Business
Freedom Mobile unveils first nationwide plan following Rogers-Shaw deal
A woman walks past a Freedom Mobile story in Toronto on November 24, 2016. THE CANADIAN PRESS/Nathan Denette
By Sammy Hudes
Freedom Mobile will offer a $50 monthly plan that includes unlimited calls and texts as well as 40 gigabytes of data usable throughout Canada and the U.S. following its acquisition by Quebecor Inc.’s Videotron.
The $2.85 billion acquisition was prompted by Rogers Communications Inc.’s takeover of Shaw Communications Inc., which agreed last year to sell Freedom Mobile in an attempt to ease competition concerns as a requirement for the merger.
As part of conditions laid out by Industry Minister François-Philippe Champagne in March, Videotron must offer plans that are at least 20 per cent lower than its competitors’ and spend $150 million over the next two years to upgrade Freedom Mobile’s network.
The company said that work is underway, with teams dedicated to upgrading the wireless network to support the upcoming implementation of 5G technology and seamless roaming.
But the newly announced plan, which marks Freedom’s first offering with national coverage, “goes well beyond any of the expectations that were set by Ottawa,” telecommunications consultant Mark Goldberg said.
“This isn’t just 20 per cent. It’s a unique package,” he said.
“This is a statement by Freedom that they’re going to be establishing themselves in the marketplace.”
While he said it’s not the first time a Canadian carrier has offered transborder roaming, “it’s certainly the lowest price I’ve seen for it and it’s showing some aggressive price competition.”
Earlier this year, Champagne said his approval of the Rogers-Shaw merger would establish Freedom Mobile as a strong fourth national carrier, which would also encourage competition and lower prices in the marketplace.
Goldberg expects Freedom, along with Rogers, Bell Canada and Telus Corp. to meet that expectation by offering further incentives to customers.
Freedom said it has also introduced enhancements to its services that go beyond Quebecor’s commitments at the time of the transaction, such as a price freeze guarantee, which applies to all current and future customers for as long as they keep their plans.
This report by The Canadian Press was first published May 25, 2023.
Companies in this story: (TSX:QBR.B, TSX:RCI.B, TSX:BCE, TSX:T)
Canadians’ combined outstanding debt hit a new record in the first quarter, reaching $2.32 trillion, TransUnion said Wednesday.
As the cost of living rose with high inflation and interest rate hikes, many Canadians turned to credit to alleviate financial pressures, the credit reporting agency said in its latest industry insights report.
The number of Canadians with access to credit grew 2.9 per cent year over year, led by subprime consumers, which grew by 8.3 per cent, TransUnion said.
However, the agency said consumers considered prime or higher still make up almost three-quarters of total consumers with a balance, characterizing that as a “relatively healthy risk distribution.”
Credit card originations were up 20 per cent amid heavy competition in the market, while the average line of credit monthly payment increased by 43 per cent to $436.
Mortgage origination dropped 32 per cent year over year as higher interest rates slowed demand for new mortgages, especially in the refinance market.
Meanwhile, serious consumer delinquency increased, though TransUnion noted that overall delinquency levels remain below pre-pandemic levels.
“The financial position of Canadian credit consumers improved coming out of the pandemic, bolstered by higher savings accumulated through the pandemic and supported by a strong labour market,” said TransUnion director of research and industry insights Matthew Fabian in the report.
“However, the longer the current conditions of elevated inflation and higher interest rates persist, the more likely it is that a segment of more vulnerable consumers may increasingly feel the pinch,” he said.
“As available disposable incomes become more stretched, we expect a segment of consumers will be more likely to miss payments, and as a result, that delinquency rates will rise.”
Average consumer balances on most credit products rose, with the average credit card balance up 11.4 per cent to $3,909, and the average mortgage balance up 7.1 per cent to $349,178.
TransUnion expects credit trends for 2023 to be mixed due to the uneven impact of higher inflation and interest rates.
This report by The Canadian Press was first published May 31, 2023.
Statistics Canada says fewer fresh fruits and vegetables were available to Canadians in 2022, due to factors such as ongoing supply chain issues, labour shortages and price increases. Assorted fruit is shown at a market in Montreal on Thursday, June 13, 2019. THE CANADIAN PRESS/Paul Chiasson
Statistics Canada says fewer fresh fruits and vegetables were available to Canadians in 2022, due to factors such as ongoing supply chain issues, labour shortages and price increases.
StatCan says the amount of available fresh fruit declined by more than five per cent in 2022 from the previous year, to 72.9 kilograms per person.
Even though there was a 12.7 per cent increase in domestic fruit production, it was not enough to keep up with an increase in exports and a decrease in imports, the agency says in a report released today.
The availability of fresh vegetables — excluding potatoes — was 64.7 kilograms per person in 2022, a decrease of nearly six per cent from 2021.
Just like with fruits, Canada’s vegetable production increases in 2022 were not enough to keep up with a rise in exports and a drop in imports, StatCan says.
The agency says some Canadian food industry sectors experienced record production in 2022, but also exported more food internationally than the previous year.
It says the entire industry was affected by pandemic-related supply chain issues, such as shipping delays and shortages of labour and products.
StatCan also cites price increases as one of the factors. Extreme weather, the war in Ukraine and energy costs severely impacted global food prices last year.
Food inflation was stubbornly high in Canada in 2022, outpacing overall inflation. Grocery prices were up 9.8 per cent in 2022 compared with 2021, the fastest pace since 1981.
StatCan’s latest report says the amount of milk available to Canadians also decreased by nearly four per cent in 2022, compared to the previous year.
StatCan says that was mainly caused by a drop in production of one per cent milk and two per cent milk.
In contrast, red meat availability increased by 4.3 per cent in 2022, led by beef as cattle slaughter increased from the previous year. The amount of poultry available to Canadians increased by 1.5 per cent.
This report by The Canadian Press was first published May 31, 2023.
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