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Netflix details Canadian revenue and subscriber numbers in regulatory filing – CP24 Toronto's Breaking News

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TORONTO — Netflix pulled back the curtain on new financial details Monday that reveal how many Canadians subscribe to the service and how much they pay the streaming giant.

The Los Gatos, Calif.-based company raked in US$593 million (C$780 million) of revenue from Canada during the first nine months of the 2019 financial year, according documents filed with the U.S. Securities and Exchange Commission.

That compares to Canadian revenues of US$635 million (C$835 million) in the full 12-month period of 2018, and US$508 million (C$668 million) during 2017.

Over the most recent nine-month period, average revenue per user reached US$12.36 across North America.

Those figures could add heat to the debate over Netflix not paying domestic revenue taxes. Some critics have argued Netflix is drawing viewers away from homegrown TV programming while injecting very little cultural content into the media landscape.

Under the current laws, foreign digital services, which include the streaming platform, also do not collect federal goods and service tax (GST) or a combined federal-provincial sales tax known as HST. One exception is Quebec where a sales tax was enacted earlier this year.

The documents filed by the streaming company also show 6.5 million paid subscribers were using its services in Canada as of Sept. 30 — an increase of 200,000 paid accounts from the end of 2018.

In 2017, Netflix committed to spending C$500 million over five years on TV and film productions in Canada, a pledge the company said earlier this year it has already surpassed.

Netflix has vowed to be more forthcoming with quarterly details of its business as it expands its presence globally. The company’s fuller disclosures could also assure investors of its competitiveness in the increasingly crowded streaming market.

The company intends to report quarterly revenue and membership figures by region starting with its fourth-quarter earnings report in January. The markets will be divided into four regions — Asia-Pacific; Latin America; Europe, the Middle East & Africa; and U.S. and Canada — with Canadians representing roughly 10 per cent of its North American business.

“Under this new reporting format, we’ll only provide membership guidance for global paid memberships for the next quarter with each earnings report,” it said in a statement.

Netflix also plans to offer internal viewership figures on more of its original film and TV projects, which include “Stranger Things,” “The Irishman” and “Marriage Story.”

Those details will come in handy as prognosticators consider the dominant streaming company’s position against some of its biggest rivals, including Amazon Prime Video, and the newly launched Apple TV Plus and Disney Plus.

This report by The Canadian Press was first published Dec. 16, 2019.

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TC Energy lays off staff in Canadian gas operations and projects division – CTV Toronto

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CALGARY —
Restructuring at Calgary-based TC Energy Corporation has resulted in the loss of jobs.

The move comes after the company, formerly known as TransCanada Corporation, signed a memorandum of understanding with Natural Law Energy which represents four First Nations in Alberta and one in Saskatchewan.

The deal, which is expected to be finalized later this year, will see Natural Law Energy purchase an equity stake in the Keystone XL pipeline.

“Our Canada Gas Operations & Projects team is implementing a new structure to ensure the optimal skill sets to navigate the next tranche of our expansion and operations,” said TC Energy in a statement released Tuesday afternoon. “TC Energy continually reviews our organizational structure and processes to ensure we continue to deliver safe and reliable services while meeting the needs of our customers. As ordinary course of operating our business, staffing changes are made as required to remain competitive and optimize our operations.”

TC Energy has not disclosed how many positions were cut as a result of the staffing changes.

Alberta’s opposition NDP says the layoffs are a direct result of missteps by the provincial government and are calling on the UCP to release how many TC Energy employees lost their jobs.

“Jason Kenney and the UCP gave TC Energy $7.5 billion dollars [sic] with no strings attached,” said NDP MLAs Irfan Sabir and Deron Bilous in a statement released Tuesday afternoon. “The layoffs today are a devastating example of Jason Kenney’s failure to create jobs and spur economic growth. Jason Kenney and the UCP lost 50,000 jobs before the pandemic. Now even more people are wondering how they’re going to pay their bills, put food on their table, and support their families.” 

