Author: Newsdesk

TIVERTON, ON, Nov. 13, 2020 (GLOBE NEWSWIRE) — Today’s announcement from the Province of Ontario outlining an ongoing commitment to nuclear power – including development of new nuclear technologies – continues to expand the range of future opportunities for the Bruce Power site and aligns with the company’s strategy to contribute to a Net Zero Canada by 2050. 

The Clean Energy Frontier Region, including Bruce, Grey and Huron counties, is home to Bruce Power, more than 60 nuclear companies, Ontario’s Nuclear Innovation Institute (NII) and key electricity transmission lines that are connected to the fastest growing parts of the province, all bolstered by strong community support.

“Our Life-Extension Program is a fundamental contributor to providing Ontario’s residents and businesses with clean, affordable electricity and life-saving medical isotopes for the long term, which includes advancing new technologies that leverage our current infrastructure,” said Mike Rencheck, Bruce Power’s President and CEO. “We have established a capability in this region that will allow us to be home to new technologies including small modular reactors (SMRs), and hydrogen production.” 

Along with New Brunswick Power, SaskPower and Ontario Power Generation, Bruce Power has been moving forward on developing a strategy for the use of SMRs since the Ontario, New Brunswick and Saskatchewan provincial governments signed a Memorandum of Understanding last year. The MOU will put in place a framework for action on the deployment of SMRs in their respective jurisdictions. Bruce Power will continue to play a part in this important work and is supportive of the work being advanced by OPG, SaskPower and NB Power in the regions they operate.

“Bruce Power has been and continues to be at the forefront of innovation while providing reliable, affordable energy to Ontario consumers,” said Bill Walker, Associate Minister of Energy, and MPP, Bruce-Grey-Owen Sound.  “Our government supports the development of small modular reactors in Ontario and supports the efforts of Bruce Power in its pursuit of next generation nuclear technologies to power a clean and prosperous future for our province and beyond. 

“This has the potential to build on the life extension project underway at Bruce Power with a host community and champion that will bring these technologies forward in the years to come.” 

In order to advance this future opportunity, the Bruce Power Centre for Next Generation Nuclear was launched in August with Ontario Premier Doug Ford, Saskatchewan Premier Scott Moe and Greg Rickford, Ontario’s Minister of Energy, Northern Development and Mines, and Minister of Indigenous Affairs, to explore paths to develop innovative energy sources such as SMRs and hydrogen power.

“Our government, alongside our provincial and industry partners, is leading the charge on SMR deployment in Canada,” said Rickford. “We are leveraging our nuclear expertise and bringing our made-in-Ontario technology to the forefront to lead the world in the next generation of nuclear innovation.” 

The announcement by the province aligns with Bruce Power’s Net Zero 2050 strategy, launched in October which will see the Bruce Power Centre for Next Generation Nuclear at the Nuclear Innovation Institute carry out the following activities in 2021 to expand opportunities for the region. 

These include: 

• A study into the next 50 years of the Bruce Power site – as the world’s largest operating nuclear facility, expanded transmission capability with assets that can be optimized, enhanced, leveraged and life extended, Bruce Power can have a profound impact on Canada’s clean energy future.
• Examining the role of new nuclear and fusion energy technology as part of a clean energy future alongside existing Bruce Power nuclear production. This will include grid-scale SMRs with Ontario-based Terrestrial Energy and micro reactors.
• A Hydrogen Unity Project. At a time when there are divisions in Canada on energy issues, we need solutions for all provinces. The Centre will evaluate mass production of hydrogen using nuclear technology and opportunities for alignment with the oil and gas, transportation and electricity generation sectors. This work will explore economic benefits and regional opportunities for greenhouse gas reduction.
• The COVID-19 pandemic has changed the world, placing greater importance on global human health along with retooling and economic recovery need to be integrated with achieving net zero. The Bruce Power Retooling and Economic Recovery Council will launch a Panel Review to determine opportunities for enhancing global health through medical isotopes, leveraging the nuclear supply chain to be self-sufficient with PPE and further opportunities to expand sterilization using Cobalt-60.

