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The dismissal of a class-action lawsuit over rules governing the cross-border live bee trade is casting a spotlight on political division within Canada’s beekeeping community. A federal judge has ruled against awarding commercial beekeepers damages from a decades-old partial ban on shipping live honeybees across the Canada-U.S. border, which is in place out of concerns that could bring in aggressive pests and diseases. Beekeepers from Western Canada involved in the suit claim the government’s risk assessments that inform the tight restrictions are hurting their businesses and are blown out of proportion. Michael Paradis of Paradis Honey Ltd., a seven-generation family beekeeping business based in Girouxville, Alta., and one of the representative plaintiffs in the case, said he’s disappointed with the ruling, saying it puts beekeepers in a “dangerous position” since the industry is already in crisis mode. “Canada does not have enough bees and cannot replenish its own stock at all,” he said. “It’s going to mean a lot more hardship for the industry if we cannot get access to the U.S. bees.” Beekeepers were slammed during the COVID-19 pandemic, when fewer airline flights made it harder to import bees and they suffered a nightmare year of winter losses in 2022. Manitoba commercial beekeeper Brent Ash, one of the witnesses in the case, said the ruling will hamper the industry, and makes it especially tough for apiaries in colder parts of the country like the Prairies, where most of Canada’s beekeepers are located. “Climate makes the regional divide difficult to keep those bugs alive over the course of the winter,” he said, noting honeybees are not native to North America. But Steve Moore, president of the Ontario Beekeepers’ Association, said his group worries about the risks of accidentally bringing in antibiotic resistant mites, the import of Africanized honeybees commonly known as killer bees, and a small hive beetle that’s capable of damaging colonies. “In Ontario here, we feel quite strongly that we don’t want to take the risk of it becoming even more challenging if some of these new and emerging threats come into the country in packages,” he said. But he empathizes with the plaintiffs. “When we go into our apiaries, we get stung by our bees. When we come home, we might be stung by a low honey price, stung by rising cost of production or stung by high overwintering losses, with the threat of new and emerging pathogens. So, we’re all facing the same challenges and it’s a challenging time to be a beekeeper,” he said. Even though a ban on U.S. live bee imports expired in 2006, Ottawa has not issued permits for the live worker bee boxes to be brought over the border since. The plaintiffs argued Ottawa owes them duty of care — and hundreds of millions in damages. The judge disagreed. “There is no duty of care owed and no negligence,” Justice Cecily Strickland wrote in a lengthy ruling, adding the plaintiffs failed to establish that Ottawa hurt their businesses. The case has a long history, dating back to a court filing from 2012, and was only certified as a class action in 2017. The problem is even older. Headlines from the 1980s screamed about fears that deadly infectious mites from U.S. states could level Canadian bee populations. Risks to bee health have only compounded since then. A 2003 risk assessment by the regulator found that importing queen bees was less risky, since they are easier to inspect. So, Canada allows imports of queen bees and their worker-bee attendants from the U.S., Chile, Australia, New Zealand, Denmark, Italy and Malta. “Bee packages carry a higher risk of disease introduction because they are shipped with the contents of their hive, which may include mites, parasites and bacteria,” said a statement from the Canadian Food Inspection Agency that welcomed the judge’s ruling. Canada does, however, also allow imports of worker bee packages from Italy, Chile, Australia and New Zealand, which sent Canada some 69,364 kgs of packaged bees in 2023, according to statistics from Agriculture and Agri-Food Canada. But importing from these countries also dramatically drives up import costs due to transportation. One of the plaintiffs, John Gibeau, wrote to CFIA a decade ago complaining that importing more than 1,200 packages for $170,000 would have cost half that if he could have purchased them from California instead. Gibeau said he wasn’t ready to comment since he hasn’t yet digested the ruling. Paradis said the larger issue for him than cost, though, is the quality of the bee stock and the timing of when shipments arrive. “We are looking at bees in the U.S. that are spring bees — young, invigorated bees,” he said, adding that gives them longer lifespans in Canada. While he was disappointed, Paradis said one of the main reasons for the lawsuit was to “bring CFIA to the table and to actually have some discussions” on the import ban, something he said has only happened recently. Canada’s honeybee pollination is estimated to contribute $3.18 billion directly to the economy, but that rises to $7 billion a year when canola pollination is factored in. Canada has some 794,341 beehives.
