British Columbia's new finance minister said she is "realistic" about the economic challenges facing the province after announcing this year's record deficit is projected to reach $9.4 billion. Brenda Bailey said Tuesday that the forecasted deficit for 2024-2025 has grown by $429 million from the $8.9 billion estimated in the last fiscal update in September, mainly due to lower revenues. But Bailey said the rising deficit projection will not change the provincial government's intention to [Read more]

CALGARY - Parkland Corp. says its current chief financial officer Marcel Teunissen will assume the role of president for North America effective Jan. 1. The fuel and convenience store retailer says Teunissen will be responsible for the company's Canadian and U.S. operations. Brad Monaco has been named Parkland's interim chief financial officer until a permanent replacement for Teunissen can be found. The company says Teunissen's appointment is part of the company's "thoughtful" approach [Read more]

TORONTO - Canada's premiers are meeting in Toronto today, and cross-border trade is topping the agenda, on the heels of a tariff threat from U.S. president-elect Donald Trump. Trump is threatening to impose a 25 per cent import tariff on goods coming from Canada and Mexico when he takes office, until both countries stop illegal border crossings and prevent drugs like fentanyl from entering the U.S. The premiers have had virtual meetings with Prime Minister Justin Trudeau to discuss the [Read more]

CALGARY - A new report says Alberta's oil and gas producers spent $769 million cleaning up old wells in 2023, a $73 million increase from the prior year. The report by the Alberta Energy Regulator says the amount of money spent by industry on oil well clean-up was 10 per cent higher than companies were required to spend under provincial rules. Alberta has been working to address a backlog of thousands of old and inactive wells in the province. Between 2000 and 2020, the number of [Read more]

EDMONTON - Alberta Technology Minister Nate Glubish says he's hoping to see $100 billion worth of artificial intelligence data centres under construction within the next five years. Such centres are filled with computer servers used by companies like Meta, the owner of Facebook and Instagram, to develop and train large-scale artificial intelligence models. These centres, depending on size, require loads of electricity to run. In an interview, Glubish said Meta, as well as other major [Read more]

TORONTO - Ontario is urging the federal government to amend proposed electricity regulations after an analysis by the province's system operator concluded the rules would mean $35 billion in additional costs by 2050. A new analysis by the Independent Electricity System Operator looking at upcoming regulations around restrictions on emissions from electricity generation found that Ontario would have to add twice as much new generation as it is already planning, which is "not feasible" in that [Read more]

CALGARY - The Alberta government did not consult with the oil and gas sector before announcing a sweeping set of plans it says it could use to challenge the proposed federal greenhouse gas emissions cap, industry sources say. Companies are still digesting Premier Danielle Smith's move to announce a forthcoming motion under the province's Sovereignty Act, which Smith said Tuesday will give Alberta the ability to assert ownership over its own fossil fuel resources. Tristan Goodman, president [Read more]

EDMONTON - Alberta Premier Danielle Smith says her government is taking steps to challenge the proposed federal greenhouse gas emissions cap. Suggestions include a legal challenge to the cap, passing legislation to give the province exclusive authority over emissions data and banning federal employees from designated oil and gas facilities. Smith says the federal cap would cripple Alberta’s oil and gas economy and the province has a constitutional right to develop its resources. She [Read more]