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Amazon bringing cloud computing hub to Calgary with $4 billion investment – Calgary Herald

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In what Premier Jason Kenney is calling the largest tech investment in Alberta’s history, Amazon officials confirmed Monday they’re investing $4.3 billion in a cloud computing hub in Calgary.

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The move, which will ultimately create 950 full-time jobs across Canada, is only Amazon Web Services (AWS) second such data region in the country, complementing one established in Montreal in 2016.

Kenney, whose UCP government has come under intense fire from critics both inside and outside its ranks for its handling of a number of issues and is struggling in opinion polls, called the announcement an economic watershed for Alberta and a vindication of his party’s economic strategy.

“This is a game-changer and the largest technology investment in Alberta’s history,” Kenney told a Calgary press conference.

“For anybody who thought that all of the great news in the Alberta tech and innovation sector was just a temporary flash in the pan, this is for real, this is big.”

Of those new jobs, 837 of them should be created by 2037, said Jobs, Economy and Innovation Minister Doug Schweitzer.

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The Seattle-based company said the hub, with separate locations for each data centre, will allow customers to access a variety of cloud-computing products in Canada. This also means companies with data residency requirements will have the ability to store such information within the country.

Initial ground-breaking work has already begun on one of the local data centres expected to be built locally. Senior AWS officials expect the new region in Western Canada to launch in late 2023 or early 2024.

The company’s offerings already serve local tech firms like Benevity and Kidoodle.TV and the Alberta Motor Association, and will build on those partnerships, said AWS Canada general manager Eric Gales.

“We have tens of thousands of customers in Canada, many of whom are here in Alberta,” said Gales.

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“This new region will join 25 other regions around the world for AWS.”

He said the company will be investing $21 billion in Canada by 2037 while reaching a 100 per cent renewable energy capacity by 2025.

AWS is also partnering with Mount Royal University to offer free training to candidates for entry-level positions to add to the 100,000 Canadians trained by the company since 2013, said Rejean Bourgault, AWS Canada’s country leader.

“This is all part of a new age in the Alberta economy … it will help to provide folks who are unemployed or underemployed the ability to gain the key skills they need,” said Kenney

An executive of one Calgary-based tech start-up said AWS has already been instrumental in the progress of his company.

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“It was from the support of AWS that we grew into the company we are today,” said Daniel Riddell of Kidoodle TV.

“It’s important that companies embrace technology, embrace the cloud and embrace change.”

Following on Alberta’s best year in attracting tech investment — 2020, with $450 million — the AWS announcement shows the province is gaining the critical mass needed for a decisive economic transformation, said Kenney.

Alberta’s younger, highly-educated workforce, a low corporate tax regime, cheaper cost of living and attractive lifestyle were vital in attracting the data hub, said the premier.

The move comes four years after Calgary Economic Development made an unsuccessful pitch to Amazon to locate its second corporate headquarters in the city.

But the online retail behemoth did open a distribution centre just north of the city limits that same year.

Amazon employs nearly 40,000 people in Canada.

BKaufmann@postmedia.com

Twitter: @BillKaufmannjrn

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S&P/TSX composite up more than 100 points, U.S. stock markets mixed

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TORONTO – Canada’s main stock index was up more than 100 points in late-morning trading, helped by strength in base metal and utility stocks, while U.S. stock markets were mixed.

The S&P/TSX composite index was up 103.40 points at 24,542.48.

In New York, the Dow Jones industrial average was up 192.31 points at 42,932.73. The S&P 500 index was up 7.14 points at 5,822.40, while the Nasdaq composite was down 9.03 points at 18,306.56.

The Canadian dollar traded for 72.61 cents US compared with 72.44 cents US on Tuesday.

The November crude oil contract was down 71 cents at US$69.87 per barrel and the November natural gas contract was down eight cents at US$2.42 per mmBTU.

The December gold contract was up US$7.20 at US$2,686.10 an ounce and the December copper contract was up a penny at US$4.35 a pound.

This report by The Canadian Press was first published Oct. 16, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

The Canadian Press. All rights reserved.

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S&P/TSX up more than 200 points, U.S. markets also higher

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TORONTO – Canada’s main stock index was up more than 200 points in late-morning trading, while U.S. stock markets were also headed higher.

The S&P/TSX composite index was up 205.86 points at 24,508.12.

In New York, the Dow Jones industrial average was up 336.62 points at 42,790.74. The S&P 500 index was up 34.19 points at 5,814.24, while the Nasdaq composite was up 60.27 points at 18.342.32.

The Canadian dollar traded for 72.61 cents US compared with 72.71 cents US on Thursday.

The November crude oil contract was down 15 cents at US$75.70 per barrel and the November natural gas contract was down two cents at US$2.65 per mmBTU.

The December gold contract was down US$29.60 at US$2,668.90 an ounce and the December copper contract was up four cents at US$4.47 a pound.

This report by The Canadian Press was first published Oct. 11, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

The Canadian Press. All rights reserved.

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S&P/TSX composite little changed in late-morning trading, U.S. stock markets down

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TORONTO – Canada’s main stock index was little changed in late-morning trading as the financial sector fell, but energy and base metal stocks moved higher.

The S&P/TSX composite index was up 0.05 of a point at 24,224.95.

In New York, the Dow Jones industrial average was down 94.31 points at 42,417.69. The S&P 500 index was down 10.91 points at 5,781.13, while the Nasdaq composite was down 29.59 points at 18,262.03.

The Canadian dollar traded for 72.71 cents US compared with 73.05 cents US on Wednesday.

The November crude oil contract was up US$1.69 at US$74.93 per barrel and the November natural gas contract was up a penny at US$2.67 per mmBTU.

The December gold contract was up US$14.70 at US$2,640.70 an ounce and the December copper contract was up two cents at US$4.42 a pound.

This report by The Canadian Press was first published Oct. 10, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

The Canadian Press. All rights reserved.

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