Defending champ South Dakota State dominates Montana 35-18 in FCS 2nd roundHighlights (1) Please refer to the section entitled "Non-IFRS Financial Measures" in this press release for a definition of these measures. MONTREAL, Dec. 11, 2024 (GLOBE NEWSWIRE) -- Transcontinental Inc. (TSX: TCL.A TCL.B) announces its results for the fourth quarter and fiscal year 2024, which ended October 27, 2024. "Once again, we posted solid quarterly results and therefore ended the fiscal year on a strong note," said Thomas Morin, President and Chief Executive Officer of TC Transcontinental. "I am very pleased with the excellent results for fiscal 2024 and would like to thank our teams for their disciplined work in reducing costs and improving profitability. "In our Packaging Sector, despite the ongoing pressure on our medical market activities, we reported a 6.5% increase in adjusted operating earnings before depreciation and amortization for the quarter, mainly as a result of our cost reduction initiatives. For the fiscal year 2024, our adjusted operating earnings before depreciation and amortization amounted to $262.2 million, up 14.2% compared to the prior year. "In our Retail Services and Printing Sector, we recorded an increase in adjusted operating earnings before depreciation and amortization for a second consecutive quarter. The actions taken to improve our cost structure, a more favourable product mix, including the roll-out of raddar TM, as well as growth in our in-store marketing activities, continue to show results. For fiscal 2024, our adjusted operating earnings before depreciation and amortization stood at $201.0 million, an increase of 2.1% compared to the prior year. "Mainly as a result of the implementation of the program aimed at improving our profitability and our financial position, we posted a solid performance for fiscal 2024," added Donald LeCavalier, Executive Vice President and Chief Financial Officer of TC Transcontinental. "In addition, we generated significant cash flows in fiscal 2024 which, combined with the monetization of some real estate assets, enabled us to improve our balance sheet by reducing our net indebtedness ratio to 1.71 times the adjusted operating earnings before depreciation and amortization while allocating $32.3 million to our share repurchase program." Financial Highlights Results for the Fourth Quarter of Fiscal 2024 Revenues decreased by $30.4 million, or 3.9%, from $779.7 million in the fourth quarter of 2023 to $749.3 million in the corresponding period of 2024. This decrease is mainly due to lower volume in the Retail Services and Printing Sector and the Packaging Sector, partially mitigated by the favourable effect of exchange rate fluctuations. Operating earnings before depreciation and amortization increased by $8.6 million, or 7.0%, from $123.2 million in the fourth quarter of 2023 to $131.8 million in the fourth quarter of 2024. This increase is mainly attributable to our cost reduction initiatives and the decrease in asset impairment charges, partially offset by lower volume and the rise in restructuring and other costs. Despite an increase in adjusted operating earnings before depreciation and amortization in the two main operating sectors, consolidated adjusted operating earnings before depreciation and amortization decreased by $3.3 million, or 2.3%, from $145.5 million in the fourth quarter of 2023 to $142.2 million in the fourth quarter of 2024. This decrease is mainly due to the unfavourable effect of the change in the incentive compensation expense, including the stock-based compensation expense. Net earnings attributable to shareholders of the Corporation increased by $6.2 million, or 14.9%, from $41.7 million in the fourth quarter of 2023 to $47.9 million in the fourth quarter of 2024. This increase is mainly attributable to the previously explained increase in operating earnings before depreciation and amortization, the decrease in depreciation and amortization, and lower financial expenses, partially offset by higher income taxes. On a per share basis, net earnings attributable to shareholders of the Corporation went from $0.48 to $0.57, respectively. Adjusted net earnings attributable to shareholders of the Corporation decreased by $4.5 million, or 6.3%, from $71.8 million in the fourth quarter of 2023 to $67.3 million in the fourth quarter of 2024. This decrease is mainly due to the previously explained decrease in adjusted operating earnings before depreciation and amortization and higher income taxes, partially mitigated by the decrease in depreciation and amortization, and lower financial expenses. On a per share basis, adjusted net earnings attributable to shareholders of the Corporation went from $0.83 to $0.79, respectively. Results for Fiscal Year 2024 Revenues decreased by $127.7 million, or 4.3%, from $2,940.6 million in fiscal year 2023 to $2,812.9 million in the corresponding period of 2024. This decrease is mainly due to lower volume in the Retail Services and Printing Sector as well as in the Packaging Sector. Operating earnings before depreciation and amortization increased by $25.1 million, or 6.3%, from $399.6 million in fiscal year 2023 to $424.7 million in the corresponding