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Indigenous leaders divided over proposed oil sands mine in northern Alberta – CTV News

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FORT CHIPEWYAN, ALTA. —
As the deadlock between a group of Indigenous chiefs and a northern B.C. pipeline brings rail traffic to a standstill, the future of another energy project in northern Alberta is hanging in the balance.

The proposed Teck Frontier oil sands mine project, estimated at $20 billion, would be about twice the size of Vancouver. It is expected to create 7,000 construction jobs and 2,500 permanent positions.

A federal-provincial joint review panel found last July that the project would be in the public interest, even though it would likely harm wetlands, old growth forests and wildlife.

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The project, if approved, would be capable of producing more than a quarter-million barrels of oil each day and roughly four million tonnes of greenhouse gas emissions every year for over 40 years.

Ottawa is expected to decide next week whether to approve or reject the project.

Fourteen Indigenous groups in the area have signed benefits agreements with the company. But some Indigenous elders say the project would be catastrophic for the environment and would cause irreversible damage to the land.

Kevin Weidlich is among the project’s supporters. He says the mine would spur an economic boost to his community.

“We want to be champions of an evolution of our Indigenous people to be able to have a balance between development as well as the traditional aspects of life,” said Weidlich, who is CEO of the Wood Buffalo Economic Development Corporation.

Bill Loutitt, CEO for the McMurray Metis, echoed those feelings.

“We want to ensure that our elders and youth are taken care of, just like everybody else, and the only way to do that is by being involved,” said Loutitt.

But Alice Rigney, a Dene elder in Fort Chipewyan – the community closest to the proposed mine site — says none of that matters if the environment is destroyed.

“Teck Frontier is going to destroy this land completely. And when I say the land, everything that goes with it, including the people, the birds, the animals, the fish, the water,” she said.

Fred “Jumbo” Fraser, an 82-year-old Metis elder, has lived in the community for his entire life. He says he’s already seen a dramatic difference in the land, even without the mine.

“We don’t have any water in our delta anymore. Everything has dried up, so we’re not trapping … We don’t have hardly any wildlife, there’s no rabbits,” he said.

Even so, Fraser says rejecting the mine won’t bring back that lost wildlife.

Chief Allan Adam of the Athabasca Chipewyan First Nation says he understands the environmental concerns, but he still supports Teck Frontier.

“Better to be on the inside than the outside because when you’re on the outside, you’re always barking up a tree that you’ll never get anywhere,” Adam said.

Alberta Premier Jason Kenney supports the mine and has urged Prime Minister Justin Trudeau to approve it, warning that a rejection could bring Western alienation to a “boiling point.”

Earlier this month, Kenney sent a letter to Trudeau hailing the project as the “model of environmental and social responsibility.”

“[Teck Frontier’s] rejection would have devastating impacts on Alberta and Canada’s economy and federal-provincial relations,” Kenney wrote in his letter to Trudeau.

“It would be interpreted as a rejection of our most important industry and could raise roiling Western alienation to a boiling point – something I know your government has been attentive to since the election.”

The Liberal government has vowed to reach net-zero emissions for Canada by 2050. In late January, Environment Minister Jonathan Wilkinson said the decision over whether to approve the project will include considerations as to what Alberta is doing to help reach that goal.

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Dow Jones Rises But S&P, Nasdaq Fall; Nvidia, SMCI Flash Sell Signals As Bitcoin's Fourth Halving Arrives – Investor's Business Daily

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[unable to retrieve full-text content]

  1. Dow Jones Rises But S&P, Nasdaq Fall; Nvidia, SMCI Flash Sell Signals As Bitcoin’s Fourth Halving Arrives  Investor’s Business Daily
  2. Iran fires at apparent Israeli attack drones: Mideast tensions  The Associated Press
  3. S&P 500 extends losing streak to sixth day, Dow up 210 points  Yahoo Canada Finance
  4. Stock Market Today: Dow, S&P Live Updates for April 19  Bloomberg
  5. Stock market today: Wall Street limps toward its longest weekly losing streak since September  CityNews Kitchener

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Netflix stock sinks on disappointing revenue forecast, move to scrap membership metrics – Yahoo Canada Finance

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Netflix (NFLX) stock slid as much as 9.6% Friday after the company gave a second quarter revenue forecast that missed estimates and announced it would stop reporting quarterly subscriber metrics closely watched by Wall Street.

On Thursday, Netflix guided to second quarter revenue of $9.49 billion, a miss compared to consensus estimates of $9.51 billion.

The company said it will stop reporting quarterly membership numbers starting next year, along with average revenue per member, or ARM.

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“As we’ve evolved our pricing and plans from a single to multiple tiers with different price points depending on the country, each incremental paid membership has a very different business impact,” the company said.

Netflix reported first quarter earnings that beat across the board on Thursday, with another 9 million-plus subscribers added in the quarter.

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Subscriber additions of 9.3 million beat expectations of 4.8 million and followed the 13 million net additions the streamer added in the fourth quarter. The company added 1.7 million paying users in Q1 2023.

