Winnipeg Free Press

Winnipeg Free Press (Newspaper) - September 10, 2020, Winnipeg, Manitoba C M Y K PAGE B5 THURSDAY, SEPTEMBER 10, 2020 ● WINNIPEGFREEPRESS.COM B 5BUSINESS T HE CEO of Winnipeg Airports Authority says the only way to survive a “pandemic-sized fiasco” is by going back to the basics, but those basics could mean fewer flights at higher costs. At its annual general meeting held Wednesday at Richardson International Airport, WAA executives laid out their long-term strategy against the eer- ily quiet backdrop of the departures lounge — emphasizing their survival depends entirely on the return of air traffic. “Passing costs to passengers will be a complete inevitability,” WAA president and CEO Barry Rempel told the Free Press in an interview. “If things remain unchanged, there’s really no other way.” “We’re going back to our mission statement — those fundamental ideals of innovation and prudency — so we can come up with solutions about how to keep serving our local community.” At the meeting, board members ex- plained how they were initially budget- ing for an expected increase in revenue this year up to $142 million. As a result of the pandemic, however, the corpora- tion is projecting to meet only about half of that at $75 million in revenue, which finance director Nicole Stefa- niuk said might also decrease. She said mandated lockdowns, border closures and travel restrictions since March “changed everything” for Can- ada’s aviation industry. “Unfortunately, our country’s user-pay model for airports — tying our revenue to how many people actually travel — really failed to work in our favour under these circumstances,” said Stefaniuk, adding the company went from about $70 million in capital to under $7 million “in mere months.” “We clawed through our reserves to pay for things like safety and ongoing expenses,” she said. “Thankfully, we found that we could reduce 25 per cent of our costs.” But Rempel says more than three- quarters of those costs are fixed items the airport must pay to remain oper- ational, such as utilities, personnel employment and federal taxes like the $201 million paid by the WAA last year. Currently operating at 14 per cent activity, Winnipeg’s international air- port saw its “worst day” when only 56 passengers used its services in July, he said. As restrictions in Manitoba have eased, those numbers have gone up, “but only so slightly and not nearly enough,” he added. Rempel cited economic outlooks suggesting that even if a vaccine for COVID-19 is developed sometime next year, it’ll likely be until 2025 for air- ports and other aviation services to re- turn to normal. As a result, he said Winnipeg’s air- port will soon undergo a large restruc- turing and overhaul of services — in- cluding an increase in airliner fees, ending contracts that employ hundreds of local workers and cutting down routes to locations around the world. “It might also mean cheaper tickets that passengers have come to expect just won’t happen anymore,” he said. “We’re a not-for-profit but that doesn’t mean we’re a not-for-loss. And if no one’s taking flights anywhere, what can we do?” The WAA is now actively lobbying for the federal government to open inter- national and domestic borders to areas with low COVID-19 case counts that Rempel believes could serve as “safe travel corridors.” “I know it’s a controversial take on this,” he said. “But I also know that Ot- tawa isn’t giving us a