Latest news with #Sabia
Yahoo
5 days ago
- Business
- Yahoo
Quebec, Newfoundland energy touts Canadian independence to Trump: Hydro‑Québec CEO
ST. JOHN'S — The chief executive of Hydro‑Québec says a sweeping new energy deal with Newfoundland and Labrador Hydro is a signal to the United States that Canada can get "big things done." Michael Sabia was in St. John's, N.L., Tuesday, where he pitched the draft deal as a turning point in Quebec's relationship with Newfoundland and Labrador, and a step toward Canada becoming an "energy superpower." "Let's be clear: Canada is under threat," Sabia told a room full of representatives from Newfoundland and Labrador's energy industry. "This is a time of real economic and political uncertainty. It's a time when Canadians need to work together to build the future," he said. "Ultimately, that's what this deal is about. It's about building now to secure Canada's energy future." Sabia was speaking to the crowd at a conference held by Energy N.L., Newfoundland and Labrador's energy industry association. He was joined on stage by Jennifer Williams, president and chief executive of Newfoundland and Labrador Hydro. The two discussed an agreement in principle announced last year that would end a contract signed in 1969 that allows Hydro‑Québec to buy the lion's share of the energy from the Churchill Falls hydroelectric plant at prices far below market value. The contract has long been a source of bitterness in Canada's easternmost province. The new arrangement would end the contentious deal 16 years early and see Hydro‑Québec pay for more power while developing new projects with Newfoundland and Labrador Hydro along the Churchill River. Newfoundland and Labrador would also get more power from Churchill Falls. The memorandum of understanding has its critics. The Opposition Progressive Conservatives have been uneasy with the draft deal, demanding the Liberal government have it independently reviewed. The party also called for a halt to ongoing negotiations of final contracts, saying a proposed national energy corridor could bring better opportunities. Some in Newfoundland and Labrador have also wondered if Hydro‑Québec can be trusted and whether the province will truly get enough value for its resources. "Show me a deal where there hasn't ever been skeptics," Williams challenged when asked about those who have criticisms. Sabia addressed the tangled history of the provinces several times, and said repeatedly that the new arrangement was "balanced" and served the needs of both Newfoundland and Labrador and Quebec. Both sides made concessions, he said, adding that the deal contained items neither side wanted. He refused to elaborate on what those were. Sabia said the agreement is the "single most important signal we can send to the United States right now," as long as it goes ahead as planned. Williams agreed the proposed projects need to proceed smoothly and quickly, repeating "rigour and speed are not incompatible." Both said they were heartened by signs from Prime Minister Mark Carney that he would speed up project approvals. Williams touted the deal's promised economic benefits, which includes $17 billion in revenue to the provincial treasury by 2041. Newfoundland and Labrador expects to be carrying a net debt of $19.4 billion by the end of the current fiscal year. "We have to take this opportunity now," Williams told reporters after the event. "If we don't, something this momentous may not come again for a very long time, and who will we have to blame? We have got to take this moment on." Officials hope to have final agreements hammered out next year. In the meantime, preliminary topographic and soil studies are expected to begin in Labrador this summer, Sabia said. This report by The Canadian Press was first published June 3, 2025. The Canadian Press
Yahoo
14-05-2025
- Business
- Yahoo
Hispanic consumer confidence in US improving, Constellation Brands says
The sentiment among Hispanic beer drinkers in the US, concerned about the economy and immigration policy, is showing signs of improving, Constellation Brands has said. Last month, the Modelo and Pacifico brewer said unease among Hispanic consumers in the US had put pressure on its sales of beer, with, for example, fewer visits to bars and restaurants. Constellation's comments at the time were also echoed by Dutch brewing giant Heineken. Speaking at the Goldman Sachs Global Staples Forum in New York yesterday (13 May), Jim Sabia, the president of Constellation's beer business, said retail outlets had seen custom decline significantly in recent months but suggested the anxiety among shoppers was easing. 'I've been out of retail a lot recently going out to California, going to some of these accounts where two years ago at one o'clock it was packed,' Sabia said. 'This year at one o'clock, very few people. "There is a fear of the ICE [Immigration and Customs Enforcement] raids. There's a fear out there, so these consumers are changing their behaviour. That's in the off-premise trade. In the on-premise trade, they're cutting back on social events. They're cutting back on restaurants.' Sabia said 35% of Constellation's beer sales, when measured in volumes, were to Hispanic consumers. That increases to around 50% for Modelo Especial. 'We're starting to see it get better,' Sabia said. 'Even the day labourers we're starting to see come out more. We're confident that this is non-structural and our brands are healthy, consumers love our brands and we're going to continue to do what we control.' In Constellation's current 2025/26 financial year, the company sees net sales from its beer business being flat at best up to 3% higher year on year. Last month, the company also provided guidance to investors for its 2027 and 2028 financial years. The company sees its net sales growing by around 2-4% each year. Beer net sales are forecast to rise at the same amount, versus an earlier prediction of growth of 7-9%. Sabia said Constellation was continuing to invest in advertising. 'We spent more money in marketing last year,' he said. 