“I’m proud Huron-Bruce is home to the world’s largest nuclear facility and Canada’s largest private-sector infrastructure project,” said Huron-Bruce MPP Lisa Thompson, also the Minister of Government and Consumer Services. “We have the opportunity to build on the infrastructure and expertise at the Bruce Power site to become home to these new technologies, and will truly be Canada’s Clean Energy Frontier for decades to come.” 

The Grey, Bruce, Huron region is well-positioned to advance these initiatives and has developed a program called the Clean Energy Frontier program which was launched recently by the Nuclear Innovation Institute with funding from Bruce Power and Bruce County.

“Today’s announcement from Bruce Power is yet another example of the positive role our region continues to play in developing new and innovative clean energy technologies,” said Bruce County Warden Mitch Twolan. “Bruce County welcomes this announcement and we look forward to advancing SMR technologies right here in Ontario’s Clean Energy Frontier.” 

“The innovative work taking place at Bruce Power is having a positive impact on communities in Huron County,” said Jim Ginn, Warden of Huron County. “We commend Bruce Power, the Nuclear Innovation Institute and Terrestrial Energy for collaborating on this important project and look forward to its future success.”

“Grey County is pleased to see Bruce Power’s continued to commitment to advancing cutting-edge, innovative, and made-in-Ontario clean energy technology. This project, yet again, showcases the ingenuity and innovative spirit that exists right here in our region,” said Paul McQueen, Warden of Grey County.

Background

What is an SMR?

SMRs are nuclear reactors that will produce 300 megawatts (MW) of electricity or less. Much smaller than traditional nuclear power plants, their modular design allows for deployment in small grids, remote off-grid communities, and as an energy source for resource projects. In addition to an agreement that was reached to explore applications micro reactors within Canada, Terrestrial Energy has announced they have joined the Centre for Next Generation Nuclear to support grid scale application of their SMR technology.

What is Canada’s Clean Energy Frontier Program?

The Clean Energy Frontier Program (CEFP) demonstrates the critical role of the tri-county region of Bruce, Grey and Huron in achieving a net-zero economy and clean energy future for Ontario and across Canada. The region has what the rest of Ontario needs: clean energy technologies – starting with nuclear power – and the skills and expertise around new energy sources that can lead the transition to a robust, net-zero economy.

What is the Bruce Power Centre for Next Generation Nuclear Technology?

Bruce Power Centre for Next Generation Nuclear forges a deeper understanding of the role of nuclear power in developing new energy technologies that can help carve Canada’s path to a net-zero economy. The Centre examines the market and technology challenges facing energy sources such as hydrogen and new nuclear technologies such as small modular reactors and fusion energy. The Centre will also explore opportunities for Bruce Power assets to be optimized and leveraged to maximize the impact they’ll have on Canada’s clean energy future.

 

About Bruce Power

Formed in 2001, Bruce Power is an electricity company based in Bruce County, Ontario. We are powered by our people. Our 4,200 employees are the foundation of our accomplishments and are proud of the role they play in safely delivering clean, reliable, low-cost nuclear power to families and businesses across the province. Bruce Power has worked hard to build strong roots in Ontario and is committed to protecting the environment and supporting the communities in which we live. Learn more at www.brucepower.com and follow us on Facebook, Twitter, LinkedIn, Instagram and YouTube.

John Peevers
Bruce Power
5193863799
[email protected]

Paris, Amsterdam, November 13, 2020

Press release

Meeting of the Supervisory Board of Unibail-Rodamco-Westfield (URW) on November 13, 2020

The Supervisory Board of Unibail-Rodamco-Westfield (URW) met today in the presence of the three new directors elected at the Group’s Combined General Meeting of November 10, 2020 (Mr Léon Bressler, Ms Susana Gallardo and Mr Xavier Niel).

At this meeting, the Supervisory Board took note of the resignation of the Chairman of the Board, Mr Colin Dyer, who remains a member of the Board. The Board also takes note of the resignation of Mr Jacques Stern, Vice-Chairman, and of Mr Philippe Collombel, Mrs Sophie Stabile and Mrs Jacqueline Tammenoms Bakker.

The Supervisory Board appointed Mr Léon Bressler as Chairman with immediate effect. Mrs Susana Gallardo becomes member of the Governance and Nomination Committee. Mr Xavier Niel becomes member of the Remuneration Committee.

