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Antigonish investing in solar power –



The Town of Antigonish has taken another step in an effort to reduce its carbon footprint.

On July 6, council passed a motion to make a funding request to the provincial and federal governments for a two-megawatt solar garden in Brierly Brook. The request is for 73 per cent of the approximate $5 million project.

“It’s very, very exciting; it’s a step forward for green energy for sure, it’s a step forward for Antigonish,” said Mayor Laurie Boucher.

“Sustainability is very important to the town, and with the uncertainty of climate change, we’re happy to be able to try and do something about it. Just lowering our carbon footprint is what we’re trying to do.”

The aim is to have the project completed sometime next summer, said Boucher, depending on government funding.

The town is seeking provincial funds through the Low Carbon Communities Funding Program and federal money through the Investing in Canada Infrastructure Program.

Through the project, ratepayers will also have an opportunity to invest back into the utility with credit given for the investment showing on their power bills.

Boucher said a marketing campaign, with details of investment opportunities, will likely be launched later this summer.

Antigonish, Berwick and Mahone Bay are the only towns in Nova Scotia that own their own electric utilities. Together, they have formed the Alternative Resource Energy Authority (AREA), and have already made a huge step in reducing the province’s carbon footprint by investing in a 23.5-megawatt wind farm near Ellershouse, Hants County.

“So now we are going one step further and looking at how we can do this through solar and also allow our ratepayers to invest in it as well,” said Boucher.

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Southern Sask provincial parks receive investment, including Good Spirit – Yorkton This Week



The Government of Saskatchewan is investing nearly $8 million for facility and infrastructure improvements in southern provincial parks in 2020-21.  A total investment of more than $14.6 million will be made across Saskatchewan’s provincial parks system this year.
“Whether visiting for a day or a week, there is always so much to see and do in our beautiful parks,” Parks, Culture and Sport Minister Gene Makowsky said.  “With nearly four million visits to our parks in 2019, investing in facility and infrastructure continues to be a priority.  Upgrades and improvements will ensure our parks remain safe and enjoyable spaces for our visitors in the years to come.”
Along with ongoing improvements to washrooms, docks, day-use facilities and signage, upgrades scheduled for completion prior to the 2021 camping season in southern Saskatchewan provincial parks include:
•       Pool building interior upgrades at Cypress Hills Interprovincial Park;
•       Campground electrical upgrades, a new campground service centre and water system improvements at Good Spirit Lake Provincial Park;
•       Shoreline protection at Rowan’s Ravine Provincial Park;
•       A new campground service centre at Saskatchewan Landing Provincial Park; and
•       Boat launch upgrades at Moose Mountain Provincial Park.
Upgrades that began in 2019-20 and are now complete in southern Saskatchewan provincial parks include:
•       Swimming pool and related facility replacement at Buffalo Pound Provincial Park;
•       Campground service centre replacement at Danielson Provincial Park and service centre upgrade at Douglas Provincial Park;
•       Campground electrical upgrades at Saskatchewan Landing;
•       Road improvements at Moose Mountain Provincial Park;
•       Boat launch upgrades at Crooked Lake Provincial Park; and
•       Shoreline protection at Elbow Harbour Recreation Site.
From 2007-08 to 2019-20, capital investment and capital maintenance in parks reached a total value of more than $127 million.  Improvements planned for 2020-21 will further increase the total investment to more than $141 million since 2007.  Saskatchewan’s provincial parks continue to be an important destination, attracting visitors and bringing economic benefits to the province.

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Enforcement Notice – Hearing – IIROC to Hold Settlement Hearing for Calgary Investment Advisor Wayne Frederick Workun – Canada NewsWire



CALGARY, AB, Aug. 12, 2020 /CNW/ – A Hearing Panel of the Investment Industry Regulatory Organization of Canada (IIROC) will consider whether to accept a Settlement Agreement entered into between IIROC staff and Wayne Frederick Workun.

The Agreement concerns allegations that Mr. Workun failed to use due diligence to ensure that recommendations were suitable for a client and engaged in discretionary trading in that client’s accounts.

The hearing is not open to the public but will become open if and when the Panel accepts the agreement. Members of the public who are interested to attend the hearing may contact IIROC’s National Hearing Coordinator at [email protected] in advance of the hearing to obtain further details. If the agreement is accepted, the Reasons for Decision and the Settlement Agreement will be made available at

Appearance Date:  The hearing will be held by way of videoconference on August 21, 2020 at 10:00 a.m.

IIROC formally initiated the investigation into Mr. Workun’s conduct in February 2016. The conduct occurred while he was a Registered Representative with the Calgary branch of Leede Jones Gable Inc., an IIROC-regulated firm.  Mr. Workun is employed with Leede Jones Gable Inc.

The Notice of Application announcing the settlement hearing is available at:

Documents related to ongoing IIROC enforcement proceedings – including Reasons and Decisions of Hearing Panels – are posted on the IIROC website as they become available. Click here to search and access all IIROC enforcement documents.

*  *  *

IIROC is the pan-Canadian self-regulatory organization that oversees all investment dealers and their trading activity in Canada’s debt and equity markets. IIROC sets high quality regulatory and investment industry standards, protects investors and strengthens market integrity while supporting healthy Canadian capital markets. IIROC carries out its regulatory responsibilities through setting and enforcing rules regarding the proficiency, business and financial conduct of more than 175 Canadian investment dealer firms and their more than 30,000 registered employees, the majority of whom are commonly referred to as investment advisors. IIROC also sets and enforces market integrity rules regarding trading activity on Canadian debt and equity marketplaces.

