Number of Canadians with favourable view of U.S. has fallen, poll suggests
The survey by the Pew Research Center suggests one-third of Canadians — 34 per cent — now have a favourable view of the United States. It marks a 20 percentage point decrease from last year.
The same percentage of Canadians had favourable views of China — a 13 point increase.
'For the last few years … many people have preferred the U.S. to China by a sizable margin,' said Laura Silver, associate director of global attitudes research at the Washington-based research centre.
Now, she said, 'there's no daylight between the two.'
Pew polled people in 25 countries and the survey found positive views of China increased in more than half the nations. There was also an increase in people who viewed Chinese President Xi Jinping favourably.
'This is the first real tick up that we've seen that we would describe as an increase across the board,' Silver said.
Trump returned to the White House with an agenda to realign global trade and upend geopolitics by targeting friend and foe alike. Critics of Trump's tactics have said the ongoing instability will push countries to form closer ties with China.
Canada was an early target with Trump repeatedly calling former prime minister Justin Trudeau 'governor' and insisting Canada should become a U.S. state.
The president hit Canada and Mexico with duties he linked to fentanyl trafficking in March, only to walk back the tariffs for goods that comply with the Canada-U.S.-Mexico Agreement on trade a few days later.
Trump took his trade war to the world in April with so-called 'reciprocal' tariffs but paused the devastating duties a few hours later saying it would give time for countries to make a deal with America. He kept in place a 10 per cent tariff for most countries.
China was hit by the hardest duties, prompting a brief but escalated tariff standoff between the world's two largest economies.
The U.S. president has been sending out letters to nations suggesting they will be hit with high duty rates if no deal is made by Aug. 1.
Trump did go ahead with specific tariffs targeting steel, aluminum and automobile imports, with copper duties also set to come into place on Aug. 1.
Pew, a non-partisan think tank, surveyed 28,333 adults across 24 countries – not including the United States – from Jan. 8 to April 26 by phone, online and in person. The centre also surveyed 3,605 Americans from March 24 to March 30 by phone, online and in person.
The poll reports 26 per cent of all people surveyed said they had confidence in the Chinese president, while 22 per cent said the same for Trump.
'That reflects both a rising view of Xi and a quite dramatically negative view of Trump,' Silver said.
The changing views were especially stark in Mexico, where 45 per cent of people said it's more important for their country to have strong economic ties with China than with the U.S. — up from 37 per cent in 2019 and 15 per cent in 2015.
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Canada's relationship with China was roiled during the first Trump administration when in 2018 Canadians Michael Spavor and Michael Kovrig were taken into custody in China. It followed the arrest of Huawei's chief financial officer Meng Wanzhou in British Columbia at the request of the United States.
Silver said the 2025 polling is the first time there hasn't been a wide gap in how Canadians view the world's two largest economies since the relationship with China took a 'nosedive.'
The Pew Research Center survey found the share of Canadians who said the U.S. was more important for economic ties had dropped to 67 per cent from 87 per cent in 2019.
'Now, while it's still a majority, it's down more than 20 percentage points with a corresponding rise in the share who prefer China,' Silver said.
This report by The Canadian Press was first published July 15, 2025.
