Doug Ford suggests willingness to work with Toronto on FIFA World Cup expenses
Signage for the official brand and new #WeAre26 awareness campaign, as a host city for FIFA World Cup 2026, photographed at BMO Field in Toronto, on Thursday, May 18, 2023. THE CANADIAN PRESS/ Tijana Martin
Premier Doug Ford is promising to sit down with Toronto Mayor Olivia Chow and ''come up with a solution' amid concerns that the city could be facing a sizeable shortfall with less than one year to go until the start of the tournament.
The municipality was counting on $97 million in funding from Queen's Park to help cover the costs of hosting six FIFA World Cup games in 2026.
But a staff report last month revealed that more than $39 million of that funding will go toward additional provincial service costs, including $14 million to the Ontario Provincial Police for security and another $15 million to help cover additional hospital and paramedic surge capacity.
'When I made this agreement I said we weren't going to do a penny more than $96 or $97 million, somewhere around there, but when I talked to the mayor and we were looking over the costs, the security is crazy,' Ford said during an unrelated news conference on Tuesday, where he was asked whether there might be any wiggle room in the province's deal with the city. 'She (Chow) needs more cash which I understand. But we will review it, we will come up with a solution and it will turn out well.'
The total cost of hosting World Cup games in Toronto has been pegged at $380 million, with the federal government contributing $104 million and Ontario chipping in the $97 million, including services.
Chow, however, has said that the city was not expecting so much of the province's contribution to be eaten up by service costs and can't just find the cash on its own to cover the shortfall.
She has warned that if more of the provincial contribution can't be delivered in cash, the city may have to look at slashing many of the planned expenses associated with the World Cup.
'I wish we signed all the cost-sharing before we did the bidding but we are now here,' Chow said alongside Ford at Tuesday's press conference. 'So, it is absolutely true. We are negotiating and we are looking at the costs. The security costs for example are like 30 plus percent (of the provincial contribution). Do we really need that high level of security?'
A motion approved by city council last month directed the city manager to limit FIFA World Cup expenses to $340 million 'until such time as the City of Toronto has identified savings, secured intergovernmental funding or other sources of revenue to fund [the] full $380 million budget.'
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Globe and Mail
39 minutes ago
- Globe and Mail
Steady Comps Momentum: Will TJX Sustain its Winning Run?
The TJX Companies, Inc. TJX delivered comparable store sales growth of 3% in the first quarter of fiscal 2026, with all four major divisions contributing to the gain. The growth was entirely driven by increased customer transactions. This strength reinforces TJX's positioning as a reliable traffic magnet in off-price retail, especially as economic uncertainty pushes consumers toward value-driven formats. HomeGoods led the way with comparable sales up 4%, with strength at both the HomeGoods and the HomeSense banners. Marmaxx, the largest division, posted 2% comparable sales growth, with stronger momentum noted in March and April after a weaker February that was impacted by adverse weather. TJX Canada and TJX International (which includes Europe and Australia) each reported 5% comparable sales gains, helping to offset foreign exchange pressures. Management attributed the results to well-curated assortments and broad customer appeal, supported by close-to-need buying and sourcing flexibility. These factors have contributed to ongoing market share gains, particularly as more consumers seek value-driven retail options. TJX is off to a strong start in the second quarter. It is guiding for 2-3% comparable sales growth for the quarter. As tariffs and macro pressures build, the focus shifts to whether this consistent traffic-driven performance can hold up, especially as promotional intensity rises across retail. Still, TJX's ability to post positive comparable sales across categories and geographies highlights the enduring strength of its off-price model. Tracking Comp Sales: TJX's Peers, Costco and Burlington, Side by Side Costco Wholesale COST reported total company comparable sales growth of 5.7%, or 8% when adjusted for gas and FX, in the third quarter of fiscal 2025. U.S. comparable sales rose 6.6% (7.9% adjusted), driven primarily by 5.5% traffic growth. Costco highlighted strong member engagement and continued focus on delivering value. Sales were supported by price investments, growing Kirkland Signature penetration and sourcing flexibility in response to tariffs, helping Costco maintain its competitive positioning. Burlington Stores BURL reported flat comparable sales in the first quarter of fiscal 2025. Comparable sales declined in February but improved in March and April. Burlington maintained full-year comp guidance of flat to up 2%. Management cited tax refund delays, weather impacts and external uncertainty. Burlington continues to focus on merchandising flexibility and sourcing shifts to navigate tariffs and stabilize sales performance through the year. TJX's Price Performance, Valuation and Estimates Shares of The TJX Companies have lost 1.7% in the past month compared with the industry 's decline of 1.8%. From a valuation standpoint, TJX trades at a forward price-to-earnings ratio of 26.6X, down from the industry's average of 32.13X. The Zacks Consensus Estimate for The TJX Companies' current financial-year sales and earnings per share implies year-over-year growth of 4.4% and 4.7%, respectively. TJX stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. Zacks' Research Chief Names "Stock Most Likely to Double" Our team of experts has just released the 5 stocks with the greatest probability of gaining +100% or more in the coming months. Of those 5, Director of Research Sheraz Mian highlights the one stock set to climb highest. This top pick is a little-known satellite-based communications firm. Space is projected to become a trillion dollar industry, and this company's customer base is growing fast. Analysts have forecasted a major revenue breakout in 2025. Of course, all our elite picks aren't winners but this one could far surpass earlier Zacks' Stocks Set to Double like Hims & Hers Health, which shot up +209%. Free: See Our Top Stock And 4 Runners Up Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report The TJX Companies, Inc. (TJX): Free Stock Analysis Report Burlington Stores, Inc. (BURL): Free Stock Analysis Report
