logo
Ford government reacts to latest U.S. tariff twist, vowing to protect Ontario workers

Ford government reacts to latest U.S. tariff twist, vowing to protect Ontario workers

Yahoo29-05-2025
Ontario government officials say the province remains committed to protecting workers and the economy, after a U.S. court quashed some of President Donald Trump's tariffs on Wednesday.
On Wednesday, the U.S. Court of International Trade struck down Trump's 10 per cent tariff on most countries and his 25 per cent tariffs on numerous Canadian and Mexican goods, leaving the tariffs on steel and aluminum in place.
"The signals from the courts, you couldn't categorize them as good news or bad news," said Vic Fedeli, the minister of economic development, job creation and trade, at a news conference on Thursday.
Fedeli says the court's decision is simply the most recent development in the daily "twists and turns" of tariffs, and that the provincial government will continue its efforts to keep Ontario workers in high-value jobs.
Fedeli spoke alongside Finance Minister Peter Bethlenfalvy about the government's latest efforts to boost Ontario's economy and protect its workers.
Bethlenfalvy also said the province's number one goal with regard to the tariffs is keeping workers safe.
"We want no tariffs. We want all workers [protected]. We are protecting our economy so we can keep people working, keep them in business, and support business and support families," he said.
Province says mining project needed amid tariff threat
Bethlenfalvy says that's why Ontario government is spending $500 million to create a new critical minerals processing fund.
The fund will support projects that speed up the province's critical minerals processing capacity and made-in-Ontario supply chain, according to a Thursday news release. Minerals mined in Ontario will be processed in the province by Ontario workers, the release says.
"We're investing to unlock and process these resources right here in Ontario, securing good-paying jobs and building resilient communities for the future," Bethlenfalvy said in the same news release.
The $500 million investment comes as Ford's government is pushing ahead with the Protect Ontario by Unleashing our Economy Act, or Bill 5, which it says will speed up the approval of mining projects in Ontario.
However, critics say the province is using the threat of tariffs as an excuse to loosen environmental regulations on the industry, as the legislation includes major changes to the province's endangered species and environmental protection laws.
Jamie Kneen, national program co-lead for Mining Watch Canada, a non-profit advocacy group, previously told CBC Toronto it's undemocratic for the government to give itself the power to exclude mines in special economic zones from environmental regulations.
He questions whether tariffs are a legitimate reason to reduce regulatory oversight of the mining sector.
"They're just using this as a pretext for doing what they wanted to do already and hoping that people won't notice that the two are not really connected," Kneen said.
Bethlenfalvy says both the federal and provincial governments are "very unified" on combatting tariffs and promoting economic growth for Canada and Ontario.
Fedeli said it's "discouraging" to hear Trump say the U.S. doesn't need Canada, when over half of the nickel that the U.S. uses for its aerospace and defence sectors comes from Ontario.
The province will continue mining and processing critical minerals, Fedeli said, sending the U.S. a "powerful signal."
"Despite the rhetoric that comes from the U.S., we are going to continue being a world power in these critical minerals," he said.
Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Liquid I.V. Debuts Innovative New Sugar-Free Hydration Multiplier in Canada
Liquid I.V. Debuts Innovative New Sugar-Free Hydration Multiplier in Canada

