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CBC
16 minutes ago
- CBC
Carney slashes Marine Atlantic ferry rates by half for travel between N.L. and mainland
Travelling to the mainland by ferry will be cheaper for Newfoundlanders and Labradorians starting on Friday. Prime Minister Mark Carney announced on Monday that he's cutting Marine Atlantic passenger and vehicle fares in half by increasing funding to the ferry service that operates between Nova Scotia and Newfoundland and Labrador. Ottawa is also freezing commercial freight rates on that route. "If we are going to build a stronger, more united economy, and we are doing that, we are going to need to make it more affordable to travel around this country, for people and for businesses," Carney said. "Today's announcement will mean more Canadians can see more of Atlantic Canada." Marine Atlantic spokesperson Darrell Mercer said Monday's announcement will mean hundreds of dollars in savings for families looking to leave the island. "A customer who's traveling through Argentia, a family of four with a regular-sized vehicle, they're going to save between $300 and $400 per crossing. Through Port aux Basques, that's going to be about $100 to $200 for the same family of four," Mercer said. Marine Atlantic operates four ferries on two different routes. The year-round ferry service operates between Port aux Basques and North Sydney, N.S., with three vessels on its regular fleet: The Blue Puttees, Highlanders, and Leif Ericson. The second seasonal route operates between Argentia and North Sydney. It runs up to three times per week from June to September using the service's newest vessel, the Ala'suini. Mercer said Marine Atlantic is experiencing a spike in tourism this summer. The ferry service isn't sold out, he said, but capacity is strained. Summer bookings have increased by 9,000 compared to last year. "The thousands of additional passengers that are coming to Newfoundland this summer for whatever reason — could be the geopolitical situation in the United States, Canada Games ... we're seeing it on our vessels," Mercer said. For travellers with bookings past Aug. 1, Mercer said refunds will be issued. "We've got approximately 110,000 passengers that have bookings in our system, so it's going to take a little bit of time to work through those," Mercer said. "We ask for patience. Those refunds will be forthcoming. It's just going to take a little time." Passenger cabins are not included in Ottawa's fare reductions for Marine Atlantic vessels.
CBC
an hour ago
- CBC
Lower ferry rates spark excitement in Digby, Cape Breton
Social Sharing Digby's deputy mayor says the town is thrilled by the federal government's decision to slash fares for passengers and commercial traffic on the ferry between Digby, N.S., and Saint John by 50 per cent. In an interview with CBC News on Monday, Paul Saulnier said the news spells only good things for tourists, private citizens and Digby's seafood industry. "I'm hoping it's going to be an increase in the economy, where we're trying to get seafood to market as fast as we can," he said. The changes will go into effect on Aug. 1. That means the current one-way fare for a regularly sized vehicle will go down to $64 from $128, while the fare for an adult passenger will be reduced to $26.50 from $53. Commercial rates will see a similar reduction. Saulnier said he has already heard from three people who now plan to make a trip to Saint John in the near future. He said the lower fares will also provide a boost to organizers of the annual Wharf Rat Rally and Digby Scallop Days, which are both set for next month. At a news conference held on Prince Edward Island on Monday, Prime Minister Mark Carney announced that tolls would go down by over 50 per cent on the Confederation Bridge, and that fares on all federally supported ferry services in Atlantic Canada will go down by 50 per cent beginning on Aug. 1. Dan White, the president of the West Nova Chamber of Commerce, which includes Digby, said the reduction in fares will encourage more people to do business in the area. "For the truckers this is huge," he told Radio-Canada. "Now the cost goes down, so the cost of seafood goes down, the amount of business we're gonna do goes up." Fares from Cape Breton to Newfoundland also going down In Cape Breton, news that passenger and vehicle fares on Marine Atlantic ferries to Newfoundland and Labrador will be cut by 50 per cent was received warmly. "This is positive news for our whole region," said Terry Smith, CEO of Destination Cape Breton. "Anything the government does that will reduce costs for travellers will encourage people to travel more, maybe stay a little bit longer, maybe spend a little bit more." Not everyone, however, is convinced it will lead to many more tourists staying in the area. Gordon MacDonald, Cape Breton Regional Municipality's councillor for District 1, which includes North Sydney where the ferries depart, said that while the news is good for travellers, he's not optimistic it will increase tourism in the area. "I don't think it's going to boost Sydney area's tourism a whole lot. It may boost Newfoundland to some degree, but unless we find a way to keep those tourists locally for a little while, I don't see a great benefit to us," he said. He'd like to see more signage in the vicinity of the ferry terminal to highlight nearby attractions like the Cape Breton Fossil Centre and Sydney Mines Heritage Museum. Daniel Mercer, communications officer with Marine Atlantic, said people who already paid for crossings in August and beyond will receive a partial refund to make up for the cost difference. He said the reduction in fares could save families hundreds of dollars on their crossings. Mercer said summer demand for the ferry service was already high and it will be interesting to see if lower fares increase traffic during the shoulder season, in the fall and spring.
