Winnipeg Free Press

Winnipeg Free Press (Newspaper) - February 19, 2025, Winnipeg, Manitoba B6 ● WINNIPEGFREEPRESS.COM BUSINESS I STOCKS WEDNESDAY, FEBRUARY 19, 2025 RBI buys out partners’ stakes in Burger King China TORONTO — Restaurant Brands Inter- national Inc. says it has bought its part- ners’ stakes in Burger King China for US$158 million and is seeking a new local partner. The company says it acquired the interests from TFI Asia Holdings BV (TFI) and Pangaea Two Acquisition Holdings XXIII Ltd. (Cartesian). RBI says it now owns nearly 100 per cent of the business and is looking for a new local partner to invest in the operations and become the controlling shareholder. The company says TFI helped Bur- ger King grow in China from around 60 restaurants in 2012 to about 1,500 today and will continue growing its operations in Turkey as one of RBI’s largest business partners. RBI will also continue to be a partner with Cartesian in growing Tim Hortons in China. RBI is the parent company of Tim Hortons, Burger King, Popeyes and Firehouse Subs. — The Canadian Press Ford cuts bonuses for half of middle managers FORD Motor Co. is eliminating stock award bonuses for about half of its mid- dle managers in an effort to boost per- formance as the automaker confronts declining profits and high costs. Ford has told employees roughly half of middle management won’t get stock award bonuses, which are typically granted in March and vest over three years. The move affects about 3,300 of Ford’s 76,000 global salaried employ- ees. CEO Jim Farley is pushing his sal- aried ranks to improve performance as Ford forecasts a year when earnings before interest and taxes will fall by US$2 billion or more. “We are focused on driving a high-performance culture that recog- nizes and rewards employees for their business contributions,” the automaker said in a statement Tuesday. Ford shares were flat Tuesday, clos- ing at US$9.29 in New York. — Bloomberg News United Rentals axes US$3.4B bid for H&E UNITED Rentals Inc. abandoned its plan to acquire H&E Equipment Ser- vices Inc., declining to increase its original offer of US$3.4 billion for the rival construction equipment supplier. H&E said Feb. 16 it had received a superior offer from another bidder, United Rentals said Tuesday in a state- ment. Under the terms of the agree- ment, H&E is required to pay a fee of US$63.5 million if it terminates the agreement with United Rentals, the statement said. Shares of United Rentals fell 2.8 per cent Tuesday. H&E shares gained 15.2 per cent. H&E rents and sells equipment for purposes such as aerial work, earth- moving and material handling. United Rentals had said the planned acquisi- tion would increase its capacity in key U.S. regions. — Bloomberg News Southwest to slash corporate jobs SOUTHWEST Airlines Co. will cut about 1,750 jobs in its leadership ranks, a dramatic step to reduce expenses that mark the first layoffs in the U.S. carri- er’s history. The pullback will impact 15 per cent of corporate positions, including senior leadership and directors, the airline said in a statement. The reductions start in April and will be “substantially com- plete” by