The NDP are calling on Premier Jason Kenney to release the undisclosed details of the deal the Government of Alberta made with TC Energy earlier this year.

“Albertans deserve to know where their $7.5 billions [sic] went, what will happen if this project fails completely, and how many more jobs will be lost while rich shareholders and profitable corporations fill their pockets at the expense of Albertans,” said Irfan.

According to the NDP, the cuts at TC Energy included layoffs in management.

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Oil Prices Rise After EIA Reports Small Crude Draw – OilPrice.com

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Oil Prices Rise After EIA Reports Small Crude Draw | OilPrice.com

Irina Slav

Irina is a writer for Oilprice.com with over a decade of experience writing on the oil and gas industry.

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    Oil prices stabilized today after the Energy Information Administration reported a crude oil inventory draw of 2 million barrels for the week to September 25.

    At 492.4 million barrels, inventories are still above the five-year average for the season, the EIA said. Analysts had expected a build of 1.4 million barrels.

    The EIA also reported an increase in gasoline stocks a day after the API depressed the market, with an estimated 2.325-million build in gasoline inventories.

    According to the EIA, gasoline inventories shed 700,000 barrels last week, which came after a draw of 4 million barrels estimated for the previous week. Gasoline production in the week to September 25 averaged 8.9 million bpd. This compares with an average of 9.3 million bpd a week earlier.

    In distillate fuels, the EIA reported an inventory decline of 3.2 million barrels. Distillates have been a major headache for refiners due to subdued demand. Total inventories are now close to 180 million barrels—almost a record high—and refiners don’t really have an incentive to increase production. Last week, they produced an average of 4.4 million bpd of distillates. This compares with 4.5 million bpd, also an increase on the previous week.

    Refineries processed some 13.7 million bpd of crude oil last week, compared with 13.4 million bpd a week earlier.

    Meanwhile, Total has become the latest industry major to cast a shadow over hopes for oil demand recovery. In its Energy Outlook, the French supermajor said that while it projected growth in global energy demand, this did not apply to oil demand, which would plateau by 2030.

    This added to more pandemic-induced fears as infections continued to rise in number in many key oil markets, including the United States and India, but also in a good chunk of Europe.

    At the time of writing, Brent crude was trading at $40.76 a barrel with West Texas Intermediate at $39.54 a barrel.

    By Irina Slav for Oilprice.com

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      Statistics Canada to unveil GDP reading for July – BNN

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      Canada’s economy posted a strong recovery over the summer, with more industries moving closer to pre-pandemic levels of output.

      Gross domestic product rose three per cent from a month earlier, Statistics Canada reported Wednesday. Preliminary estimates also show a one per cent expansion in August.

      Although the figures mark a deceleration from June’s 6.5 per cent growth, it’s still a steady clip. Economists were expecting output to grow by 2.9 per cent in July.

      The latest figures suggest Canada’s economy is bouncing back more quickly than originally expected, though the pace of the recovery is slowing and a recent spike in the number of COVID-19 cases in the country’s largest provinces could threaten future gains.

      Provinces like Ontario and Quebec have already reimposed some social distancing measures to prevent the second wave from getting out of control. This will likely drag out a full recovery, which still wasn’t forecast to occur for another two years.

      Based on the flash estimate, economic activity in August was about 95 per cent of output levels in February. At the nadir of the recession in April, output levels were about 82 per cent of pre-pandemic levels.

      Some parts of the economy are faring better than others. Agriculture, forestry and fishing, along with retail trade, finance and insurance an real estate have all surpassed February levels of output.

      GDP plunged by an annualized 38.7 per cent in the three months through June, adding to an 8.2 per cent drop in the first quarter, Statistics Canada reported. Third-quarter GDP is on pace for annualized growth of 48%, given the momentum from the last few months, Benjamin Reitzes, an economist at Bank of Montreal, said in a report before Wednesday’s release.

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