OTTAWA, ON, Feb. 4, 2021 /CNW/ – As the COVID-19 pandemic continues to evolve, the Government of Canada remains committed to building a clean energy future to strengthen the economy, create good, middle-class jobs and support the natural resource sectors. This commitment requires improving energy efficiency in the industrial sector to help us reach our ambitious target of net-zero emissions by 2050.
The Honourable Seamus O’Regan Jr., Canada’s Minister of Natural Resources, today announced a $40,000 investment for Iron Ore Company of Canada (IOC) to put in place an energy information system that will enable the leading North American producer and exporter of premium iron ore pellets and high-grade concentrate to reduce energy costs and greenhouse gas (GHG) emissions.
This investment will allow Quebec’s IOC to implement an energy management information system at its Sept-Îles facility that will improve its infrastructure and its systems for energy use measurement and reporting while increasing energy efficiency, productivity and competitiveness in Canada’s mining industry.
Federal funding is provided by the Energy Efficiency for Industry Program, which offers financial assistance to help fund Canadian industrial facilities’ energy management projects. The Iron Ore Company of Canada and Hydro-Québec also contributed to the project to bring the total investment to $330,000.
IOC is a Canadian-based producer of iron ore with operations integrated across a mine and processing plant in Labrador City, Newfoundland and Labrador; a port and stockpile in Sept-Îles, Quebec; and a 418-kilometre railway that joins these two parts of the operation.
The government continues to support green infrastructure projects that will create good jobs and advance Canada’s green future. Increasing the energy efficiency of Canada’s industrial sector is a key part of Canada’s efforts to achieve net-zero greenhouse gas emissions by 2050.
Quote “Improvements in energy efficiency will get us a third of the way to our Paris targets. With today’s announcement, we’re working to lower our emissions and creating good, middle-class jobs.”
The Honourable Seamus O’Regan Jr. Canada’s Minister of Natural Resources
“This is a tangible investment to protect good jobs in Sept-Îles and help the families of the Côte-Nord. It’s with these kinds of investments that we will foster a greener economic recovery, reduce greenhouse gas emissions and speed up our transition to a zero-emission future.”
The Honourable Pablo Rodriguez Leader of the Government in the House of Commons Quebec Lieutenant
“Improving energy efficiency and reducing greenhouse gas emissions are priorities for IOC. The new energy management information system we are implementing with the support of Natural Resources Canada and Hydro-Québec will give us a better picture of our energy consumption and help us identify opportunities to improve our environmental performance while lowering our operational costs.”
Chantal Lavoie, Chief Operating Officer Iron Ore Company of Canada
“Hydro-Québec supports its customers’ energy efficiency efforts by offering programs that are tailored to their needs. By opting for energy efficiency, our customers improve their profitability and productivity while taking part in the energy transition to a greener economy.”
Éric Filion President of Hydro-Québec Distribution et Services partagés
For further information: Natural Resources Canada, Media Relations, 343-292-6100, [email protected]; Ian Cameron, Press Secretary, Office of the Minister of Natural Resources, 613-447-3488, [email protected]; Simon Letendre, Director, Media Relations – Canada & US, Iron Ore Company of Canada, 514-796-4973, [email protected]
TORONTO – Canada’s main stock index was down more than 200 points in late-morning trading, weighed down by losses in the technology, base metal and energy sectors, while U.S. stock markets also fell.
The S&P/TSX composite index was down 239.24 points at 22,749.04.
In New York, the Dow Jones industrial average was down 312.36 points at 40,443.39. The S&P 500 index was down 80.94 points at 5,422.47, while the Nasdaq composite was down 380.17 points at 16,747.49.
The Canadian dollar traded for 73.80 cents US compared with 74.00 cents US on Thursday.
The October crude oil contract was down US$1.07 at US$68.08 per barrel and the October natural gas contract was up less than a penny at US$2.26 per mmBTU.
