Rival Indigenous bidder for the Trans Mountain pipeline cautiously welcomed

Rival Indigenous bidder for the Trans Mountain pipeline cautiously welcomed
CALGARY — The British Columbia director for a First Nations consortium planning to buy a majority stake in the Trans Mountain pipeline says the emergence of a rival Alberta Indigenous bidder raises concerns about weakening his group’s all-inclusive bid. But Shane Gottfriedson of Project Reconciliation says he welcomes the interest and competition from Iron Coalition, an Alberta-based organization co-chaired by Chief Tony Alexis of... Read More

TSX dips to lowest level since February despite rising gold prices

TSX dips to lowest level since February despite rising gold prices
TORONTO — Canada’s main stock index dipped to its lowest level since February to start the week on heightened trade concerns, despite gold prices hitting a three-month high. “We’re seeing that trade tensions and trade concerns continue to put an element of caution in the overall equity markets,” says Craig Fehr, Canadian markets strategist for Edward Jones. Chinese and Mexican trade fears... Read More

Sale shows big loss in investment value of China-backed Alberta oil project

Sale shows big loss in investment value of China-backed Alberta oil project
CALGARY — A Chinese company’s $817-million investment in a northern Alberta heavy oil project nine years ago has collapsed in value to less than $80 million, based on the price its Canadian partner has negotiated for the sale of its majority stake. The fall to less than one-tenth of original value is shocking but consistent with the general record of poor performance from China’s Alberta oilpatch investments,... Read More

Economy posts another weak quarter of growth, but shows signs of rebound

Economy posts another weak quarter of growth, but shows signs of rebound
OTTAWA — Canada’s economic expansion remained sluggish in the first three months of the year, giving the country its weakest back-to-back quarters of growth since 2015. But stronger data for March — the final month of the first quarter — suggests Canada’s economy is in the process of bouncing back from its hibernation. The economy expanded at an annualized pace of just 0.4 per cent in the first quarter, slightly... Read More

Trade war escalation ‘major preoccupation’ for Bank of Canada: top official

Trade war escalation ‘major preoccupation’ for Bank of Canada: top official
OTTAWA — A top Bank of Canada official says with the economy already caught in the middle of the U.S.-China trade war, further escalation of global trade conflicts is a “major preoccupation” for policy-makers. Senior deputy governor Carolyn Wilkins told a Calgary audience Thursday that the clash between Canada’s top trading partners was a main point of discussion ahead of the central bank’s decision this week to leave its interest rate unchanged. “China... Read More

Energy and financials weigh TSX, while U.S. stocks edge higher; Loonie up

Energy and financials weigh TSX, while U.S. stocks edge higher; Loonie up
TORONTO — Losses in the key energy and financial sectors weighed on stocks in Toronto in late-morning trading as Canada’s main stock index lost ground. The S&P/TSX composite index was down 40.49 points at 16,090.98. In New York, the Dow Jones industrial average was up 16.53 points at 25,142.94. The S&P 500 index was up 6.68 points at 2,789.70, while... Read More

Canadian Natural buying Devon Energy’s Canadian assets for $3.8 billion

Canadian Natural buying Devon Energy’s Canadian assets for $3.8 billion
CALGARY — Canadian Natural Resources Ltd. has signed a deal to buy the Canadian operations of Devon Energy Corp. for $3.8 billion. The assets include thermal in situ oilsands production and conventional primary heavy crude oil operations located adjacent to existing Canadian Natural assets. The production acquired under the deal totals 128,300 barrels per day, including 108,200 from the thermal in situ operations... Read More

TSX slides in mixed day that saw key sectors offset defensive gains

TSX slides in mixed day that saw key sectors offset defensive gains
TORONTO — Canada’s main stock index slid in a mixed day with the key energy, industrials and financials sectors offsetting gains in technology and a couple of defensive areas. The S&P/TSX composite index closed down 49.20 points to 16,297.46. In New York, the Dow Jones industrial average was down 237.92 points at 25,347.77. The S&P 500 index was down 23.67 points... Read More

Husky Energy chops $1.7B from 5-year plan, sets sights on investor returns

Husky Energy chops $1.7B from 5-year plan, sets sights on investor returns
CALGARY — Husky Energy is cutting average annual capital spending by 10 per cent to $3.15 billion under a new five-year plan unveiled ahead of its investor day in Toronto. The Calgary-based company controlled by Hong Kong billionaire Li Ka-Shing had forecast capital spending of about $3.5 billion per year under its 2018-22 plan released last year. It says it plans... Read More

Canadian Utilities selling Canadian fossil fuel-based power assets

Canadian Utilities selling Canadian fossil fuel-based power assets
CALGARY — Canadian Utilities Ltd. says it has signed agreements to sell its entire Canadian fossil fuel-based electricity generation portfolio for approximately $835 million. Under a deal with Heartland Generation Ltd., an affiliate of Energy Capital Partners, the company will sell 11 partly or fully owned natural gas-fired and coal-fired electricity generation assets in Alberta, British Columbia and Ontario. Canadian... Read More