Business Upturn

time3 hours ago

  • Business Upturn

Liquid I.V. Debuts Innovative New Sugar-Free Hydration Multiplier in Canada

TORONTO, Aug. 14, 2025 (GLOBE NEWSWIRE) — Today, Liquid I.V., the number one selling powdered hydration brand in Canada1 announced the expansion of their product portfolio with the launch of the new Sugar-Free Hydration Multiplier. Available in the delicious and refreshing White Peach flavour, this launch marks Liquid I.V.'s most significant innovation in the market to date and is the brand's first sugar-free offering for Canadians. 'Sugar-free marks a bold step forward for Liquid I.V., cementing our place not only as leaders but innovators of hydration solutions,' said Anusha Babbar, Senior Vice President of International, Unilever Wellbeing. 'Canadians have shown great love to Liquid I.V. these past two years in market, so we're thrilled to be expanding our Canadian offering in the wellness category to meet their demands for a sugar-free option.' Liquid I.V. entered Canada in 2023, marking its first expansion beyond the U.S., and quickly established itself as a leading provider of powdered hydration. Yet, fans of the electrolyte beverage have been vocal about the need for a sugar-free option to meet their lifestyle needs. Today, Liquid I.V. responds to the demand with a first-of-its-kind formula that is scientifically formulated to restore electrolyte imbalances that occur through performance, heat, travel and adventure, without the sugar. 'Sugar is often used as a key ingredient in electrolyte beverages for hydration support. We clinically tested countless sugar-free formulations to ensure that we weren't just ticking a box, but creating a formula backed by science that truly supported functional hydration,' said Lori Lauersen, Senior Vice President R&D, Unilever Wellbeing. 'What we developed was an amino acid blend available in our Sugar-Free Hydration Multiplier, all delivered within a delightful peach flavoured beverage.' Liquid I.V. Sugar-Free White Peach Hydration Multiplier delivers smart 0 sugar hydration that supports consumers in maintaining their wellness goals. It contains: 0g sugar 6 essential vitamins and minerals Blend of amino acids No artificial flavours or colours 100% + daily value of essential B vitamins (B3, B5, B12) To enjoy, simply pour one easy-to-open packet into 500ml of water, mix or shake, and hydrate. Its convenient single-serve, travel-friendly packets are easy to enjoy on the go. Liquid I.V. Sugar-Free White Peach is currently available at Costco Canada and will be available on later this month. About Liquid I.V.® Liquid I.V.® is a wellness company based in Los Angeles, CA. We believe hydration is the bedrock of wellness so our products are designed to deliver hydration and additional benefits with delicious flavour. The product line features great-tasting, non-GMO electrolyte drink mixes for enhanced hydration. As a purpose-driven brand, giving back is at the core of Liquid I.V.'s DNA, to date we've donated over 71 million servings to people in need around the globe. Liquid I.V.® contributes over 1% of brand revenue to our Impact Program focused on Clean Water Access & Hydration Aid. Liquid I.V.® provides grants to organizations that expand clean water access. We are committed to our goal of donating 150 million Liquid I.V.® sticks over the next 10 years. Liquid I.V. is available in-store at Costco, Walmart, and other national retailers, and online on To learn more, visit and follow @liquidivcanada on Instagram, TikTok and Facebook. For more information, please contact:Amanda FederchukKetchum, on behalf of Liquid I.V. [email protected] 416-505-0517

Accord Announces Second Quarter Financial Results
Accord Announces Second Quarter Financial Results

