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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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Economy

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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