The December gold contract was down US$2.10 at US$2,541.00 an ounce and the December copper contract was down four cents at US$4.10 a pound.
This report by The Canadian Press was first published Sept. 6, 2024.
TORONTO – Canada’s main stock index was up more than 150 points in late-morning trading, helped by strength in technology, financial and energy stocks, while U.S. stock markets also pushed higher.
The S&P/TSX composite index was up 171.41 points at 23,298.39.
In New York, the Dow Jones industrial average was up 278.37 points at 41,369.79. The S&P 500 index was up 38.17 points at 5,630.35, while the Nasdaq composite was up 177.15 points at 17,733.18.
The Canadian dollar traded for 74.19 cents US compared with 74.23 cents US on Wednesday.
The October crude oil contract was up US$1.75 at US$76.27 per barrel and the October natural gas contract was up less than a penny at US$2.10 per mmBTU.
The December gold contract was up US$18.70 at US$2,556.50 an ounce and the December copper contract was down less than a penny at US$4.22 a pound.
This report by The Canadian Press was first published Aug. 29, 2024.
The crypto market has recently experienced a significant downturn, mirroring broader risk asset sell-offs. Over the past week, Bitcoin’s price dropped by 24%, reaching $53,000, while Ethereum plummeted nearly a third to $2,340. Major altcoins also suffered, with Cardano down 27.7%, Solana 36.2%, Dogecoin 34.6%, XRP 23.1%, Shiba Inu 30.1%, and BNB 25.7%.
The severe downturn in the crypto market appears to be part of a broader flight to safety, triggered by disappointing economic data. A worse-than-expected unemployment report on Friday marked the beginning of a technical recession, as defined by the Sahm Rule. This rule identifies a recession when the three-month average unemployment rate rises by at least half a percentage point from its lowest point in the past year.
Friday’s figures met this threshold, signaling an abrupt economic downshift. Consequently, investors sought safer assets, leading to declines in major stock indices: the S&P 500 dropped 2%, the Nasdaq 2.5%, and the Dow 1.5%. This trend continued into Monday with further sell-offs overseas.
The crypto market’s rapid decline raises questions about its role as either a speculative asset or a hedge against inflation and recession. Despite hopes that crypto could act as a risk hedge, the recent crash suggests it remains a speculative investment.
Since the downturn, the crypto market has seen its largest three-day sell-off in nearly a year, losing over $500 billion in market value. According to CoinGlass data, this bloodbath wiped out more than $1 billion in leveraged positions within the last 24 hours, including $365 million in Bitcoin and $348 million in Ether.
Khushboo Khullar of Lightning Ventures, speaking to Bloomberg, argued that the crypto sell-off is part of a broader liquidity panic as traders rush to cover margin calls. Khullar views this as a temporary sell-off, presenting a potential buying opportunity.
Josh Gilbert, an eToro market analyst, supports Khullar’s perspective, suggesting that the expected Federal Reserve rate cuts could benefit crypto assets. “Crypto assets have sold off, but many investors will see an opportunity. We see Federal Reserve rate cuts, which are now likely to come sharper than expected, as hugely positive for crypto assets,” Gilbert told Coindesk.
Despite the recent volatility, crypto continues to make strides toward mainstream acceptance. Notably, Morgan Stanley will allow its advisors to offer Bitcoin ETFs starting Wednesday. This follows more than half a year after the introduction of the first Bitcoin ETF. The investment bank will enable over 15,000 of its financial advisors to sell BlackRock’s IBIT and Fidelity’s FBTC. This move is seen as a significant step toward the “mainstreamization” of crypto, given the lengthy regulatory and company processes in major investment banks.
The recent crypto market downturn highlights its volatility and the broader economic concerns affecting all risk assets. While some analysts see the current situation as a temporary sell-off and a buying opportunity, others caution against the speculative nature of crypto. As the market evolves, its role as a mainstream alternative asset continues to grow, marked by increasing institutional acceptance and new investment opportunities.
