'Dangerous decision': Telecom CEO blasts Joly's decision to uphold CRTC's wholesale internet rules
'By immediately increasing competition and consumer choice, the CRTC's decision aims to reduce the cost of high-speed Internet for Canadians and will contribute toward our broader mandate to bring down costs across the board,' she wrote.
Article content
The decision was made the day before Bell Canada's quarterly results were announced. Bell's stock was down that morning, and observers noted a correlation with the minister's decision.
Article content
Article content
In an analyst call that morning, Bell's CEO Mirko Bibic said he was 'disappointed' and urged the government and the CRTC 'to ensure that network builders are fully compensated for significant build costs and investment risks they take in building.'
Article content
Article content
It also came a few weeks after Cogeco announced a new mobile service with an introductory one-year free offer.
Article content
'With this decision, the minister is essentially saying it's okay if the Big Three get even bigger. It's okay if the regional, local players suffer, and it's okay if there's a re-monopolization of telecoms in Canada,' Perron said.
Article content
'We don't think it's okay. Consumers won't think it's okay, and we'll fight to make sure it doesn't happen.'
Article content
Cogeco and Eastlink, which announced last week it was 'suspending further planned upgrades to many smaller communities across Canada,' filed an appeal in July asking the Federal Court of Appeal to quash the decision.
Article content
But in Ottawa, overriding a decision from the CRTC was seen as a 'bold move' and that could 'rattle the cage' not even six months after an election and a new prime minister in charge. Sources said the minister had a duty to ensure the sustainability of institutions and protect the national interest.
Article content
Article content
Champagne, who has since become minister of finance, did not comment for this story. His office confirmed that he attended the cabinet meeting in which the decision was confirmed and that 'Canada's new government has a strong mandate to bring costs down and to build one, strong, Canadian economy.'
Article content
'We would have liked to see a lot more courage, and I'm happy to be quoted on that. It seems to me like deferring to the CRTC and maintaining the status quo was the easy way, but not the right way. Sometimes the best decision is the hard decision in life, and we are saddened that the hard decision was not made,' said Perron.
Article content
In a statement last week, Rogers Communications said 'the Carney government has declared its priority is to build a strong Canada and this decision does the exact opposite.'
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Toronto Star
23 minutes ago
- Toronto Star
Rogers enters into definitive agreement to sell portfolio of data centres
Rogers will continue to sell connectivity and data centre services into the facilities Proceeds will be used to pay down debt TORONTO, Aug. 14, 2025 (GLOBE NEWSWIRE) — Rogers Communications Inc. (TSX: RCI.A and RCI.B; NYSE: RCI) today announced it has entered into a definitive agreement with InfraRed Capital Partners to sell its portfolio of nine Rogers Business data centres. Rogers will continue to sell data centre services on behalf of InfraRed and will provide network connectivity to the data centres. ARTICLE CONTINUES BELOW InfraRed is part of Sun Life, a leading Canadian-based financial services company, and is an experienced digital infrastructure owner. Both organizations will work to ensure a seamless transition for Rogers Business customers. The transaction is part of Rogers planned sale of real estate and non-core assets. Rogers intends to use the net proceeds from the transaction to repay debt. The transaction is expected to close by year end 2025, subject to customary closing conditions and regulatory approval. The transaction does not include Rogers corporate data centres used for the company's network and IT purposes. Forward-Looking Statements This news release includes 'forward-looking information' within the meaning of applicable securities laws relating to, among other things, Rogers maintaining a retail presence in the facilities and providing network connectivity to the facilities post-closing, our intended use of proceeds from the transaction, the closing of the transaction on the terms described in this news release and the expected timing of the closing of the transaction. Forward-looking information may in some cases be identified by words such as 'will', 'anticipates', 'expects', 'intends' and similar expressions suggesting future events or future performance. We caution that all forward-looking information is inherently subject to change and uncertainty and that actual results may differ materially from those expressed