EDMONTON - Alberta Premier Danielle Smith says close to 800,000 people have applied for her government's $100 energy rebate. Smith says she expects the first batch of payments to start landing in Albertans' bank accounts in the next few days. She also says the government is looking at ways to streamline the process after some reported having issues with the online application. Smith says it's too soon to say whether the affordability payments will continue or if the government will [Read more]
Canada-wide arrest warrant issued for man exposed in Panama Papers
OTTAWA - A Canada-wide arrest warrant has been issued for a British Columbia man charged with tax evasion who was exposed in the Panama Papers. In 2019, the CRA said it had identified nearly 900 Canadian individuals and corporate entities in a 2016 leak of information from a Panamanian law firm that reported hundreds of billions of dollars sheltered in tax havens around the world, at the expense of numerous countries' treasuries. Properties tied to Wentao Yang and his wife, Rong Catherine [Read more]
ARC Resources shareholders approve Shell’s $22B acquisition proposal
CALGARY - ARC Resources Ltd. says its shareholders have voted in favour of a previously announced plan that would see global energy heavyweight Shell PLC acquire the Calgary-based natural gas producer. The deal, announced in April, is valued at $22 billion, accounting for the target company's debt. It would give Shell access to ARC's holdings in the prolific Montney shale formation that last year produced 374,000 barrels of oil equivalent per day. ARC says 99.54 per cent of voting [Read more]
Alberta, Ottawa and oilsands companies reach Pathways agreement
CALGARY - The Alberta government, Ottawa and five major oilsands producers have signed a memorandum of understanding to advance the multibillion-dollar Pathways carbon capture and storage project. The Pathways project is a condition for a new West Coast oilsands pipeline moving ahead. The federal government has committed to extending investment tax credits for various carbon capture equipment to 2035. Alberta says it will finalize its own incentive program for carbon capture. The [Read more]
Turbulent month of economic data leaves Bank of Canada right back where it started
OTTAWA - The Bank of Canada is set to make its fifth interest rate announcement of the year on Wednesday following a turbulent few weeks on the global stage and in Canadian economic data. Despite the flurry of developments since the central bank's last rate decision in June, most economists are expecting monetary policymakers to leave the key borrowing rate unchanged at 2.25 per cent. The Bank of Canada has been walking a tightrope lately as forces like U.S. tariffs and the Iran war [Read more]
Five things to watch for in the Canadian business world in the coming week
TORONTO - Five things to watch for in the Canadian business world in the coming week: ARC shareholder vote ARC Resources Ltd. shareholders are set to vote Tuesday on a deal that will see the company acquired by Shell plc in a stock-and-cash deal valued at $22 billion, including assumed debt. The deal gives Shell access to ARC's holdings in the prolific Montney shale formation. Bank of Canada The Bank of Canada will make an interest rate announcement and release its latest monetary [Read more]
Ahead of Stampede visit, Carney reiterates bid for unity to solve energy crisis
CALGARY - Prime Minister Mark Carney doubled down on his call for national co-operation to tackle a "threefold energy crisis" before his planned appearance Saturday at the Calgary Stampede. On Saturday afternoon, Carney reposted his sweeping 17-minute video argument for working across provincial boundaries and ditching his predecessor's climate plan. He first unveiled the video on social media on June 30, the day before Canada Day. The video opens with Carney saying Canada is facing an [Read more]
Meta data centre in Alberta to start up ahead of adjacent Greenlight power plant
CALGARY - It will be four years before a new natural gas-fired power plant north of Edmonton is operating and able to serve the massive data centre Meta Platforms Inc. is planning to build nearby. But the tech giant has a plan for power in the meantime. Meta expects the $13-billion-plus data centre will be online in the next two to three years, spokesperson Stacey Yip said Friday. Before the Greenlight Electricity Centre starts up in the second half of 2030, Meta has rights to [Read more]
U.S. Justice Dept reaches deal with South Bow regarding Keystone spill in 2022
CALGARY - The U.S. Justice Department has reached a settlement agreement with pipeline company South Bow Corp. regarding a 2022 rupture of the Keystone pipeline that spilled nearly 13,000 barrels of oil. Under the deal, the company will pay a civil penalty of US$26.9 million related to allegations it violated the Clean Water Act. South Bow has also agreed to spend about US$40 million to complete work to prevent similar problems in the future and pay US$3 million to Kansas for natural [Read more]
Keeping cool: How Meta plans to cut down on water use at its Alberta data centre
CALGARY - A Meta Platforms Inc. executive garnered applause at a news conference this week after he boasted that a gargantuan data centre planned for north of Edmonton would use less water annually than a typical Alberta golf course. The tech behemoth was announcing a $13-billion-plus investment in a complex the size of 33 Canadian Football League fields. It will be powered by a new natural gas plant that could eventually produce more electricity than what the City of Edmonton uses. The [Read more]
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