CTV News
2 hours ago
- CTV News
Visa, Mastercard set for higher profits on solid spending trends
Visa and Mastercard are expected to report higher quarterly profits this week on steady consumer spending, and analysts will scrutinize how demand for travel and discretionary purchases is shaping up in the face of tariff uncertainty. The results from the world's biggest payment processors will help flesh out the broader financial outlook that major banks such as JPMorgan Chase and Wells Fargo presented earlier this month, signaling a resilient consumer. 'Visa and Mastercard remain top ideas, particularly in an uncertain macro environment, given their broad-based exposure to discretionary and non-discretionary spend, geographic reach, and proven ability to stabilize their expense increase in downturns,' Oppenheimer analysts said in a note. Billions of people worldwide use Visa and Mastercard for their everyday spending and other purchases, making the card networks better equipped to weather downturns. They also have more expense flexibility to support profit growth. In recent years, the companies have diversified their business model by building out value-added services such as threat intelligence and fraud reduction. Still, some analysts expect a potential spending slowdown in the back half of 2025. Cross-border travel, a high-margin business for payments companies, has come under some pressure due to trade tensions and geopolitical risks. Slower travel from Canada to the U.S. and fresh tensions in the Middle East in June have raised concerns over a potential drag on growth. Analysts will also examine whether elevated volumes are being driven by a pull-forward in spending, as consumers pre-purchase goods they expect to get costlier after tariffs are imposed. In the second quarter, total card spending volumes modestly increased across bank issuers. Across credit and debit cards, Bank of America showed an increase of 110 basis points, while JPMorgan Chase showed a 40 bps rise, according to data compiled by RBC Capital Markets. 'On balance and relative to expectations, data seems neutral for the networks and acquirers, considering overall spending trends appear at least stable compared to last quarter's growth, which we think should be good enough considering the macroeconomic volatility since last quarter's earnings,' J.P. Morgan analysts said in a note. Investors will also zero in on the forecast around stablecoins. While both the card giants plan to launch products linked to the cryptocurrency, the recent passing of the Genius Act has raised some concern that stablecoins could eliminate the need for payment intermediaries in the long term. Visa, the larger of the two by market value, will announce quarterly results after markets close on Tuesday, while Mastercard will report on Thursday. American Express surpassed quarterly profit expectations earlier this month, helped by resilient spending by its affluent customer base. Visa and Mastercard shares have gained nearly 13 per cent and eight per cent year-to-date as of Friday's close, respectively, while the benchmark S&P 500 index has gained 8.6 per cent. Company EPS estimates Year-ago Visa US$2.85 US$2.42 Mastercard US$4.03 US$3.59 (Reporting by Pritam Biswas and Arasu Kannagi Basil in Bengaluru; Editing by Devika Syamnath)
