“This recovery plan will create tens of thousands of jobs and make our economy more productive in the long run with the largest infrastructure build in Alberta history, with $10-billion in projects that will move people from unemployment to good jobs right now. Building roads, bridges, overpasses, water projects, pipelines, gas lines, schools, hospitals, long term care homes for seniors, drug treatment centres for those struggling with addiction, tourism infrastructure, and much more.”
Kenney says this investment is expected to lead to the creation of 50,000 jobs, and create a boost for surrounding businesses from restaurants to subcontractors to hotels. The investment represents about a 40 per cent increase over what had previously been budgeted in the capital plan for this fiscal year. Plans are also in the works to create 7,000 jobs for the construction of the Keystone XL pipeline.
The Provincial Government is also accelerating the Job Creation Tax Cut, and reducing the general business tax rate from 10 to 8 per cent, effective July 1. Kenney says this will create an attractive environment for new business investments, and be amongst the lowest rates in all of North America.
“This will accelerate the creation of an estimated 55,000 jobs, new full-time private-sector jobs, and stimulate, we estimate, $13-billion in economic growth.”
Toews says reducing the tax rate will have between a $200-300,000,000 impact on provincial revenues, and a $100-200,000,000 impact on next year’s revenues, but will create a competitive business environment that he says will lead to increased investments. He also says that, due to the reduced economic activity, Alberta will be losing billions of dollars in revenue this year, and it’s crucial to make these investments that create jobs and attract businesses.
There are also plans to launch the Innovation Employment Grant to attract the technology and innovation sectors. Kenney adds that, in order to support this initiative, the province will put $175-million into the Alberta Enterprise Corporation, and expand access to venture capital for early-stage start-up companies.
Plans are also in the works to create Investment Alberta, a new provincial agency dedicated to leading a world-wide campaign to attract job-creating investments, growing the network of international offices, and providing assistance and incentives to prospective investors.
Kenney adds that they will also try to put Albertans first for available jobs, by asking the Federal Government to reduce the number of occupational categories under the Temporary Foreign Worker Program for Alberta. He says by exercising their power under the Temporary Foreign Worker Annex through the Alberta-Canada Agreement on Immigration Cooperation, they will identify certain occupational opportunities that should not be processed for temporary foreign workers.
“We’re asking Ottawa not to process applications for temporary foreign workers in a range of dozens of occupational categories, the vast majority of occupational categories. And the reason for this is because, as I’ve said, we’re facing a real unemployment rate of between 20 and 25 per cent across all ages and skill levels. And it is extremely difficult for me to justify employers looking outside of Alberta, to bring people into a labour market in the midst of an unprecedented crisis.
“So what we are doing is telling employers, in the vast majority of occupations, that they will not, for the time being, be able to access the Temporary Foreign Worker Program.”
He acknowledges that there will be some industries that are exempt from this suspension of the program, as they require workers with specific skills that are in short supply in this province. However, Kenney adds that plans are in the works to create targeted training programs that would allow Albertans to get a foot in the door of these industries.
Kenney says most of these initiatives are still being developed, and further details will be announced in the coming weeks as the plans are finalized.
A full update of the financial and employment impact the oil price war and COVID-19 pandemic has had on Alberta’s economy is expected to be announced sometime in the summer.
Kayne Anderson MLP/Midstream Investment Company Provides Unaudited Balance Sheet Information and Announces its Net Asset Value and Asset Coverage Ratios at June 30, 2020 – GlobeNewswire
HOUSTON, July 01, 2020 (GLOBE NEWSWIRE) — Kayne Anderson MLP/Midstream Investment Company (the “Company”) (NYSE: KYN) today provided a summary unaudited statement of assets and liabilities and announced its net asset value and asset coverage ratios under the Investment Company Act of 1940 (the “1940 Act”) as of June 30, 2020.
As of June 30, 2020, the Company’s net assets were $819 million, and its net asset value per share was $6.47. As of June 30, 2020, the Company’s asset coverage ratio under the 1940 Act with respect to senior securities representing indebtedness was 660% and the Company’s asset coverage ratio under the 1940 Act with respect to total leverage (debt and preferred stock) was 317%.
|Kayne Anderson MLP/Midstream Investment Company|
|Statement of Assets and Liabilities|
|June 30, 2020|
|Cash and cash equivalents||22.1|
|Receivable for securities sold||6.2|
|Tax asset, net||23.0|
|Unamortized notes issuance costs||(0.4||)|
|Unamortized preferred stock issuance costs||(2.0||)|
|Payable for securities purchased||–|
|Deferred tax liability||40.4|
|The Company had 126,447,554 common shares outstanding as of June 30, 2020.|
As of June 30, 2020, equity and debt investments were 99% and 1%, respectively, of the Company’s long-term investments of $1.2 billion. Long-term investments were comprised of Midstream MLP (68%), Midstream Company (27%), Renewable Infrastructure/Utility Company (4%) and Debt (1%).