period of 2024. This increase is mainly attributable to our cost reduction initiatives and the decrease in asset impairment charges, partially offset by lower volume and the rise in restructuring and other costs. Adjusted operating earnings before depreciation and amortization increased by $22.9 million, or 5.1%, from $446.5 million in fiscal year 2023 to $469.4 million in the corresponding period of 2024. This increase is mainly attributable to our cost reduction initiatives, partially offset by lower volume. Net earnings attributable to shareholders of the Corporation increased by $35.5 million, or 41.4%, from $85.8 million in fiscal year 2023 to $121.3 million in the corresponding period of 2024. This increase is mainly attributable to the previously explained increase in operating earnings before depreciation and amortization, the decrease in depreciation and amortization, and lower financial expenses, partially offset by higher income taxes. On a per share basis, net earnings attributable to shareholders of the Corporation went from $0.99 to $1.41, respectively. Adjusted net earnings attributable to shareholders of the Corporation increased by $25.4 million, or 14.4%, from $176.0 million in fiscal year 2023 to $201.4 million in the corresponding period of 2024. This increase is mainly attributable to the previously explained increase in adjusted operating earnings before depreciation and amortization, the decrease in depreciation and amortization, and lower financial expenses, partially offset by higher income taxes. On a per share basis, adjusted net earnings attributable to shareholders of the Corporation went from $2.03 to $2.34, respectively. For more detailed financial information, please see the Management’s Discussion and Analysis for the year ended October 27, 2024, as well as the financial statements in the “Investors” section of our website at www.tc.tc . Outlook In the Packaging Sector, our investments, including those related to sustainable packaging solutions, position us well for the future and should be a key driver of our long-term growth. In terms of profitability, we expect to generate organic growth in adjusted operating earnings before depreciation and amortization for fiscal 2025 compared to fiscal 2024. In the Retail Services and Printing Sector, we are encouraged by the roll-out of raddar TM and growth opportunities in our in-store marketing activities. Despite a decrease in revenues resulting from lower volume in our traditional activities and the roll-out of raddar TM, we expect adjusted operating earnings before depreciation and amortization for fiscal 2025 to be stable compared to fiscal 2024, excluding the impact of the labour conflict at Canada Post. Lastly, in addition to the amount received for the sale of our industrial packaging operations, we expect to continue generating significant cash flows from operating activities, which will enable us to reduce our net indebtedness while continuing to make strategic investments and return capital to our shareholders. Labour Conflict at Canada Post On November 15, 2024, the Canadian Union of Postal Workers initiated a national strike. As of December 11, 2024, this labour conflict at Canada Post, which remain unresolved, is disrupting the distribution services of flyers, including the raddar TM leaflet. As a result, the Corporation is incurring revenue losses in regions where raddar TM is not distributed through alternative networks, as well as additional costs, including the printing costs of undistributed flyers and the establishment of alternative distribution networks in certain regions of Quebec. As of December 11, 2024, the revenue losses, and consequently the profit losses, along with the additional costs, are estimated at approximately $7.0 million. Non-IFRS Financial Measures In this document, unless otherwise indicated, all financial data are prepared in accordance with International Financial Reporting Accounting Standards ("IFRS") and the term "dollar", as well as the symbol "$" designate Canadian dollars. In addition, in this press release, we also use certain non-IFRS financial measures for which a complete definition is presented below and for which a reconciliation to financial information in accordance with IFRS is presented in the section entitled "Reconciliation of Non-IFRS Financial Measures" and in Note 3, "Segmented Information", to the audited annual consolidated financial statements for the fiscal year ended October 27, 2024. Reconciliation of Non-IFRS Financial Measures The financial information has been prepared in accordance with IFRS. However, financial measures used, namely adjusted operating earnings before depreciation and amortization, adjusted operating earnings, adjusted income taxes, adjusted net earnings attributable to shareholders of the Corporation, adjusted net earnings attributable to shareholders of the Corporation per share, net indebtedness and net indebtedness ratio, for which a reconciliation is presented in the following table, do not have any standardized meaning under IFRS and could be calculated differently by other companies. We believe that many of our readers analyze the financial performance of the Corporation’s activities