the end of the second quarter. Southwest has long boasted of never having an involuntary layoff over a history stretching back more than five decades. However, the company last month paused hiring for management and headquarters jobs, and last year it suspended hiring of pilots and flight attendants. In November, it offered vol- untary buyout packages or extended leaves to airport workers in 18 cities. Southwest’s shares dipped 0.9 per cent Tuesday, closing at US$30 in New York. — Bloomberg News Tariffs spell opportunity for Ontario-based Cargojet, co-CEOs say C ARGOJET Inc. could benefit from the tariff threat looming over North America by seizing on the new supply routes opened up by a trade war, its top executives say. Pauline Dhillon, co-CEO of the air freight company, said shippers looking to avoid sending their cargo through the U.S. could opt for shipments straight into Canada, including via freighter aircraft. “Cargojet is uniquely positioned to excel during tariffs, and may even benefit from direct shipments to Can- ada versus carriers going into the United States,” Dhillon told analysts on a conference call Tuesday morning. Rather than causing a drag on its business, the potential import taxes have made Cargojet “hopeful that we see more freight coming into Canada,” she said. U.S. President Donald Trump has threatened to impose sweeping tariffs of 25 per cent on Canada and Mexico as early as next month, with Prime Min- ister Justin Trudeau vowing to retali- ate. The Bank of Canada has projected across-the-board tariffs could bring on a recession and boost inflation within the first year of a trade war. Cargojet’s business hinges on air de- livery of e-commerce goods on its fleet of 41 planes. The company deploys them on its domestic network, on ad hoc charter flights and on more regular charter routes for clients such as DHL, which leases the aircraft, crews and mechan- ics to fly freight around the globe. Jamie Porteous, Cargojet’s other chief executive, pointed to its growing international charter service that would steer clear of any U.S. import duties. “Our scheduled charter services from China to Canada were specific- ally and deliberately targeted to serve the Canadian market, leveraging our domestic network, avoiding the U.S. market and any potential tariff restric- tions,” Porteous said. “As manufacturers across the globe plan shipments directly into Canada to avoid any potential U.S. tariffs ver- sus routing them through Mexico and the United States, it may present new opportunities for Cargojet — although this remains a very fluid situation.” The Mississauga, Ont.-based com- pany said charter freight revenues rose 136 per cent year-over-year in its latest quarter, with chances for fur- ther growth through the four additional Boeing 767 freighters joining the fleet this year. In 2024, Cargojet’s full-year sales topped $1 billion in a record for the 24-year-old company. Fourth-quarter revenues jumped by a third year-over- year to $293.2 million. Net earnings in the three months ended Dec. 31 hit $71.2 million, versus a $34.9-million loss in the same per- iod the year before, Cargojet reported