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Toronto Sun
27-05-2025
- Business
- Toronto Sun
Canadian aluminum trader blames its bankruptcy on trade war
Published May 27, 2025 • 2 minute read Cut aluminium signs at a manufacturing facility in Langford, British Columbia. Photo by James MacDonald / Bloomberg (Bloomberg) — A Canadian aluminum trader that had been struggling to restructure its debt has filed bankruptcy in the US and Canada, saying the American trade war helped push the company over the edge. 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 Sinobec Group Inc. arranges deals between sellers and buyers of aluminum ingots, as well as finished items like building products, shower doors and fences, the company said in court papers filed in federal court in Illinois on Tuesday. For about two years, Sinobec had been working with lenders after defaulting on one of its loans, company owner and Chief Executive Officer Zhong Li said in court papers. Sinobec eventually hired financial advisor Alvarez & Marsal to help refinance about $103 million of debt, and lenders agreed to avoid taking action against the company. Tariffs imposed in recent months by President Donald Trump hit Sinobec hard, the company said. 'This has exposed the debtors to the full impact of the trade war,' company restructuring advisor Philippe Jordan, with PricewaterhouseCoopers, said in court papers. 'Significant accounts receivable collections have halted, as the supply chain upon which the debtors rely for payment has ground to a halt.' Your noon-hour look at what's happening in Toronto and beyond. By signing up you consent to receive the above newsletter from Postmedia Network Inc. Please try again This advertisement has not loaded yet, but your article continues below. Sinobec is one of the first companies to directly blame Trump's trade war for contributing to its bankruptcy. Experts have been predicting a wave of restructurings will hit the US later this year, especially among retailers and importers that rely on Chinese manufacturers. In April, the president unilaterally imposed tariffs of 145% on goods from China. Although he later lowered the duties to 45%, the reduction did not help Sinobec because the cost 'is still well above the market's ability to absorb,' the company said in court papers. Sinobec gets its aluminum from various countries, including China, Turkey and India. Most sales, however, are in North America, with more than 40% of the company's customers in the US, the company said. This advertisement has not loaded yet, but your article continues below. Before filing for court protection from creditors, the company had cut staff and reduced salaries. Sinobec employs 76 people at its headquarters in Montreal and in Florida. The company's assets are worth about $232 million, according to court papers. The company has between $600 million and $800 million in annual revenues, and carries about $170 million in debts, primarily owed to a banking syndicate led by Bank of Montreal, according to a person familiar with the matter. While under court supervision, Sinobec will try to sell itself to help repay creditors, according to court papers. A representative of the company declined to comment. — With assistance from Mathieu Dion. Toronto Maple Leafs World Columnists Columnists Toronto & GTA
Yahoo
20-05-2025
- Sport
- Yahoo
Cyclist with rare condition breaks record for cycling length of UK and back
A cyclist who lost her ability to walk as a teenager after being diagnosed with a debilitating illness has broken the world record for cycling the length of the UK and back. Sarah Ruggins, a Canadian wealth manager living in Gloucestershire, cycled 2,700 km (1,677 miles) from John O'Groats to Land's End and back again in five days 11 hours and 14 minutes. The 37-year-old, who started cycling only two and a half years ago, covered 500km (310 miles) a day surviving on just over four hours of sleep throughout the entire challenge. Ms Ruggins' astounding cycle has beaten the men's record of five days 18 hours three minutes, held by James MacDonald since 2017 – by six hours and 43 minutes. She has also beaten the former women's record of 10 days and five hours – held by Louise Harris since 2023 – by four days 17 hours and 40 minutes. 'This ride was a celebration of life and it was a gift to myself and hopefully a gift to others who need motivation,' Ms Ruggins told the PA news agency. 'It's taught me to believe in myself, and it's taught me that women have a place in the upper echelons of sports, not just as women, but across all genders. 