based on these non-IFRS financial measures as such measures may allow for easier comparisons between periods. These measures should be considered as a complement to financial performance measures in accordance with IFRS. They do not substitute and are not superior to them. The Corporation also believes that these measures are useful indicators of the performance of its operations and its ability to meet its financial obligations. Furthermore, management also uses some of these non-IFRS financial measures to assess the performance of its activities and managers. Dividend The Corporation's Board of Directors declared a quarterly dividend of $0.225 per share on Class A Subordinate Voting Shares and Class B Shares. This dividend is payable on January 20, 2025, to shareholders of record at the close of business on January 6, 2025. Normal Course Issuer Bid On June 12, 2024, the Corporation has been authorized to repurchase, for cancellation on the open market, or subject to the approval of any securities authority by private agreements, between June 17, 2024 and June 16, 2025, or at an earlier date if the Corporation concludes or cancels the offer, up to 3,662,967 of its Class A Subordinate Voting Shares and up to 668,241 of its Class B Shares. The repurchases are made in the normal course of business at market prices through the Toronto Stock Exchange. During the fourth quarter of 2024, the Corporation repurchased and cancelled 900,459 Class A Subordinate Voting Shares at a weighted average price of $16.20 and 2,000 Class B Shares at a weighted average price of $16.39, for a total cash consideration of $14.6 million. During fiscal 2024, the Corporation repurchased and cancelled 2,060,217 Class A Subordinate Voting Shares at a weighted average price of $15.65 and 7,000 Class B Shares at a weighted average price of $15.66, for a total cash consideration of $32.3 million. On October 16, 2024, the Corporation authorized its broker to repurchase shares between October 28, 2024, and December 13, 2024, inclusively, in accordance with parameters set by the Corporation. Subsequent to the year ended October 27, 2024, the Corporation repurchased 413,278 Class A Subordinated Voting Shares and 2,400 Class B Shares for a total cash consideration of $7.0 million. Additional information Conference Call Upon releasing its results for the fourth quarter and fiscal 2024, the Corporation will hold a conference call for the financial community on December 12, 2024, at 8:00 a.m. The dial-in numbers are 1-289-514-5100 or 1-800-717-1738. Media may hear the call in listen-only mode or tune in to the simultaneous audio broadcast on TC Transcontinental’s website, which will then be archived for 30 days. For media requests or interviews, please contact Nathalie St-Jean, Senior Advisor, Corporate Communications of TC Transcontinental, at 514-954-3581. Profile TC Transcontinental is a leader in flexible packaging in North America and in retail services in Canada, and is Canada’s largest printer. The Corporation is also the leading Canadian French-language educational publishing group. Since 1976, TC Transcontinental's mission has been to create quality products and services that allow businesses to attract, reach and retain their target customers. Respect, teamwork, performance and innovation are the strong values held by the Corporation and its employees. TC Transcontinental's commitment to its stakeholders is to pursue its business activities in a responsible manner. Transcontinental Inc. (TSX: TCL.A TCL.B), known as TC Transcontinental, has approximately 7,500 employees, the majority of which are based in Canada, the United States and Latin America. TC Transcontinental generated revenues of $2.8 billion during the fiscal year ended October 27, 2024. For more information, visit TC Transcontinental's website at www.tc.tc . Forward-looking Statements Our public communications often contain oral or written forward-looking statements which are based on the expectations of management and inherently subject to a certain number of risks and uncertainties, known and unknown. By their very nature, forward-looking statements are derived from both general and specific assumptions. The Corporation cautions against undue reliance on such statements since actual results or events may differ materially from the expectations expressed or implied in them. Forward-looking statements may include observations concerning the Corporation's objectives, strategy, anticipated financial results and business outlook. The Corporation's future performance may also be affected by a number of factors, many of which are beyond the Corporation's will or control. These factors include, but are not limited to the impact of digital product development and adoption, the impact of changes in the participants in the distribution of newspapers and printed advertising materials and the disruption in their activities resulting mainly from labour disputes, including at Canada Post, the impact of regulations or legislation regarding door-to-door distribution on the printing of paper flyers or printed advertising materials, inflation and recession risks, economic conditions and geopolitical uncertainty, environmental