12:50:11 EDT Thu 09 May 2024
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Empire Company Ltd
Symbol EMP
Shares Issued 151,912,608
Close 2023-09-18 C$ 37.23
Market Cap C$ 5,655,706,396
Recent Sedar Documents

Globe says Loblaw, others aren't greedy at all, really

2023-09-19 07:57 ET - In the News

See In the News (C-L) Loblaw Companies Ltd

The Globe and Mail reports in its Tuesday edition that Justin Trudeau is training his populist lens on Big Grocer, now cast as the villain in a plot to fleece Canadians by driving up food prices. A Globe editorial says that the Prime Minister summoned the heads of the grocery chains to Ottawa on Monday; they are to hash out a plan by Thanksgiving to "stabilize and lower prices." If they fail to do so, Mr. Trudeau threatens to take action, including imposing a tax on companies that refuse to get with the Liberal program. "It does not make sense that in a country like Canada our largest grocery chains should be making record profits while Canadians are struggling to put food on the table, and we're seeing record usage of food banks," Mr. Trudeau tells reporters. The Globe, in turn, lectures the Prime Minister on economics: Inflation has driven up the cost of food production dramatically. Which means shelf prices have risen. The notion that grocery chains and others are responsible for inflation -- greedflation -- is not founded in fact, it says. In the words of Mr. Trudeau's own Department of Finance, "Rising global inflation was driven by supply-chain disruptions, strong consumption of goods, and rebounding global demand."

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