'I'm one of the first women to break a men's endurance record. So it shows that we can take up space in the sport, and we need to be taken seriously.' Ms Ruggins, who grew up in Montreal in Canada, was a promising track athlete as a teenager and had ambitions of representing Canada in the Olympics. However, at 16 years old her dreams were cut short after she was diagnosed with a rare neurological condition called complex regional pain syndrome, which caused her to lose the ability to walk and move her hands without support. 'My Olympic dream and everything I thought my life was going to be basically just evaporated overnight, and it took many years of rehabilitation to get my movement back,' said Ms Ruggins. 'I started exploring athletics again, but I found with my new body I couldn't really run so I turned to cycling.' Ms Ruggins, who moved to the UK 10 years ago, initially began training to break the Land's End to John O'Groats running record. However, after discovering that her body was not strong enough to run after her illness she decided to attempt it with two wheels instead. In 2023, she purchased her first bicycle and with under six months of cycling experience, she took on the Transcontinental Race – a self-supported 4,000 km (2,485 miles) ride across Europe. Ms Ruggins, who discovered her talent for endurance sports, said the John O'Groats to Land's End challenge allowed her to confront her two greatest fears: failing publicly and requiring the help of others. 'I really wanted to make an impact and use my story to help others,' she said. 'For me, even when the ride got really painful, it was a celebration, because it was my choice to do this, coming at it from a place of strength. 'I just really wanted to share through this project that your life can change unexpectedly but it means you just need to pivot and find something new that brings you joy.' Ms Ruggins used this record attempt to raise money for The Bike Project and Bikes for Refugees, two organisations that use cycling to support people rebuilding their lives in the UK. To learn more about Ms Ruggins' challenge and to donate to her fundraiser please visit:
Toronto Sun
08-05-2025
- Business
- Toronto Sun
Shoppers 'more resilient' in face of tariffs than Canadian Tire CEO expected
Published May 08, 2025 • Last updated 5 minutes ago • 2 minute read The Hillside Canadian Tire store in Victoria, B.C., on Monday, July 11, 2022. Photo by James MacDonald / Bloomberg The tariff fight that has broken out between the U.S. and its trading partners doesn't appear to be rankling Canadian Tire Corp. Ltd. customers as much as its CEO once expected. 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 Greg Hicks said shoppers across the Toronto-based company's banners — Canadian Tire, SportChek, Party City, Mark's and Pro Hockey Life — appear to be coping well with the higher duties he had worried would weigh heavily on spending. 'Despite low confidence levels, customers have been and remain more resilient than we anticipated,' he told analysts on a conference call Thursday, where he noted even tariff-riddled auto manufacturing communities are showing 'no clear signs of softness.' That resilience is also reflected in 'healthy' spending across all income levels Canadian Tire tracks and contributed to the company seeing an eight per cent spike in spending on essentials and a one per cent rise in purchases of discretionary goods — the first increase in this area in three years. Hicks's rosier-than-expected outlook came as a surprise given how he told analysts in February that he was worried that the tariffs U.S. President Donald Trump was threatening could substantially erase signs of economic rebound, if they caused shoppers to cut back on purchases. Your noon-hour look at what's happening in Toronto and beyond. By signing up you consent to receive the above newsletter from Postmedia Network Inc. Please try again This advertisement has not loaded yet, but your article continues below. Since then, Trump has made good on many of his threats, imposing tariffs on aluminum, steel and some auto products crossing the Canada-U.S. border. About 15 per cent of the money Canadian Tire spends on acquiring or manufacturing products is tied to the U.S. and only a 'manageable fraction of that is currently affected,' Hicks said. To cope, Canadian Tire has a 'tariff task force' that has been seeking alternatives to U.S. goods, negotiating with vendors and managing margins to blunt the risk of price inflation for customers. 