The soaring cost of the Trans Mountain pipeline has not cooled interest in British Columbia from a group of First Nations that want to ultimately own the project.
On Friday, Trans Mountain CEO Ian Anderson announced the cost of building the pipeline expansion had climbed 70 per cent to $12.6 billion, up from an initial estimate of $7.4 billion.
Mike LeBourdais, who represents the Western Indigenous Pipeline Group, said its chief financial officer, economists and partners are evaluating the implications of the cost increase.
But he said the goal remains the same: ownership of the pipeline.
“It doesn’t change the fact that our group, the Western Indigenous Pipeline Group, believes that this pipeline should be owned by the First Nations that are impacted by it,” LeBourdais said.
“My team … and my partners are looking at it and making sure that the impacts aren’t too severe, or how do we mitigate those impacts,” he said.
The Western Indigenous Pipeline Group is a coalition of First Nations located along the Trans Mountain route in B.C.
“We still want to buy it … because we’re the most impacted people,” LeBourdais said.
“We’ve been living with this pipeline since 1953. And so we’ve been living with those risks without the benefit of ownership or that income that comes from the pipeline. And so this is an opportunity for us to enjoy the other side.”
There are two other Indigenous pipeline groups that have expressed interest in owning a stake of the Trans Mountain pipeline: Project Reconciliation, which is based in Calgary, and the Iron Coalition, led by chiefs in the Edmonton area.
The federal government bought the pipeline from Kinder Morgan in 2018 for $4.5 billion.
Speaking with reporters Friday, Anderson said increased material and labour costs are to blame for the cost overruns, along with years-long legal troubles and renewed Indigenous consultation efforts that also added to the final total.
Asked if the increased costs might make the project too expensive for Indigenous groups to purchase, Anderson said he doesn’t think that will be an issue.
“It remains very financially viable and a good return on investment,” he said. “They’ll evaluate it like anybody else will.”
Anderson said the project will be profitable because much of its capacity has already been sold on 20-year contracts to major oil producers such as Suncor and Cenvous.
He said the project will generate $1.5 billion a year in cash when it’s fully operational.
Richard Masson, former head of the Alberta Petroleum Marketing Commission and an executive fellow with the University of Calgary’s School of Public Policy, said he believes buyers will likely only pay a price that allows them to earn a competitive market rate of return regardless of what it costs to build.
“My expectation is nobody actually will want to buy this until it’s up and running and the rest of the uncertainty is gone,” Masson said.
Goldman Sachs moves to full ownership of China securities JV
Goldman Sachs said on Sunday it received approval from China’s securities regulator to take full control of its mainland securities business.
The U.S. bank said it would buy the remainder of Goldman Sachs Gao Hua Securities Company Ltd (GSGH), and rename it as Goldman Sachs (China) Securities Company Ltd.
The migration of its onshore business units to GSGH from Beijing Gao Hua Securities was underway, it added.
“This marks the start of a new chapter for our China business following a successful 17-year joint venture,” Goldman Sachs said in a statement.
It becomes the second Wall Street firm to be granted approval to shift to full ownership of its securities business after JPMorgan Chase & Co moved to 100% in August https://www.reuters.com/business/finance/jpmorgan-gets-beijings-approval-first-fully-foreign-owned-brokerage-2021-08-06.
Securities businesses in China typically house investment banking, research, equities and fixed income businesses.
Unlike most of the other China JVs, Goldman had day-to-day operational control of its business even with its minority ownership.
Lucrative underwriting fees on equity and bond transactions – especially initial public offerings (IPOs) – in China’s expanding capital markets has been the driving force for Western banks to increase stakes in their mainland business.
Full ownership could allow foreign banks to expand their operations in the multi-trillion-dollar Chinese financial sector, and better integrate them with their global businesses.
Morgan Stanley currently owns 90% of its securities joint venture with partner Shanghai Chinafortune Co Ltd after increasing its stake https://www.reuters.com/business/finance/morgan-stanley-nears-full-ownership-china-ventures-with-stake-buys-2021-05-28 in May.
China’s regulators had examined Goldman Sach’s application to move to full ownership https://www.reuters.com/business/finance/goldman-sachs-signs-pact-wholly-own-china-joint-venture-2020-12-11 since the bank flagged its intention to buy out its partner in December.
(Reporting by Scott Murdoch in Hong Kong and Nikhil Kurian Nainan in Bengaluru; editing by Uttaresh.V and Stephen Coates)
From Canada? Want to go to the U.S.A.? Better have the right vaccine – Boing Boing
The last couple of years have been hard on Canadian Snowbirds. Many of us, myself included, are used to heading south in the fall, to escape the icy bullshit of a Canadian winter. Unfortunately, thanks to COVID-19, a lot of us have been trapped, north of the wall, since March 2020.
I’ve been fine with this.
When the land border was closed down to everyone but essential travellers, my mindset was that if I was going to get sick, I’d just as soon do it in my own nation where healthcare is free (yeah, we pay our taxes, but still.) Then, last winter, the vaccines started to roll out. By early spring, both my wife and I had been injected with two doses of Pfizer’s version of the brew. We breathed a sigh of relief and began to hope that we might, one day soon, be able to start our travels again. I’m sure that lots of other folks did too. Unfortunately, depending on where in Canada they live, it wasn’t a sure bet that they’d wind up with two doses of the same vaccine. In the rush to get as many Canadians vaccinated against the plague as possible, many provinces started mixing and matching whichever vaccines that they had on hand.