Monday. — The Canadian Press CHRISTOPHER REYNOLDS NICK IWANYSHYN / THE CANADIAN PRESS FILES A Cargojet plane sits on the tarmac at the John C. Munro Hamilton International Airport in Hamilton. Agnico Eagle Mines L 137.94 2.15 1,455 145.25 64.56 Alamos Gold Inc. 32.23 0.65 1,454 33.03 15.28 AltaGas Ltd. 34.67 0.17 984 35.77 28.08 ARC Resources Ltd. 26.77 0.16 1,815 28.15 21.44 Aritzia Inc. Subordi 70.96 2.33 612 73.44 31.82 AtkinsRéalis Group 69.58 -1.62 824 83.94 42.65 Bank of Montreal 143.78 0.57 3,456 147.54 109.02 Bank of Nova Scotia 72.42 -0.17 2,564 80.14 60.68 Barrick Gold Corpora 26.06 0.63 4,248 29.50 19.37 BCE Inc. 33.13 -0.65 4,084 51.57 31.43 BMO MSCI EAFE Index 24.78 0.18 98 24.83 21.71 BMO S&P 500 Index ET 95.12 0.31 120 96.98 73.13 BMO S&P/TSX Capped C 34.37 0.23 80 34.67 28.29 Brookfield Infrastru 47.51 0.96 554 50.46 34.36 Brookfield Renewable 32.55 0.88 330 40.84 27.55 CAE Inc. 37.93 -0.06 1,463 39.17 22.28 Cameco Corporation 68.00 1.12 1,064 88.18 48.71 Canadian Imperial Ba 88.33 0.32 2,071 95.50 61.90 Canadian National Ra 145.76 1.72 1,418 181.34 143.18 Canadian Natural Res 43.10 0.43 15,047 56.50 42.01 Canadian Pacific Kan 112.52 2.64 1,581 123.37 101.76 Canadian Tire Corpor 224.81 0.81 0 275.36 192.10 CCL Industries Inc. 70.50 0.59 378 84.70 58.02 CCL Industries Inc. 70.49 0.50 0 83.99 58.58 Cenovus Energy Inc. 21.93 0.25 8,452 29.96 20.16 CGI Inc. Class A Sub 170.24 -0.47 301 175.35 132.06 Colliers Internation 185.66 -0.97 43 218.47 138.13 Constellation Softwa 4949.89 15.05 20 4991.85 3535.00 Descartes Systems Gr 162.99 -2.20 118 177.98 113.65 Dollarama Inc. 139.92 0.44 776 152.97 100.30 Element Fleet Manage 29.19 0.57 357 30.49 21.20 Emera Incorporated 56.09 -0.44 1,588 56.70 44.13 Empire Company Limit 42.13 -0.22 352 46.77 31.45 Enbridge Inc. 60.64 -0.44 23,804 65.62 45.39 Fairfax Financial Ho 2080.00 9.81 88 2119.64 1343.50 Fairfax Financial Ho 1401.90 0.00 0 1401.90 893.44 First Quantum Minera 19.44 -0.12 1,253 21.45 10.91 FirstService Corpora 247.89 -0.76 149 278.19 193.77 Fortis Inc. 61.89 -1.75 2,045 64.39 51.02 Franco-Nevada Corpor 199.63 3.51 257 206.32 140.67 George Weston Limite 223.10 0.93 157 239.79 173.74 Gildan Activewear In 73.70 1.50 765 76.20 44.23 Great-West Lifeco In 51.88 0.29 5,901 52.48 38.44 Hydro One Limited 44.55 -0.42 1,332 48.05 37.27 IGM Financial Inc. 45.18 0.23 400 47.96 32.95 Imperial Oil Limited 100.77 2.52 443 108.89 79.28 Intact Financial Cor 289.45 1.24 479 294.35 216.62 iShares Core MSCI EA 40.55 0.30 113 40.61 35.60 iShares Core S&P 500 63.46 0.12 186 63.70 51.85 iShares Core S&P/TSX 41.00 0.29 141 41.31 33.69 iShares S&P/TSX 60 I 39.13 0.26 2,987 39.55 32.33 Ivanhoe Mines Ltd. 16.28 -0.38 1,454 21.32 13.84 Keyera Corp. 41.78 -0.27 1,125 47.90 32.69 Kinross Gold Corpora 16.03 0.04 8,804 17.63 6.46 Loblaw Companies Lim 179.08 0.72 672 196.49 137.43 Lundin Gold Inc. 38.10 0.79 451 41.28 15.12 Lundin Mining Corpor 12.42 0.09 1,887 17.97 10.56 Magna International 54.02 0.41 1,497 75.93 51.34 Manulife Financial C 42.57 0.50 9,950 46.42 31.24 Metro Inc. 92.50 1.07 915 94.86 69.19 Molson Coors Canada 86.02 1.14 0 93.06 65.04 Molson Coors Canada 78.36 0.00 0 97.01 63.46 National