'With limited exposure today, we have visibility to potential impacts and a plan for the balance of year should we need it,' he said. The remarks came as Canadian Tire reported its first-quarter profit fell compared with a year ago as it was hit by restructuring costs. The retailer said its net income attributable to shareholders from continuing operations amounted to $27.3 million or 49 cents per diluted share, down from $59.9 million or $1.08 per diluted share a year ago. This advertisement has not loaded yet, but your article continues below. Its net income attributable to shareholders from discontinued operations totalled $9.9 million or 18 cents per diluted share in its latest quarter compared with $16.9 million or 30 cents per diluted share in the same quarter last year. On a normalized basis, it earned $2.00 per diluted share from continuing operations, up from $1.08 per diluted share a year earlier. Revenue for the quarter totalled $3.46 billion, up from $3.33 billion in the same period last year. Canadian Tire also announced Thursday a partnership with WestJet that will bring together their loyalty reward programs. Starting early next year, Canadian Tire said Triangle Rewards' and WestJet Rewards' members will be able to link their loyalty accounts and earn stacked rewards. Toronto Maple Leafs Canada Editorial Cartoons Ontario Sunshine Girls
Fibre2Fashion
02-05-2025
- Business
- Fibre2Fashion
UK's Solena secures $6.7 mn for AI-designed biodegradable textile
Imperial spinout will scale its activity to help create a new generation of sustainable, high-performance textiles using an entirely new class of fibres. Solena Materials has raised $6.7 million (£5.1 million) in seed funding, following a $4.1 million (£3.1 million) pre-seed funding round in 2022, that it will use to produce protein fibres at scale. Imperial spinout Solena Materials has raised $6.7 million to scale up production of sustainable, biodegradable protein fibres designed using AI and engineered microbes. These novel fibres, offering high performance and lower environmental impact, could transform fashion and technical textiles. The investment will fund expansion and support partnerships with leading fashion brands. The company uses AI techniques to custom-design fibres at the molecular level which are then produced using engineered microbes. Its AI techniques allow it to optimise performance characteristics of the fibres such as appearance, hand-feel and tensile strength, and could result in new and higher performing fashion, sports apparel, and technical textiles. Solena's co-founder and CEO, Dr James MacDonald , developed the techniques behind the company as a researcher at Imperial in collaboration with his other co-founders. 'We're creating protein sequences that don't exist in nature to have the performance specifications we need while also being highly manufacturable,' he explained. Professor Paul Freemont, Solena co-founder and Head of the Section of Structural and Synthetic Biology in Imperial's Department of Infectious Disease , said: 'This extraordinary technology is opening up a whole new paradigm in the design of protein fibres. James has created new protein molecules that can form fibres that currently don't exist. That's really exciting because no one has been able to do that before – we've always had to rely on what nature gave us. Now we're building our own protein fibres from first principles. This will be a paradigm shift.' Because the microbes used to produce the fibres use renewable feedstocks, the company's fibres could also potentially be produced at a lower environmental cost than synthetic textiles made from petroleum and resource-intensive natural fibres. The fibres are also biodegradable, unlike traditional synthetic fibres such as polyester. Solena launched in 2022 with premises in Imperial's White City Incubator and pre-seed investment from Insempra. It has now raised further funds in a round led by Sir David Harding, alongside SynBioVen and Insempra. It will use the investment to move from premises in the I-HUB building on Imperial's White City Deep Tech Campus to a larger facility, with an ambition to stay close to Imperial. This will allow the company to scale production of its novel textile fibres in partnership with well-known fashion brands. Professor Milo Shaffer, Solena co-founder and Chair in Materials Chemistry at Imperial , said: 'Solena is particularly exciting, not only as a new class of high performance sustainable fibres for a wide range of applications, but also as an example of a paradigm shift in accelerating materials discovery. The combination of computational design with rapid evaluation in fibre form, directly feeds to scaled up production and implementation, exploiting established textile technology.' Dr MacDonald shared details of the investment at the SynBioBeta conference in California, near Imperial Global USA, a hub that is helping the university build links with partners such as businesses and investors in the US. Note: The headline, insights, and image of this press release may have been refined by the Fibre2Fashion staff; the rest of the content remains unchanged. Fibre2Fashion News Desk (RM)
Toronto Sun
27-04-2025
- Business
- Toronto Sun
New brands, recipes and habits: How grocery shoppers are standing up to the U.S.
