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ABC News
16 hours ago
- Business
- ABC News
SA councils call for financial relief as rural debt mountain grows
Crippling debt is growing by the day for drought-stricken South Australian farms with local councils pleading for state government intervention in the form of rate relief. Despite recent rains, the past three years of poor rain have seen farmers continue to borrow to cover their overheads. After 90 per cent of his crops failed last year, Appila farmer Andrew Zanker, in South Australia's Mid North, said he was reliant on loans to pay bills. "Everything that we pay [for bills] at the moment increases our debt month by month," he said. By the end of the year, Mr Zanker expects he will be overdrawn by hundreds of thousands of dollars. Dean Johnson, Kimba mayor and president of the Eyre Peninsula Local Government Association (EPLGA), said providing council hardship relief was difficult because local governments were already "battling" sustainability issues. "We want to support our primary producers as much as we can, but we've still got to provide the services that they need to keep their communities growing," he said. According to the Essential Services Commission of South Australia, the District Council of Tumby Bay and the Flinders Ranges Council are unsustainable or projected to remain unsustainable. Despite the findings, Flinders Ranges Council Mayor Ken Anderson said it was trying to alleviate as much financial pressure as possible. "Our focus is on trying to make savings in these hard times, across the board for everybody," he said. Mr Anderson said that, although the budget had not been finalised, his council was hoping to limit its rate rise to below 4 per cent. Both the EPLGA and Flinders Alliance of Councils have called on the state government to provide further and more targeted support to assist councils and primary producers. In a letter to Premier Peter Malinauskas, the Flinders Alliance called for a 12-month waiver of state government-imposed levies and taxes, such as the landscape levy and emergency services levy. The alliance has also requested that the state government subsidise rates for affected local governments. "For those councils with primary producers that can demonstrate financial hardship resulting in the inability to pay rates, the state government [should] 'spot' councils for the rates that cannot be paid," the letter read. The request echoed similar calls from the EPLGA that said in a letter to the government that councils were "bearing the cost" of certain hardship measures, such as deferring rate obligations. "These additional financial pressures further strain council resources, which are limited," it said. Streaky Bay farmer Dion Trezona said deferred or delayed payments still represented a bill for landholders and impacted councils' cash flow. "Especially for your prime production land holders, those rates should just be picked up by the state government just to give us a hand … and not have another bill come through your household," he said. Minister for Primary Industries Clare Scriven said the government was open to the idea, but it would mean one of the 20 different streams of grant funding available under the $73-million support package would have to be cut. "We developed that with primary producers, with peak bodies and with regional stakeholders," Ms Scriven said. "It was based on the feedback that we were hearing about what was needed by farmers and by regional communities. "It's not clear to me where anyone thinks that should be cut to be able to fund this, so I guess that's something that would need to be clarified."
Yahoo
15-05-2025
- Business
- Yahoo
Media Advisory - Intact Financial Corporation to host Investor Day on May 21
TORONTO, May 15, 2025 /CNW/ - Intact Financial Corporation (TSX: IFC) will host an Investor Day event on Wednesday, May 21, 2025 with formal presentations by senior executives beginning at 8:45 a.m. ET. The event is expected to conclude at approximately 12:30 p.m. E.T. Charles Brindamour, Chief Executive Officer, and Ken Anderson, Chief Financial Officer, will share details on the Company's strategic roadmap. Senior executives will provide insights into Intact's strategies for generating strong organic growth in Canada, the UK&I and Global Specialty Lines. They will also discuss expanding margins through Data & AI and our claims & supply chain network, as well as optimizing capital allocation. Webcast details: A link to access the live webcast is available in the Events and Presentations section of Intact Financial Corporation's website. The video replay will be available following the event. About Intact Financial Corporation Intact Financial Corporation (TSX: IFC) is the largest provider of Property and Casualty (P&C) insurance in Canada, a leading Specialty lines insurer with international expertise and a leader in Commercial lines in the UK and Ireland. The business has grown organically and through acquisitions to almost $24 billion of total annual operating direct premiums written (DPW). In Canada, Intact distributes insurance under the Intact Insurance brand through agencies and a wide network of brokers, including its wholly-owned subsidiary BrokerLink. Intact also distributes directly to consumers through the belairdirect brand and affinity partnerships. Additionally, Intact provides exclusive and tailored offerings to high-net-worth customers through Intact Prestige. In the US, Intact Insurance Specialty Solutions provides a range of Specialty insurance products and services through independent agencies, regional and national brokers, wholesalers and managing general agencies. Across the UK, Ireland, and Europe, Intact provides Personal, Commercial and/or Specialty insurance solutions through the RSA, NIG and FarmWeb brands. SOURCE Intact Financial Corporation View original content: Sign in to access your portfolio
Cision Canada
15-05-2025
- Business
- Cision Canada
Media Advisory - Intact Financial Corporation to host Investor Day on May 21 Français