The Supervisory Board wishes to express its gratitude to Mr Colin Dyer for the work accomplished during his term of office as Chairman since April 25, 2017.

The Board thanks Mr Jacques Stern for his work on the Supervisory Board since April 21, 2016. He was Vice-Chairman of the Supervisory Board since May 15, 2020, and a member of the Audit Committee, which he had chaired since June 7, 2018. The Board also thanks Philippe Collombel, Sophie Stabile and Jacqueline Tammenoms Bakker.

For further information, please contact:

Investor Relations 

Samuel Warwood
Maarten Otte 
+33 1 76 77 58 02 
[email protected]

Media Relations

Céline van Steenbrugghe
+33 6 71 89 73 08
[email protected]

About Unibail-Rodamco-Westfield

Unibail-Rodamco-Westfield is the premier global developer and operator of Flagship Destinations, with a portfolio valued at €58.3 Bn as at September 30, 2020, of which 86% in retail, 7% in offices, 5% in convention & exhibition venues and 2% in services. Currently, the Group owns and operates 89 shopping centres, including 55 Flagships in the most dynamic cities in Europe and the United States. Its centres welcome 1.2 billion visits per year. Present on two continents and in 12 countries, Unibail-Rodamco-Westfield provides a unique platform for retailers and brand events and offers an exceptional and constantly renewed experience for customers.
With the support of its 3,400 professionals and an unparalleled track-record and know-how, Unibail-Rodamco-Westfield is ideally positioned to generate superior value and develop world-class projects.
Unibail-Rodamco-Westfield distinguishes itself by its Better Places 2030 agenda, that sets its ambition to create better places that respect the highest environmental standards and contribute to better cities.
Unibail-Rodamco-Westfield stapled shares are listed on Euronext Amsterdam and Euronext Paris (Euronext ticker: URW), with a secondary listing in Australia through Chess Depositary Interests. The Group benefits from an BBB+ rating from Standard & Poor’s and from a Baa1 rating from Moody’s.

For more information, please visit www.urw.com
Visit our Media Library at https://mediacentre.urw.com
Follow the Group updates on Twitter @urw_group, Linkedin @Unibail-Rodamco-Westfield and Instagram @urw_group

Attachment

• Meeting of the Supervisory Board on November 10, 2020

TORONTO, Nov. 13, 2020 (GLOBE NEWSWIRE) — Tropicana workers have learned that the Tropicana board voted to grant a $3000 to a manager in 2019, around the time the frontline workers unionized and started asking for an end to years of wage freezes. 

Several workers were told either directly or overheard that board President Carol Comissiong authorized a $3000 bonus for the daycare supervisor. Now that workers are striking together, this information is being brought to light with the broader group. 

Maxine Edwards is a Job Developer with Tropicana and was unaware of the manager bonus until the strike started. She says: “I hadn’t heard about the manager bonus until we all went on strike and this information came out. But this is really disappointing to hear. I was working with no wage increase for four years. I was always told there was no money for wage increases for staff.”

Management has continued to insist on three more years of wage freezes, which has pushed the workers to go on strike. Workers have been picketing Tropicana premises since November 9th.

Tropicana is a publicly-funded organization financed by all three levels of government. Workers unionized and are now on strike after many had been forced to accept up to a decade of wage freezes. They are seeking a cost-of-living wage increase and transparent management practices as a part of their first collective agreement. Workers have set up TropicanaStrikes.ca to keep the public informed on developments. 

SEIU Local 2 represents workers in Nova Scotia, Ontario, Alberta, New Brunswick and British Columbia.

Contact: Assya Moustaqim-Barrette
[email protected]
416-274-4903

LODI, Calif., Nov. 13, 2020 (GLOBE NEWSWIRE) — The Board of Directors of Farmers & Merchants Bancorp (OTCQX: FMCB), a bank holding company headquartered in Lodi, California, declared a year-end cash dividend of $7.50 per share of common stock, an increase of 4.90% over the cash dividend declared in November of 2019. The cash dividend will be paid on January 2, 2021, to shareholders of record on December 9, 2020. Cash dividend payments declared over the past year total $14.75 per share.

