Toronto Star parent company’s stock plummeting
TorStar, the company that owns the Toronto Star, has seen its stock plummet to historic lows. This came after the company reported an unexpected loss of $40.9 million. This financial hit is so extreme that the company may have to shift the balance of power amongst the company’s shareholders, according to BNN Bloomberg.
The company’s publicly traded shares dropped to 53 cents, the lowest ever for TorStar. By midday, the shares had recovered to 60 cents, largely due to TorStar’s damage limitation tactics, including telling shareholders the company will weather the storm.
TorStar’s Chief Executive John Boynton has told analysts that the newspaper is looking to diversify their income so to mitigate the decline of print sales. Although TorStar continues to report losses, Boynton is said to be content with their subscriber revenue, stating that it now represents a large portion of their revenue base.
TorStar continues to make $30.2 million from online and print subscriptions, which is an improvement from 2018 where they made $29.6 million.
Despite the Trudeau government’s media bailout, which allocates $115,000 per week to the Toronto Star, the newspaper’s financial difficulties have hardly been offset by the government’s subsidies.
The Toronto Star previously blew tens of millions of dollars on a tablet version that was later scrapped. Star Touch reportedly cost $14 million in prelaunch costs alone.
What will come as an additional concern to TorStar’s shareholders is that the PostMedia Network, TorStar’s main competitor, has reported its first profit in two years, with $7.9 million in net income.
Twenty percent of Canadians do not expect to escape debt in their lifetime, according to Global News. Based on a study by The Manulife Bank of Canada, Canadians believe that household debt has increased too much.
More worryingly, however, 67 percent of those in debt believe that the rest of the country is in serious debt, too. This study has also revealed that Canadians are terrible at spending: 45 percent of Canadians say that their spending is increasing faster than their income, which is an increase from 33 percent who said this in the spring.
The study also reported that more than 50 percent of Canadians carry considerable non-mortgage debt, and 60% are in credit card debt. As a result of all this, many Canadians may be in debt for some time.
This study was carried out after the financial firm, Equifax, became concerned with the debt of ordinary Canadians. Since 2014, Canadian debt has surged from $57,000 to $71,979.
Over recent decades, Canadian have become increasingly financially insecure. This sentiment has transitioned into a cynicism for our financial system. Most zoomers (generation z) believe that they will never get onto the property ladder or become debt-free.
In the summer of this year, a study showed that half of the Canadian population was only $200 away from financial disaster.
Following U.S. President Donald Trump’s executive order that restricted the influx of immigrants and refugees from some Muslim-majority countries, Justin Trudeau tweeted the following:
“To those fleeing persecution, terror & war, Canadians will welcome you, regardless of your faith. Diversity is our strength #WelcomeToCanada”
Trump’s policy was slammed by many as a “Muslim-ban,” mostly based upon statements he had made during the election campaign calling for a ban.
However, the policy itself ended up still allowing immigration and refugee settlement from the majority of the world’s Muslim-majority nations, and also included bans on countries like Venezuela and North Korea.
Of course, Justin Trudeau still didn’t miss his virtue-signalling moment, and his resulting tweet led to a large influx of illegal border crossers to Canada.
At the time, some might have claimed that it was just an emotional reaction by Trudeau, that he was legitimately upset by Trump’s remarks and the restrictive policy on immigration from certain countries into the U.S.
Yet, let’s just consider the contrast in Trudeau’s response to a policy passed by the United States (our close ally and a nation where the rule of law prevails), and Trudeau’s response to China’s actual Muslim concentration camps.
As revealed by the China Cables, there is now no way to deny that China is engaging in the mass oppression of Muslim people in Xinjiang province:
“The China Cables, obtained by the International Consortium of Investigative Journalists, include a classified list of guidelines, personally approved by the region’s top security chief, that effectively serves as a manual for operating the camps now holding hundreds of thousands of Muslim Uighurs and other minorities. The leak also features previously undisclosed intelligence briefings that reveal, in the government’s own words, how Chinese police are guided by a massive data collection and analysis system that uses artificial intelligence to select entire categories of Xinjiang residents for detention.”
