record for the woman with the most No. 1 albums in history. The “Taylor's Version” projects were sparked by music manager Scooter Braun's purchase and subsequent sale of her early catalog. Beyoncé vs Taylor Swift vs NASCAR: Who’s been the biggest boon to Chicago? Aside from breaking some news, across more tha...

Elon Musk auctioning Twitter signs, memorabilia 

Published Tue, 04 Mar 2025 12:02:57 GMT

(The Hill) -- X owner Elon Musk will be auctioning off Twitter signs and other memorabilia starting next month, including the sign hung on the outside of the company’s headquarters.The auction event is labeled “Twitter Rebranding: Online Auction Featuring Memorabilia, Art, Office Assets & More!” and is slated to be held Sept. 12-14, according to the auction website. The site lists 584 things to be auctioned off, including signs of Twitter’s iconic blue bird logo, office furniture and a variety of musical instruments.One of the bird signs open for bidding includes the logo hung on the building of Twitter’s headquarters in San Francisco, with the listing reading, "Bird is still mounted on the side of the building. Buyer is responsible for hiring an SF Licensed Company with appropriate Permits.” Musk mulling ‘noble’ debate with Zuckerberg instead of cage fight There are also multiple LED signs with the bird logo, hashtags and "@" signs, as well as a wooden bird table and h...

Children take cover in basement as tornado rips home apart while parents are away

Published Tue, 04 Mar 2025 12:02:57 GMT

YUMA COUNTY, Colo. (KDVR) — Three children who scrambled to safety while their parents were away said it sounded like a bomb exploded as a twister ravaged their Colorado home Tuesday.Their parents were at a nearby hospital when they saw a storm chaser's live video of the tornado heading for their home. They ran out of the hospital, where they were visiting a relative, and headed for their children hiding in the basement. Photos: Tornado damage in Yuma County “We were watching that live feed. And I was watching him drive, because we know the roads out here real well, and I was like, dude that's coming by our house. I called my kids, 'Go get your helmets!'" Clint Monk said.“We got a phone call from my daughter, and we heard the house just cracking and creaking. So my husband and I busted out of the hospital as fast as we could,” Amanda Monk said.A tornado in Yuma County, Colorado on Aug. 8, 2023 (Credit: twitch.tv/stormchaserirl)Tornado 'was like a bomb exploding'Kennadee Monk, 16, ...