National Post
an hour ago
- National Post
Calgary Flames' draft-week primer: Picks, history, potential targets and more
Is it Friday yet? Article content That's the feeling around the Saddledome and for hockey fans in all sorts of other offices too, now that we're just days away from the 2025 NHL Draft. The prospect-picking starts with Friday's televised first round. Article content Article content If the Flames are your favourite team, here's everything you need to know to be ready for what is always a busy week. Article content Craig Conroy & Co. will have to wait for handshakes and photo ops with the newest additions to the Flames' pipeline. Article content Article content The 2025 NHL Draft is 'decentralized,' similar to the model used by the NFL and NBA. While the top prospects will be gathered at Peacock Theatre in Los Angeles, the teams will submit the picks virtually from their respective home cities. Article content Conroy, director of amateur scouting Tod Button and the rest of the Flames' braintrust will set up draft headquarters at the Saddledome. Article content Friday's first round will be broadcast on Sportsnet at 5 p.m. MT. Rounds 2-7 run Saturday, starting at 10 a.m. MT. Article content This is an easy one. Article content There are always some major trades during draft week and Flames defence workhorse Rasmus Andersson is among the big names who could potentially be on the move. Article content Andersson, 28, is about to enter the final year of his contract in Calgary. The two sides have had preliminary conversations about the possibility of an extension, but the insiders seem convinced a trade is the most likely outcome. Article content Article content As Sportsnet's Elliotte Friedman wrote in his latest 32 Thoughts: 'The feeling across the league is the talented defenceman is ready for something new. I believe the Flames are willing, but only when they get what they want. There's significant interest, which helps.' Article content Article content Conroy can wait this out. He has already proven his patience as a general manager and he shouldn't feel pressured to make a move until closer to the trade deadline.
Globe and Mail
an hour ago
- Globe and Mail
Is the Options Market Predicting a Spike in Rogers Communications Stock?
Investors in Rogers Communications Inc. RCI need to pay close attention to the stock based on moves in the options market lately. That is because the July 18, 2025 $40.00 Put had some of the highest implied volatility of all equity options today. What is Implied Volatility? Implied volatility shows how much movement the market is expecting in the future. Options with high levels of implied volatility suggest that investors in the underlying stocks are expecting a big move in one direction or the other. It could also mean there is an event coming up soon that may cause a big rally or a huge sell-off. However, implied volatility is only one piece of the puzzle when putting together an options trading strategy. What do the Analysts Think? Clearly, options traders are pricing in a big move for Rogers Communications shares, but what is the fundamental picture for the company? Currently, Rogers Communications is a Zacks Rank #3 (Hold) in the Diversified Communication Services industry that ranks in the Top 37% of our Zacks Industry Rank. Over the last 60 days, one analyst has increased the earnings estimates for the current quarter, while two have dropped their estimates. The net effect has taken our Zacks Consensus Estimate for the current quarter from earnings of 74 cents per share to 75 cents in that period. Given the way analysts feel about Rogers Communications right now, this huge implied volatility could mean there's a trade developing. Oftentimes, options traders look for options with high levels of implied volatility to sell premium. This is a strategy many seasoned traders use because it captures decay. At expiration, the hope for these traders is that the underlying stock does not move as much as originally expected. Looking to Trade Options? Check out the simple yet high-powered approach that Zacks Executive VP Kevin Matras has used to close recent double and triple-digit winners. In addition to impressive profit potential, these trades can actually reduce your risk. Click to see the trades now >> Zacks' Research Chief Names "Stock Most Likely to Double" Our team of experts has just released the 5 stocks with the greatest probability of gaining +100% or more in the coming months. Of those 5, Director of Research Sheraz Mian highlights the one stock set to climb highest. This top pick is a little-known satellite-based communications firm. Space is projected to become a trillion dollar industry, and this company's customer base is growing fast. Analysts have forecasted a major revenue breakout in 2025. Of course, all our elite picks aren't winners but this one could far surpass earlier Zacks' Stocks Set to Double like Hims & Hers Health, which shot up +209%. Free: See Our Top Stock And 4 Runners Up Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Rogers Communication, Inc. (RCI): Free Stock Analysis Report
