MONTREAL - It's very nice that Prime Minister Justin Trudeau was feted in Washington but Canada should hope for concrete benefits from his new relationship with the U.S. president, interim Conservative Leader Rona Ambrose said Monday.Ambrose, who was in Montreal to meet with female business leaders, said the prime minister "did the job he should do" during his trip to the United States in order to "make connections" with President Barack Obama.She said she was disappointed, however, that Trudeau [Read more]
Employers’ group letter asks Alberta government to stop ‘undermining’ business
EDMONTON - Alberta's finance minister is reminding a group of businesses seeking tax and wage relief that the province is already the lowest taxed jurisdiction in Canada.Joe Ceci also said Monday the tax changes being implemented by the NDP government won't change that and will put the province on a sounder footing."We have the lowest taxes overall of any province or territory in this country," Ceci told reporters at the legislature."The things we're doing put us on a better fiscal basis going [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:Energy East: Quebec's environmental review agency continues to hold hearings in Montreal this week into TransCanada's Energy East project. The Quebec government recently filed an injunction that would force TransCanada to submit an impact study and undergo an evaluation before proceeding with its pipeline construction through the province.Fashion: Toronto Fashion Week kicks off Monday, featuring a roster of Canadian designers as they [Read more]
Tale of two cities: Jobless rate in Calgary surpasses Windsor, Ont.
CALGARY - The tale of two Canadian cities seems to have been turned on its head, with the unemployment rate in Calgary surpassing that of Windsor, Ont.Statistics Canada job figures for February show an unemployment rate of 8.4 per cent in Calgary, the epicentre of the country's oil wealth before the latest crude crash.In Windsor, hit hard by the downturn in the automotive sector in recent years, the jobless rate was at 7.7 per cent last month.Mike Moffatt, an economist at Western University in [Read more]
Imperial Oil seeks approval for new oilsands project on Cold Lake lands
CALGARY - Imperial Oil is seeking approval for a new, $2-billion oilsands project on its Cold Lake lease area in northeastern Alberta.The company says it has filed the regulatory paperwork with the Alberta Energy Regulator for the Cold Lake Expansion project, but Imperial spokeswoman Lisa Schmidt said development is not guaranteed."This is a preliminary and very important step in the regulatory process," Schmidt said Friday."Overall, we take a long-term approach to resource development and an [Read more]
Royal Bank cites low oil prices in lowering GDP forecast to 1.7 per cent
TORONTO - Royal Bank says low oil prices will make 2016 more challenging for Canada's economy than previously thought.The bank has lowered its forecast for this year's gross domestic product to just 1.7 per cent.That's down from RBC's December forecast of 2.2 per cent growth this year.RBC continues to expect Canada's economic growth will be underpinned by solid consumer spending, stronger exports and stimulus from the federal government.But it says oil prices were lower than estimated early this [Read more]
Alberta uses cash raised from carbon levy to help finance green energy project
EDMONTON - Alberta is using money from large industrial greenhouse gas producers to help finance a green energy project.Premier Rachel Notley says $10 million will go to Edmonton-based SBI BioEnergy to build a $20 million facility that will produce a diesel-like fuel from off-grade canola.The $10 million is from a tax the government collects from companies for every tonne of CO2 emissions they produce over reduction limits.A not-for-profit organization created by the province called the Climate [Read more]
Supreme Court agrees to hear Ontario first nation’s appeal over Line 9
TORONTO - The country's top court has agreed to hear an appeal from an Ontario first nation over a controversial pipeline that runs through one of Canada's most populous corridors.The Supreme Court of Canada has granted the Chippewas of the Thames First Nation leave to appeal a decision of a lower court regarding Enbridge Inc's Line 9 pipeline.The legal case pits the first nation against Enbridge (TSX:ENB), the National Energy Board and the Attorney General of Canada.The aging Line 9, which runs [Read more]
Penn West seeking leeway from lenders, posts $1.6-billion quarterly loss
CALGARY - Penn West Petroleum, which posted a $1.6-billion net loss for the last three months of 2015, is looking for some leeway from its lenders.The Calgary-based crude producer said Thursday that it should finish the first quarter onside with its debt agreements, but warned that won't be the case by the end of June if low oil prices persist.The company said it is in talks with bank lenders and senior noteholders about amending agreements. It's also looking at more asset sales on top of the [Read more]
TransCanada confirms talks about potential deal after U.S. report
CALGARY - TransCanada confirmed it is in talks about a potential deal following a media report that the Calgary-based pipeline giant was discussing a takeover of a U.S. natural gas pipeline operator.The Wall Street Journal, citing anonymous sources it said were familiar with the matter, reported that a deal with Columbia Pipeline Group Inc. could be worth more than US$10 billion.In a brief statement, TransCanada said talks are underway with an unidentified party, but there's no guarantee they [Read more]
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