risks as well as adoption of new regulations or amendments and changes to consumption habits, risk of an operational disruption that could be harmful to its ability to meet deadlines, the worldwide outbreak of a disease, a virus or any other contagious disease could have an adverse impact on the Corporation’s operations, the ability to generate organic long-term growth and face competition, a significant increase in the cost of raw materials, the availability of those materials and energy consumption could have an adverse impact on the Corporation’s activities, the ability to complete acquisitions and properly integrate them, cybersecurity, data protection, warehousing and usage, the impact of digital product development and adoption on the demand for printed products other than flyers, the failure of patents, trademarks and confidentiality agreements to protect intellectual property, a difficulty to attract and retain employees in the main operating sectors, the safety and quality of packaging products used in the food industry, bad debts from certain customers, import and export controls, duties, tariffs or taxes, exchange rate fluctuations, increase in market interest rates with respect to our financial instruments as well as availability of capital at a reasonable cost, the legal risks related to its activities and the compliance of its activities with applicable regulations, the impact of major market fluctuations on the solvency of defined benefit pension plans, changes in tax legislation and disputes with tax authorities or amendments to statutory tax rates in force, the impact of impairment tests on the value of assets and a conflict of interest between the controlling shareholder and other shareholders. The main risks, uncertainties and factors that could influence actual results are described in the Management's Discussion and Analysis for the fiscal year ended October 27, 2024 and in the latest Annual Information Form . Unless otherwise indicated by the Corporation, forward-looking statements do not take into account the potential impact of non-recurring or other unusual items, nor of disposals, business combinations, mergers or acquisitions which may be announced or entered into after the date of December 11, 2024. The forward-looking statements in this press release are made pursuant to the “safe harbour” provisions of applicable Canadian securities legislation. The forward-looking statements in this release are based on current expectations and information available as at December 11, 2024. Such forward-looking information may also be found in other documents filed with Canadian securities regulators or in other communications. The Corporation's management disclaims any intention or obligation to update or revise these statements unless otherwise required by the securities authorities. For information:Israeli airstrikes kill at least 30 in Gaza
Thousands of UK social media users experiencing ongoing Meta blackoutHiding The Truth: Horowitz's Modified Jan 6 'Limited Hangout'BROOKINGS, S.D. (AP) — Mark Gronowski ran for two touchdowns and passed for two more and two-time defending national champion South Dakota State dominated Montana 35-18 in a second-round FCS playoff game on Saturday. While Gronowski was leading an offense that piled up 399 yards, the third-seeded Jackrabbits' defense held the 14th-seeded Grizzlies to 306 yards — but 160 came on two fourth-quarter touchdown drives after the lead reached 35-3. Adam Bock contributed a 30-yard interception return in the fourth quarter. South Dakota State (11-2), which beat Montana 23-3 in the national championship game in January, is home next weekend against sixth-seed Incarnate Word (11-2). Gronowski was 12-of-16 passing for 151 yards. He hit Griffin Wilde for a pair of touchdowns covering 34 and 24 yards in the second quarter and scored on a pair of 1-yard sneaks in the first and fourth. He also had a 21-yard reception to set up his first quarter run that put the Jackrabbits on top 7-3. Wilde had seven catches for 114 yards. Amar Johnson had 103 yards on 16 carries and Angel Johnson totaled 91 yards on 13 rushes. Keali'i Ah Yat was 19 of 32 for 231 yards but had two critical interceptions for Montana (9-5). In addition to the pick-6, Tucker Large had a goal-line interception when the Grizzlies could have pulled within four points. The Jackrabbits were 7 of 12 on third down, while the Grizzlies went 5 of 13 — 2 of 9 through three quarters. AP college football: https://apnews.com/hub/ap-top-25-college-football-poll and https://apnews.com/hub/college-football . Sign up for the AP’s college football newsletter: https://apnews.com/cfbtop25
TOM UTLEY: The infuriating reason every Christmas at the Utleys begins with smiles... and ends with blood on the carpetDec 4 (Reuters) - U.S. President-elect Donald Trump on Wednesday picked former congressman Billy Long to be commissioner of the Internal Revenue Service tax body. Trump cited Long's previous experience in real estate and as a business and tax advisor in a post on social-media site Truth Social, where he made the announcement. Sign up here. Reporting by Costas Pitas Our Standards: The Thomson Reuters Trust Principles. , opens new tab