OTTAWA - Finance Minister Bill Morneau released updated fiscal projections Monday that predict an $18.4-billion deficit in 2016-17. That number is expected to grow even larger before the budget is tabled March 22.Here are five things that could push the Liberal budgetary shortfall beyond $20 billion next year:1. Cash for infrastructure. The Liberal government made an election-campaign promise to invest at least $5 billion next year on infrastructure, which the party argues will kick-start the [Read more]
Canadian oil production could slow down or freeze altogether, report warns
CALGARY - Growth in Canadian oil production is likely to slow down or grind to a halt five years from now once projects now under construction are built, the International Energy Agency warns in a report released Monday.The Paris-based organization said it projects Canada to add 800,000 barrels a day of production by 2021, which would bring total output to 5.2 million barrels a day. Most of that growth is expected to come from Alberta's oilsands, with bitumen production expected to hit 3.4 [Read more]
HSBC Bank Canada posts Q4 loss, as energy sector customers hit by low oil price
VANCOUVER - HSBC Bank Canada says it had a loss in its fourth quarter and its 12-month profit was about one-third less than in 2014, largely because of increased provisions for customers in the energy sector.The bank's profit was $414 million for the 12 months ended Dec. 31, including a $38 million loss in the fourth quarter.That's down from the 2014 annual profit of $613 million, which included an $118 million profit in the final three months.HSBC says it felt the negative impact of depressed [Read more]
Alberta, Ottawa to release review on oilsands monitoring program
EDMONTON - Environmental monitoring in the oilsands needs to be better focused and turn more data into information the public can use to understand what's happening in the region's ecosystem, an independent review has concluded.The review released Monday also says the federal and provincial governments need to form a better idea of what the $50-million monitoring program is intended to accomplish."It's very hard to hit the target if you haven't defined what the target is," said Philip Hopke, [Read more]
As feds consider Bombardier’s plea, Notley calls on Ottawa to support Alberta
OTTAWA - With the federal government considering aid for aerospace giant Bombardier — Alberta Premier Rachel Notley is calling for more support in her province.Notley told CTV's Question Period Sunday that all Canadians benefit from a strong Alberta economy — which is struggling amid stubbornly low energy prices.She says wants Ottawa to adjust the employment insurance program to broaden access for laid-off energy workers and extend how long benefits are available.Notley also says the federal [Read more]
Five things to watch for in the Canadian business world in the coming week
TORONTO - Five things to watch this week in Canadian business:Astronauts: Retired astronauts Buzz Aldrin and Chris Hadfield speak at the Greatness in Leadership business management event in Lethbridge, Alta., on Tuesday. The 86-year-old Aldrin, the second person to walk on the moon, recently predicted Canada would play a significant role in colonizing Mars.Banks: Four of Canada's big banks release their first-quarter results this week. BMO Financial is out with its earnings on Tuesday, RBC on [Read more]
Carbon tax would ‘kneecap’ struggling economy: Saskatchewan Premier Wall
REGINA - Saskatchewan Premier Brad Wall says bringing in a carbon tax would "kneecap" an already struggling Canadian economy.Wall was reacting to a report in the Globe and Mail that the federal government is eyeing a national carbon tax of $15 a tonne.The premier says the energy sector across Canada has already been hit hard by the falling price of oil and tens of thousands of jobs have been lost."And the last thing we need right now is a tax increase or a new federal carbon tax or frankly a [Read more]
Enbridge reports Q4 profit above analyst estimate
CALGARY - The CEO of Enbridge said Friday he doesn't expect to meet a deadline to begin construction of the Northern Gateway pipeline this year and the Calgary-based company will likely seek an extension.Al Monaco said Enbridge is still working to satisfy the 209 conditions included in its 2014 permit to build the pipeline, as well as firm up commitments with shippers and get more community support."Our ability to begin construction before the end of the year is really quite remote at this [Read more]
Alberta Energy to discuss cyberthreats on oil and gas infrastructure
CALGARY - Alberta's energy department will be holding meetings in the coming weeks to discuss the threat of cyberattacks on oil-and-gas infrastructure — an issue that was flagged in a recent report by the province's auditor general.The report noted that the Alberta government does not require provincially regulated oil-and-gas operators to meet minimum IT security standards for the systems that control pumps, valves and other key oil-and-gas equipment. There are standards for utilities, but [Read more]
Number of EI recipients doubles in Alberta in latest sign of economic woes
CALGARY - The number of Albertans receiving employment insurance has doubled in a year, Statistics Canada said Thursday in the latest sign of the province's economic struggles driven by falling oil prices.About 62,500 people in the province were on EI in December, up from the 31,200 who were receiving jobless benefits from the same month a year earlier, the federal agency said.Sean Murray, a 42-year-old father of two preschoolers in Red Lake, Alta., says he's been applying to any job openings he [Read more]
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