VICTORIA - British Columbia will table a budget Tuesday that aims to coax first-time home buyers into a red hot real estate market and includes the first payment on a promised prosperity fund linked to a liquefied natural gas industry that is currently more plan than reality.Finance Minister Mike de Jong offered those glimpses of his budget Monday at a shoe repair shop in Victoria where he picked up a well-worn pair of black leather shoes that he had shined and resoled to wear when he tables the [Read more]
Oil, gas sites abandoned in B.C. ‘like walking in a ghost town’: survey
An environmental group is raising concerns about pipes, wellheads, pumpjacks and even entire buildings left abandoned in the British Columbia backcountry from oil and gas developments. "We found that very, very few of all the wells we looked at had been what we consider properly restored," said John Werring, science adviser for the David Suzuki Foundation. "Wellheads had been removed but all the casings were there. The ponds to collect process water were still on site. There were pumpjacks [Read more]
Moody’s downgrades Suncor credit rating as oil prices hit cash flow and leverage
CALGARY - Moody's Investor Services has cut Suncor Energy Inc.'s credit rating as low oil prices weigh on the company's financials.The ratings agency downgraded the major oilsands producer one notch to a triple B rating as its cash flow and debt leverage have been hurt by oil prices trading below US$30 a barrel.Moody's also downgraded Canadian Oil Sands Ltd., which Suncor is in the middle of taking over, to a double B rating because of the company's "very high cost base" and expectations of very [Read more]
From airlines to telecom, oil price pain seeping into other sectors
CALGARY - From airlines to beer-makers to wireless providers, withering crude prices have been a drag on businesses seemingly far removed from the oilpatch."Sometimes — outside of Alberta, particularly — there's some skepticism or even some derision against the petroleum sector," said Todd Hirsch, chief economist at ATB Financial."Some people actually feel it's getting its comeuppance. ... But they need to realize that it has broader implications for the whole economy."WestJet Airlines [Read more]
Scotiabank CEO calls on feds to boost infrastructure spending, backs Energy East
TORONTO - The CEO of one of Canada's big banks is urging Ottawa to boost its spending on infrastructure projects and says the Energy East Pipeline should qualify for federal investment.Scotiabank CEO Brian Porter told the Canadian Club of Toronto on Friday that Energy East is a development that could help stimulate the country's sluggish economy."Look, we've got an industry that's core to this country that's on its back," Porter said."Energy East would be a quick solution to get Canada's energy [Read more]
North American energy ministers sign agreement to share data on clean energy
WINNIPEG - Canada, the United States and Mexico have agreed to share information, maps and clean-energy innovations — a step toward a continental energy strategy that would include lower emissions and greater energy security.Energy ministers from the three countries met for a day in Winnipeg and said they are making progress toward greater co-operation. U.S. Secretary of Energy Ernest Moniz cited the new Liberal government in Canada, along with energy reforms in Mexico, as being part of a [Read more]
Keystone XL writedown pushes TransCanada to $2.5-billion loss in Q4
CALGARY - The U.S. rejection of the Keystone XL pipeline pushed TransCanada Corp. to a $2.5-billion loss in the fourth quarter.Meanwhile, the Calgary-based pipeline company said it's weighing how federal changes to the environmental review process may affect timing of its controversial Energy East proposal.TransCanada (TSX:TRP) took a $2.9-billion, non-cash charge in the fourth quarter related to Keystone XL, which U.S. President Barack Obama blocked in November on grounds it would undermine [Read more]
ATB Financial earnings drop on potential loan losses amid oilpatch downturn
CALGARY - ATB Financial's earnings plunged in the last quarter compared with a year ago as the bank prepared for a potential big increase in loan losses amid the continuing downturn in the oilpatch.The Alberta crown corporation says net income was $32.5 million for the last three months of 2015, down from earnings of $91.5 million in the same quarter a year earlier.Much of that was attributed to a surge in anticipated loan losses, with the company booking $91.3 million in credit loss provisions [Read more]
Trudeau shies away from Liberals’ balanced-budget vow, cites fading economy
OTTAWA - Prime Minister Justin Trudeau is backing away from a campaign vow to balance the public books before the end of his government's four-year mandate — a pledge that was central to the Liberal election platform.As a result of a weakening economy, the government's upcoming 2016-17 budget plan will show a deficit larger than the Liberals' promised $10-billion shortfall cap, Trudeau told Montreal's La Presse newspaper.Just how big that deficit will be remains unclear.If the economy continues [Read more]
Losses in oil and gas sector bite into Manulife’s fourth-quarter earnings
TORONTO - Manulife Financial Corp. saw a 62 per cent drop in its fourth-quarter profit, which it blamed on losses in its oil and gas investments.The Toronto-based company reported net income of $246 million or 11 cents a share for the three-month period ended Dec. 31, 2015.This compared with a profit of $640 million or 33 cents per share for the same period a year earlier. Core earnings amounted to $859 million in the fourth quarter, up 28 per cent from $713 million year over year.Manulife [Read more]
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