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Major investment announced for Cold Lake Fish Hatchery – The Cold Lake Sun

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Stocked fisheries generate more than $166 million each year in economic activity – much of it in smaller communities around the province.

Premier Jason Kenney tries his hand at feeding some fish last week. He and Environment & Parks Minister Jason Nixon were here to announce a $10.3 million investment in refurbishing the Cold Lake Fish Hatchery.

Provincial, local, and regional dignitaries were on hand at the Cold Lake Fish Hatchery last week, where Premiere Jason Kenney announced a $10.3 million injection to the facility as part of Alberta’s Recovery Plan.

The investment will mean a refurbishment that features construction of a new recirculating aquaculture system, as well as upgrades to key operating and mechanical systems.  This will allow for the reuse of water during operations, which will significantly reduce utility costs and water use.

Funding for the project includes $7 million from Environment and Parks for construction of the new recirculating aquaculture system and associated infrastructure and $3.3 million from Alberta Infrastructure for installation of a new oxygen generator and replacement of the hatchery’s water head box, metal roof and motor control systems.

“These upgrades will improve the facility’s cost efficiency, as well as help it meet the highest bio-security standards – all while supporting Alberta’s economic recovery,” Kenney explained.

He added the project will create roughly 40 jobs in engineering, project management, and construction.

Built in 1986, the Cold Lake Fish Hatchery uses a “flow through” method, where water is taken from Cold Lake, heated and treated, used during fish hatchery operations and then returned to Cold Lake. A recirculating aquaculture system will generate a positive return on investment through significantly reduced utility costs. Modernizing existing operating and mechanical systems will also help improve cost efficiency.

“Alberta’s government is taking action now to get folks back to work while ensuring our province can continue to grow in the years to come,” Kenney stated.  “It’s also good news for jobs and growth.  Stocked fisheries generate more than $166 million each year in economic activity – much of it in smaller communities around the province. Investments in provincial fish hatcheries support the significant economic role fishing has in the province – and will get Albertans back to work.”

Kenney continued, “Alberta’s reputation as a world class destination for anglers and outdoorsmen translates to hotel rooms booked, restaurants filled, guides hired, and equipment purchased.  It also is a draw for Albertans looking for a holiday close to home.”

He said the plan is a bold, ambitious long-term strategy to build, diversify, and create tens of thousands of jobs now – by diversifying the province’s economy and attracting investment with Canada’s most competitive tax environment, putting Alberta on a path for a generation of growth.

With the oil and gas industry’s problems and now COVID-19, he called 2020 so far “A super tough year for the province.”   Pointing out the devastation that would be caused by a long-term shutdown, Kenney noted the key to getting out of the downturn is to be equally focused on saving lives, as well as livelihoods.

“In the short term, we are investing in projects to get Albertans back to work, building infrastructure that will support our economy and prosperity long into the future,” Kenney said.

The hatchery here is the only one in the province that stocks walleye, and produces about 840,000 trout per year, including rainbow, brown, tiger and brook trout, with a total fish weight of about 65,000 kilograms.

The provincial fish stocking program stocks about 2.1 million trout per year into about 240 water bodies throughout Alberta.

“That’s a better outcome for the environment, because it allows native species to recover in areas where populations have been depleted… It’s also good news for jobs and growth,” Kenney said.

“Fishing is an important part of Alberta’s cultural fabric and supports countless jobs across the province,” Jason Nixon, Minister of Environment and Parks, added, noting the important role Cold Lake’s hatchery plays in the province’s overall fish stocking program.

“This past winter, Environment and Parks hosted open house events across the province to speak to Albertans directly about fisheries management.  During these engagements, we heard support for an expanded fish stocking program that includes species diversification, and the resumption of walleye stocking,” he said.

“Investments in Alberta’s fish hatchery facilities will better support sustainable recreational fishing opportunities, the province’s conservation goals, and a healthy aquatic ecosystem and our economy.”

“Fishing opportunities are abundant on our beautiful area lakes and I’m proud of this investment that will help stimulate our local economy by attracting anglers from near and far, particularly as we recover from the pandemic,” David Hanson, MLA for Bonnyville-Cold Lake-St. Paul, commented.

Including work already underway or completed earlier this year, investments total more than $50 million in Alberta’s four provincial fish hatcheries – the others being Raven Creek Brood Trout Station at Caroline, Allison Creek Brood Trout Station at Coleman, and the Sam Livingston Fish Hatchery outside Calgary – will expand and modernize operations to support a larger, more efficient and more disease-free fish stocking program.

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S&P/TSX composite down more than 200 points, U.S. stock markets also fall

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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.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

The Canadian Press. All rights reserved.

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S&P/TSX composite up more than 150 points, U.S. stock markets also higher

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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.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

The Canadian Press. All rights reserved.

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Crypto Market Bloodbath Amid Broader Economic Concerns

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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.

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