single cent in dir- ect aid during this time — even when the U.S. is pouring billions to help their aviation industry, so it’s the least our government could do.” “We’re going above and beyond to fol- low their rules and regulations, it’s time they start listening.” Twitter: @temurdur Temur.Durrani@freepress.mb.ca Winnipeg Airports Authority ponders challenges posed by COVID-19 Fewer, pricier flights could be on horizon TEMUR DURRANI LOCAL JOURNALISM INITIATIVE REPORTER Finance director Nicole Stefaniuk says Can- ada’s aviation industry has changed. PHOTOS BY MIKE SUDOMA / WINNIPEG FREE PRESS WAA president Barry Rempel says even if a vaccine is developed next year, it will likely take until 2025 for airports to return to normal. 27,940.47 11,141.56 DOW NASDAQ S&P 500 S&P/TSX +439.58 +293.87 +67.12 +284.08 3,398.96 16,383.60 16,300 16,650 15,950 17,000 15,600 DAILY CLOSE, PAST 30 DAYS July August Sept. II All Funds COMPANY CLOSE CHG S&P/TSX Composite Index Daily Mutual Movers TD Precious Metals Fd Inv 63.14 3.80 CIBC Precious Metals Fd A 18.86 3.69 BMO Prec Metals Fd A 33.22 3.57 NBI Prec Metals Fd Invt 25.20 3.49 ADelta Tact Growth Cl A 13.35 3.37 Friedberg GblMacHdgFd U$ 4.76 3.11 Sentry Prec Metals Fd A 64.17 3.08 TD Nasdaq Index Fund Inv 25.21 2.98 RBC Gbl Prec Mtls Fd A 71.30 2.91 RBC Gbl Prec Mtls Fd Adv 71.80 2.91 Mac Precious Met Cl A 87.20 2.85 IG Mac Gbl Pre Met Cl A 18.00 2.81 Sign Gold Corp Cl A 12.96 2.74 Canadian Equity COMPANY CLOSE CHG Canadian Fixed Income COMPANY CLOSE CHG NBI Mun Bond + Prv Pf Adv 10.24 0.00 TD Fixed Income Pool W 10.96 0.00 MTG Tac ETF Fx Inc Pf AdD 10.05 0.00 Inv Tac Bd ETF Fund A 10.53 -0.02 MLI Quant Fx Inc Fd 27 GA 16.50 -0.02 Sym Fixed Inc Pf A 11.45 -0.04 CIBC Cons Fix Inc Pool A 10.29 -0.04 AGF Fixed Inc Plus Fd MF 13.03 -0.04 RBC Conserv Bond Pool F 10.67 -0.05 Scot PrvS-MGovtBondPool I 10.88 -0.05 RBC Mthly Inc Bond Fd Adv 10.28 -0.06 RBC Mthly Inc Bond Fd A 10.27 -0.06 RBC Core Bond Pool Ser F 10.76 -0.06 Mac MD Cda Ind Cl A 12.67 2.45 NBI SmBet Cdn Eq Fd Invt 13.21 2.24 FDP Canadian Equity Pf A 27.95 1.98 Fid Cdn Disc Equ Fd B 45.87 1.98 IG Mac LV Cdn Equ Fd A 10.97 1.98 IG FI Cdn Equity Fd C 21.69 1.97 Gdian Cdn Growth Equ Fd W 10.97 1.96 BMO Prvt Cdn Core Equ Pf 18.35 1.94 Fid Con Cdn Equ Pvt Pl B 21.87 1.92 FrkAcQ Cd-A 17.72 1.92 NCM Core Cdn Ser A 30.25 1.92 BMO Cdn Lg Cap Equ Fd A 28.07 1.90 Ren Cdn All-Cap Equ Fd A 15.16 1.89 Biggest gainers and losers based on percentage change in daily net asset value per share. Data supplied by Fundata M A R K E T W A T C H Ag Growth Intl Inc. 35.38 0.79 40,934 Artis REIT 8.88 -0.37 574,437 Bce Inc. 56.95 0.5 5,001,071 Bird River Resources Inc. 0.02 0 - Boyd Group Services Inc 202.75 -1.18 42,390 Buhler Industries Inc. 2.55 0 - Delta 9 Cannabis Inc. 0.59 0.01 72,069 Empire Industries Ltd. 0.26 0 13,500 Exchange Income Corp. 31.97 0.4 68,404 Fp Newspapers Inc. 0.50 0 - Gossan Resources Ltd. 0.12 0.005 508,000 Great West Lifeco Inc. 26.63 0.34 794,330 Hudbay Minerals Inc. 5.89 0.2 607,327 Igm Financial Inc. 32.06 0.68 192,571 Kane Biotech Inc. 0.16 -0.005 3,000 Lakeview Hotel Investment Corp. 0.04 0 231 Lanesborough REIT 0.01 0 - Medicure Inc. 0.95 0 - Nfi Group Inc. 17.48 -0.03 123,431 North West Company Inc. New 29.52 1.02 89,060 People Corp. 10.17 0.17 21,408 Pollard Banknote Ltd. 17.95 -0.07 900 Winpak Ltd. 44.75 0.91 33,112 Manitoba Stocks COMPANY CLSE CHG VOL CANOLA COMPANY OPEN HIGH LOW CLOSE YEST. Nov ‘20 510.50 513.80 505.20 505.40 510.90 Jan ‘21 516.80 520.30 512.00 512.20 517.80 Mar 521.40 524.50 517.30 517.50 522.60 May 525.60 528.30 521.10 521.30 526.30 Jul 526.90 529.80 522.40 523.40 527.70 Nov 501.00 505.00 498.60 502.30 503.20 Jan ‘22 - 501.60 - 501.60 502.50 Mar - 507.20 - 507.20 508.30 May - 507.90 - 507.90 509.00 Jul - 509.30 - 509.30 510.40 Nov - 509.30 - 509.30 510.40 COMPANY CLSE CHG VOL These companies will have headquarters or major operations in Manitoba. Closing values are as of the end of trading. Provided by Wellington-Altus Private Wealth. Global Equity COMPANY CLOSE CHG Futures Trading — Grain quotes Fid Gbl Innov CN Cl A 19.15 2.55 Fid Founders CN Cl A 14.24 2.44 Gdian Gbl Equity Fd W 11.55 2.42 Lys-Tri All Cou Equ Fd A 14.62 2.37 Dyn Gbl Dividend Fd A 23.57 2.25 IAC Inh Gbl Equ SRI Cl A 26.90 2.13 Stone Global Sustain Fd A 14.56 2.07 BMO TacGbEquETFFd A 11.81 2.06 Mid Gbl Div Growers Cl A 14.32 2.02 Fid Gbl Innova Cl A 20.29 2.01 Desj SocTer Pos Chg Fd A 15.95 2.00 Gdian Gbl Div Growth Fd W 18.62 1.99 Mac Gbl Growth Cl A 16.13 1.96 A U.S. dollar cost $1.3173 based on daily average +1.29 +0.01 OIL GAS GOLD SILVER US$38.05 US$2.41 US$1,954.90 US$27.23 +11.70 +0.24 DOLLAR 75.91¢ +0.10 SOURCES: THE CANADIAN PRESS, FUNDATA, ICE FUTURES CANADA, CME GROUP Canadian Dollar Agnico Eagle Mines L 109.46 4.21 655 112.37 43.25 Air Canada Voting an 17.82 -0.39 4,559 52.71 9.26 Algonquin Power & Ut 18.45 0.26 2,657 22.39 13.84 Alimentation Couche- 46.55 2.40 13 47.57 30.57 Alimentation Couche- 46.36 2.21 2,117 47.49 19.90 B2Gold Corp. 8.77 0.35 3,900 9.99 3.12 Bank of Montreal 80.72 0.56 1,544 104.75 55.76 Bank of Nova Scotia 55.44 0.59 2,796 76.75 46.38 Barrick Gold Corpora 40.11 1.46 6,081 41.09 17.52 Bausch Health Compan 21.27 -0.10 483 42.15 16.30 BCE Inc. 56.99 0.54 7,423 65.45 46.03 BMO S&P 500 Index ET 49.24 0.69 624 51.57 35.14 Brookfield Asset Man 43.28 0.31 1,469 60.48 31.35 Brookfield Infrastru 60.82 1.62 448 74.66 37.45 Brookfield Property 14.50 -0.04 622 27.25 10.05 Brookfield Renewable 59.24 0.36 195 76.80 43.74 BRP Inc. Subordinate 69.50 1.10 297 75.37 18.56 Cameco Corporation 14.31 0.33 708 16.71 7.69 Canadian Apartment P 44.06 -0.23 557 61.29 36.40 Canadian Imperial Ba 103.90 0.33 1,018 115.96 67.52 Canadian National Ra 137.25 2.63 1,889 140.87 92.01 Canadian Natural Res 24.25 0.62 9,978 42.57 9.80 Canadian Pacific Rai 387.66 8.02 297 398.00 252.00 Canadian Tire Corpor 215.51 0.00 0 239.99 140.00 Canadian Tire Corpor 134.84 2.39 226 157.36 67.15 Canadian Utilities L 32.34 0.00 0 42.90 25.63 Canadian Utilities L 33.03 0.23 413 42.97 25.25 Canopy Growth Corpor 21.48 0.85 1,042 38.33 12.96 CCL Industries Inc. 47.95 0.41 167 59.86 34.57 CCL Industries Inc. 48.22 0.00 0 59.67 35.00 Cenovus Energy Inc. 5.59 0.05 3,581 14.31 2.06 CGI Inc. Class A Sub 93.14 3.19 538 114.49 67.23 CNOOC Limited americ 149.50 0.00 0 235.33 120.58 Constellation Softwa 1516.79 36.35 33 1637.22 1076.34 Descartes Systems Gr 76.50 2.52 222 82.40 38.65 Dollarama Inc. 49.11 0.34 348 53.96 34.70 Emera Incorporated 54.92 0.71 561 60.94 42.12 Empire Company Limit 34.05 0.90 383 37.28 23.88 Enbridge Inc. 41.76 0.53 6,760 57.32 33.06 Endeavour Mining Cor 36.19 1.27 367 38.98 15.68 Fairfax Financial Ho 312.83 0.00 0 469.22 244.75 Fairfax Financial Ho 397.47 0.48 71 637.11 319.37 First Quantum Minera 12.86 0.41 1,687 14.12 4.71 FirstService Corpora 169.97 4.89 66 172.24 83.36 Fortis Inc. 53.96 0.72 1,889 59.28 