U.S.-based Devon Energy says it intends to exit Canadian oilsands sector

U.S.-based Devon Energy says it intends to exit Canadian oilsands sector
CALGARY — Another foreign oil company says it’s getting out of the Canadian oilsands. Oklahoma City-based Devon Energy Corp. says it will pursue the “separation” of its Canadian assets from its core business, a move that could include an outright sale or creation of a new company to own and operate them. Devon owns the Jackfish steam-driven oilsands complex, with a capacity of 105,000 barrels per... Read More

Minister says plans to fight poverty, climate change, focus of B.C. budget

Minister says plans to fight poverty, climate change, focus of B.C. budget
VICTORIA — British Columbia’s finance minister says poverty and climate change are major focus areas of the budget she will deliver today. Carole James says the budget will include details of the government’s poverty reduction strategy and its Clean BC program to fight climate change. The New Democrats passed legislation last year to cut the overall poverty rate by 25 per cent... Read More

Sale of Connacher Oil & Gas to East River abandoned after Feb. 15 deadline passes

Sale of Connacher Oil & Gas to East River abandoned after Feb. 15 deadline passes
CALGARY — Connacher Oil and Gas Ltd. says it has abandoned a court-supervised sale of the company to East River Oil and Gas Ltd. after the buyer failed to make a required deposit payment by Feb. 15. The Calgary-based oilsands producer had negotiated a conditional deal for East River to pay $113.5 million to acquire Connacher, but East River was unable to obtain necessary... Read More

Ontario energy minister on Hydro One CEO pay: ‘This is not a negotiation’

Ontario energy minister on Hydro One CEO pay: ‘This is not a negotiation’
TORONTO — Ontario’s energy minister is asking Hydro One to come up with a revised executive compensation framework that slashes proposed CEO pay, warning that the government is not going to negotiate on the issue. The partially privatized utility submitted a framework last week that sets maximum CEO compensation at nearly $2.8 million. But the Progressive Conservative government has said... Read More

Amazon’s exit could scare off tech companies from New York

Amazon’s exit could scare off tech companies from New York
NEW YORK — Amazon jilted New York City on Valentine’s Day, scrapping plans to build a massive headquarters campus in Queens amid fierce opposition from politicians angry about nearly $3 billion in tax breaks and the company’s anti-union stance. With millions of jobs and a bustling economy, New York can withstand the blow, but experts say the decision by the... Read More

January home sales were weakest since 2015, average national price falls: CREA

January home sales were weakest since 2015, average national price falls: CREA
OTTAWA — The Canadian Real Estate Association says last month was the weakest January for residential sales since 2015, with the number of transactions down four per cent nationally from last year. The association says about 23,968 properties were sold through the Multiple Listing Service in January, down from 24,977 a year earlier. CREA says the national average price for all types... Read More

Western Energy sends drilling rig to southern U.S. as Canadian activity dries up

Western Energy sends drilling rig to southern U.S. as Canadian activity dries up
CALGARY — Drilling companies continue to move rigs from Western Canada to the more active oilfields of the southern United States. Calgary-based Western Energy Services Corp. says it moved a drilling rig from Canada to the U.S. Permian Basin oil play in western Texas and southeastern New Mexico early this year and will likely move more rigs in the near future. It says the... Read More

Higher tax revenues lead to lower Ontario deficit, minister says

Higher tax revenues lead to lower Ontario deficit, minister says
TORONTO — Higher sales and corporate income tax revenues have pushed Ontario’s deficit down $1 billion, the Progressive Conservative government said Wednesday as it released its third-quarter finances. That means the deficit for 2018-19, according to the Tories, is projected to be $13.5 billion. Revenue for this fiscal year is projected to be $149.2 billion, which is $1 billion higher than... Read More

Small-business lobby group sharpens criticism of Liberals’ carbon-tax program

Small-business lobby group sharpens criticism of Liberals’ carbon-tax program
OTTAWA — An organization of small-business owners that helped spearhead a public campaign against the Trudeau government’s tax-change proposals for private corporations is sharpening its criticism of the Liberals’ forthcoming carbon-tax program. The carbon tax has generated intense political debate across the country and it’s destined to be a key campaign issue in October’s federal election. The Canadian Federation of Independent Business released a poll Tuesday that says the majority... Read More

Shutdown-delayed trade data for December expected on March 6: Statistics Canada

Shutdown-delayed trade data for December expected on March 6: Statistics Canada
OTTAWA — Statistics Canada says it is working with the United States Census Bureau and plans to release the delayed December merchandise trade data on March 6. The data had been scheduled to be released on Feb. 5, but was delayed due to the U.S. government shutdown. Statistics Canada, which uses U.S. import data to measure Canadian exports to the United... Read More