TORONTO, May 15, 2025 /CNW/ - Intact Financial Corporation (TSX: IFC) will host an Investor Day event on Wednesday, May 21, 2025 with formal presentations by senior executives beginning at 8:45 a.m. ET. The event is expected to conclude at approximately 12:30 p.m. E.T. , Chief Executive Officer, and Ken Anderson, Chief Financial Officer, will share details on the Company's strategic roadmap. Senior executives will provide insights into Intact's strategies for generating strong organic growth in Canada, the UK&I and Global Specialty Lines. They will also discuss expanding margins through Data & AI and our claims & supply chain network, as well as optimizing capital allocation. Webcast details: A link to access the live webcast is available in the Events and Presentations section of Intact Financial Corporation's website. The video replay will be available following the event. About Intact Financial Corporation Intact Financial Corporation (TSX: IFC) is the largest provider of Property and Casualty (P&C) insurance in Canada, a leading Specialty lines insurer with international expertise and a leader in Commercial lines in the UK and Ireland. The business has grown organically and through acquisitions to almost $24 billion of total annual operating direct premiums written (DPW). In Canada, Intact distributes insurance under the Intact Insurance brand through agencies and a wide network of brokers, including its wholly-owned subsidiary BrokerLink. Intact also distributes directly to consumers through the belairdirect brand and affinity partnerships. Additionally, Intact provides exclusive and tailored offerings to high-net-worth customers through Intact Prestige. In the US, Intact Insurance Specialty Solutions provides a range of Specialty insurance products and services through independent agencies, regional and national brokers, wholesalers and managing general agencies. Across the UK, Ireland, and Europe, Intact provides Personal, Commercial and/or Specialty insurance solutions through the RSA, NIG and FarmWeb brands. SOURCE Intact Financial Corporation
Yahoo
18-02-2025
- Business
- Yahoo
CDPQ to sell 2,500,000 common shares of Intact Financial
MONTRÉAL, Feb. 18, 2025 (GLOBE NEWSWIRE) -- CDPQ today announced its intention to sell 2,500,000 common shares of Intact Financial Corporation (TSX: IFC), representing approximately 1.4% of the issued and outstanding common shares of Intact as of February 18, 2025. The common shares are being sold at a gross price of $278.60 per share, which has been underwritten by CIBC Capital Markets and National Bank Financial. CDPQ expects to receive gross cash proceeds of approximately $696,500,000 from the offering. This transaction is part of CDPQ's regular portfolio rebalancing. Once the transaction is complete, CDPQ will own approximately 6.6% of Intact's issued and outstanding common shares, remaining its largest shareholder and Intact continuing as one of CDPQ's largest holdings in the public markets. 'CDPQ has been a major shareholder of Intact for over fifteen years, during which time our investment in the company has generated significant returns for our depositors,' said Vincent Delisle, Executive Vice-President and Head of Liquid Markets at CDPQ. 'This transaction allows us to monetize a portion of these returns while retaining significant ownership in the company, based on our confidence in Intact's growth prospects, including through several strategic operations based and managed in Québec.' 'CDPQ continues to be a valued partner in Intact's evolution as a leading global P&C insurer. This transaction enables a significant gain on a portion of one of their largest investments while remaining able to support our growth ambitions,' said Ken Anderson, Executive Vice President and CFO, Intact Financial Corporation. 'We have delivered an annualized total shareholder return of 15% over the last 10 years, and we remain well positioned to sustain our track record of outperformance, given the strength of our platforms, our talented team and our clear strategic roadmap.' ABOUT CDPQAt CDPQ, we invest constructively to generate sustainable returns over the long term. As a global investment group managing funds for public pension and insurance plans, we work alongside our partners to build enterprises that drive performance and progress. We are active in the major financial markets, private equity, infrastructure, real estate and private debt. As at June 30, 2024, CDPQ's net assets totalled CAD 452 billion. For more information, visit consult our LinkedIn or Instagram pages, or follow us on X. CDPQ is a registered trademark owned by Caisse de dépôt et placement du Québec and licensed for use by its subsidiaries. ABOUT INTACT FINANCIAL CORPORATION Intact Financial Corporation (TSX: IFC) is the largest provider of Property and Casualty (P&C) insurance in Canada, a leading Specialty lines insurer with international expertise and a leader in Commercial lines in the UK and Ireland. The business has grown organically and through acquisitions to almost $24 billion of total annual operating direct premiums written (DPW). In Canada, Intact distributes insurance under the Intact Insurance brand through agencies and a wide network of brokers, including its wholly owned subsidiary BrokerLink. Intact also distributes directly to consumers through the belairdirect brand and affinity partnerships. Additionally, Intact provides exclusive and tailored offerings to high-net-worth customers through Intact Prestige. In the US, Intact Insurance Specialty Solutions provides a range of Specialty insurance products and services through independent agencies, regional and national brokers, wholesalers and managing general agencies. Across the UK, Ireland, and Europe, Intact provides Personal, Commercial and/or Specialty insurance solutions through the RSA, NIG and FarmWeb brands. For more information CDPQ Media Relations Team+ 1 514 847-5493medias@ Caroline AudetManager, Media Relations and Public Affairs, Intact Financial416 227-7905 / 514 985-7165media@ in to access your portfolio