Business Wire

time6 hours ago

  • Business Wire

Accord Announces Second Quarter Financial Results

TORONTO--(BUSINESS WIRE)--Accord Financial Corp. (TSX – ACD) today released its financial results for the quarter ended June 30, 2025. The financial figures presented in this release are reported in Canadian dollars and have been prepared in accordance with International Financial Reporting Standards. The Company's President and CEO, Mr. Simon Hitzig, commented: 'Following successful initiatives in 2024 to streamline the business and reduce leverage, we recorded modest portfolio growth over the first half of 2025. However, the Company's balance sheet, with its primary and other debt obligations maturing in the near term, is an obstacle to realizing potential growth opportunities. Throughout the first half, working closely with our financial advisors, the Company has continued to focus on strategic initiatives to repay its outstanding debt and further simplify the business.' On July 25, 2025, the Company announced a short-term extension of the Credit Facility, followed by a second extension on August 8, 2025, extending the maturity date to August 15, 2025. The Company expects to execute an amendment to the Credit Facility which will extend the maturity date to December 15, 2025 and amend other terms. 'The anticipated extension provides time for the Company to continue to actively pursue a broad range of strategic initiatives, including potential divestitures of portfolio assets or business units as well as other financing alternatives, to address its maturing debt obligations (with $217.6 million as at June 30, 2025 due by January 31, 2026) and maximize shareholder value. The Company continues to work with its financial advisors to support its pursuit of strategic initiatives and debt repayment or refinancing, but there is no assurance that such initiatives will yield a successful result,' said Mr. Hitzig. 'While we focus on these initiatives, profitable operating performance and growth will continue to be a challenge.' The Company does not plan to provide updates on the status of its strategic initiatives until material developments emerge. Accord's finance receivables and loans ('funds employed') closed at $398 million on June 30, 2025, up 9.0% from $366 million at the start of the year, but down from $431 million on June 30, 2024 (impacted by the sale of the AEF portfolio). Despite modest portfolio growth over the first half, average funds employed during the quarter slipped to $395 million compared to $428 million in the second quarter of 2024. Reflecting the year-over-year decline in average funds employed, and lower average yields, second quarter revenue was $16.2 million compared to $20.0 million in the same period last year. Along with the year-over-year decline in revenue, the Company has reduced overhead, with second quarter general and administrative expenses coming in at $6.7 million versus $8.2 million in the same period last year. For the second quarter in a row, the Company earned a pre-provision operating profit, however, the $1.9 million provision for credit losses pushed the Company to a second quarter net loss attributable to shareholders of $876,000, an improvement from the $1.3 million loss in the first quarter. The loss of 10 cents per common share caused book value per share to slip to $9.19. Within the second quarter provision, actual net write-offs of $1.0 million represented an improvement over the same period last year ($2.3 million) and the first quarter of this year ($1.1 million). The provision also includes a $848,000 non-cash increase in the allowance for expected credit losses. Commenting further, Mr. Hitzig noted, 'Our excellent management team remains focused on successful execution of strategic initiatives to strengthen the business, but challenges remain over the balance of 2025.' About Accord Financial Corp. Accord Financial is one of North America's most dynamic commercial finance companies providing fast, versatile financing solutions including asset-based lending, factoring, inventory finance, equipment finance (in Canada), trade finance and film/media finance. By leveraging our unique combination of deep experience and independent thinking, we craft winning financial solutions for small and medium-sized businesses, simply delivered, so our clients can thrive. Note: Non-IFRS measures The Company's financial statements have been prepared in accordance with IFRS. The Company uses a number of other financial measures to monitor its performance and believes that these measures may be useful to investors in evaluating the Company's operating performance and financial position. These measures may not have standardized meanings or computations as prescribed by IFRS that would ensure consistency between companies using these measures and are, therefore, considered to be non-IFRS measures. The non-IFRS measures presented in this press release are as follows: 1) Adjusted net earnings, adjusted net loss and adjusted EPS/LPS. The Company derives these measures from amounts presented in its IFRS prepared financial statements. Adjusted net earnings (loss) comprise shareholders' net earnings before net single account loss (in 2023 and 2024), professional fees related to bank negotiations (2024 and 2025), stock-based compensation, business acquisition expenses (primarily amortization of intangible assets) and restructuring expenses. Adjusted EPS (basic and diluted) is adjusted net earnings (loss) divided by the weighted average number of common shares outstanding (basic and diluted) in the period. Management believes adjusted net earnings is a more appropriate measure of operating performance as it excludes items which do not relate to ongoing operating activities. The following table provides a reconciliation of the Company's net earnings to adjusted net earnings: Expand 2) Book value per share – book value is shareholders' equity and is the same as the net asset value (calculated as total assets minus total liabilities) of the Company less non-controlling interests. Book value per share is the book value or shareholders' equity divided by the number of common shares outstanding as of a particular date. 3) Funds employed are the Company's finance receivables and loans, an IFRS measure. Average funds employed are the average finance receivables and loans calculated over a particular period. Expand Forward-Looking Statements This news release contains certain "forward-looking statements" and certain "forward-looking information" as defined under applicable Canadian securities laws. Forward-looking statements can generally be identified by the use of forward-looking terminology such as "may", "will", "expect", "intend", "estimate", "anticipate", "believe", "continue", "plans" or similar terminology. Forward-looking statements in this news release include, but are not limited to, statements, management's beliefs, expectations or intentions regarding the financial position of the Company and the ability of the Company to repay or refinance its outstanding debt obligations. Forward-looking statements are based on forecasts of future results, estimates of amounts not yet determinable and assumptions that, while believed by management to be reasonable, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Forward-looking statements are subject to various risks and uncertainties including the Company's overall liquidity and capital resource position and its ability to repay its debt obligations when due and those risks are identified in the Accord's periodic filings with Canadian securities regulators. If any or all of the Company's outstanding debt obligations are not renewed or replaced upon expiration of their terms, and if the Company is unsuccessful in its ability to generate additional capital from sales of portfolio assets and/or business units and additional alternative financing arrangements to repay same on terms acceptable to the Company, or at all, the Company may not be able to continue to finance its operations and operate as a going concern. See Accord's most recent annual information form and most recent management's discussion and analysis of results of operations and financial condition for a detailed discussion of the risk factors affecting Accord. Such forward-looking information represents management's best judgment based on information currently available. No forward-looking statement can be guaranteed and actual future results may vary materially. Accordingly, readers are advised not to place undue reliance on forward-looking statements or information.