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Choice Properties will continue to advance its development program, with a focus on commercial developments, which provides the best opportunity to add high-quality real estate to its portfolio at a reasonable cost and drive net asset value appreciation over time. Choice Properties is confident that its business model, stable tenant base, strong balance sheet and disciplined approach to financial management will continue to benefit its operations. In 2025, Choice Properties is targeting: stable occupancy across the portfolio, resulting in approximately 2% - 3% year-over-year growth in Same-Asset NOI, cash basis (3); annual FFO (1) per unit diluted (3) in a range of $1.05 to $1.06, reflecting approximately 2% - 3% year-over-year growth; and strong leverage metrics, targeting Adjusted Debt to EBITDAFV (3) below 7.5x. FORWARD-LOOKING STATEMENTS This News Release contains forward-looking statements about the Company's objectives, plans, goals, aspirations, strategies, financial condition, results of operations, cash flows, performance, prospects, opportunities and legal and regulatory matters. Specific forward-looking statements in this News Release include, but are not limited to, statements with respect to the Company's anticipated future results, events and plans, strategic initiatives and restructuring, regulatory changes including further healthcare reform, future liquidity, planned capital investments, and the status and impact of information technology systems implementations. These specific forward-looking statements are contained throughout this News Release including, without limitation, in the "Outlook" section of this News Release. Forward-looking statements are typically identified by words such as "expect", "anticipate", "believe", "foresee", "could", "estimate", "goal", "intend", "plan", "seek", "strive", "will", "may", "should" and similar expressions, as they relate to the Company and its management. Forward-looking statements reflect the Company's estimates, beliefs and assumptions, which are based on management's perception of historical trends, current conditions and expected future developments, as well as other factors it believes are appropriate in the circumstances. The Company's estimates, beliefs and assumptions are inherently subject to significant business, economic, competitive and other uncertainties and contingencies regarding future events and, as such, are subject to change. The Company can give no assurance that such estimates, beliefs and assumptions will prove to be correct. Numerous risks and uncertainties could cause the Company's actual results to differ materially from those expressed, implied or projected in the forward-looking statements, including those described in the "Enterprise Risks and Risk Management" section of the Management's Discussion and Analysis in the Company's 2024 Annual Report and the Company's Annual Information Form for the year ended December 31, 2024. Readers are cautioned not to place undue reliance on these forward-looking statements, which reflect the Company's expectations only as of the date of this News Release. Except as required by law, the Company does not undertake to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. DECLARATION OF QUARTERLY DIVIDENDS Subsequent to the end of the second quarter of 2025, the Company's Board of Directors declared a quarterly dividend on GWL Common Shares, Preferred Shares, Series I, Preferred Shares, Series III, Preferred Shares, Series IV and Preferred Shares, Series V payable as follows: Common Shares $0.8938 per share (on a pre-stock split basis) payable October 1, 2025, to shareholders of record September 15, 2025; Preferred Shares, Series I $0.3625 per share payable September 15, 2025, to shareholders of record August 31, 2025; Preferred Shares, Series III $0.3250 per share payable October 1, 2025, to shareholders of record September 15, 2025; Preferred Shares, Series IV $0.3250 per share payable October 1, 2025, to shareholders of record September 15, 2025; Preferred Shares, Series V $0.296875 per share payable October 1, 2025, to shareholders of record September 15, 2025. 2025 SECOND QUARTER REPORT The Company's 2024 Annual Report and 2025 Second Quarter Report are available in the Investor Centre section of the Company's website at and have been filed on SEDAR+ and are available at INVESTOR RELATIONS Shareholders, security analysts and investment professionals should direct their requests to Roy MacDonald, Group Vice-President, Investor Relations, at the Company's Executive Office or by e-mail at [email protected]. Additional financial information has been filed electronically with various securities regulators in Canada through SEDAR+. This News Release includes selected information on Loblaw, a public company with shares trading on the Toronto Stock Exchange ("TSX"), and selected information on Choice Properties, a public real estate investment trust with units trading on the TSX. For information regarding Loblaw or Choice Properties, readers should refer to the respective materials filed on SEDAR+ from time to time. These filings are also maintained on the respective companies' corporate websites at and Ce rapport est disponible en français. APPENDIX 1: NON-GAAP AND OTHER FINANCIAL MEASURES The Company uses non-GAAP and other financial measures and ratios as it believes these measures and ratios provide useful information to both management and investors with regard to accurately assessing the Company's financial performance and financial condition. Further, certain non-GAAP measures and other financial