Published Apr 27, 2025 • 5 minute read Canadian flag stickers on cheese containers at a grocery store in Sidney, B.C., on Wednesday, Feb. 26, 2025. Photo by James MacDonald / Bloomberg Canada's trade war with the U.S. has had a swift impact on grocery stores, with companies putting up maple leaf tags on shelves, shifting their product mix and highlighting local items. 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 It has also mobilized many Canadians to change how they shop, and in some cases forgo their preferred products to support domestic companies. Data show a lot of people are jumping on the trend. According to NielsenIQ, around a third of respondents to a March survey were entirely boycotting U.S.-made products regardless of availability or price. Meanwhile, a survey by Spring Financial found four in five Canadians are making a conscious effort to buy more Canadian-made products. Here's how shoppers are responding to the trade war at the grocery store. Canada first For many, it's Trump's comments about taking over Canada that prompted the change. 'The threat of tariffs was one thing. The 51st state conversations that we've been hearing, that is ultimately what was the main driver,' said Ottawa resident Tova Larsen. 'Because this becomes an existential threat to Canada.' This advertisement has not loaded yet, but your article continues below. Larsen said she's also concerned about food safety, noting the cuts to the Food and Drug Administration in the U.S., which oversees the safety of food and other products. 'It's turning Canada from an American cousin into an American enemy or an American target,' said Alex Burton in Vancouver, B.C. 'If my choice was between an apple from Washington and an apple from New Zealand, I would have always chosen the apple from Washington because it's closer and environmentally better. Now, I'm not doing that,' he said. Irene Carroll in Toronto found herself struck by reading about the potential economic impact of buying Canadian. 'Before I would just look at what was on sale and put it in a shopping cart, not really paying attention as to where the product came from. But as soon as the tariffs hit … I took that a lot more seriously,' she said, adding she's discovered some new favourite products as a result. Your noon-hour look at what's happening in Toronto and beyond. By signing up you consent to receive the above newsletter from Postmedia Network Inc. Please try again This advertisement has not loaded yet, but your article continues below. Though some items are more expensive, Montrealer Jean-Francois Denault said he's found himself doing more research online to find good, affordable alternatives, and he's also stumbled on some gems. Denault said he's noticed his local grocer replacing some U.S.-made items with local or international alternatives, helping him make the shift. No more cross-border trips For some, buying Canadian means giving up cross-border shopping. Stephen Liard moved to Niagara Falls, Ont., in his retirement partly because of its proximity to the border. He would often drive over to get a better price on gas, have parcels shipped to the U.S., or go shopping for spices and other products he couldn't find in Canada. But Liard found Trump's '51st state' comments disrespectful and is no longer crossing the border to shop. This advertisement has not loaded yet, but your article continues below. 'Are there a few things that I miss? Sure,' he said. 'But you turn around and you say to yourself, I'm just going to make a stand on principle.' Donna Jenkins, who hails from Georgia but has lived in Canada for 27 years, said she's disappointed in her home country, and won't cross the border anymore. 'I'm doing without a lot of my American products,' she said. 'We're strictly Canadian or Mexican, or, you know, any other ally. We're not buying anything American.' Drawing the line Many shoppers said they don't mind buying products made in Canada by American companies because they still feel they're supporting Canadian jobs and the domestic economy. 'I don't want to cost anybody jobs,' said Carroll. 'So if we have a product that is coming here and we are mashing it, smashing it, bottling it, whatever, a good portion of that, I believe, is still made in Canada.' This advertisement has not loaded yet, but your article continues below. Jenkins agreed: 'If it employs a Canadian, I buy it.' But as shoppers pay more attention to labels, some have found the variety of phrasing confusing. The 'Product of Canada' and 'Made in Canada' descriptors must meet specific Canadian Food Inspection Agency guidelines, but other phrases like 'Proudly Canadian' or 'Packaged in Canada' leave some consumers scratching their heads. 'As I pay more attention to the labels, I find them a little bit more confusing, and I find there is a lack of standardization around some of them,' said Denault. Carroll said she's found a Facebook group that crowdsources Canadian-made product recommendations, which has helped her make decisions at the grocery store. Larsen said she's become more focused on eating seasonally, and has turned to new recipes as a result. For example, she's drawing upon northern and eastern European recipes for inspiration on how to use root vegetables during the colder months, and is using Canadian-grown greenhouse vegetables like cucumbers and peppers for Mediterranean dishes. This advertisement has not loaded yet, but your article continues below. Some shoppers said boycotting American products has resulted in a costlier grocery bill, like the food Larsen buys for her cat. 'They really are enjoying their new diet, but … it's easily 25 to 30 per cent more expensive to choose the Canadian option,' she said. Burton said he notices the difference at the cash register. 'Every time I'm checking out, I'm paying more. And frankly, I'm OK with that,' he said. Liard agreed. 'As a Canadian I said, you know what? It might cost me a few dollars extra, but I am no longer willing to go across and support American business at the expense of Canadian business,' he said. In it together Burton said he thinks the shift in the Canada-U.S. relationship is going to have a lasting impact regardless of where Trump takes his trade policy next. This advertisement has not loaded yet, but your article continues below. 'Even if this passes, there's now a generation of people who will have that imprinted on our collective memories, and it will affect our behaviour,' he said. The trend has also created a sense of togetherness and camaraderie, the shoppers said, and not just among family and friends. 'Complete strangers standing in line for the cash register at the grocery store are talking about it. People in the aisles, in the produce section, are looking at labels consciously, and then they'll say to a stranger, 'Oh, these are from Guatemala, they're great to buy. Or, this is from the U.S. Don't touch those,'' Liard said. 'People are taking a co-operative, communal approach to this.' Canada Sunshine Girls Sports Columnists Columnists