A brewery, a rooftop lounge, a fried chicken spot. Closures rattle downtown L.A. again
A brewery, a rooftop lounge, a fried chicken spot. Closures rattle downtown L.A. again

Los Angeles Times

time6 hours ago

  • Los Angeles Times

A brewery, a rooftop lounge, a fried chicken spot. Closures rattle downtown L.A. again

Tokyo Fried Chicken has closed its doors in downtown. And a buzzy Mexican rooftop lounge along with a legacy L.A. brewery in the area said they would do the same, the latest in a string of businesses abandoning the city's core. Founded in 2013 in a Monterey Park shopping center before moving to a location in downtown L.A. in 2023, Tokyo Fried Chicken is known for its fried chicken and sides that borrow inspiration from Southern and Japanese cuisines. The fast-casual diner, which marinates its chicken in soy sauce, ginger and garlic, has been ranked on The Times annual 101 Best Restaurants in L.A. guide two years running. The company announced its last day of service, Aug. 10, in an Instagram post with less than a week's notice. When the day came, an hours-long line wrapped outside the building, with another hour wait for the piping hot chicken to arrive to the table once seated. 'It was so amazing to see the turnout and all the love people have for the brand and for the food,' said Elaine Yamanashi, who co-owns the business with her husband and chef, Kouji Yamanashi. 'That is what has kept us going every day.' Elaine Yamanashi emphasized that the original plan was for the Olive Street location to be an expansion from the Monterey Park location, where she said many customers made the fried chicken joint part of their weekly routine. Ultimately, with construction and permitting delays downtown — they signed a lease mere months before the pandemic started — coupled with staffing shortages in Monterey Park, the couple decided to go all in on launching the downtown location before resuming service in Monterey Park. 'Could we even run both at the same time? We didn't think we could,' Yamanashi said. The downtown location had its perks: the Yamanashis' ultra-crispy chicken found a broader clientele, and a larger kitchen allowed for increased service hours. But the pandemic had also changed customer eating habits. 'We built our place for people to sit down and dine, but the majority of our food was being taken out,' said Yamanashi. A lack of parking and outdoor dining patio also led to decreased visibility in that location. Tokyo Fried Chicken is also a victim of broader industry challenges, including a downturn in business following the writers' and actors strikes, the Palisades and Eaton fires and most recently, immigration raids and protests that scared diners away from downtown. 'By last October, people were starting to come out again and it was better,' Yamanashi said. 'Then most of this year has been filled with very challenging issues along with increased costs along with slim margins.' 'The things that were happening in the larger economy made us feel like, 'Oh man, we should scale back so we don't have to break ourselves to make it,'' she added. Fans of the restaurant are in mourning, with many on Instagram saying they've followed the restaurant since its days in the San Gabriel Valley. But Yamanashi isn't saying the concept is gone forever. 'We're taking this time, not off, but to reflect,' she said. 'If we come back, we intend to come back intentionally and strategically to be able to survive long term in whatever location we find.' The sister restaurant to Mexico City-based Grupo Palmares' open-air hit Terraza Cha Cha Chá, LA Cha Cha Chá is known for its tacos, strong margaritas and stylish rooftop in the Arts District designed by architect Lena Kohl. The lush two-story space weathered the pandemic, writers' strike and January fires, but co-owner Alejandro Marín blames recent ICE raids and ensuing protests in downtown L.A. for a significant drop in customers. 'After June, it seemed like everyone was avoiding downtown, and we don't see tourists anymore,' Marín told Eater LA, adding his team expected to remain open for 'a couple of months, maybe three' before closing permanently. The group is also behind L.A. restaurants Loreto and Za Za Zá in Frogtown and Santa Canela in Highland Park. LA Cha Cha Chá, 812 E. Third St., Los Angeles, CA, 90013. Angel City Brewery recently announced it is slated to close at the termination of its lease in April 2026, according to a statement from its parent company Boston Beer Co., best known for its Samuel Adams brand. Its on-site sister taproom Truly LA, which serves the brand's hard seltzer, will only provide Friday and Saturday service by the end of the year, with the area converting to overflow and rental space. 'Our coworkers are our top priority, and we're making this move gradually to give our people the opportunity to do what's best for them,' said the statement. 'The goal is to absorb as many Truly LA coworkers as possible into our Angel City Brewery team for the duration of the lease and avoid a significant impact to coworker shifts.' Angel City Brewery was founded in 1997 by Michael Bowe in Culver City before moving to its current location, a three-story 1913 John A. Roebling building on the corner of Alameda Street and Traction Avenue, in 2011. Boston Beer acquired the company in 2012 and completely overhauled the menu during a boom in L.A.'s craft beer industry. Now, the company says, 'the brand no longer lines up with our long-term growth strategy,' adding that its focus is 'growing our core, national brands.' However, the company notes that the brewery has been 'doing well' and is earnestly looking for a buyer. 'We believe there is potential for this brand to succeed outside of Boston Beer as a strong local offering, and we'll be putting significant efforts behind selling Angel City so the brand can continue to live on,' said the statement. The company confirmed it has no plans to close its other taprooms. Angel City Brewery, 216 S. Alameda St., Los Angeles, CA 90012, (213) 622-1261

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store