CALGARY - The Global Energy Show kicks off today with an address from the federal natural resources minister, followed by sessions featuring a diverse slate of political and corporate leaders from Canada and abroad. Along with Tim Hodgson's speech on "building an energy superpower," Day 1 of the three-day conference is set to include discussions with Alberta Premier Danielle Smith and, later in the day, B.C. Energy Minister Adrian Dix. At last year's event, Smith made an early push for a [Read more]
Feds offer millions in loans to airlines as fuel costs soar. Some don’t want the cash
MONTREAL - The federal government on Monday offered a loan lifeline to airlines struggling to cope with the soaring price of jet fuel, garnering a mixed response from the country's carriers. The new program will let airlines borrow up to $150 million each, as fallout from the Iran war forces them to slash flight schedules and cut profit forecasts. Ballooning fuel costs have put severe pressure on airlines' balance sheets, said Finance Minister FranÇois-Philippe Champagne, who framed the [Read more]
Another European utility looks to lock down supply from Ksi Lisims LNG
Another European utility has expressed interest in purchasing liquefied natural gas from the Ksi Lisims project planned for the northern British Columbia coast. Duesseldorf-based Uniper and Ksi Lisims LNG say they have signed a letter of interest that could see the German company buy two million tonnes of gas a year, with deliveries beginning as early as 2032. The letter of interest outlines key commercial terms for a firmer supply and purchase agreement with Uniper, whose core markets are [Read more]
Fifth straight rate hold expected as Bank of Canada meets Wednesday
Economists expect the Bank of Canada to hold its benchmark interest rate steady for the fifth straight time when it meets Wednesday, but its messaging could shed light on how it is navigating ongoing geopolitical uncertainties. The central bank held its policy rate at 2.25 per cent when it last met in April. Bank of Canada governor Tiff Macklem at the time did not rule out future adjustments depending on how risks play out. He had said "monetary policy may need to be nimble" as the central [Read more]
Five things to watch for in the Canadian business world in the coming week
TORONTO - Five things to watch for in the Canadian business world in the coming week: Energy conference The Global Energy Show is set to kick off in Calgary on Tuesday. Among the scheduled speakers are federal Natural Resources Minister Tim Hodgson, the premiers of Alberta, Saskatchewan and the Northwest Territories and the CEO of Abu Dhabi National Oil Co.'s upstream division. Trade figures Statistics Canada will release its international merchandise trade numbers for April on [Read more]
Trans Mountain expects oil shipments to reach 90 per cent of capacity in Q2
CALGARY - Trans Mountain Corp. says oil shipments through its pipelines reached 83 per cent of capacity in the first quarter and is expected to rise to 90 per cent in the second quarter. The Calgary-based company that operates the pipeline from Alberta to the British Columbia coast says about 737,000 barrels of crude oil passed through the pipeline per day in the three-month period starting this year. That is down from the 757,000 barrels per day reported in the same quarter last year, but [Read more]
‘Que-Berta’: Alberta, Quebec premiers eye co-operation on economy, autonomy
QUÉBEC - The premiers of Alberta and Quebec say they want to take inspiration from each other on how to grow autonomy within Canada. Alberta Premier Danielle Smith and Quebec Premier Christine Fréchette met in Quebec City on Wednesday afternoon as sovereignty movements in both provinces try to gain momentum. "We often get a lot of wisdom from some of the legislation going through the Quebec legislature, which I'm watching with great interest," Smith told journalists ahead of her meeting [Read more]
Global Energy Show kicking off in Calgary next week against backdrop of oil shock
CALGARY - Premiers, energy ministers, CEOs and a throng of international visitors are poised to descend on Calgary next week, when the annual Global Energy Show kicks off against a vastly different backdrop than the event last year. A year ago Alberta Premier Danielle Smith was just beginning to float the idea of a new West Coast oil pipeline, her government had yet to sign an energy accord with Ottawa setting out conditions for that plan and there was no war in the Middle East upending [Read more]
Indigenous participation, engagement key to economic growth in Canada, report says
A new report says boosting economic relations with Indigenous partners and incorporating their world views in business decision-making can help position Canada for a more resilient economic future. The report, published Wednesday by Deloitte's Future of Canada Centre, explores how sovereign Indigenous economic partnerships are among Canada's most underleveraged growth opportunities. "As Canada grapples and comes to terms with a very challenging economic and global restructuring, Indigenous [Read more]
Newfoundland and Labrador offering millions for exploration to open new oil frontiers
ST. JOHN'S - Oil production is ramping up off Newfoundland and Labrador and the government is offering money to companies interested in looking for more. Premier Tony Wakeham opened an annual energy conference in St. John's, N.L., by announcing a call for exploration bids on 16 areas off the province's east coast. He says his government will offer up to $30 million to offset the cost of a well drilled in an area aimed at opening up a new offshore oil frontier. The last time a company [Read more]