measures of Loblaw and Choice Properties are included in this document. For more information on these measures, refer to the materials filed by Loblaw and Choice Properties, which are available on or at or respectively. Management uses these and other non-GAAP and other financial measures to exclude the impact of certain expenses and income that must be recognized under GAAP when analyzing underlying consolidated and segment operating performance, as the excluded items are not necessarily reflective of the Company's underlying operating performance and make comparisons of underlying financial performance between periods difficult. The Company adjusts for these items if it believes doing so would result in a more effective analysis of underlying operating performance. The exclusion of certain items does not imply that they are non-recurring. These measures do not have a standardized meaning prescribed by GAAP and therefore they may not be comparable to similarly titled measures presented by other publicly traded companies, and should not be construed as an alternative to other financial measures determined in accordance with GAAP. ADJUSTED EBITDA The Company believes adjusted EBITDA is useful in assessing and making decisions regarding the underlying operating performance of the Company's ongoing operations and in assessing the Company's ability to generate cash flows to fund its cash requirements, including its capital investment program. The following table reconciles adjusted EBITDA to operating income, which is reconciled to GAAP net earnings attributable to shareholders of the Company reported for the periods ended as indicated. (i) The following items impacted adjusted EBITDA in 2025 and 2024: Amortization of intangible assets acquired with Shoppers Drug Mart and Lifemark The acquisition of Shoppers Drug Mart in 2014 included approximately $6 billion of definite life intangible assets, which are being amortized over their estimated useful lives. In 2024, the annual amortization associated with the acquired intangibles was $479 million. The annual amortization will decrease to approximately $130 million in 2025, of which $110 million and $6 million was recorded in the first and second quarters of 2025, respectively. Annual amortization will be approximately $30 million in 2026 and thereafter. The acquisition of Lifemark in 2022 included approximately $299 million of definite life intangible assets, which are being amortized over their estimated useful lives. Fair value adjustment of derivatives Loblaw is exposed to commodity price and U.S. dollar exchange rate fluctuations. In accordance with Loblaw's commodity risk management policy, Loblaw enters into exchange traded futures contracts and forward contracts to minimize cost volatility relating to fuel prices and the U.S. dollar exchange rate. These derivatives are not acquired for trading or speculative purposes. Pursuant to Loblaw's derivative instruments accounting policy, changes in the fair value of these instruments, which include realized and unrealized gains and losses, are recorded in operating income. Despite the impact of accounting for these commodity and foreign currency derivatives on Loblaw's reported results, the derivatives have the economic impact of largely mitigating the associated risks arising from price and exchange rate fluctuations in the underlying commodities and U.S. dollar commitments. Fair value adjustment on investment properties The Company measures investment properties at fair value. Under the fair value model, investment properties are initially measured at cost and subsequently measured at fair value. Fair value is determined based on available market evidence. If market evidence is not readily available in less active markets, the Company uses alternative valuation methods such as discounted cash flow projections or recent transaction prices. Gains and losses on fair value are recognized in operating income in the period in which they are incurred. Gains and losses from disposal of investment properties are determined by comparing the fair value of disposal proceeds and the carrying amount and are recognized in operating income. Fair value adjustment of investment in real estate securities Choice Properties received Allied Class B Units as part of the consideration for the Choice Properties disposition of six office assets to Allied in 2022. Choice Properties recognized these units as investments in real estate securities. The investment in real estate securities is exposed to market price fluctuations of Allied trust units. An increase (decrease) in the market price of Allied trust units results in income (a charge) to operating income. Gain on sale of non-operating property In the second quarter of 2025, Loblaw recorded a gain related to the sale of a non-operating property to a third party of $1 million (2024 – nil). Charges related to settlement of class action lawsuits On July 24, 2024, the Company and Loblaw entered into binding Minutes of Settlement and on January 31, 2025, the Company and Loblaw entered into a Settlement Agreement to resolve nationwide class action lawsuits against them relating to their role in an industry-wide price-fixing arrangement involving certain packaged bread products. In the second quarter of 2024, the Company and Loblaw recorded charges of $256 million and $164 million, respectively, in SG&A, relating to the settlement and related costs. The Settlement Agreement was approved by the Ontario Superior Court of Justice in May 2025 and if approved by the court in Quebec, it will resolve all of the consumers' claims against the Company and Loblaw