'We're going to continue to do what we've done that has made us successful for the last fifteen years. When this consumer comes out and which we think they will – the Hispanic consumer but also the general market consumer – we're going to be positioned in a really good spot.' Bonnie Herzog, the Goldman Sachs analysts who hosted Constellation's session at the event, asked if the company thought its beer business could 'ultimately return to the high single-digit net sales growth' it had generated in recent years. 'Is that just unrealistic given the base has become so large?' she asked. 'The base has gotten large, agreed,' Sabia said. 'In 2010, we had, like, six [per cent market] share and now we have, like, a 19 share. However, if you think about our share, you think about convenience stores, usually 94% of beer is sold cold. We have about a 24 share of dollars. 'However, in grocery, we have 14, so there's a nine-point spread from convenience to grocery. That's the opportunity. You go to some of these markets and grocery stores have an assortment with a lot of craft and specialty and a lot of other brands where we're starting to gain some traction, not just with Corona and Modelo but now we're starting to see Pacifico, Victoria, Familiar, Sunbrew. We don't think it's the size of our portfolio and the volume. We just think this consumer needs to get healthy again.' Sabia also outlined the opportunity he says to gain more on-trade listings for Modelo Especial on draught. 'On-premise is a huge opportunity for Modelo Especial. Draught handles are so incredibly important. We're the fourth-largest draught handle in the country … but, as you move east, coming from California with Modelo Especial, as you go into Chicago and Texas and New York and New Jersey and Florida, Modelo Especial still has so much runway in terms of distribution.' Nevertheless, Constellation has been seeing pressure on sales of Corona Extra and the company's management was asked how it planned to return the brand to growth. 'The goal is to return it to growth, but it's not mandatory to hit our guidance without it,' Sabia said. He pointed to Corona Extra as 'the number one beer brand' by volume in New York City and Miami but said there had been 'cannibalisation' of sales in California by fellow Constellation brands Modelo and Pacifico. Price increases had weighed on sales, he added. 'Those are the drags but what are the drivers? The drivers are getting back to the essence of the brand and the marketing team did a great job of getting back to the beach, getting back to the essence of the brand,' he said. 'And then, as we think about it, what are the [accounts] that we have to win in and do we take more of a regional approach? Always do some national overlays but take a more tactical regional approach. 'And then what do we do with price-pack architecture? There's a lot we can do with Corona Extra, but making our plan short term, long term is not predicated getting back to flat.' "Hispanic consumer confidence in US improving, Constellation Brands says" was originally created and published by Just Drinks, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. 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Daily Mirror
21-04-2025
- Entertainment
- Daily Mirror
Man cut in half by forklift shares which Hollywood actor he wants to play him in biopic
At 18, Loren Schauers was horrifically sliced in two when a forklift he was driving fell off a bridge and landed on him - he's now revealed the Hollywood actor to play him in his biopic The man who tragically lost the lower half of his body in a devastating workplace accident has revealed there's only one actor he can envision portraying him on the big screen. Back in 2019, at just 18 years old, Loren Schauers suffered catastrophic injuries when the forklift he was operating toppled off a bridge and crushed him from a height of 50 feet. He was rushed to a hospital in Montana, USA, and miraculously survived, thanks to the heroic efforts of medical professionals, reports the Daily Star. Since that harrowing day, Loren, now 23, with unwavering bravery and strength, has been sharing his recovery process alongside his partner Sabia, 25, captivating thousands of fans online. In their latest YouTube episode, the inspiring pair interacted with their army of fans, answering questions that spanned an array of topics, including the idea of a Hollywood depiction of their astounding story. While discussing potential actors for their biopic during the account of Loren's life-altering journey, Sabia confessed she hadn't pondered over it before. Loren, on the other hand, had his answer locked and loaded straight away. He enthusiastically responded: "I don't know someone like Tom Holland that would be the only person I need." While Sabia wistfully remarked: "I don't know, I've never really put much thought into that. Whoever." Loren chimed in with a lively suggestion: "It would be cool if they just made you Zendaya. Tom Holland and Zendaya... I mean they're a power couple let's be honest." Another question was raised, but it seemed to touch a nerve with Loren as he politely declined to delve into it too deeply. "Do I get flashbacks from the accident?" He responded, "No no I don't get flashbacks. I don't really want to actually comment on a lot of that right now because yeah I don't know if I should be commenting on that stuff. When asked about adding to their existing tattoos, Loren said there's one area on his body he's not sure a tattooist could work on. He has revealed to fans how he plans on building his body art, which currently extends down his one full arm and chest. He explained his plans to pay tribute to four family surnames he's connected with by getting them tattooed in various places. "I want to get all four of them," he said, while pointing to either side of his neck. Loren added: "Down one, one and then the other two." However, his physical condition might pose a challenge for a tattoo artist. Loren continued: "I don't I'm not sure if I want to do down my spine like or across my shoulders or what I don't know if i even can do it across my shoulder blades because of what I've already done on my left shoulder. I don't know if it would look all right or if I could even get it on there. "I don't know what space i have left on this back left shoulder to be honest um but i do want to get um uh some sort of tattoo down my spine that we end up working off of to create a back piece."
