BOE Report

ATB Financial earnings drop on potential loan losses amid oilpatch downturn

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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

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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

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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]

Baloney Meter: Not a kilometre of new oil pipeline built since 2011?

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OTTAWA - "There wasn't a kilometre of pipe built in Canada between 2011 and October the 19th, 2015. That's the record. That's the reality." — Natural Resources Minister Jim Carr, Feb. 3, 2015. --- Late last month, the federal government added new criteria to the approval process for major resource projects, while putting off a decision on two proposed oil pipelines for several months. The Liberals say they want to improve access to overseas markets for western Canada's landlocked oil [Read more]

Figures on greenhouse gas emissions in Canada

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MONTREAL - Some figures on Canada and Quebec greenhouse gas emissions and reduction targets as the battle rages over the future of the Energy East pipeline project:Canada's 2013 emissions: 726 megatonsPercentage of total global emissions: 1.6 per centQuebec's 2013 emissions: 82.6 megatons— — —Emissions per sector of Canadian economy (2013)Oil and gas: 179 megatonsTransportation: 170 megatonsBuildings: 86 megatonsElectricity: 85 megatonsAgriculture: 75 megatonsSource: Environment and Climate [Read more]

TransCanada must overcome Quebec identity politics in quest to build Energy East

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MONTREAL - On a recent visit to Montreal, the head of Energy East was all smiles as he spoke about how his company is listening to Quebecers' concerns about the deeply divisive pipeline project.If John Soini listens carefully, however, what he hears might make him frown.The company behind Energy East, TransCanada (TSX:TRP), says it is confident it can address worries about spills, explosions and the perceived lack of economic benefits for communities along the proposed pipeline route from [Read more]

Draft environmental review of proposed B.C. LNG project released

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VANCOUVER - Canada's environmental review body says greenhouse gas emissions from a proposed liquefied natural gas facility on British Columbia's north coast pose a significant ecological threat.The Canadian Environmental Assessment Agency released its draft environmental assessment report on Wednesday for Pacific NorthWest LNG's planned $36-billion export terminal on Lelu Island, south of Prince Rupert.The report found the project alone would produce 5.28 million tonnes of carbon dioxide [Read more]

Carr promises First Nations collaboration on energy development

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VANCOUVER - Canada's natural resources minister is promising a new relationship with First Nations on energy development and indigenous leaders are expressing cautious optimism about the new Liberal government's tone.Jim Carr told a forum organized by the Assembly of First Nations on Wednesday that Aboriginal Peoples will be consulted meaningfully on resource projects and decisions will be based on science."We've opened the door for a new way of doing things, and I want to invite you in," he [Read more]

Federal shortfalls could total $90B over Liberals’ first mandate: bank study

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OTTAWA - The country's dampened economic prospects could put the Liberal government on pace for $90 billion in deficits over its four-year mandate, a new report said Wednesday. Research by the National Bank of Canada predicts the public books will sink deeper into the red due to the combination of a hobbled economy and Liberal promises of billions in fiscal stimulus.The report offers a look at the degree of pre-budget fiscal pressure on the new government, which faces the dilemma of juggling [Read more]

Husky Energy issues more layoff notices, says step difficult but necessary

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CALGARY - Slumping world oil prices continue to hit Calgary’s energy industry hard as more layoffs have been announced.Husky Energy (TSX:HSE) issued pink slips to 400 people arriving for work at the downtown Calgary office on Tuesday but there could be many more when cuts from their other locations are included.These layoffs are coming just a few months after Husky eliminated 1,400 jobs in October.At that time, more than 1,000 of those jobs were contractors but nearly 300 were full-time [Read more]