TORONTO - The CEO of the Bank of Montreal says doom-and-gloom about the effects of the oil price shock are overblown because Canada's economy is diversified enough to withstand the downturn in the energy patch.Bill Downe says it's undeniable that the prolonged decline in the price of crude has had a significant negative impact in certain regions of the country — for example the oil-producing provinces, where employment and consumer confidence have taken a hit.However, Downe says Canada's economy [Read more]
Report says Alberta environmental monitoring a failed experiment
EDMONTON - An arm's-length agency created as a world-class monitor of the environmental impacts of Alberta's oilsands is instead a "failed experiment" that should be rolled back up into the government, a review has concluded.A report done for Alberta's environment minister says the Alberta Environmental Monitoring, Evaluation and Reporting Agency is needlessly expensive, poorly co-ordinated and split by bureaucratic infighting."It is hard to escape the conclusion that AEMERA is a failed [Read more]
B.C. New Democrats urge federal environmental body to withhold LNG approval
VICTORIA - British Columbia's Opposition New Democrats are urging a federal environmental agency to withhold approval of the proposed the $36-billion liquefied natural gas project near Prince Rupert.NDP Leader John Horgan says in a letter to the Canadian Environmental Assessment Agency the proposed Pacific NorthWest LNG project does not meet First Nations and environmental approval conditions.The letter highlights First Nations concerns about risks to salmon in the Skeena River ecosystem and [Read more]
NDP’s adoption of Leap Manifesto would signal end of Mulcair’s self-touted moderate agenda
OTTAWA - The Leap Manifesto is a document that calls for a radical restructuring of the economy as Canada swiftly moves toward ending the use of fossil fuels. It was crafted by best-selling author Naomi Klein and her husband, documentary filmmaker Avi Lewis, and released last September in the midst of the federal election campaign.During that campaign, NDP Leader Tom Mulcair touted his party as a moderate, pragmatic alternative to the Conservatives, promising to balance the federal budget, to [Read more]
TransCanada investigating potential pipeline leak on Keystone pipeline
CALGARY - TransCanada said Monday it has shut down its Keystone pipeline because of an oil spill in South Dakota, drawing fresh criticism about the risks pipelines pose.Mark Cooper, a spokesman for TransCanada, said a local landowner noticed signs of an oil spill around noon local time Saturday and informed the company.The pipeline, which carries about 500,000 barrels of oil a day, was shut down in minutes, Cooper said."As soon as we got that report in we immediately began efforts to shut down [Read more]
Wall talks up plan with First Nations for solar, flare gas power if re-elected
REGINA - Premier Brad Wall is burning up the last few days of the Saskatchewan election by talking about clean power.Wall says the Saskatchewan Party would work with the First Nations Power Authority to develop 20 megawatts of solar power and 20 megawatts of flare gas energy, if the party's re-elected on Monday.The power authority says several First Nations could finance the solar project together and then the province would buy the power.The Flying Dust First Nation, near Meadow Lake, will take [Read more]
Cenovus Energy says it’s cutting 440 jobs as low oil prices continue
CALGARY - Cenouvs Energy is slashing 440 jobs as part of its previously announced cost-cutting plans due to low oil prices.Spokesman Brett Harris says Cenovus has already cut 190 mostly contractor positions, while an additional 250 people from its Calgary head office and field operations will go in the coming weeks.The oil and gas producer said in February that it was aiming to cut operating and administrative costs by $200 million this year, in part through workforce reductions as well as lower [Read more]
Calgary investment dealer cancels annual Stampede bash as crude doldrums linger
CALGARY - One of the biggest events on the Calgary Stampede's party circuit has been called off as the city contends with the worst economic downturn in decades.For the first time in 20 years, boutique investment dealer FirstEnergy Capital won't be holding its annual FirstRowdy bash this July.In past years, the event has had a pricetag of more than $400,000, attracted 1,500 to 1,600 guests and featured big-name acts like Bachman-Turner Overdrive and the Barenaked Ladies.The cost of entry for [Read more]
Big savings at Alberta Energy Regulator welcomed by industry amid downturn
CALGARY - The Alberta Energy Regulator says it has saved industry hundreds of millions of dollars in recent years through a host of process tweaks and efficiency measures, more than offsetting levies companies pay to fund the provincial watchdog.AER spokeswoman Carrie Rosa said the cost-saving tally for industry over the 2015-16 fiscal year came in at between $411 million and $448 million, exceeding its target of $400 million. In the previous year, the savings were $267 million, surpassing a [Read more]
Saskatchewan’s Wall and Trudeau continue to spar over EI program changes
EDMONTON - Saskatchewan Premier Brad Wall renewed his attack Wednesday on Justin Trudeau's employment insurance changes but the prime minister said the issue boils down to "cold, hard mathematics."Wall praised the extensions to EI coverage for 12 areas hit hard by the resource downturn, but questioned why the government employed a straight-up regional statistical cutoff rather than helping people in specific industries, such as oil and gas."It's not a lot, but it's certainly a step in the right [Read more]
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