CBC
10-03-2025
- Business
- CBC
Churchill Falls agreement is 'full speed ahead' as N.L. Hydro, Hydro-Quebec meet in Labrador
Sitting on the doorstep of the Churchill Falls hydroelectric plant, Hydro-Quebec CEO Michael Sabia and Newfoundland and Labrador Hydro CEO Jennifer Williams say talks to formalize a new 50-year deal on power is full speed ahead. "This agreement opens, really, a new chapter. A much, much better balanced, more collaborative chapter in the history between Newfoundland and Labrador and between Quebec," Sabia told reporters Monday. "This transaction is on track, full speed ahead, and it'll be delivered." The trip to Churchill Falls on Monday was part of talks to formalize what is seen as a generational deal between Newfoundland and Labrador and Quebec. The original deal, which was signed in 1969 and expires in 2041, was ceremoniously ripped up by Newfoundland and Labrador Premier Andrew Furey during the announcement of a memorandum of understanding between both provinces in December. Under the new framework agreement, Newfoundland and Labrador will receive an average of $1 billion annually up to 2041, retroactive to 2024, and the stream of revenue will continue to escalate after that. Williams told reporters she feels discussions are moving in the right direction. Both provinces have committed to having an agreement in place by spring, 2026. WATCH | Sabia and Williams say Churchill Falls deal is gaining momentum: Hydro officials in N.L. and Quebec meet in Churchill Falls to work on new agreement 3 hours ago Duration 2:54 If there was any worry a new agreement for the Churchill Falls megaproject could be derailed, that was put to rest on Monday. Newfoundland and Labrador Hydro CEO Jennifer Williams and Hydro-Quebec CEO Michael Sabia met in the community, and say the deal is gaining momentum. The CBC's Terry Roberts explains. "A lot of momentum [is] being built, and I think it's even strengthening," Williams said. "Seeing us together is, I think certainly for our province, one of the most important things for people to see.… If you were to go here into the control room at Churchill Falls, you would hear that the teams work really well together." New deal is balanced, unlike 1969: Sabia Opposers of the deal have criticized it for being too alike the original, signed in 1969 — specifically citing comments made by Hydro-Quebec senior vice-president Dave Rhéaume to La Presse, where he said the MOU is "the same thing as in 1969 at the end of the day." Asked by CBC News for his thoughts on the new deal, Sabia reiterated that he believes the it's balanced and benefits both provinces. He also called the 1969 deal unfair and unbalanced toward Newfoundland and Labrador. "Those days are coming to an end, and they will be replaced by a deal that, in my opinion and our opinion, is a balanced deal that offers much greater flexibility to Newfoundland and Labrador Hydro," Sabia said. "In that initial agreement, Newfoundland found itself in a circumstance where prices were essentially fixed. That is not, not, the case with this agreement.… Prices increase over time. [That's] number one. And number two, Newfoundland has access to a growing pool of energy." The deal also includes developing other projects on the Churchill River — like Gull Island — which has a targeted year for commissioning as 2035. Hydro-Quebec would be the project lead and manage its construction, which would also mean it will have to absorb any cost overrun. N.L. Hydro would operate the facility and get access to 225 megawatts of power. It's a project Sabia is confident will happen. "Is there a percentage higher than 100 per cent? Cause if there is, that's where I would be," Sabia said. "As we sort through all this and get to the definitive agreements, Gull Island will happen." Williams and Sabia were asked about how economic tariffs from the United States could play into discussions. They say there's a renewed sense of urgency to get a deal done and work together as Canadian provinces. "We're going to get it done as quickly as we practically can.… But we're very focused," Sabia said. "To be honest, in my opinion this deal has never been more important." Williams said working together is key to helping secure energy in the future, and believes the Churchill Falls deal will bring economic benefits across Canada.