The Company’s ten largest holdings by issuer at June 30, 2020 were:
|1.||MPLX LP (Midstream MLP)||$150.7||12.7||%|
|2.||Enterprise Products Partners L.P. (Midstream MLP)||148.9||12.6||%|
|3.||Energy Transfer LP (Midstream MLP)||107.7||9.1||%|
|4.||The Williams Companies, Inc. (Midstream Company)||101.3||8.6||%|
|5.||Targa Resources Corp. (Midstream Company)||76.4||6.5||%|
|6.||Magellan Midstream Partners, L.P. (Midstream MLP)||72.0||6.1||%|
|7.||Plains All American Pipeline, L.P. (Midstream MLP)||67.4||5.7||%|
|8.||Shell Midstream Partners, L.P. (Midstream MLP)||55.2||4.7||%|
|9.||Western Midstream Partners, LP (Midstream MLP)||49.1||4.1||%|
|10.||Phillips 66 Partners LP (Midstream MLP)||46.9||4.0||%|
* Excludes cash.
Portfolio holdings are subject to change without notice. The mention of specific securities is not a recommendation or solicitation for any person to buy, sell or hold any particular security. You can obtain a complete listing of holdings by viewing the Company’s most recent quarterly or annual report.
Kayne Anderson MLP/Midstream Investment Company is a non-diversified, closed-end management investment company registered under the Investment Company Act of 1940, as amended, whose common stock is traded on the NYSE. The Company’s investment objective is to obtain a high after-tax total return by investing at least 85% of its total assets in energy-related partnerships and their affiliates (“MLPs”), and in other companies that, as their principal business, operate assets used in the gathering, transporting, processing, storing, refining, distributing, mining or marketing of natural gas, natural gas liquids, crude oil, refined petroleum products or coal (collectively with midstream MLPs, “Midstream Energy Companies”).
This press release shall not constitute an offer to sell or a solicitation to buy, nor shall there be any sale of any securities in any jurisdiction in which such offer or sale is not permitted. Past performance is not a guarantee of future results. Current performance may be lower or higher than that shown based on market fluctuations from the end of the reported period.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS: This press release contains “forward- looking statements” as defined under the U.S. federal securities laws. Generally, the words “believe,” “expect,” “intend,” “estimate,” “anticipate,” “project,” “will” and similar expressions identify forward-looking statements, which generally are not historical in nature. Forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ from the Company’s historical experience and its present expectations or projections indicated in any forward-looking statements. These risks include, but are not limited to, changes in economic and political conditions; regulatory and legal changes; MLP industry risk; leverage risk; valuation risk; interest rate risk; tax risk; and other risks discussed in the Company’s filings with the SEC, available at www.sec.gov. You should not place undue reliance on forward-looking statements, which speak only as of the date they are made. The Company undertakes no obligation to publicly update or revise any forward-looking statements made herein. There is no assurance that the Company’s investment objective will be attained.
Iraq Looks To Lure Saudi Investment As It Tries To Comply With OPEC Deal – OilPrice.com
Iraq is looking to attract investment from Saudi Arabia in one of its natural gas fields, Iraqi Deputy Prime Minister and Finance Minister, Ali Allawi, told Bloomberg, while OPEC’s second-largest producer looks to be seriously trying to comply with the OPEC+ production cuts.
Iraq is seeking Saudi investment in either the Akkas or the Mansuriya gas field, Allawi told Bloomberg in an interview published on Wednesday.
“Saudi Arabia has a high readiness to back our energy projects,” the Iraqi minister said.
“At the end of the day, they will pick one field. They are also interested in solar energy,” Allawi added.
Saudi Arabia will not be providing support to the Iraqi budget, Allawi told Bloomberg.
Iraq, one of the oil producers worst hit by the oil price crash, relies on oil revenues for 95 percent of its budgetary income and is one of the least diversified economies in the Middle East. The oil price crash has seriously impacted the budgetary income and the economy at OPEC’s second-largest producer.
Iraq is also in “intensive” talks for a loan from the International Monetary Fund (IMF), minister Allawi told Bloomberg.
