The province on Tuesday said a new four-member cabinet committee will “review and assess” proposed projects, as well as “possible government involvement” in them.
On the same day an appeal court removed a major obstacle facing the federal government-owned Trans Mountain Pipeline Expansion, the Saskatchewan government signalled that it too is open to investing in pipeline projects.
The announcement came in the form of a new four-member cabinet committee tasked with reviewing pipelines to the U.S. and the Port of Churchill, Man. as well as considering “possible government involvement” in such projects.
Details about potential government investment in a proposed pipeline are scarce, but Export and Trade Development Minister Jeremy Harrison — who sits on the committee — said overwhelming political risk meant considering options “beyond advocacy.”
“One of the things we’ve heard over and over again from proponents is the challenge of securing financing in the open market because of political risk,” Harrison said, citing federal legislation and challenges from left-wing groups as examples.
“It’s not ideal that you would have to have government directly involved in this fashion in energy infrastructure projects, but the reality is unless governments are involved in energy infrastructure projects, they’re not going to be built,” he added.
Trent Wotherspoon, the Saskatchewan NDP’s associate critic for the economy, agreed with Harrison’s basic point that market access and pipelines are important, but warned against “racing” to fund private-sector projects with the public purse.
“You’d hope that market conditions are such that projects can be advanced with private-sector capital. Any time you’re looking at a public dollar, you really have to be certain on the value for money,” Wotherspoon told reporters Friday in Regina.
The committee, which Wotherspoon also said is doing work that should already be underway, consists of Harrison, Finance Minister Donna Harpauer, Energy and Resources Minister Bronwyn Eyre and Environment Minister Dustin Duncan.
The committee reflects priorities in the government’s new growth plan, which was released late last year and specifically mentions encouraging the development of pipelines to the U.S. and the possibility of shipping oil through Churchill.
Harrison said the government frequently talks to pipeline companies but admitted it has not reached out to the Manitoba government about a pipeline to Churchill. He said “there’s a lot of things that need to happen before we’re at the point of announcing a project.”
Asked where the government — which aims to release a balanced budget next month after three years spent erasing a $1.2-billion deficit — would get the money to buy an equity stake in a pipeline, Harrison called funding it a “priority.”
“That full value (to taxpayers of getting pipelines built) is going to result in economic benefits for the province,” he said.
Pipelines have been a prominent issue in the province since the 2016 Husky Energy Inc. spill into the North Saskatchewan River and the federal government’s acquisition of the Trans Mountain Pipeline Expansion project for $4.5 billion.
The provincial government has repeatedly expressed its support for the energy industry.
—With Leader-Post files from Arthur White-Crummey
PepsiCo Makes $550 Million Celsius Investment As Hip Hop Mogul Sues For His Shares – Forbes
has its sights on gaining a bigger share of the energy drink with a $550 million investment in Celsius Holdings. The energy drink maker is also at the center of a lawsuit between Russell Simmons and his ex-wife Kimora Lee Simmons along with her husband Tim Leissner, as he tries to retrieve his shares in Celsius back from them. Allegedly Kimora Lee and Leissner transferred and were using his shares of Celsius as collateral to pay a bond in connection with these criminal charges. Leissner already pleaded guilty, and agreed to forfeit $43.7 million for his role in the Malaysia 1MDB scandal that cost Goldman more than $3 billion. Simmons alleges that his shares of Celsius are being used as collateral to pay a bond in connection with these criminal charges.
The Breakdown You Need To Know:
Celsius recorded a first-quarter domestic revenue increase of 217% to $123.5 million and the long-term distribution deal gives Pepsi a minority stake of about 8.5%. The brand, which doesn’t use artificial preservatives or sugar, adds to PepsiCo’s energy drink portfolio, which already includes Rockstar as well as Mountain Dew drinks Amp, Game Fuel, and Kickstart. CultureBanx reported that with these types of returns it’s easy to see why Simmons wants his shares back from the couple.
Quick Recap on how these three people ended up in this situation. Goldman Sachs
last year agreed to pay the Malaysian government $3.1 billion, to settle claims in the 1Malaysia Development Berhad (1MDB) fund. One of the main people who got the bank involved in this scandal was Kimora Lee’s Simmons husband Tim Leissner.
The bank swiftly parted ways with him after his shady dealings with Jho Low came to light. In November 2018, when Leissner agreed to pay $43.7 million toward victim compensation, it was in order to avoid jail time.
In his claim, Simmons says Kimora and Leissner “knew full well that Leissner would need tens of millions of dollars to avoid jail time, stay out on bail, and forfeit monies for victim compensation.” Simmons claims they used their Celsius shares as collateral for Leissner’s bail, and he wants his shares returned.
Now Russell wants no financial part in keeping Leissner out of jail. In a letter sent to his ex-wife Kimora Lee on May 5, 2021, he was pleading with her to do the right thing and avoid a lawsuit. He wrote that “I am shocked and saddened to see how your side has behaved in response to my repeated attempts to get an agreement from you to rightfully and legally reaffirm my 50% of the Celsius shares..which have been locked up with the government after being used for your husband’s bail money.”
A representative for Kimora Lee said “Kimora and her children are shocked by the extortive harassment coming from her ex-husband, Russell Simmons, who has decided to sue her for shares and dividends of Celsius stock in which Kimora and Tim Leissner invested millions of dollars.” At this point Russell is asking a judge for damages against Kimora and Leissner and believes he should be awarded restitution for interest and equal value for the wrongfully obtained shares.
Saskatchewan Leads Provinces In Building Construction Investment | News and Media – Government of Saskatchewan
Released on August 12, 2022
Saskatchewan first among the provinces in year-over-year growth
Today, Statistics Canada released June 2022 Investment in Building Construction numbers, which showed Saskatchewan with a 63.0 per cent increase (seasonally adjusted) compared to June 2021, ranking first among the provinces in terms of percentage change.
Saskatchewan also had strong month-to-month growth for building construction investment with a 17.6 per cent increase (seasonally adjusted) between May 2022 and June 2022, second among the provinces. The value of building construction investment in June 2022 was $464 million, the highest monthly investment in the province since August 2013.
Investment in residential building construction also saw strong month-to-month growth with an increase of 24.0 per cent.
“Saskatchewan’s economy is moving full steam ahead as we advance our Government’s strategy to increase our exports and attract investment into the province,” Trade and Export Development Minister Jeremy Harrison said. “Saskatchewan is a global leader in the sustainable production of the food, fuel and fertilizer that the world needs, a reality that will lead to more jobs and opportunities in our province for years to come.”
The latest Statistics Canada Labour Force Survey showed there were 581,600 people employed in July 2022 – an increase of 24,400 jobs (+4.4 per cent) compared to July 2021, the third highest percentage increase among the provinces. The seasonally adjusted unemployment rate of 4.0 per cent remained the second lowest among the provinces, a decrease from 7.1 per cent in July 2021 and well below the national average of 4.9 per cent.
Saskatchewan has ranked highly in a number of other key economic indicators in recent months, including June 2022 merchandise exports, which had the second highest year-over-year growth among the provinces at 57.3 per cent and June 2022 building permits, which had the second highest month-to-month growth among the provinces at 15.8 per cent and the third highest year-over-year growth at 27.4 per cent. June 2022 urban housing starts had the second highest year-over-year growth at 87.0 per cent, compared to the national increase of 0.2 per cent (unadjusted).
For more information, contact:
Trade and Export Development
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