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Saturday's letters: Trans Mountain a good investment – Edmonton Journal

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The expansion of the Canadian government-owned Trans Mountain oil pipeline advanced to a new construction stage, in Acheson, Alberta, Canada Dec. 3, 2019.


CANDACE ELLIOTT / REUTERS

Naysayers want to just flush the money, our money, that Justin spent buying the pipeline down the toilet?

This isn’t a project with a lifespan of a few years. The original line is coming up on 70 years of service. Yes, the cost today is high but over the next 70 years it will more than pay for itself and contribute to Canada’s energy self-sufficiency.

Without the existing pipeline, Lower Mainland B.C. has zero petroleum products. The locally refined products are produced with crude from TMX. The products refined here are shipped by TMX. The American refinery in Point Roberts, Wash. is fed from the TMX line.

Once you’ve successfully killed the only pipeline from the oil source to the consumption point, what is going to provide fuel for the millions who live in Vancouver and area?

Start doing your homework and understand the ramifications of your ill-informed stand on the pipeline, politicians. Do your job. The average guy is better informed than you.

L.G. Anderson, Spruce Grove

Fundraiser a welcome distraction

Congratulations to Balwin School and Team Nugent-Hopkins for getting the most votes and winning $25,000 for their charity, YOUCAN Youth Services in the Hockey Helps Kids contest. The support we received, especially from the north side of Edmonton, was both overwhelming and humbling. #Northsidepride is much more than just a hashtag.

Kudos to the other three schools that earned $10,000 for their respective charities. The contest was a welcome distraction from all of the craziness going on in the world.

Craig O’Connor, Edmonton

Hospital construction faster in China

The Misericordia Family Medicine Centre will be demolished over a four-month period and the replacement emergency department built over two years. Perhaps Alberta Infrastructure should get the address of the contractor in Wuhan, China who built a 1,000-bed hospital in some 10 days.

Thomas Mojelsky, Edmonton

Indigenous self-government unresolved

Re. “Real consultation must occur,” Opinion, Feb. 20

This op-ed by Ed Whitcomb clarifies that the federal government has made a  mistake and has failed to fulfill its obligation of real consultation.

This article skirts the issue of self-government and the Indian Act. This is a basic and unresolved issue between the government and Indigenous peoples. Indigenous people lay claim to traditional forms of self-government such as hereditary chiefs that are highly variable across the country, seemingly changeable, and often are not democratic.

Even today, the Crown and the Canadian people should not accept these variable and undemocratic forms of self government. This, of course, is why the Indian Act, which has been used to abuse Indigenous peoples, remains the law of the land.

If Indigenous peoples want this Act to end, surely they have an obligation to advance an acceptable, uniform and democratic form of self-government. They need to decide who speaks for them in a democratic country. There is an opportunity here for real reconciliation.

John D. Dyck, Edmonton

Blockades go too far

Hats off to the anti-protesters at the Acheson rail crossing for dismantling the blockade. I’m all for free speech, but do it by standing beside the railway or bridge or roadway with a sign, not by preventing people from going about their daily business and trying to earn a living to support their families.

I’m afraid that the native agenda has been hijacked by climate hysteria and the government is paralyzed. The silent majority now needs to be more vocal and express our concerns. Yes, natives have had a rough go but now they have the opportunity to benefit from some resource initiatives that can benefit their communities.

Jack Jones, Edmonton

Letters welcome

We invite you to write letters to the editor. A maximum of 150 words is preferred. Letters must carry a first and last name, or two initials and a last name, and include an address and daytime telephone number. All letters are subject to editing. We don’t publish letters addressed to others or sent to other publications. Email: letters@edmontonjournal.com

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Investment

Tesla shares soar more than 14% as Trump win is seen boosting Elon Musk’s electric vehicle company

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NEW YORK (AP) — Shares of Tesla soared Wednesday as investors bet that the electric vehicle maker and its CEO Elon Musk will benefit from Donald Trump’s return to the White House.