41.52 Franco-Nevada Corpor 198.03 5.79 337 222.15 105.93 George Weston Limite 96.24 1.81 396 113.94 84.01 Great-West Lifeco In 26.62 0.33 1,723 35.60 18.88 Hydro One Limited 27.86 0.27 749 29.53 20.25 IGM Financial Inc. 32.01 0.63 299 40.38 20.96 Imperial Oil Limited 19.81 0.17 1,078 36.99 10.27 Intact Financial Cor 138.55 2.00 246 157.65 104.81 Inter Pipeline Ltd. 13.90 -0.01 4,785 25.42 5.35 iShares Core S&P 500 36.82 0.73 613 38.86 23.49 iShares Core S&P/TSX 26.15 0.48 238 28.66 17.92 iShares S&P/TSX 60 I 24.74 0.46 3,087 27.05 17.23 Ivanhoe Mines Ltd. C 5.89 0.44 2,249 5.57 1.80 Kinross Gold Corpora 12.05 0.73 7,528 13.50 4.00 Kirkland Lake Gold L 71.79 3.16 835 76.43 25.67 Loblaw Companies Lim 68.55 1.75 530 77.00 59.01 Lundin Mining Corpor 8.39 0.24 1,366 8.59 4.08 Magna International 63.89 0.74 700 75.25 33.22 Manulife Financial C 19.44 0.38 5,187 27.78 12.58 Metro Inc. 60.72 1.96 757 61.74 49.03 Molson Coors Canada 46.00 0.00 0 85.00 46.00 Molson Coors Canada 49.30 -1.45 2 82.50 45.61 National Bank of Can 72.57 0.72 897 75.01 38.67 Newmont Corporation 89.80 2.88 82 96.45 44.00 Northland Power Inc. 36.59 0.62 463 37.91 20.52 ONEX Corporation Sub 63.56 0.12 174 89.92 37.00 Open Text Corporatio 56.95 0.73 429 64.00 42.30 Pan American Silver 47.11 2.19 407 53.30 14.22 Pembina Pipeline Cor 32.30 0.45 3,068 53.79 15.27 Power Corporation of 26.40 0.38 1,469 35.15 17.47 Quebecor Inc. Class 32.90 0.50 705 34.27 25.00 Quebecor Inc. Class 32.87 0.57 1 34.50 27.35 Restaurant Brands In 73.40 -0.45 1,541 99.21 36.48 Restaurant Brands In 73.46 -1.82 1 98.27 37.79 Ritchie Bros. Auctio 75.05 0.82 104 84.73 37.76 Rogers Communication 57.10 -1.86 1 68.47 50.00 Rogers Communication 55.38 -0.16 752 67.87 46.81 Royal Bank of Canada 97.50 1.21 2,018 109.68 72.00 Saputo Inc. 32.74 0.65 459 41.95 29.31 Shaw Communications 24.68 0.43 623 27.69 17.77 Shopify Inc. Class A 1250.26 35.78 207 1502.00 372.01 Sprott Physical Gold 20.41 0.15 58 22.13 15.36 Sun Life Financial I 55.31 1.08 896 66.44 35.43 Suncor Energy Inc. 18.50 -0.02 14,584 45.12 14.02 TC Energy Corporatio 60.85 1.24 3,622 76.58 47.05 Teck Resources Limit 17.48 -0.40 1 25.65 9.00 Teck Resources Limit 15.44 0.44 7,183 25.74 8.15 TELUS Corporation Co 23.85 -0.05 1,692 27.74 18.55 Thomson Reuters Corp 101.26 1.59 527 109.99 75.91 TMX Group Limited 135.10 2.63 69 144.97 84.50 Toromont Industries 72.90 0.10 130 75.88 52.36 Toronto-Dominion Ban 63.68 0.61 2,914 77.72 49.01 Waste Connections In 131.86 1.15 324 140.95 100.55 Wheaton Precious Met 72.18 3.52 1,868 76.69 26.99 WSP Global Inc. 88.80 1.38 115 98.12 59.83 Yamana Gold Inc. 8.30 0.30 2,866 9.29 3.11 TSX Top 100 VOLUME 52—WK 52—WK STOCK CLOSE CHG (000S) HIGH LOW (by market capitalization) Australian dollar 0.9578 Brazilian real 0.2486 Chinese renminbi 0.1927 European euro 1.5552 Hong Kong dollar 0.17 Indian rupee 0.01795 Indonesian rupiah 0.000089 Japanese yen 0.0124 Mexican peso 0.06122 New Zealand dollar 0.8791 Norwegian krone 0.1458 Peruvian new sol 0.3726 Russian ruble 0.01746 Saudi riyal 0.3512 Singapore dollar 0.9635 South African rand 0.07911 South Korean won 0.001111 Swedish krona 0.1503 Swiss franc 1.4415 Taiwanese dollar 0.04497 Turkish lira 0.1758 UK pound sterling 1.711 US dollar 1.3173 Foreign Exchange Rates These are indicative wholesale rates for foreign currency provided by the Bank of Canada on Wednesday. Quotations in Canadian funds. B_05_Sep-10-20_FP_01.indd B5 2020-09-09 10:24 PM ;