relating to this matter. Transaction costs and other related recoveries In the second quarter of 2024, Choice Properties recorded a reversal of a transaction related provision for $39 million that was determined to be no longer required. ADJUSTED NET INTEREST EXPENSE AND OTHER FINANCING CHARGES The Company believes adjusted net interest expense and other financing charges is useful in assessing the ongoing net financing costs of the Company. The following table reconciles adjusted net interest expense and other financing charges to GAAP net interest expense and other financing charges reported for the periods ended as indicated. The following item impacted adjusted net interest expense and other financing charges in 2025 and 2024: Fair value adjustment of the Trust Unit liability The Company is exposed to market price fluctuations as a result of the Choice Properties Trust Units held by Unitholders other than the Company. These Trust Units are presented as a liability on the Company's consolidated balance sheets as they are redeemable for cash at the option of the holder, subject to certain restrictions. This liability is recorded at fair value at each reporting date based on the market price of Trust Units at the end of each period. An increase (decrease) in the market price of Trust Units results in a charge (income) to net interest expense and other financing charges. ADJUSTED INCOME TAXES AND ADJUSTED EFFECTIVE TAX RATE The Company believes the adjusted effective tax rate applicable to adjusted earnings before taxes is useful in assessing the underlying operating performance of its business. The following table reconciles the effective tax rate applicable to adjusted earnings before taxes to the GAAP effective tax rate applicable to earnings before taxes as reported for the periods ended as indicated. 12 Weeks Ended ($ millions except where otherwise indicated) Jun. 14, 2025 Jun. 15, 2024 Adjusted operating income (i) $ 1,414 $ 1,323 Adjusted net interest expense and other financing charges (i) 302 271 Adjusted earnings before taxes $ 1,112 $ 1,052 Income taxes $ 302 $ 131 Add impact of the following: Tax impact of items excluded from adjusted earnings before taxes (ii) — 142 Outside basis difference in certain Loblaw shares 16 20 Adjusted income taxes $ 318 $ 293 Effective tax rate applicable to earnings before taxes 31.8 % 16.4 % Adjusted effective tax rate applicable to adjusted earnings before taxes 28.6 % 27.9 % (i) See reconciliations of adjusted operating income and adjusted net interest expense and other financing charges above. (ii) See the adjusted EBITDA table and the adjusted net interest expense and other financing charges table above for a complete list of items excluded from adjusted earnings before taxes. In addition to certain items described in the "Adjusted EBITDA" and "Adjusted Net Interest Expense and Other Financing Charges" sections above, the following item impacted adjusted income taxes and the adjusted effective tax rate in 2025 and 2024: Outside basis difference in certain Loblaw shares The Company recorded a deferred tax recovery of $16 million in the second quarter of 2025 (2024 – $20 million) on temporary differences in respect of GWL's investment in certain Loblaw shares that are expected to reverse in the foreseeable future as a result of GWL's participation in Loblaw's NCIB. ADJUSTED NET EARNINGS AVAILABLE TO COMMON SHAREHOLDERS AND ADJUSTED DILUTED NET EARNINGS PER COMMON SHARE The Company believes that adjusted net earnings available to common shareholders and adjusted diluted net earnings per common share are useful in assessing the Company's underlying operating performance and in making decisions regarding the ongoing operations of its business. The following table reconciles adjusted net earnings available to common shareholders of the Company and adjusted net earnings attributable to shareholders of the Company to net earnings attributable to shareholders of the Company and then to net earnings available to common shareholders of the Company reported for the periods ended as indicated. ($ millions except where otherwise indicated) 12 Weeks Ended Jun. 14, 2025 Jun. 15, 2024 Net earnings attributable to shareholders of the Company $ 268 $ 410 Less: Prescribed dividends on preferred shares in share capital (10) (10) Net earnings available to common shareholders of the Company $ 258 $ 400 Less: Reduction in net earnings due to dilution at Loblaw (4) (3) Net earnings available to common shareholders for diluted earnings per share $ 254 $ 397 Net earnings attributable to shareholders of the Company $ 268 $ 410 Adjusting items (refer to the following table) 143 (6) Adjusted net earnings attributable to shareholders of the Company $ 411 $ 404 Less: Prescribed dividends on preferred shares in share capital (10) (10) Adjusted net earnings available to common shareholders of the Company $ 401 $ 394 Less: Reduction in net earnings due to dilution at Loblaw (4) (3) Adjusted net earnings available to common shareholders for diluted earnings per share $ 397 $ 391 Diluted weighted average common shares outstanding (in millions) 129.6 133.6 The following table reconciles adjusted net earnings available to common shareholders of the Company and adjusted diluted net earnings per common share to GAAP net earnings available to common shareholders of the Company and diluted net earnings per common share as reported for the periods ended as indicated. (i) Contribution from Loblaw, net of non-controlling interests. (ii) Net of income taxes and non-controlling interests, as applicable. GWL CORPORATE FREE CASH FLOW GWL Corporate free cash flow is generated