So, you could wind up with Pfizer for your first jab and Moderna for your second. It’s cool, they told us. Mixing vaccines affords tons of protection, we were assured. Why, we’d all be able to get back to our lives in no time… provided said life doesn’t include travelling to one of many countries where vaccine mixing is considered to be a dangerous load of bullshit. You may have guessed by now, that America is one of those countries.
From The CBC:
…at the same time the U.S. reopens the land border, it will start requiring that foreign land and air travellers entering the country be fully vaccinated.
The U.S. Centers for Disease Control (CDC) currently doesn’t recognize mixed COVID-19 vaccines — such as one dose of AstraZeneca, and one dose of Pfizer or Moderna — and hasn’t yet said if travellers with two different doses will be blocked from entry when the vaccine requirement kicks in.
So that sucks.
According to the CBC, the Centers for Disease Control and Prevention might soon consider changing their stance on mixed vaccines. I’d like to think that a crap load of data on the effectiveness of mixed vaccine dosing will play into such a decision. No matter how badly folks might want to head south for the winter, Americans deserve to be as safe as they can be.
In the meantime, I suspect that, just like last fall, many snowbirds will wind up on Vancouver Island, where I hang my hat, these days. It’s warm enough here that living in an RV is both possible and comfortable.
But I’ll tell ya, it’s a far cry from kicking back in the trade winds on the cusp of Texas’ southern border.
Travel industry, health experts applaud U.S. decision to allow travellers with mixed doses – CTV News
The organization representing Canada’s tourism industry is applauding the U.S. government’s decision to allow Canadian travellers with mixed vaccine doses once the border opens in November.
On Friday, the U.S. Centers for Disease Control and Prevention confirmed that travellers with “any combination” of two doses of vaccines approved by the World Health Organization or the U.S. Food and Drug Administration “are considered fully vaccinated.”
Beth Potter, who is president and CEO of the Tourism Industry Association of Canada, says the announcement is “really good news.”
“What it does is it provides a little bit more clarity, and this is something that we’ve talked about a lot. We know now that if you’ve got that mixed dose, as of November you’re going to be able to enter into the United States,” she told CTV News Channel on Saturday.
Infectious disease expert Isaac Bogoch of the University Health Network in Toronto says allowing mixed dosed travellers is “a smart and data driven approach.”
“This will be a huge relief to many Canadians who did the right thing and got vaccinated and even took those mixed and matched vaccine approaches. It’s safe, it’s effective, and now there’s a recognition of this,” Bogoch said in an interview with CTV News Channel on Saturday.
“I’m really happy to hear this. It’s about time.”
This announcement came after the White House confirmed that the U.S. land borders with Canada and Mexico would be open to fully vaccinated tourists by Nov. 8.
On the American side, the U.S. Travel Association also applauded the Biden Administration’s plans to reopen the border.
“Reopening to international visitors will provide a jolt to the economy and accelerate the return of travel-related jobs that were lost due to travel restrictions,” said association president and CEO Roger Dow in a statement on Friday.
“We applaud the administration for recognizing the value of international travel to our economy and our country, and for working to safely reopen our borders and reconnect America to the world.”
But while the U.S. won’t require Canadians to show proof of vaccination to cross, returning to Canada requires a negative PCR test conducted at most 72 hours before crossing the border.
PCR tests can cost upwards of $200. The Canadian government does not accept rapid antigen tests, which can be had for only $40.
Brian Higgins, a New York congressman whose district includes the border cities of Buffalo and Niagara Falls, wants to see Canada drop the COVID-19 PCR test requirement.
“I think that the U.S. decision to allow Canadians coming into the United States without a test again underscores the potency of the vaccine,” Higgins told The Canadian Press on Friday. “I would like to see that reciprocated by our Canadian neighbours.”
However, Public Safety Minister Bill Blair said that Canada will continue to require PCR tests so long as the Public Health Agency of Canada advocates for it.
“We’ve seen throughout the pandemic that advice has evolved as new evidence and new data is available. We’ll continue to follow the advice in the Public Health Agency Canada,” he said in an interview with CTV’s Question Period on Sunday.
Week five without LRT service and Canada's women's soccer team plays in Ottawa: Five stories to watch this week – CTV Edmonton
Three more COVID-19 related deaths, 58 new cases, in New Brunswick Sunday – CTV News Atlantic
Bitcoin hovers near 6-month high on ETF hopes, inflation worries
Silver investment demand jumped 12% in 2019
Europe kicks off vaccination programs | All media content | DW | 27.12.2020 – Deutsche Welle
Iran anticipates renewed protests amid social media shutdown
Media18 hours ago
'Don't squish them': Photos on social media show slimy, sticky salamanders in Labrador – CBC.ca
Business16 hours ago
Bank of England will have to act to contain inflation – Bailey
Business16 hours ago
Netflix’s ‘Squid Game’ estimated to be worth about $900 million – Bloomberg News
Investment19 hours ago
Turkey's Erdogan says U.S. proposed F-16 sales in return for its F-35 investment – Reuters
Business18 hours ago
UPDATE: U.S. expected to reopen border November 8, mixed doses eligible – BlackburnNews.com
News16 hours ago
China condemns U.S., Canada for sending warships through Taiwan Strait
Health15 hours ago
Former U.S. President Clinton leaves hospital, will return to New York
Politics15 hours ago
UN envoy says has agreement on drafting new Syrian constitution