Revenue beat Bloomberg consensus estimates of $9.27 billion to hit $9.37 billion in the quarter, an increase of 14.8% compared to the same period last year as the streamer leaned on revenue initiatives like its crackdown on password-sharing and ad-supported tier, in addition to the recent price hikes on certain subscription plans.

Netflix’s stock has been on a tear in recent months, with shares currently trading near the high end of its 52-week range. Wall Street analysts had warned that high expectations heading into the print could serve as an inherent risk to the stock price.

Earnings per share (EPS) beat estimates in the quarter, with the company reporting EPS of $5.28, well above consensus expectations of $4.52 and nearly double the $2.88 EPS figure it reported in the year-ago period. Netflix guided to second quarter EPS of $4.68, ahead of consensus calls for $4.54.

Profitability metrics also came in strong, with operating margins sitting at 28.1% for the first quarter compared to 21% in the same period last year.

The company previously guided to full-year 2024 operating margins of 24% after the metric grew to 21% from 18% in 2023. Netflix expects margins to tick down slightly in Q2 to 26.6%.

Free cash flow came in at $2.14 billion in the quarter, above consensus calls of $1.9 billion.

Meanwhile, ARM ticked up 1% year over year — matching the fourth quarter results. Wall Street analysts expect ARM to pick up later this year as both the ad-tier impact and price hike effects take hold.

On the ads front, ad-tier memberships increased 65% quarter over quarter after rising nearly 70% sequentially in Q3 2023 and Q4 2023. The ads plan now accounts for over 40% of all Netflix sign-ups in the markets it’s offered in.

FILE PHOTO: Netflix reported first quarter earnings after the bell on Thursday. REUTERS/Dado Ruvic/File PhotoFILE PHOTO: Netflix reported first quarter earnings after the bell on Thursday. REUTERS/Dado Ruvic/File Photo

Netflix reported first quarter earnings after the bell on Thursday. REUTERS/Dado Ruvic/File Photo (REUTERS / Reuters)

Alexandra Canal is a Senior Reporter at Yahoo Finance. Follow her on X @allie_canal, LinkedIn, and email her at alexandra.canal@yahoofinance.com.

For the latest earnings reports and analysis, earnings whispers and expectations, and company earnings news, click here

Read the latest financial and business news from Yahoo Finance

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Oil Prices Erase Gains as Iran Downplays Reports of Israeli Missile Attack – OilPrice.com

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Oil Prices Erase Gains as Iran Downplays Reports of Israeli Missile Attack | OilPrice.com



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Tsvetana Paraskova

Tsvetana Paraskova

Tsvetana is a writer for Oilprice.com with over a decade of experience writing for news outlets such as iNVEZZ and SeeNews. 

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  • Oil prices initially spiked on Friday due to unconfirmed reports of an Israeli missile strike on Iran.
  • Prices briefly reached above $90 per barrel before falling back as Iran denied the attack.
  • Iranian media reported activating their air defense systems, not an Israeli strike.

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Oil prices gave up nearly all of early Friday’s gains after an Iranian official told Reuters that there hadn’t been a missile attack against Iran.

Oil surged by as much as $3 per barrel in Asian trade early on Friday after a U.S. official told ABC News today that Israel launched missile strikes against Iran in the early morning hours today. After briefly spiking to above $90 per barrel early on Friday in Asian trade, Brent fell back to $87.10 per barrel in the morning in Europe.

The news was later confirmed by Iranian media, which said the country’s air defense system took down three drones over the city of Isfahan, according to Al Jazeera. Flights to three cities including Tehran and Isfahan were suspended, Iranian media also reported.

Israel’s retaliation for Iran’s missile strikes last week was seen by most as a guarantee of escalation of the Middle East conflict since Iran had warned Tel Aviv that if it retaliates, so will Tehran in its turn and that retaliation would be on a greater scale than the missile strikes from last week. These developments were naturally seen as strongly bullish for oil prices.

However, hours after unconfirmed reports of an Israeli attack first emerged, Reuters quoted an Iranian official as saying that there was no missile strike carried out against Iran. The explosions that were heard in the large Iranian city of Isfahan were the result of the activation of the air defense systems of Iran, the official told Reuters.

Overall, Iran appears to downplay the event, with most official comments and news reports not mentioning Israel, Reuters notes.

The International Atomic Energy Agency (IAEA) said that “there is no damage to Iran’s nuclear sites,” confirming Iranian reports on the matter.

The Isfahan province is home to Iran’s nuclear site for uranium enrichment.

“Brent briefly soared back above $90 before reversing lower after Iranian media downplayed a retaliatory strike by Israel,” Saxo Bank said in a Friday note.

The $5 a barrel trading range in oil prices over the past week has been driven by traders attempting to “quantify the level of risk premium needed to reflect heightened tensions but with no impact on supply,” the bank said, adding “Expect prices to bid ahead of the weekend.”

At the time of writing Brent was trading at $87.34 and WTI at $83.14.

By Tsvetana Paraskova for Oilprice.com

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