Pressured by the OPEC+ leaders Saudi Arabia and Russia, Iraq – which has been the least compliant member of the coalition – has promised to compensate for the loose compliance in May and June with deeper cuts in July and the following months.
By the middle of June, Iraq had made significant cuts in its crude oil exports in a move suggesting that it was improving its compliance with the record production cuts.
For the full month of June, Iraqi oil exports dropped by 310,000 bpd, or by 9 percent, according to Reuters estimates of loading data and industry sources. This decline in crude oil exports last month points to Iraq delivering three-fifths of its share of the cuts, Reuters has calculated.
By Tsvetana Paraskova for Oilprice.com
More Top Reads From Oilprice.com:
Tsvetana is a writer for Oilprice.com with over a decade of experience writing for news outlets such as iNVEZZ and SeeNews.
TransferWise to offer investment products but has ‘no plans’ to become a bank – TechCrunch
TransferWise, the London-headquartered international money transfer service recently valued at $3.5 billion, has secured an additional license with U.K. regulators to enable it to offer investment products in the future.
This will mean that U.K. customers who have money deposited in a TransferWise multi-currency or so-called “borderless” account will be given the option to make that money work harder on their behalf. Total deposits currently sit at £2 billion, so there is quite a lot of customer cash potentially idle.
However, the company isn’t revealing much detail on its future investments product, except to say that it will initially offer “simple, affordable funds from reputable providers” so that customers can earn a return on their balances. Up to £85,000 of money held as investments within a TransferWise account per customer will be protected under the Financial Services Compensation Scheme. The new offering is still in development and will launch “in the next 12 months.”
Zooming out further, TransferWise says an increasing number of its 8 million customers are using the borderless account as an international banking solution. Around one million TransferWise debit cards have been issued since 2018, and the TransferWise account now also supports direct debits, instant international payments to friends, and Apple and Google Pay. With the addition of savings and investments, TransferWise says its vision is for the borderless account to replace “expensive, old-world international banking” for expats, freelancers and travelers.
“You and I have been talking since 2011, when you first reported that TransferWise was going live, and I think you’ll appreciate that over time we’ve expanded the features that TransferWise offers our customers, for sure,” co-founder and current CEO Kristo Käärmann tells me on a call. “We launched the borderless account to let people receive money in-roads and to hold money. We added the debit cards so that they can use that money that they hold in places where they can use the card. And this is, in some ways, no different.”
Sticking to broad brush strokes rather than specific product details (despite my persistent questioning), Käärmann says that after listening to customers TransferWise wants to help them hold their balance in a smarter way.
“Clearly they’ve already figured out that TransferWise works for them,” he says. “And not merely as a medium of sending money from one country to another but also to get paid internationally, to kind of run their international part of banking, if you like. For businesses, for freelancers, for ex-pats, for people that have just moved countries. So this is another feature along the same string of things that people want us to do for them.”
That, of course, begs the question: Does TransferWise have any plans to become an actual bank, with a full banking license, further adding to its existing permissions from regulators. Käärmann gives a pretty emphatic answer.
“No, we don’t have any plans to apply for a banking license,” he says. “We haven’t applied for any banking licenses anywhere in the world… The only thing that the banking license in Europe lets banks do is lend out the deposits that customers give them, and that’s not what our customers are asking for. They’re not asking us, you know, can you please lend out our deposits?”
In fact, Käärmann confesses to not being a huge fan of the predominant current account business model, which he believes serves the interests of banks, not account-holding customers. “I do think the way current accounts work with banks is not sustainable in the long term. That the money we keep in banks is being lent out to mortgages and business loans and overdrafts and so on, yet the customers holding that money, they’re not really getting much benefit from it. So why do it?” he asks, somewhat rhetorically.
Returning to the forthcoming investment product — and after a little more prodding from me — he says to expect it to have the same transparency as the company’s core money exchange offering, with clear pricing and working as hard for customers as possible. In line with TransferWise’s existing modus operandi, I would also expect it to be financially sustainable, rather than being cross-subsidised in order to pull customers in or grab easy headlines, which is common practice amongst many investments and savings products.
Adds the TransferWise CEO: “We want to be clear what the problem is we’re solving. [It] comes back to giving people a choice of where and how they hold their balances. And that might give you a hint of the product that we’re building. I can say now that we’re not building an active trading product, that’s not the goal. Our customers aren’t asking how can they speculate on the markets. There are tools for this, and they are increasingly [getting] better for this purpose. What we’re solving with the investments product is going to be a much more passive way of choosing where your balances sit.”
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