from dividends received from Loblaw, distributions received from Choice Properties, and proceeds from participation in Loblaw's NCIB, less corporate expenses, interest and income taxes paid. (i) GWL Corporate, financing, and other costs includes all other company level activities that are not allocated to the reportable operating segments such as net interest expense, corporate activities, administrative costs and changes in non-cash working capital. Also included are preferred share dividends. CHOICE PROPERTIES' FUNDS FROM OPERATIONS Choice Properties considers Funds from Operations to be a useful measure of operating performance as it adjusts for items included in net income that do not arise from operating activities or do not necessarily provide an accurate depiction of its performance. Funds from Operations is calculated in accordance with the Real Property Association of Canada's Funds from Operations & Adjusted Funds from Operations for International Financial Reporting Standards issued in January 2022. The following table reconciles Choice Properties' Funds from Operations to net income for the periods ended as indicated. SOURCE George Weston Limited
Cision Canada
7 minutes ago
- Cision Canada
Loblaw to Install Canada's Largest Rooftop Solar System Français
The solar array is expected to generate up to 25% of the total energy consumed at the company's largest distribution centre while contributing to its net-zero goals. BRAMPTON, ON, July 29, 2025 /CNW/ - Loblaw Companies Limited is taking a powerful step towards expanding its renewable energy ambitions, with the planned installation of Canada's largest rooftop solar system at its East Gwillimbury Distribution Centre in Ontario. The 7.5 MW installation will cover approximately 435,000 square feet of roof space – equivalent to the size of more than seven football fields – and generate over 8,500,000 kWh annually of clean on-site power. This installation is targeted to generate up to 25 per cent of the total electricity consumed at the Distribution Centre (DC). "From the moment we began construction on our East Gwillimbury Distribution Centre, we knew we needed to take full advantage of the rooftop space to generate clean, renewable energy for the facility," explained Tom Marson, VP, Building Technology & Energy, Loblaw Companies Limited. "This solar installation will work alongside several other sustainable features at the DC, including fully-electric shunt trucks, and advanced building energy management systems." "This installation clearly demonstrates our commitment to taking decisive action as we work to achieve net-zero Scope 1 and Scope 2 emissions by 2040 for our enterprise operating footprint," added Marson. Loblaw will partner again with Great Circle Solar, a leader in Canadian renewable energy, to develop, own and operate this system. The two companies have worked together since 2012 to achieve a growing number of distributed energy solutions, including rooftop solar energy, at over 90 projects at our facilities and communities across Canada. "This marque project will be operational in 2026. It is by far the largest of its kind ever contracted in Canada and one of the largest on a single rooftop in North America. It marks a significant milestone in our important partnership with Loblaw," said Clarke Herring, President, Great Circle Solar. "For over a decade, we've worked side by side to bring renewable energy solutions to communities across Canada. Loblaw's continued leadership and long-term commitment to clean renewable energy is consistent and evident." For nearly two decades, Loblaw has remained committed to fighting climate change. In 2024, the company achieved a 16% reduction in Scope 1 and Scope 2 greenhouse gas emissions (vs. 2020 baseline) and invested over $40 million in more than 500 carbon reduction projects. To learn more about these initiatives and others like them, please visit and download a copy of the Loblaw Companies 2024 Live Life Well ® Report. About Loblaw Companies Limited Loblaw is Canada's food and pharmacy leader, and the nation's largest retailer. Loblaw provides Canadians with grocery, pharmacy, and healthcare services, other health and beauty products, apparel, general merchandise, financial services and wireless mobile products and services. With more than 2,800 locations, Loblaw, its franchisees and Associate-owners employ more than 220,000 full- and part-time employees, making it one of Canada's largest private sector employers. Loblaw's purpose – Live Life Well ® – puts first the needs and well-being of Canadians who make one billion transactions annually in the company's stores. Loblaw is positioned to meet and exceed those needs in many ways: convenient locations; more than 1,100 grocery stores that span the value spectrum from discount to specialty; full-service pharmacies at nearly 1,400 Shoppers Drug Mart ® and Pharmaprix ® locations and in close to 500 grocery stores; PC Financial ® services; Joe Fresh ® fashion and family apparel; and four of Canada's top-consumer brands in Life Brand ®, Farmer's Market ™, no name ® and President's Choice ®. For more information, visit Loblaw's website at About Great Circle Solar Founded in 2011, Great Circle Solar manages approximately $3 billion in operational solar assets in North America, including one of the largest independently managed portfolios of commercial rooftop solar assets. GCS is active in the full life cycle of solar asset creation, operation and return realization. We partner with load customers, real estate portfolios owners and institutional investors to bring on-site distributed energy and renewable energy to life.
