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TC Energy announces plan to sell 65% stake in Coastal GasLink pipeline – CTV News

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CALGARY —
TC Energy announced plans Thursday to sell a 65 per cent equity interest in the Coastal GasLink Pipeline Project to KKR and the Alberta Investment Management Corp. (AIMCo), acting on behalf of certain AIMCo. clients.

Additionally, TC Energy announced that it has secured financing with a syndicate of banks to finance upwards of 80 per cent of the project’s $6.2 billion price tag.

“The partial monetization of Coastal GasLink advances our ongoing efforts to prudently fund our $30 billion secured capital program, while maximizing value for our shareholders,”said TC Energy president and CEO Russ Girling, in a release.

“We look forward to establishing a long-term relationship with KKR and AIMCo as we advance this critical energy infrastructure project.”

The 670 kilometre pipeline will ship natural gas from northeastern B.C. to LNG Canada in Kitimat.

While all the necessary permits have been approved, TC Energy said it remains “committed to working with the 20 First Nations that have executed agreements with Coastal GasLink to provide them with an opportunity to invest in the project.”

To facilitate that goal, TC Energy are offering the various First Nations an option to buy 10 per cent equity in Coastal GasLink.

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COVID-19 fourth wave abating in Alberta, but many cases being missed: independent modeller – Calgary Herald

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Alberta’s COVID-19 cases have been on a steady decline since peaking in late September

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Alberta is moving out of its fourth wave of COVID-19, with infections projected to continue to drop into November, according to an independent model.

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That’s thanks in large part to sweeping provincial public health restrictions introduced in mid-September , said Dean Karlen with the B.C. COVID-19 Modelling Group.

“Those measures really were very effective for Alberta to turn this around,” said Karlen, a University of Victoria physics professor.

“It’s been remarkably consistent over the past four weeks, ever since those measures were introduced and took effect. In other words, behaviour and the modes of transmission are mostly constant in the province.”

Karlen added the decline is expected to continue while current measures remain in place.

Alberta’s COVID-19 cases have been on a steady decline since peaking in late September. On Wednesday, the province reported 645 new cases of the virus from 11,343 tests, for a 5.7 per cent positivity rate. The new cases mark a 17.9 per cent decrease from the previous Wednesday.

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Active case counts are also decreasing. Alberta now has 8,733 active COVID-19 cases, the fewest since Aug. 24.

Karlen’s modelling is now using hospital admissions to track the trajectory of the pandemic in Alberta, after recent indications that Alberta’s testing and contact tracing system is missing a considerable number of cases of the virus.

“In Alberta, the last wave was significantly larger than the previous waves, even though you don’t see that in the case counts. It’s just that a smaller fraction of infections were identified as cases,” Karlen said.

“We couldn’t rely on how the cases were growing or declining to accurately measure the infection history of COVID for this wave.”

During the fourth wave, hospitalizations in Alberta from COVID-19 peaked at 1,133, with ICU patients peaking at 267, numbers that forced widespread surgical cancellations and pushed Alberta’s health-care system to its limits.

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As of Wednesday, those numbers had dropped to 810 hospitalizations and 184 ICU patients — still higher than numbers seen at any point during previous waves.

The fourth wave also brought a spike in deaths from COVID-19. Since Sept. 1, 685 Albertans have died from the virus, including an additional 10 deaths reported Wednesday.

Despite the ongoing decline in cases, Alberta chief medical officer of health Dr. Deena Hinshaw said Tuesday that Albertans should stay the course and continue to follow public health measures .

“Ultimately, we know there’s still a lot of COVID out there and we do need to maintain caution,” she said.

Karlen agreed continued adherence to public health measures will help keep Alberta on track to end the fourth wave. He said seasonal effects could lead to an increase in transmission as winter approaches, but increased immunization rates could also help drive transmission down. He added officials must watch trends closely and take prompt action if necessary “to avoid a massive fifth wave.”

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Immunization efforts continue in Alberta, with more than 15,000 additional shots reported Wednesday.

Among Albertans age 12 and older, the group eligible to be vaccinated, 86.8 per cent have at least one shot and 79.4 per cent are double-vaccinated. In the general population, 73.8 per cent of people have at least one dose and 67.5 per cent have both necessary shots.