IIROC investigates possible misconduct by its member firms and/or individual registrants. It can bring disciplinary proceedings which may result in penalties including fines, suspensions, permanent bars, expulsion from membership, or termination of rights and privileges for individuals and firms.

All information about disciplinary proceedings relating to current and former member firms is available in the Enforcement section of the IIROC website. Background information regarding the qualifications and disciplinary history, if any, of advisors currently employed by IIROC-regulated firms is available free of charge through the IIROC AdvisorReport service. Information on how to make investment dealer, advisor or marketplace-related complaints is available by calling 1 877 442-4322.

SOURCE Investment Industry Regulatory Organization of Canada (IIROC) – General News

For further information: Enforcement Contact: Charles Corlett, Director, Enforcement Litigation, 416 646-7253, [email protected]; Media Contact: Andrea Zviedris, Manager, Media Relations, 416 943-6906, [email protected]

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ABN Amro Cuts a Third of Investment Bank After Virus Losses – Yahoo Canada Finance



(Bloomberg) — ABN Amro Bank NV will cut its investment bank by about a third and shut down lending outside of Europe as the Dutch bank tries to turn around business hit hard by the market chaos caused by the coronavirus crisis.

ABN Amro will stop providing corporate finance outside Europe and exit trade and commodity financing altogether, the Dutch bank said on Wednesday. As many as 800 jobs could be lost over three to four years as the investment bank pulls back from activities that currently bring in about 45% of client loans.

European lenders including Deutsche Bank AG, Societe Generale SA and BNP Paribas SA have been slashing and refocusing their investment banks as they seek to cut costs and get out of higher-risk businesses. Chief Executive Officer Robert Swaak accelerated his review of the investment bank as volatile markets hit profitability and caused large impairments at the unit.

“The new CEO has essentially delivered what we asked for over a year ago, namely a proper wind-down of the CIB business. A pity that it took a pandemic to do so,” Barclays Bank Plc analyst Omar Fall said in a note. “The focus will now be on how much of the very sizable 2.5 billion euros of CIB wind-down capital will eventually return to shareholders.”

ABN Amro rose as much as 9.4% in Amsterdam trading, the most in two months, and was up 8.3% as of 3:40 a.m. The stock has declined by 46% this year. That compares with a 32% drop by the STOXX 600 Banks Index.

Net Loss

The bank reported a net loss of 5 million euros ($5.9 million) for the quarter on writedowns and a slowdown in lending prompted by the Covid-19 crisis. Provisions for loan losses declined to 703 million euros from 1.1. billion euros in the first quarter. ABN Amro said it expects provisions to total 3 billion euros this year, partly on costs to wind down loans at the investment bank. That’s up from an earlier prediction of 2.5 billion euros.

Corporate banking in the U.S., Asia, Australia and Brazil will be wound down, but the bank will retain its global clearing business, one of the world’s biggest, the company said. The natural resources and transportation and logistics parts of the business will focus on European clients only.

“Clearing has taken several de-risking measures in the past months following a large loss incurred earlier this year,” it said. The bank said it expects additional impairments related to job losses and the wind down of corporate loans.

‘Tough Decision’

“It’s a tough decision,” to exit trade and commodity finance, a business that has been historically strong for the Netherlands, Chief Financial Officer Clifford Abrahams said in an interview. “We’ve been in these businesses in some cases for hundreds of years. It’s tough for our clients and our staff, but we are convinced it’s in the best interest for the bank.”

CEO Swaak said that ABN Amro lacks scale in the rest of the world but it is looking to “invest and grow” in its corporate banking business in northwest Europe. The lender is currently also conducting a strategic review on operational efficiency, financial targets and capital distributions, which will be presented in November.

ABN Amro is among the four banks with the highest exposure to Wirecard AG, the defunct payments company that prompted competitors ING Groep NV and Commerzbank AG to take provisions of about 175 million euros each in the second quarter, Bloomberg reported in June. The bank said an “exceptional client file” contributed to the high impairments in the second quarter.

Exceptional Charges

“We don’t comment on specific clients, but the exceptional client file that caused high impairments reflect a potential fraud case in Germany” Abrahams said when asked about the impact of Wirecard.

ABN Amro reported provisions of 616 million euros for three exceptional client files in the first half of this year. Two cases in the first quarter accounted for 460 million euros, leaving 156 million euros for the German case.

The corporate and investment bank accounted for 14.5% of group profit last year and the unit’s headcount was a similar share of the total. The investment bank’s activities carry much more risk than ABN Amro’s retail business and require more capital as well, making it costly to squeeze out decent profits in good times.

In the previous quarter, the lender wrote down 460 million euros on two individual client cases, which contributed to its first loss since 2013. Even before the coronavirus crisis, the investment bank fell short of ABN Amro’s 10% to 13% return on equity target.

Other second quarter earnings highlights:

Net interest income EU1.51 billion, -9.9% y/y, estimate EU1.55 billionCommon equity Tier 1 ratio 17.3% vs. 17.3% q/q, estimate 17.1%2Q cost-to-income Ratio 60.4% vs. 67.6% q/q, estimate 62.3%2Q net fee and commission income EU375 million, -9.2% y/y, estimate EU380 million

(Updates with growth ambitions, strategic review and provision figure for German client)

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