EDMONTON - Alberta's credit rating has taken another hit.Moody's Investor Service announced Monday it has downgraded Alberta's long-term debt rating to double-A1 from triple-A and has given it a negative outlook.It's the second downgrade from a rating service since the province released its budget on April 14 that included removal of its debt ceiling and a forecast of $58 billion in debt by 2019. Moody's says the downgrade "reflects the province's growing and unconstrained debt burden, extended [Read more]
Alberta finance minister looking to boost budget with investors
EDMONTON - Alberta Finance Minister Joe Ceci has received some bad news on the first day of a trip to meet with investors and credit-rating agencies.Ceci is in Toronto and it was during one of those meetings that Moody's Investor Services downgraded Alberta's credit rating to double-A1 from triple-A.Moody's cited the Alberta government's growing and unconstrained debt burden and extended timeline to get its books back in the black.It also said the outlook for growth is subdued.As well, the [Read more]
Notley’s pleas to federal cabinet on pipelines and EI make no immediate headway
KANANASKIS, Alta. - Alberta Premier Rachel Notley's pleas to the federal cabinet to give the province a pipeline and enrich employment insurance seem to be gaining little traction.Notley met with Prime Minister Justin Trudeau privately on Sunday and then addressed about half the cabinet at the beginning of a three-day retreat in Kananaskis, Alta.But on Monday morning, even as ministers said the meeting with Notley was productive, there were no signs that anything was changing for the [Read more]
National Energy Board to deliver ruling on Line 3 replacement pipeline into U.S.
CALGARY - A National Energy Board panel has decided it's in the national interest for Enbridge Inc. to proceed with the largest project in the company's history, which could enable hundreds of thousands more barrels of Canadian crude to flow into the U.S. a day.The federal watchdog is recommending Ottawa approve the Canadian portion of the Line 3 Replacement project, saying it is not expected to cause significant environmental harm. However, it has attached 89 conditions.The whole $7.5-billion [Read more]
Trudeau, ministers to discuss Alberta’s reeling economy during cabinet retreat
KANANASKIS, Alta. - Prime Minister Justin Trudeau and his 30 ministers holed up Sunday at a luxury mountain resort in Alberta to discuss the devastation wrought by plunging oil prices on the province's economy.Premier Rachel Notley met privately with Trudeau and then gave a detailed presentation to about half the cabinet in the evening at which she drove home the message that a healthy Alberta economy is a necessary precondition for robust national economic growth.She spoke of the desperate need [Read more]
No jobs: Engineering students face tough market in wake of oil downturn
CALGARY - Shady Hashem travelled part way around the world to study as a mine engineer in Canada, at times paying triple the local tuition and working at a call centre to put himself through school, only to graduate in one of the worst job markets in recent memory. "There's no jobs," says Hashem, 28."I talk to a lot of engineers, and the expected time to get a job is between six months and a year."He came to Calgary to look for work after finishing classes at Halifax's Dalhousie University in [Read more]
TransCanada to conform to Quebec environmental impact rules on Energy East
MONTREAL - TransCanada has heeded the Quebec government's request for a deeper review of Energy East, agreeing to provide more detailed information about the pipeline project.Environment Minister David Heurtel says the Calgary-based company filed paperwork as required under Quebec's Environment Quality Act and will have to produce an impact study by June 6.Friday's announcement also puts on hold a review process conducted by Quebec's environmental review agency.A second round of Energy East [Read more]
Alberta regulator to study risks of aging energy infrastructure
CALGARY - Alberta's energy regulator is studying the risks posed by the province's aging energy hardware."Aging infrastructure is an issue for the province," said Jim Ellis, head of the agency which released a three-year strategic plan this week.Ellis said the regulator has already compiled a database that locates and assesses Alberta's thousands of abandoned wells. Now it's time to do the same for pipelines, wellheads, compressor stations and all the other industrial facilities a century of [Read more]
Premier Brad Wall says Saskatchewan deficit will be higher than forecast
REGINA - Saskatchewan Premier Brad Wall says the deficit in the upcoming provincial budget could be higher than initially forecast.The government was hoping to get the deficit down to about $260 million in the budget that is to be tabled June 1."I think it's going to be higher than that," Wall said Friday at the legislature."We haven't gone through the (finalization) process yet, but because of the softening in revenue, significant softening in resource revenue, we might be looking at a higher [Read more]
Alberta’s Notley rethinking skepticism on Northern Gateway pipeline: spokeswoman
EDMONTON - Alberta Premier Rachel Notley is rethinking her stance on the Northern Gateway pipeline as her government and British Columbia work on a deal that could see a pipeline to the West Coast swapped for the purchase of electricity.Notley's spokeswoman Cheryl Oates said Thursday that talks are ongoing."B.C. is really looking to export their hydroelectricity," said Oates. "Alberta does not have a market for B.C.'s hydroelectricity unless we get our product to tidewater. So there's a common [Read more]
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