A new group of Albertans could soon be eligible to get immunized against COVID-19. An advisory committee to the United States Food and Drug Administration voted in favour of using Pfizer-BioNTech shots for those age five-to-11 Tuesday, and Health Canada is currently reviewing whether to offer the Pfizer shot to the same age group.

There are 391,584 people in Alberta between the ages of five and 11, according to provincial government data.

— With files from Dylan Short

jherring@postmedia.com

Twitter: @jasonfherring

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Tesla EV sales boom in Singapore, pushing rivals’ models off the streets

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In wealthy Singapore, where new vehicle registration is tightly controlled to manage the city state’s traffic and pollution, Tesla Inc is having a moment: surging sales are gobbling up rivals’ market share.

The buying frenzy in one of the world’s most expensive places to own a vehicle – Tesla’s most basic Model 3 costs nearly S$200,000 ($148,300) in Singapore, largely due to an ownership levy, compared with less than $40,000 in the United States – underscores the U.S. firm’s ascent in the global auto industry.

This week, Tesla surpassed $1 trillion in market value, overshadowing the combined value of five of its biggest rivals, Toyota Motor Corp, Volkswagen AG, Daimler AG, Ford Motor Co and General Motors.

The number of new Teslas on Singapore roads has risen more than ten-fold to 487 in the third quarter, from just 30 in the first half, data from Singapore’s Land Transport Authority (LTA) showed.

“I bought the car because I’m a supporter and shareholder of the company,” said software engineer Tim Shim, who reserved a Model 3 five years ago but received just recently as sales began this year in the city-state.

Helped by Tesla fans like Shim, the company became Singapore’s sixth-most popular car brand in September, outselling Nissan, Audi and Kia.

Experts say there is no single cause for the surge, although Singapore did announce this year up to S$45,000 subsidy for buyers of electric cars. Because Tesla seems to have fared better than other companies at weathering supply chain issues, it may simply be able to deliver more cars than competitors.

“Pent up demand is relatively large. Now the supply is in place and Tesla is most likely working through a large backlog,” said Niels de Boer, an electromobility expert at Nanyang Technological University (NTU).

There were 314 Teslas registered last month in Singapore, almost on par with Hyundai and trailing top brands Toyota Motor Corp’s 778 and Honda Motor’s 466.

Tesla declined to comment on its performance in Singapore.

Its website shows new buyers still have to wait 4-12 weeks to get their cars.

TESLA’S GAIN IS OTHERS’ LOSS

Singapore’s strict limits on car registrations until early 2025 mean Tesla’s market share gain comes at the cost of its rivals in the tiny and competitive country, which runs 50 km (31 miles) from east to west and 27 km from north to south.

Daimler’s Mercedes-Benz and Nissan saw a average monthly new car registrations decline in the third quarter, down 45% and 27% respectively from the first half of this year, according to a Reuters calculation.

Although monthly car registration dropped 15.8% on average last quarter from the first half, only Tesla and Korean car makers Hyundai and Kia bucked the trend among major vendors. Hyundai and Kia reported 13.6% and 25% sales rises respectively.

Analysts and industry experts said factory disruptions caused by a global chip shortage also probably affected deliveries and sales in recent months. Hyundai and Tesla are among a handful of carmakers that fared better than rivals in managing disruptions.

 

(For graphic on Top brands vs Tesla’s performance in 2021 – https://graphics.reuters.com/TESLA-SINGAPORE/gdpzywlwdvw/chart.png)

 

“A Tesla car is cheaper to own when compared to equivalent class sedans from other famous Western brands like Mercedes and BMW,” said Andy Seo, who switched to Tesla from a Volvo. He said it costs about S$20-S$30 to fully charge a Model 3 near his home.

NTU’s de Boer expects the Tesla frenzy to fade longer term as competition heats up, but said it could help broaden adoption of electric vehicles (EVs).

“I think Tesla will help with the shift: this is buying an EV while being cool and trendy,” he said.

 

(For graphic on Top three car brands in Singapore vs Tesla (Jan-Sept 2021)- https://graphics.reuters.com/TESLA-SINGAPORE/egvbkmxmwpq/chart.png)

 

Tesla made up 1.4% of 36,629 new car registrations in Singapore this year, compared with top player Toyota’s 20.4%.

