Latest news with #BCEInc.
Yahoo
10 hours ago
- Business
- Yahoo
Who is Michael Sabia and why did Mark Carney bring him back into government?
Michael Sabia will add Clerk of the Privy Council to his resumé of senior corporate and government posts after the chief executive of Hydro Quebec was tapped by Prime Minister Mark Carney to lead Canada's civil service starting July 7, 2025. The one-time CEO of BCE Inc., Sabia has transitioned seamlessly back and forth between the public and private sectors during his extensive career. His latest job description will see him provide advice to the prime minister and senior elected officials from an objective, non-partisan, public policy perspective. Here's a look at Sabia's career and why Carney likely sought him out for his new role. Born in St. Catharines, Ont., about a 90-minute drive from Toronto, Sabia has spent his career moving between public and private roles, with much of his time spent with Quebec-based companies and institutions. His grandparents immigrated to Canada from Italy and his first language is English. But his command of French is very strong, which led to senior roles in Quebec. He has led organizations in several sectors including asset management, telecommunications, transportation and utilities. His government work has included senior roles in the finance department and the privy council office. His education includes earning a bachelor of arts degree in economics and politics from the University of Toronto and graduate degrees in the same areas of study from Yale University. Most recently, Sabia was CEO of Hydro-Quebec, which he joined in 2023. Prior to that he was the first native-English speaker to run the Caisse de dépôt et placement du Québec, the province's multi-billion pension manager, a job he held from March 2009 to January 2020. His run as chief executive of the Caisse was widely considered a success despite some early concerns that he might be considered an outsider. Prior to that, he spent several years at Montreal-based Bell Canada Enterprises (BCE Inc.), joining in 1999 and rising through the ranks to become president and chief executive in 2002 after serving as chief operating office and CEO of Bell Canada International. From 1993 to 1999, he worked at Canadian National Railway, with roles including chief financial officer. Sabia was instrumental in the privatization of CN in 1995. Sabia was Canada's deputy minister of finance from 2020 to 2023. He was also a member of the Canadian government's Advisory Council on Economic Growth, which was created in 2016, and served as chair of the Canada Infrastructure Bank from 2020 to 2021. He spent much of his early career in government before moving to the private sector. In the 1980s and early 1990s, he worked at the department of finance where he was director general of tax policy and one of the architects of a comprehensive reform of Canada's tax system, and at the Privy Council Office, where he was deputy secretary to the cabinet. His boss there, clerk of the Privy Council Paul Tellier, left to run Canadian National Railway in the early 1990s and Sabia followed. Sabia won praise for stabilizing the Caisse de depot after it sustained a deep loss during the financial in 2008. During his tenure, assets nearly tripled, reaching $326.7 billion, and the pension posted five and 10-year annualized returns of 8.3 and 9.9 per cent. However, assessments of his earlier tenure at BCE were mixed. A sluggish share price led to shareholder unrest and a contentious takeover battle by a consortium that included the Ontario Teachers' Pension Plan, which intended to privatize the telecom company in what would have been the biggest corporate takeover in Canadian history. The planned deal ultimately did not take place, and some blamed Sabia for the tumultuous period marked by court battles. Sabia was named an Officer of the Order of Canada in 2016 in recognition of his leadership across business, finance and public service. In receiving the honour, he was credited by governor general Mary Simon with 'helping to rejuvenate Canada's fiscal infrastructure as the country's general director of tax policy before lending his business acumen to a number of iconic Canadian enterprises.' Hydro-Québec's new boss: What you should know about the man and the job Why turning Canada's new defence spending into economic growth may be 'easier said than done' Sabia's close association with Quebec is seen as a strength for the minority Liberal government that may need support from the Bloc Québécois party to remain in power and get key legislation passed. Carney already reached into the Caisse de depot, where Sabia also worked, for his chief of staff: former Canadian ambassador to the United Nations Marc-André Blanchard. Sabia also brings a deep understanding of Canadian pensions funds, which will be brought to bear as the government seeks to 'catalyze' billions of dollars in private investment. 'Canada's exemplary public service — with Mr. Sabia at the helm — will advance nation-building projects, catalyze enormous private investment to drive growth, and deliver the change Canadians want and deserve,' the government said in a statement announcing his appointment. • Email: bshecter@ Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Toronto Sun
12-05-2025
- Business
- Toronto Sun
Canadian telecom firms blame immigration policies for mobile subscriber slowdown
The big three recorded fewer than 54,000 net new mobile subscribers in the first quarter, the lowest number in four years Published May 12, 2025 • 2 minute read Cellphone purchasing. Photo by Getty Images For years, Canada's top telecom providers rode a wave of high immigration, collectively adding hundreds of thousands of new mobile phone subscribers most quarters. Those days are over. This advertisement has not loaded yet, but your article continues below. THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLY Subscribe now to read the latest news in your city and across Canada. Unlimited online access to articles from across Canada with one account. Get exclusive access to the Toronto Sun ePaper, an electronic replica of the print edition that you can share, download and comment on. Enjoy insights and behind-the-scenes analysis from our award-winning journalists. Support local journalists and the next generation of journalists. Daily puzzles including the New York Times Crossword. SUBSCRIBE TO UNLOCK MORE ARTICLES Subscribe now to read the latest news in your city and across Canada. Unlimited online access to articles from across Canada with one account. Get exclusive access to the Toronto Sun