Kent A. Steinwert, Chairman, President and Chief Executive Officer stated, “We are pleased that Farmers & Merchants Bancorp’s record third quarter and year-to-date 2020 financial performance allowed for increasing the cash dividend while still providing a level of capital retention that supports the Company’s growth plans. Although the low market interest rates and economic slowdown caused by the COVID-19 health crisis are negatively impacting the performance of many financial institutions, we remain cautiously optimistic about the outlook for Farmers & Merchants Bancorp’s financial results in the remainder of 2020. This year marks the 86th consecutive year that Farmers & Merchants Bancorp has paid cash dividends and the 56th consecutive year dividends have been increased. As a result of the reliability of our cash dividends over many decades, we remain a member of a select group of only 30 publicly traded companies referred to as Dividend Kings.”

Farmers & Merchants Bancorp earned record net income of $14.8 million in the third quarter of 2020 and $43.2 million for the nine months ending September 30, 2020, representing increases of 7.8% and 4.5% over the same periods the prior year. Earnings per share of common stock outstanding for the third quarter were $18.66, up from $17.45 in the third quarter of 2019, and for the nine-month period were $54.49, up from $52.64 the prior year. Additionally, the Company’s net income over the trailing twelve months was $57.9 million ($73.03 per share as reported), as compared to $54.4 million for the same period in the prior year. Return on average assets for the third quarter was 1.40%, and for the nine months was 1.44%, and return on average equity was 14.40% for the third quarter and 14.54% for the nine months. Total assets at quarter-end were $4.3 billion, up 20.5% from the third quarter of 2019. As of September 30, 2020 the Company’s credit quality remained strong, with only $498,000 of non-performing loans and leases and a very low delinquency ratio of .04%.

The Company’s tier 1 leverage capital ratio was 9.5% at September 30, 2020, and the total capital ratio was 13.12%, resulting in the highest possible regulatory classification of “well capitalized”. Had the Company not participated in the SBA’s Paycheck Protection Program, the net result would have been an 86 basis point improvement to the September 30, 2020 tier 1 leverage capital ratio, increasing the ratio to 10.36%.

About Farmers & Merchants Bancorp

Farmers & Merchants Bancorp, traded on the OTCQX under the symbol FMCB, is the parent company of Farmers & Merchants Bank of Central California, also known as F&M Bank. Founded in 1916, F&M Bank is a locally owned and operated community bank, which proudly serves California through 32 convenient locations. We are the 13th largest bank lender to agriculture in the United States, and the largest community bank lender to agriculture west of the Rocky Mountains. In 2013, the Bank began an expansion into the San Francisco Bay Area with new full-service branches in Walnut Creek and Concord. In early 2018, a loan production office opened in Napa, which converted to a full-service branch in September 2018. The Bank offers a full complement of loan, deposit, equipment leasing and treasury management products to businesses, as well as a full suite of consumer banking products. The FDIC awarded F&M Bank the highest possible rating of “Outstanding” in their CRA evaluation. Farmers & Merchants Bancorp has paid dividends for 86 consecutive years and we have increased dividends for 56 consecutive years. As a result, we are a member of a select group of only 30 publicly traded companies referred to as “Dividend Kings.” Additionally, the Bank has maintained a 5-Star rating from BauerFinancial for 29 consecutive years, longer than any other commercial bank in the state of California. For more information about Farmers & Merchants Bancorp and F&M Bank, visit fmbonline.com.

Forward-Looking Statements

Statements concerning future performance, developments or events, expectations for growth and income forecasts, and any other guidance on future periods, constitute forward-looking statements that are subject to a number of risks and uncertainties, including the continued impact of COVID-19. Actual results may differ materially from stated expectations. Specific factors include, but are not limited to, loan production, balance sheet management, levels of net interest margin, the ability to control costs and expenses, interest rate changes, the competitive environment, financial and regulatory policies of the United States government, water management issues in California and general economic conditions. Additional information on these and other factors that could affect financial results are included in our Securities and Exchange Commission filings. The Company disclaims any obligation to update any such factors or to publicly announce the results of any revisions to any forward-looking statements contained herein to reflect future events or developments.

Contact

Farmers & Merchants Bancorp
Stephen W. Haley, 209-367-2411
Executive Vice President and Chief Financial Officer
[email protected]