Bank of Can 125.05 -1.18 1,207 141.15 102.90 Newmont Corporation 67.39 1.42 229 81.16 39.96 ONEX Corporation Sub 109.85 -0.33 109 118.91 85.36 Open Text Corporatio 39.49 -0.76 1,317 54.86 37.92 Ovintiv Inc. 63.05 0.50 127 76.63 49.74 Pan American Silver 35.01 0.38 618 36.54 16.56 Pembina Pipeline Cor 51.61 0.25 3,629 60.72 45.41 Power Corporation of 48.27 0.65 1,853 48.55 35.83 Quebecor Inc. Class 33.50 -0.01 1 36.24 27.53 RB Global Inc. 136.94 0.51 212 139.48 89.15 Restaurant Brands In 91.75 0.30 822 112.12 86.06 Restaurant Brands In 90.74 -0.86 0 109.74 87.11 Rogers Communication 45.00 0.01 1 62.75 42.00 Rogers Communication 39.49 -0.26 1,865 62.05 37.97 Royal Bank of Canada 171.54 2.87 7,054 180.45 130.44 Saputo Inc. 24.74 0.41 855 32.15 22.59 Shopify Inc. Class A 183.45 1.53 1,890 183.53 72.36 Sprott Physical Gold 32.06 0.38 254 32.30 20.99 Sprott Physical Gold 22.62 0.31 2 22.70 15.54 Stantec Inc. 109.33 -0.23 288 123.92 103.48 Sun Life Financial I 78.81 0.61 4,997 88.54 64.38 Suncor Energy Inc. 56.49 0.44 11,023 58.58 44.11 TC Energy Corporatio 65.77 0.63 4,686 70.32 48.12 Teck Resources Limit 61.19 0.11 816 74.37 50.53 Teck Resources Limit 60.30 -0.95 3 74.15 50.70 TELUS Corporation 21.57 -0.23 3,045 24.47 19.10 TFI International In 180.87 -1.63 335 220.93 176.33 Thomson Reuters Corp 246.35 0.11 383 256.51 204.57 TMX Group Limited 50.61 -0.02 291 51.05 33.41 Toromont Industries 122.01 0.91 129 135.53 109.83 Toronto-Dominion Ban 85.13 0.49 3,921 87.99 73.22 Tourmaline Oil Corp. 67.43 -0.15 2,006 70.65 55.27 Vanguard S&P 500 Ind 154.35 0.50 232 157.38 118.71 Vanguard U.S. Total 116.56 0.28 33 119.12 90.05 Waste Connections In 266.21 -1.65 257 274.32 219.62 West Fraser Timber C 114.02 1.01 171 141.27 100.84 Wheaton Precious Met 97.51 1.80 909 98.76 52.15 WSP Global Inc. 255.50 6.27 197 262.00 201.24 VOLUME 52-WK 52-WK STOCK CLOSE CHG (000S) HIGH LOW (by market capitalization) TSX Top 100 MARK E T WAT CH Daily Mutual Movers Biggest gainers and losers base on percentage change in daily net asset value per share. Data supplied by Fundata. All Funds COMPANY CLOSE CHG Friedberg GblMacHdgFd U$ 7.64 4.09 NPT Silver Bullion A 9.17 2.51 RBCI EM Pl Fd F 10.71 2.06 RBC Japanese Equ Fd A 15.81 2.01 NPT Gold Bullion Fd A 30.01 1.95 Mack Gld Bll Fd A 24.50 1.87 Desj Emer Mkts Fd A 16.26 1.75 Mac Emerg Mkts Fd II A 18.33 1.74 Mac Emer Mkts Fd A 12.57 1.73 Scot Wth Intl Equ Pl Pinn 14.67 1.73 CANL Em Mkt Eq Fd A 28.16 1.72 RBCI EM Fd Inv 11.34 1.69 RBCI EM Fd II Inv 12.25 1.68 Canadian Equity COMPANY CLOSE CHG BMO SIAFocCdnEquFd Adv 14.50 1.59 RBC O’Sh All-Cdn Eq Fd A 18.15 0.94 CIBC Canadian Equity Fd A 36.82 0.80 Scot Wth Cdn Val Pool Pin 36.59 0.77 DesjSus Cdn Eq Inc Fd I 12.19 0.77 Veritas Canadian Equity F 15.68 0.75 PH&N Cdn Equity PMB04 13.30 0.74 PH&N Cdn Equ Pens Trust O 9.82 0.74 PH&N Cdn Equ Und Fd O 11.99 0.74 RBCI Cdn Eq Pl Fd F 10.29 0.74 CIBC Sust Cdn Equ A 11.95 0.74 PH&N Canadian Equity Fd D 136.45 0.73 CL Cdn FdmntlEquA 15.49 0.72 Canadian Fixed Income COMPANY CLOSE CHG RBCI Cdn Bd Pl Fd F 10.05 0.19 EdgePoint Mthly Inc Pt A 9.53 -0.32 ATBIS FixIncPool -F1 10.14 -0.34 RBC Mthly Inc Bond Fd A 9.06 -0.35 Scot