ePaper, an electronic replica of the print edition that you can share, download and comment on. Enjoy insights and behind-the-scenes analysis from our award-winning journalists. Support local journalists and the next generation of journalists. Daily puzzles including the New York Times Crossword. REGISTER / SIGN IN TO UNLOCK MORE ARTICLES Create an account or sign in to continue with your reading experience. Access articles from across Canada with one account. Share your thoughts and join the conversation in the comments. Enjoy additional articles per month. Get email updates from your favourite authors. THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK. Create an account or sign in to continue with your reading experience. Access articles from across Canada with one account Share your thoughts and join the conversation in the comments Enjoy additional articles per month Get email updates from your favourite authors Don't have an account? Create Account Canada's three biggest wireless firms — BCE Inc., Rogers Communications Inc. and Telus Corp. — all cited tighter immigration rules when explaining to investors over the past two quarters why subscriber growth has slowed. The trio recorded fewer than 54,000 net new mobile subscribers in the first quarter, the lowest number in four years. Two years ago, the country's population grew 3.1%, a rate not seen since the 1950s, largely due to an influx of foreign students and temporary workers. But last year, as it became clear the housing supply and the health care system were straining from this growth, the federal government enacted measures meant to stem the tide. As a result, Canada plans to admit nearly 20% fewer permanent residents this year than its target in 2024, as well as fewer foreign students. BCE saw a small decline in net mobile phone subscribers in the first quarter, which it said was partly due to 'slowing population growth attributable to government immigration policies.' The company's revenue is falling, which was a consideration in its decision to slash its dividend by over half — the first cut in 17 years. This advertisement has not loaded yet, but your article continues below. Telus also said reduced immigration hampered its mobile subscriber growth when it reported earnings on Friday. And Rogers, which has the largest number of wireless customers, reported a weak quarter of growth on that metric and also cited 'slowing population growth as a result of changes to government immigration policies.' The Canadian government has capped foreign-student visas in order to shrink the country's temporary immigrant population, which saw explosive growth after the COVID-19 pandemic. International students, as well as temporary foreign workers, contributed to much of Canada's population increases in 2022 and 2023. This, in turn, supported the large gains in new mobile subscribers in the third quarters of those years. In 2023, Canada's population growth was among the fastest in the world. That's no longer the case — growth in 2024 fell to 1.8% and may turn negative in 2026 if the government sticks with its efforts to limit the number of non-permanent residents it allows in. Toronto Maple Leafs Sunshine Girls Editorial Cartoons Health Sunshine Girls
Calgary Herald
11-05-2025
- Business
- Calgary Herald
Telus, Bell, Rogers blame immigration policies for mobile subscriber slowdown
For years, Canada's top telecom providers rode a wave of high immigration, collectively adding hundreds of thousands of new mobile phone subscribers most quarters. Those days are over. Article content Canada's three biggest wireless firms — BCE Inc., Rogers Communications Inc. and Telus Corp. — all cited tighter immigration rules when explaining to investors over the past two quarters why subscriber growth has slowed. The trio recorded fewer than 54,000 net new mobile subscribers in the first quarter, the lowest number in four years. Article content Article content Two years ago, the country's population grew 3.1 per cent, a rate not seen since the 1950s, largely due to an influx of foreign students and temporary workers. But last year, as it became clear the housing supply and the health care system were straining from this growth, the federal government enacted measures meant to stem the tide. Article content Article content As a result, Canada plans to admit nearly 20 per cent fewer permanent residents this year than its target in 2024, as well as fewer foreign students. Article content BCE saw a small decline in net mobile phone subscribers in the first quarter, which it said was partly due to 'slowing population growth attributable to government immigration policies.' The company's revenue is falling, which was a consideration in its decision to slash its dividend by over half — the first cut in 17 years. Telus also said reduced immigration hampered its mobile subscriber growth when it reported earnings on Friday. And Rogers, which has the largest number of wireless customers, reported a weak quarter of growth on that metric and also cited 'slowing population growth as a result of changes to government immigration policies.' Article content Article content The Canadian government has capped foreign-student visas in order to shrink the country's temporary immigrant population, which saw explosive growth after the COVID-19 pandemic. International students, as well as temporary foreign workers, contributed to much of Canada's population increases in 2022 and 2023. This, in turn, supported the large gains in new mobile subscribers in the third quarters of those years. Article content In 2023, Canada's population growth was among the fastest in the world. That's no longer the case — growth in 2024 fell to 1.8 per cent and may turn negative in 2026 if the government sticks with its efforts to limit the number of non-permanent residents it allows in. Article content
Bloomberg
28-03-2025
- Business
- Bloomberg
Bell Media Wants to Export Canadian TV With Seth Rogen's Help
For decades, Hollywood has traveled north to film in Canada, with productions such as the Twilight movies and the Suits TV series lured by generous tax incentives and skilled crews. Now the country's largest media company wants to flip the script and sell more Canadian shows to Hollywood. Bell Media, the television and radio subsidiary of Quebec-based telecom company BCE Inc., has signed deals to develop new shows with Canadian stars who've made it big in the US, including Seth Rogen, Tom Green and Elliot Page. On Wednesday, the company acquired a majority stake in distributor Sphere Abacus, which will help sell Bell Media's productions internationally.