Singapore, which Tesla CEO Elon Musk once criticised for not being supportive of EVs, plans to phase out all internal combustion engine vehicles https://www.reuters.com/article/us-singapore-economy-budget-autos-idUSKBN20C15D by 2040 and is encouraging drivers to switch to EVs through a range of measures, including more tax breaks and subsidies.

($1 = 1.3483 Singapore dollars)

<^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^

Top brands vs Tesla’s performance in 2021 https://tmsnrt.rs/3jEF9SD

Top three car brands in Singapore vs Tesla (Jan-Sept 2021) https://tmsnrt.rs/31aMLpx

^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^>

 

(Reporting by Chen Lin in Singapore; Editing by Miyoung Kim and Gerry Doyle)

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Samsung warns supply chain upsets may hit chip demand, profit at 3-year high

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Samsung Electronics Co Ltd said on Thursday it expects component shortages to affect chip demand from some customers in the final three months of the year, after reporting its highest quarterly profit in three years.

The warning comes as producers of goods from televisions to cars have faced a host of supply chain issues ranging from a shortage of logic chip parts, manpower shortages, logistics snarls, and delays at parts plants due to power cuts in China.

“A longer-than-expected component supply issue may need to be monitored” for potential impact on devices that use memory chips, Samsung said, although it added there was “strong fundamental demand” for server chips.

“There is much uncertainty due to various macro issues including the effect of ‘back-to-normal’, component supply and raw material price hikes,” said Han Jin-man, executive vice president of memory business.

“But… component supply issues seem to stem more from mismatches in supply chain management rather than from an absolute lack of supply… So the situation may improve from the second half of next year.”

Samsung said demand for server DRAM chips, which temporarily save data, and NAND flash chips that serve the data storage market, is expected to stay robust in the fourth quarter due to expansion of data centre investments, while personal computer manufacturing growth is expected to hold in line with the previous quarter.

Although supply chain issues could limit demand from some mobile chip customers in the fourth quarter, demand for server and personal computer chips is expected to be robust in 2022 despite uncertainties, it said.

Samsung said falling memory chip prices were not a huge cause of concern because the chips are now used in a wider variety of devices than just personal computers, making cyclical price fluctuations weaker and shorter than in the past. Chipmakers were also carrying lean inventory levels, leaving room for a build-up without being forced to sell at a low price.

Falling memory prices have weighed on the company’s shares as investors expect prices to have peaked in the third quarter before falling until mid-2022.

“There seems to be a clear gap in memory price outlook between chipmakers and the market. Companies are expressing a firm will to not sell chips at low prices,” said Park Sung-soon, analyst at Cape Investment & Securities.

“However, even server chip demand is not guaranteed at this point as the component supply issues are also affecting them.”

Analysts expect Samsung’s fourth quarter earnings to be level or below its third quarter result, largely depending on memory chip prices.

Smaller rival SK Hynix on Tuesday struck a more bullish note than U.S. peers and forecast steady demand for memory chips. Earlier, chipmakers Intel and Micron had said shortages of some components were stopping their customers from shipping PCs.

THREE-YEAR HIGH

The world’s top maker of memory chips and smartphones posted a 28% jump in operating profit in the July-September quarter to 15.8 trillion won ($13.48 billion) on the back of an 82% on-year profit surge in its chip business, where earnings rose to 10.1 trillion won.

Rising memory chip prices, plus a jump in profitability at Samsung’s chip-contract manufacturing business boosted the chip business’ operating profit.

Operating profit at Samsung’s mobile division slid about 24% on-year to 3.36 trillion won on the third quarter, as sales of Samsung’s new foldable smartphones were tempered by marketing costs.

Net profit rose 31% to 12.3 trillion won. Revenue rose 10% to a record 74 trillion won.

Samsung’s shares rose 0.3% in afternoon trade on Thursday, compared with the wider market’s 0.2% rise. It shares have fallen about 13% year-to-date.

($1 = 1,172.0500 won)

 

(Reporting by Joyce Lee and Heekyong Yang; Editing by Richard Pullin)

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