WthS-MGovtBondPool I 9.87 -0.40 SEI Income 100 Fund O 4.87 -0.43 Sym Fixed Inc Pf A 9.55 -0.44 Scotia Wealth Cdn Bd I 10.23 -0.44 Mack FPCan Fx In PtPA 10.15 -0.45 CL Dvf Fx Inc Port A 8.87 -0.45 Dyn Tact Bond Pvt Pl F 8.10 -0.46 Fid Pre Tac Fix Inc PP B 7.28 -0.47 Fid Tac Fix Inc Fd B 7.26 -0.47 Global Equity COMPANY CLOSE CHG Canadian Dollar 44,556.34 20,041.26 DOW NASDAQ S&P 500 S&P/TSX +10.26 +14.49 +14.95 +165.61 25,648.846,129.58 +0.28 +48.30+1.12 OIL GAS GOLD SILVER US$71.83 US$4.01 US$2,949.00 US$33.37 +0.52 DOLLAR 70.46¢ -0.13 24,900 25,400 24,400 25,900 23,900 DAILY CLOSE, PAST 30 DAYS I January February Manitoba Stocks Ag Growth Int’l Inc. 36.68 -0.68 128,164 Artis REIT 7.77 0.08 101,955 BCE Inc. 33.13 -0.65 4,084,173 Bird River Resources Inc. 0.05 0 - Boyd Group Services Inc. 238.08 -0.47 23,611 Buhler Industries Inc. 7.15 -0.01 455 Exchange Income Corp. 52.96 0.75 78,260 FP Newspapers Inc. 0.55 -0.04 3,500 Gossan Resources Ltd. 0.02 -0.005 1,000 Great West Lifeco Inc. 51.88 0.29 5,900,921 Hudbay Minerals Inc. 12.70 -0.25 2,004,486 IGM Financial Inc. 45.18 0.23 400,178 Kane Biotech Inc. 0.11 -0.005 186,000 Medicure Inc. 0.81 -0.005 - NFI Group Inc. 11.38 -0.26 692,742 North West Co. Inc. New 44.51 -1.05 155,651 Pollard Banknote Ltd. 26.29 -0.06 8,654 Winpak Ltd. 42.76 0.19 29,818 Marwest Apartment REIT 0.68 0 5,537 COMPANY CLSE CHG VOL COMPANY CLSE CHG VOL Futures Trading — Grain quotes CANOLA COMPANY OPEN HIGH LOW CLOSE YESTERDAY Mar ‘25 662.40 667.80 658.70 661.90 663.50 May 674.30 678.90 669.30 673.40 674.50 Jul 678.30 684.00 674.20 678.00 679.40 Nov 652.00 659.50 650.10 654.00 653.70 Jan ‘26 658.80 660.00 656.50 656.50 656.70 Mar 659.50 659.50 657.10 657.10 657.10 May 658.50 658.50 656.70 656.70 656.60 Jul 654.90 654.90 654.20 654.20 654.00 Nov - 632.70 - 632.70 631.40 Jan ‘27 - 632.80 - 632.80 631.40 Mar - 632.80 - 632.80 631.40 SOURCES: THE BANK OF CANADA, FUNDATA, ICE FUTURES CANADA, CME GROUP S&P/TSX Composite Index Foreign Exchange Rates These are indicative wholesale rates for foreign currency provided by the Bank of Canada on Tuesday. Quotations in Canadian funds. Australian dollar 0.9011 Brazilian real 0.2493 Chinese renminbi 0.195 European euro 1.4831 Hong Kong dollar 0.1826 Indian rupee 0.01633 Indonesian rupiah 0.000087 Japanese yen 0.00935 Mexican peso 0.07004 New Zealand dollar 0.8091 Norwegian krone 0.1272 Peruvian new sol 0.3846 Russian ruble 0.01549 Saudi riyal 0.3784 Singapore dollar 1.0572 South African rand 0.07709 South Korean won 0.000985 Swedish krona 0.1324 Swiss franc 1.5723 Taiwanese dollar 0.04335 Turkish lira 0.0391 UK pound sterling 1.7888 US dollar 1.4193 A U.S. dollar cost $1.4193 based on daily average Fidelity Dis Auto Cl B 11.35 1.45 Mack CpKnGl100IndFdA 10.44 1.10 DesjSus Pos Ch Fd A 17.89 1.09 Fid Global Fund Ser B 97.78 1.06 EdgPt Global Port A 38.90 0.99 Fid Gbl Con Eq CN Fd A 13.10 0.96 Fid Gbl Conc Eq Fd B 17.03 0.96 TD Gbl Equ Foc Fd Inv 22.14 0.96 Fid Global Equ Priv Pl B 39.10 0.96 Fid Global Equ C N PP B 29.83 0.95 ROMC Trust Series A 27.27 0.95 Mac Cdl Value Fund AG 45.47 0.93 Mac Cundill Val Fd II A 23.70 0.92 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. ;