By Nia Williams
CALGARY, Alberta (Reuters) – Alberta said on Thursday it will allow oil sands mining companies to change how they calculate environmental liabilities this year, to take into account the wild swings of 2020, when oil prices turned negative.
Producers would be on the hook for billions of dollars in extra security payments if they calculated liabilities under the old formula, Alberta government officials told a news conference. However, that cash would likely have to be repaid to companies next year because oil prices have recovered.
Canada‘s oil sands hold the third-largest crude reserves in the world. Around 50% of oil sands output, roughly 1.5 million barrels per day, comes from seven huge strip-mining operations in northern Alberta owned by Imperial Oil, Canadian Natural Resources Ltd and Suncor Energy.
The province requires companies to pay security to cover the cost of environmental clean-up at the end of the mines’ lives. If the value of a company’s assets drop too low compared with its liabilities, it is required to pay extra security.
The crude price collapse last year dragged down the value of oil sands mining assets, which would have triggered billions of dollars in additional payments.
“This is meant to be a more accurate calculation of the actual asset value,” said Lisa Sadownik, an official with Alberta Environment and Parks. “It is a short-term blip in the price of oil that has caused this impact to their assets.”
Additional security payments have never been triggered before and the companies did not ask for the one-off change to the formula, she added. Producers will be able to base asset value on a formula known as “deemed netback,” which is revenue, minus operating costs, divided by sales volume.
In 2015 Alberta’s auditor general said the calculation for liability payments should be reviewed. Sadownik said a longer-term solution will be in place next year.
Alberta holds just under C$1 billion ($822.37 million) in security for oil sands mines.
($1 = 1.2160 Canadian dollars)
(Reporting by Nia Williams; Editing by Dan Grebler)
Trudeau says he discussed border with Biden, but no deal
Prime Minister Justin Trudeau said on Sunday he has spoken with U.S. President Joe Biden about how to lift pandemic-related border restrictions between the two countries but made clear no breakthrough has been achieved.
U.S. and Canadian business leaders have voiced increasing concern about the ban on non-essential travel in light of COVID-19 that was first imposed in March 2020 and renewed on a monthly basis since then. The border measures do not affect trade flows.
The border restrictions have choked off tourism between the two countries. Canadian businesses, especially airlines and those that depend on tourism, have been lobbying the Liberal government to relax the restrictions.
Canada last week took a cautious first step, saying it was prepared to relax quarantine protocols for fully vaccinated citizens returning home starting in early July.
Trudeau, speaking after a Group of Seven summit in Britain, said he had talked to Biden “about coordinating measures at our borders as both our countries move ahead with mass vaccination.” Canada is resisting calls for the border measures to be relaxed, citing the need for more people to be vaccinated.
The United States is ahead of Canada in terms of vaccination totals.
“We will continue to work closely together on moving forward in the right way but each of us always will put at the forefront the interests and the safety of our own citizens,” Trudeau told a televised news conference when asked the Biden conversation.
“Many countries, like Canada, continue to say that now is not the time to travel,” Trudeau added, though he said it is important to get back to normalcy as quickly as possible.
(Reporting by David Ljunggren in Ottawa; Editing by Will Dunham)
Man with 39 wive dies in India
A 76-year-old man who had 39 wives and 94 children and was said to be the head of the world’s largest family has died in north east India, the chief minister of his home state said.
With a total of 167 members, the family is the world’s largest, according to local media, although this depends on whether you count the grandchildren, of whom Ziona has 33.
Ziona lived with his family in a vast, four-story pink structure with around 100 rooms in Baktawng, a remote village in Mizoram that became a tourist attraction as a result, according to Zoramthanga.
The sect, named “Chana”, was founded by Ziona’s father in 1942 and has a membership of hundreds of families. Ziona married his first wife when he was 17, and claimed he once married ten wives in a single year.
They shared a dormitory near his private bedroom, and locals said he liked to have seven or eight of them by his side at all times.
Despite his family’s huge size, Ziona told Reuters in a 2011 interview he wanted to grow it even further.
“I am ready to expand my family and willing to go to any extent to marry,” he said.
“I have so many people to care for and look after, and I consider myself a lucky man.”
(Reporting by Alasdair Pal and Adnan Abidi in New Delhi; Editing by Raissa Kasolowsky)
Huawei CFO seeks publication ban on HSBC documents in U.S. extradition case
Huawei Chief Financial Officer Meng Wanzhou on Monday will seek to bar publication of documents her legal team received from HSBC, a request opposed by Canadian prosecutors in her U.S. extradition case who say it violates the principles of open court.
Meng’s legal team will present arguments in support of the ban in the British Columbia Supreme Court.
Meng, 49, was arrested at Vancouver International Airport in December 2018 on a warrant from the United States, where she faces charges of bank fraud for allegedly misleading HSBC about Huawei Technologies Co Ltd’s business dealings in Iran and potentially causing the bank to break U.S. sanctions on business in Iran.
She has been under house arrest in Vancouver for more than two years and fighting her extradition to the United States. Meng has said she is innocent.
Lawyers for Huawei and HSBC in Hong Kong agreed to a release of the documents in April to Meng’s legal team on the condition that they “use reasonable effort” to keep confidential information concealed from the public, according to submissions filed by the defense on Friday.
Prosecutors representing the Canadian government argued against the ban, saying in submissions filed the same day that “to be consistent with the open court principle, a ban must be tailored” and details should be selectively redacted from the public, rather than the whole documents.
A consortium of media outlets, including Reuters News, also opposes the ban.
The open court principle requires that court proceedings be open and accessible to the public and to the media.
It is unclear what documents Huawei obtained from HSBC, but defense lawyers argue they are relevant to Meng’s case.
Meng’s hearing was initially set to wrap up in May but Associate Chief Justice Heather Holmes granted an extension to allow the defense to read through the new documents.
Hearings in the extradition case are scheduled to finish in late August.
(Reporting by Moira Warburton in Vancouver; Editing by Howard Goller)
Lufthansa sets 2024 goal, eyes capital increase
Virtual Law Firms Are on the Rise in Canada
Starlink Struggles in Testing
Silver investment demand jumped 12% in 2019
Europe kicks off vaccination programs | All media content | DW | 27.12.2020 – Deutsche Welle
Iran anticipates renewed protests amid social media shutdown
Economy4 hours ago
G7 nations to boost climate finance
News7 hours ago
Nathaniel Veltman who killed Muslim family members to face terror charges
News5 hours ago
Man with 39 wive dies in India
Tech4 hours ago
Google dangles paid upgrade to businesses using Gmail addresses
Sports4 hours ago
CFL to return in August
News6 hours ago
Oil prices rise to over two-year high as demand improves
Media3 hours ago
Jennifer Lopez and Ben Affleck pictured kissing as ‘Bennifer’ returns
Business3 hours ago
Lufthansa sets 2024 goal, eyes capital increase