or implied by the forward-looking information. Any forward-looking information contained in this news release represent expectations as of the date of this news release and is subject to change after such date. However, we are under no obligation (and we expressly disclaim any such obligation) to update or alter any statements containing forward-looking information, the factors or assumptions underlying them, whether as a result of new information, future events or otherwise, except as required by law. All of the forward-looking information in this news release is qualified by the cautionary statements herein. Forward-looking information is provided herein for the purpose of giving information about the transaction and its expected impact. Readers are cautioned that such information may not be appropriate for other purposes. The completion of the transaction is subject to closing conditions, regulatory approval, termination rights and other risks and uncertainties. Accordingly, there can be no assurance that the transaction will occur, or that it will occur on the terms and conditions contemplated in this news release. The transaction could be modified, restructured or terminated. ARTICLE CONTINUES BELOW ARTICLE CONTINUES BELOW About Rogers Communications Inc. Rogers is Canada's leading communications and entertainment company and its shares are publicly traded on the Toronto Stock Exchange (TSX: RCI.A and RCI.B) and on the New York Stock Exchange (NYSE: RCI). For more information, please visit or For more information: Investor Relations 1-844-801-4792 Media media@ 1-844-226-1338
Cision Canada
23 minutes ago
- Cision Canada
InfraRed Capital Partners to acquire data centre business from Rogers Communications
TORONTO, Aug. 14, 2025 /CNW/ -- InfraRed Capital Partners ("InfraRed"), a leading international infrastructure asset manager, and a part of Sun Life, has entered into a definitive agreement to acquire Rogers Communications' data centres business, on behalf of InfraRed's value-add strategy. With nine Tier 2 and 3 data centres across key Canadian cities, the business has an established footprint, a strong operational team, and a long-standing, diverse customer base across a range of industries. The business is well-positioned to meet the evolving demands of customers with up to 49 MW of capacity and a range of secure colocation, cloud, and managed services, delivered within a framework of Canadian data sovereignty and in-country cloud infrastructure. This investment is firmly aligned to InfraRed's Value-add approach to invest in companies that demonstrate long-term growth potential, supported by strong underlying fundamentals, and with experienced management teams. Pilar Banegas, Partner, InfraRed, commented:"This investment represents an exciting opportunity for us to drive value in an established business, capitalising on the rising demand for secure and reliable data centre services, within one of the most attractive segments of the Canadian digital infrastructure market. "We will leverage our knowledge of the market and our deep data centre experience, built from investments such as Nexspace, our European data centre platform, to help realise its potential. Furthermore, we can also draw on our owner Sun Life's significant presence in Canada to inform our approach." Completion of the transaction is expected by the end of the year, subject to customary closing conditions and regulatory approval. About InfraRed Capital Partners ("InfraRed") InfraRed is a leading international mid-market infrastructure asset manager. Over the past 25 years, InfraRed has established itself as a highly successful developer, particularly in early-stage projects, and an active steward of essential infrastructure. InfraRed manages US$13bn of equity capital [1] for investors around the globe in listed and private funds across both core and value-add strategies. InfraRed combines a global reach, operating worldwide from offices in London, Madrid, New York, Sydney and Seoul, with deep sector expertise from a team of more than 160 people. InfraRed is part of SLC Management, the institutional alternatives and traditional asset management business of Sun Life, and benefits from its scale and global platform. For more information, please visit
Cision Canada
23 minutes ago
- Cision Canada
ATB Financial Begins Fiscal Year 2026 with Strong First-Quarter Results