So, China is holding innocent Canadian Citizens hostage, has repeatedly threatened Canada, is oppressing the freedom-loving people of Hong Kong, and is now arbitrarily arresting innocent Muslims, taking them away from their families, abusing them, indoctrinating them, and committing crimes on a horrendous scale.
Where’s Trudeau’s tweet about all this?
Where’s his tear-filled press conference?
Where’s the strong action by the Canadian government to distance ourselves from China, ban Huawei, and stop infiltration by the Communist State into the politics of our nation?
Instead, Trudeau and much of Canada’s pathetic political class are silent.
It’s gutless and hypocritical, and it makes Trudeau’s tweet following Trump’s so-called ‘Muslim ban’ seem like a complete joke.
China is in the midst of a real Muslim ban, punishing millions of people and trying to eradicate their faith.
If Trudeau and the Canadian elites aren’t willing to decouple our nation from China even under these circumstances, then our values and our national strength may already be gone.
Hong Kong’s pro-democracy protesters have asked Prime Minister Justin Trudeau to show some “guts” with holding China to account, according to the National Post.
The chair of the Hong Kong Democratic Party’s foreign affairs committee, Emily Lau, was critical of Trudeau’s timidness with China during the weekend’s Halifax Security Forum.
Speaking to the audience, Lau asked, “Is it because if you do it, you will make less money? You will make enemies? So your country, your companies, will get less rich?”
There was a stark difference between Lau’s comments and Justin Trudeau’s defence minister, Harjit Singh Sajjan, who insisted during the conference that China was not an adversary, but instead an economic ally.
Since the democracy protests erupted in the spring of this year, Canada has done little to condemn the violence, usually initiated by the Chinese government or the police force. In August, the Canadian government released a statement urging that the violence stopped.
Canada and China’s relationship fractured after Huawei CEO, Meng Wanzhou, was arrestested in Vancouver airport. In response to this, the Chiense government detained two Canadian citizens.
Justin Trudeau has announced his new cabinet for the 43rd Parliament. Despite there being a great deal of speculation as to who would be included in the cabinet, there has only been insignificant change.
One of the more noteworthy changes is that Chrystia Freeland has been moved from her position as Minister of Foreign Affairs to her new position as the Minister of Intergovernmental Affairs. She will also serve as the Deputy Prime Minister: a position that was first created by Justin Trudeau’s father, Pierre, and was done away with by Stephen Harper.
This will give Freeland broad power across the government and will only fuel speculation that she is being lined up as Trudeau’s successor. Quebec MP Francois-Philippe Champagne has replaced Freeland in the Foreign Affairs position.
The darling of the right, Catherine McKenna has been moved out of her position as Minister for the Environment. McKenna’s removal will delight the Alberta Premier, Jason Kenney, who has previously demanded that McKenna leave her position for the sake of national unity. The Member of Parliament for North Vancouver, Johnathan Wilkinson, is expected to take over McKenna’s position.
Despite Bill Morneau being heavily criticized for running deficits, and also being attacked for “elitist” campaign posters, he will continue to remain in his position as finance minister.
Due to Trudeau’s woeful results in western Canada, the prime minister was unable to select a member of parliament who was from Alberta or Saskatchewan to serve in his cabinet. Trudeau has also declined to bring in a senator to represent western Canada. As a result of this, the Prairies will be entirely unrepresented in Canada’s executive.
Aside from the names previously mentioned, here is the list of other cabinet transitions, as listed by the CBC:
- Ahmed Hussen, going to families, children and social development.
- Melanie Joly, to economic development and official languages, in charge of regional development agencies.
- Bernadette Jordan, to fisheries and oceans.
- Catherine McKenna, to infrastructure and communities.
- Dominic LeBlanc, now president of the Queen’s privy council, chair of the operations committee.
- Joyce Murray, to digital government.
- Mary Ng, to small business export promotion and international trade.
- Carla Qualtrough, to employment, workforce development and disability inclusion.
- Filomena Tassi, to labour.