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First Notice: ICI investment declines; REM update; Housing Day speaker – Daily Commercial News

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Investment in ICI sector declined in September 

Statistics Canada yesterday reported that total investment in building construction across the country decreased 1.7 per cent to $15.2 billion in September, after reaching a record high in August. The decline was attributed to decreases in the non-residential sector (minus 8.5 per cent to $4.5 billion) that were partially offset by increases in the residential sector investment (up 1.6 per cent to $10.7 billion). The commercial, industrial and institutional components of non-residential building construction all fell to the lowest levels seen since April 2020. Ontario (minus 9.5 per cent to $1.8 billion) and Quebec (minus 15.2 per cent to $1.0 billion) accounted for the majority of the provincial declines in all three non-residential components. 

 

CDPQ Infra to provide update on REM project 

CDPQ Infra and the REM project office will be hosting an update on progress of the Reseau express metropolitain project in Montreal tomorrow. The update will be hosted by Jean-Marc Arbaud, managing director of CDPQ Infra and the REM project office, and Macky Tall, president and CEO of CDPQ Infra. The project currently has more than 20 construction sites spread out over Greater Montreal.  

 

Bertaud speaks on National Housing Day 

City Building Ryerson today announced that Alain Bertaud, author of Order Without Design: How Markets Shape Cities, will be speaking Nov. 23 at a presentation in recognition of National Housing Day. The address starts at 11 a.m. 

 

Feds invest in EV charging platform 

The federal government today announced a $1-million investment in Toronto-based SWTCH Energy Inc. to address barriers to electric vehicle (EV) adoption. The company is developing a blockchain-based EV charging platform that it claims will reduce the cost of EV charging transactions and enhance grid efficiency. SWTCH, along with project partners Opus One Solutions, Toronto Hydro, University of Waterloo, University of Toronto, IBI Group and PowerCharge, is also contributing to this project, bringing the total project cost to over $2.6 million. 

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Brazil's Oil Giant Slashes Its Five-Year Investment Plan – OilPrice.com

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Brazil’s Oil Giant Slashes Its Five-Year Investment Plan | OilPrice.com

Charles Kennedy

Charles is a writer for Oilprice.com

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Brazil’s state energy giant Petrobras has cut its five-year investment plan by 27 percent to $55 billion, driven by the effects of the coronavirus pandemic. Reuters reported, citing a regulatory filing, that the company will focus its efforts on developing deepwater oilfields in the pre-salt zone that is estimated to contain billions of untapped barrels of oil. The pre-salt fields are Brazil’s main point of attraction for foreign energy firms, too.

Of the $55 billion Petrobras plans to spend over the next five years, most will go towards exploration and production. Still, at $46 billion, the sum to be allocated for exploration and production until 2025 is down from $64 billion planned a year ago.

The company also said it will only develop fields where it could break even at international oil prices of $35 per barrel.

As a result of the spending revision, Petrobras will produce less oil and gas next year, the company said, aiming for a daily average of 2.75 million barrels of oil equivalent. This is down from 2.84 million bpd this year. Related: EIA Sees WTI Crude Averaging $44 In 2021

However, going forward, production will increase, reaching 3.3 million barrels of oil equivalent in 2024. The boost will come from the pre-salt zone, which will also drive the company’s output this year. Petrobras said at the release of its third-quarter results in September that it had originally expected an output of 2.7 million bpd of oil equivalent for this year.

Crude oil production from the pre-salt fields marked a quarterly increase of 8.1 percent to 1.651 million bpd in the third quarter of this year, mainly due to higher operational efficiency of the platforms in the Búzios field and the ramp-up of production platforms in the Tupi and Atapu oilfields. Compared to the third quarter of 2019, Petrobras’ crude oil output in the pre-salt area jumped by 20.8 percent.

By Charles Kennedy for Oilprice.com

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Scammers fool Britons with investment firm clones, says trade body – TheChronicleHerald.ca

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LONDON (Reuters) – More than 200 British retail investors have lost nearly 10 million pounds ($13.4 million) in total to sophisticated investment scams since a government lockdown in March to fight the COVID-19 pandemic, a trade body said on Saturday.

Fraudsters cloned genuine investment management firms’ websites and documentation, and advertised fake products on sham price comparison websites and on social media, the Investment Association said.

Greater financial uncertainty and more time spent online have likely contributed to the increase in scams, industry sources say.

Losses amounted to 9.4 million pounds ($12.56 million) between March and mid-October, the IA said, based on information it got from member firms which had been cloned.

“In a year clouded in uncertainty, organised criminals have sought opportunity in misfortune by attempting to con investors out of their hard-earned savings,” Chris Cummings, chief executive of the Investment Association said.

The investment management industry was working closely with police and regulators to stop the scams, he added.

Britain’s Action Fraud warned earlier this month that total reported losses from all types of investment fraud came to 657 million pounds between September 2019 and September 2020, a rise of 28% from a year ago. Reports spiked between May and September, following Britain’s first national lockdown, the national fraud and cyber crime reporting centre added.

(Reporting by Carolyn Cohn; ediitng by Emelia Sithole-Matarise)

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Ontario Increasing Investment in Video Surveillance Systems – Government of Ontario News

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Ontario Newsroom | Salle de presse de l’Ontario

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