Tesla stands to make significant gains under a Trump administration with the threat of diminished subsidies for alternative energy and electric vehicles doing the most harm to smaller competitors. Trump’s plans for extensive tariffs on Chinese imports make it less likely that Chinese EVs will be sold in bulk in the U.S. anytime soon.

“Tesla has the scale and scope that is unmatched,” said Wedbush analyst Dan Ives, in a note to investors. “This dynamic could give Musk and Tesla a clear competitive advantage in a non-EV subsidy environment, coupled by likely higher China tariffs that would continue to push away cheaper Chinese EV players.”

Tesla shares jumped 14.8% Wednesday while shares of rival electric vehicle makers tumbled. Nio, based in Shanghai, fell 5.3%. Shares of electric truck maker Rivian dropped 8.3% and Lucid Group fell 5.3%.

Tesla dominates sales of electric vehicles in the U.S, with 48.9% in market share through the middle of 2024, according to the U.S. Energy Information Administration.

Subsidies for clean energy are part of the Inflation Reduction Act, signed into law by President Joe Biden in 2022. It included tax credits for manufacturing, along with tax credits for consumers of electric vehicles.

Musk was one of Trump’s biggest donors, spending at least $119 million mobilizing Trump’s supporters to back the Republican nominee. He also pledged to give away $1 million a day to voters signing a petition for his political action committee.

In some ways, it has been a rocky year for Tesla, with sales and profit declining through the first half of the year. Profit did rise 17.3% in the third quarter.

The U.S. opened an investigation into the company’s “Full Self-Driving” system after reports of crashes in low-visibility conditions, including one that killed a pedestrian. The investigation covers roughly 2.4 million Teslas from the 2016 through 2024 model years.

And investors sent company shares tumbling last month after Tesla unveiled its long-awaited robotaxi at a Hollywood studio Thursday night, seeing not much progress at Tesla on autonomous vehicles while other companies have been making notable progress.

Tesla began selling the software, which is called “Full Self-Driving,” nine years ago. But there are doubts about its reliability.

The stock is now showing a 16.1% gain for the year after rising the past two days.

The Canadian Press. All rights reserved.

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S&P/TSX composite up more than 100 points, U.S. stock markets mixed

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TORONTO – Canada’s main stock index was up more than 100 points in late-morning trading, helped by strength in base metal and utility stocks, while U.S. stock markets were mixed.

The S&P/TSX composite index was up 103.40 points at 24,542.48.

In New York, the Dow Jones industrial average was up 192.31 points at 42,932.73. The S&P 500 index was up 7.14 points at 5,822.40, while the Nasdaq composite was down 9.03 points at 18,306.56.

The Canadian dollar traded for 72.61 cents US compared with 72.44 cents US on Tuesday.

The November crude oil contract was down 71 cents at US$69.87 per barrel and the November natural gas contract was down eight cents at US$2.42 per mmBTU.

The December gold contract was up US$7.20 at US$2,686.10 an ounce and the December copper contract was up a penny at US$4.35 a pound.

This report by The Canadian Press was first published Oct. 16, 2024.

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

The Canadian Press. All rights reserved.

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S&P/TSX up more than 200 points, U.S. markets also higher

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TORONTO – Canada’s main stock index was up more than 200 points in late-morning trading, while U.S. stock markets were also headed higher.

The S&P/TSX composite index was up 205.86 points at 24,508.12.

In New York, the Dow Jones industrial average was up 336.62 points at 42,790.74. The S&P 500 index was up 34.19 points at 5,814.24, while the Nasdaq composite was up 60.27 points at 18.342.32.

The Canadian dollar traded for 72.61 cents US compared with 72.71 cents US on Thursday.

The November crude oil contract was down 15 cents at US$75.70 per barrel and the November natural gas contract was down two cents at US$2.65 per mmBTU.

The December gold contract was down US$29.60 at US$2,668.90 an ounce and the December copper contract was up four cents at US$4.47 a pound.

This report by The Canadian Press was first published Oct. 11, 2024.

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

The Canadian Press. All rights reserved.

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