EDMONTON, AB, Aug. 14, 2025 /CNW/ - ATB Financial today announced strong first-quarter results for fiscal year 2026. These results highlight the organization's financial expertise and client commitment during a complex economic environment. "Our first-quarter results reflect a solid foundation as we begin a new fiscal year," said Curtis Stange, President & CEO of ATB Financial. "Our team's focus on client needs and our strategic growth initiatives are demonstrating value within a challenging economic landscape. We are encouraged by the underlying strengths of Alberta's economy, which we expect to continue, supporting our performance and providing a stable base for the future." ATB Financial reported total revenue of $590.3 million in the first quarter, marking a 10.6 per cent increase compared to the same period last year. This strong performance was primarily driven by a record net interest income of $378.8 million, which was fueled by a 9.0 per cent year-over-year increase in net loans, growing to $56.5 billion. Other income contributed $211.5 million, highlighting the successful expansion of ATB Financial's advisory services, including offerings in wealth management and capital markets, which continue to meet the evolving needs of clients. Year-over-year, ATB Financial's assets under administration (AUA) have increased by 33.3 per cent, solidifying its position as a prominent investment firm in Western Canada. This growth has been bolstered by the strategic acquisition of BCV Asset Management Inc. Total deposits also saw an increase of 5.0 per cent year-over-year, reaching $44.2 billion. A loan loss provision of $11.3 million for the quarter reflects Alberta's ongoing economic resilience and ATB Financial's role in supporting the province. "During a time of such volatility, we are proactively connecting with our clients to help them to reach their goals," said Stange. "We have assessed and translated shifting headwinds—from trade relations to complexities in energy and agriculture, and federal initiatives—into valuable, widely shared resources for our clients, further solidifying our position as a trusted source of expertise." Of significance, ATB Financial announced on August 11 that it has entered into an agreement to acquire all of the outstanding shares of Cormark Securities Inc., a strong Canadian independent investment bank with offices in Toronto and Calgary. The acquisition, expected to close this fall pending regulatory approvals, will combine complementary expertise to better serve clients, attract top talent, and accelerate growth in Canada. See ATB Financial's full quarter results here. Q1 Highlights The Bank of Canada has designated ATB Capital Markets as a new Government Securities Distributor, underscoring ATB's dedication to serving the North American bond market. ATB Capital Markets showcased the value of Canadian energy through a " reverse roadshow" that attracted institutional investors representing approximately $700 billion in capital. ATB Financial's asset management arm, ATB Investment Management Inc., strategically expanded its investment product suite. This expansion includes a collection of new funds, created in direct response to client needs. ATB Financial released a comprehensive report, " An Innovation Revolution: How Alberta Is Building the Future of Tech," detailing the remarkable advancement of Alberta's technology sector. ATB Financial launched multiple new offers this quarter for its clients, including the Grow Alberta GIC and Adulting Essentials. ATB released its Truth and Reconciliation Action Plan. This plan marks a significant step forward in ATB's efforts to deliver on TRC Call to Action 92. For the third year in a row, Great Place to Work® Canada recognized ATB Financial on its 2025 Best Workplaces™ in Canada– Inclusion list. ATB Financial's commitment to the communities where it operates and grows extends across Canada. Over the quarter, the ATB Community Foundation supported many organizations, including the Alex with a $50,000 grant for youth mental health and team member volunteer hours for their community gardens which address food insecurity in Calgary. The Foundation, in partnership with BCV Asset Management Inc., also donated $10,000 to The Winnipeg Foundation for its 2025 Manitoba Wildfire Response Fund. Similarly, the Foundation, alongside ATB Wealth, contributed $10,000 to The Saskatoon Community Foundation's emergency response fund to support Saskatchewan wildfire relief efforts. About ATB Financial Powering possibilities for our clients, communities, and beyond is what drives us at ATB Financial. As a leading Alberta-based financial institution, we have over $100 billion in total assets and assets under management. Our success comes from more than 5,000 team members who deliver exceptional experiences to over 837,000 clients across our Personal and Business Banking, ATB Wealth Management, and ATB Capital Markets businesses. ATB Financial provides expert advice and services through our extensive branch network and agencies, our 24-hour Client Care Centre, four entrepreneur centers, and our digital banking options. ATB Financial is bronze certified as part of the Partnership Accreditation in Indigenous Relations commissioned by the Canadian Council for Indigenous Business. More information about ATB can be found at
