Connect with us

Business

Teck to temporarily delay project amid political unrest, just days before Liberal decision: source – National Post

Published

 on


Teck Resources has officially withdrawn its application to build the $20-billion Frontier oilsands mine, just days before Prime Minister Justin Trudeau was expected to issue a ruling on the contentious project.

“We are disappointed to have arrived at this point,” Don Lindsay, CEO of the company, said in a letter to Trudeau published late Sunday. “Teck put forward a socially and environmentally responsible project that was industry leading and had the potential to create significant economic benefits for Canadians.”

One person who spoke to the National Post said the decision by Vancouver-based Teck was largely due to ongoing political turmoil in Canada, as protestors have blockaded rail lines for more than two weeks in opposition to a separate pipeline project.

The Frontier mine has gone through nearly a decade of regulatory review, and a decision by the Liberal cabinet, which was expected by end of week, would have marked the final stage in the drawn-out approval process.

The company had secured community benefit agreements with all 14 of the First Nations who reside near the proposed mine. But pressure had been building on the Trudeau government to cancel the project, due to concerns that it would inhibit the federal government’s ability to meet its 2030 and 2050 climate targets.

Pausing the project offers immediate relief to the Trudeau government, which was deeply divided over the oilsands mine. The prime minister has long sought to balance interests in both the environmental community and industry, arguing that Canada can both grow its economy while also meeting stringent international climate targets.

Major projects including oilsands mines need to be approved by the federal government before they can proceed.

During the election campaign Trudeau pledged that Canada would reach net-zero emissions by 2050. Ottawa is separately set to fall short of its 2030 commitments to reduce greenhouse gas emissions.

The economics of the Frontier megamine had long been in question after oil prices collapsed in 2014, making many large and heavy oil projects less viable. Some observers openly questioned whether the mine would ever be built.

But the decision also comes at a time of nearly unprecedented divisiveness over natural resource projects in Canada, as some First Nations bands and environmental advocates clash with project proponents.

Protestors have been blockading critical rail lines in Canada for more than two weeks, snarling major arteries for goods and commuters, in response to the Costal GasLink natural gas pipeline currently being constructed in northern B.C.

The pipeline, which would feed into a massive liquefied natural gas (LNG) project on the West Coast, also secured the support of elected First Nations living along the route. But a handful of Wet’suwet’en hereditary chiefs have opposed the project.

Similar protests are expected to erupt over the construction of the Trans Mountain pipeline expansion, now owned by Ottawa, which would transport oil products from Alberta to the Vancouver port.

Teck’s decision on Sunday came just after Alberta signed updated agreements two First Nations on Frontier, the Athabasca Chipewyan First Nation and Mikisew Cree First Nation. The Chipewyan had recently come out against the Alberta government’s handling of the file, and called for increased funding on several environmental efforts tied to the project.

Let’s block ads! (Why?)



Source link

Business

Take advantage of lower gas prices while you can: Expert – Toronto Sun

Published

 on


Article content

Don’t put off a trip to the pumps too long as gas prices will likely start to rise again mid-week, says Dan McTeague, president of Canadians for Affordable Energy.

Article content

The price of a litre of gas fell by 11 cents per litre on Sunday — the biggest drop in one day since January 2009 — due to concerns about the Omicron variant.

“I guess the word is take advantage of it while you can,” McTeague told the Toronto Sun.

On Saturday, gas at GTA stations was priced at around $1.45.9 per litre compared to $1.34.9 on Sunday. McTeague added he saw it even lower on Sunday in some places at 1.29.9.

“I predicted it, I guess, Friday afternoon,” McTeague said. “I watched all day as the market collapsed on a very light trading day. With oil dropping $10 a barrel, gasoline futures down 30 cents a gallon, which led to the 11 cents per litre drop (Sunday) morning, much to the relief of those who took my advice and waited.”

Article content

McTeague said he expects the market to correct itself on Monday, meaning that prices will likely start climbing by mid-week.

“The timing couldn’t have been worse because you pick a day when there’s extraordinarily light trading as the result of most American traders taking a holiday on Friday, of course (given) (American) Thanksgiving was Thursday. Without being impolite, the real traders will show up (Monday) morning and get back to work.”

McTeague added that OPEC was initially slated to meet Monday but delayed that meeting until Tuesday. By Friday or Saturday, the cost of a litre could increase by four or five cents.

“It’s hard to say. There are conflicting reports out there suggesting that the (Omicron) variant isn’t as dangerous as first thought. So we’ll see what happens,” said McTeague. “I just think markets were really hoodwinked in the sense that the headline (about Omicron fears) drove the trades, and I think it doesn’t take away from the fundamentals that the world is undersupplied in oil.”

Adblock test (Why?)



Source link

Continue Reading

Business

Labor shortage: Canada in need of cooks, nurses, mall Santas – ABS-CBN News

Published

 on


Photo by lasse bergqvist on Unsplash
Photo by lasse bergqvist on Unsplash

OTTAWA – The signs of an unprecedented labor shortage in Canada are glaring: hospital emergency rooms closed because of a lack of nurses, restaurants skipping meals and fewer Santas in malls.

In Ottawa, a “Help Wanted” notice in the window of Corazon De Maiz restaurant — like those in storefronts across Canada — has gone mostly unanswered since the recent lifting of public health restrictions introduced 19 months ago to slow the spread of the coronavirus.

The end of Covid-19 lockdowns brought droves of customers to the capital city eatery, but with kitchen staffing levels down, the restaurant has been unable to meet the demand for burritos and tacos.

“We’re suddenly busier, but we’re having to close early because my wife and I are exhausted after working all day,” owner Eric Igari told AFP.

One new hire worked three hours and quit, saying the job was too hard for not enough pay, Igari said.

“We’ve asked friends to pitch in, and even a few regular customers offered to help,” Igari said. Two customers actually worked a few shifts.

NO ‘HO HO HO’

Studies by the government and industry associations found that up to two-thirds of Canadian businesses are facing worker shortages, and claim the deficit is limiting their growth.

The industries most affected are health care, food services, manufacturing and construction.

According to the latest from Statistics Canada, there were a total of 1,014,600 job vacancies in September, including 196,100 in food services and 131,200 in health care — double the numbers from two years ago.

Trevin Stratton, a partner at Deloitte Canada, said factors contributing to the shortfall include an aging population leaving the workforce and lower recent immigration due to travel restrictions — which Canada lifted in September.

Some sectors are adapting through the use of technologies such as increased automation in manufacturing, e-commerce in retail, or allowing staff to work from home.

But in others, “many workers might not necessarily yet feel comfortable working somewhere where their physical presence is required,” Stratton said.

This is particularly true in the restaurant industry, which also shed workers fed up with the cycle of lockdowns and re-openings throughout the pandemic. “They’re now looking for more stability,” Stratton said.

With Christmas just weeks away, the trend has also impacted the supply of Santa actors usually hired for photos with children on their knee at shopping malls or professional mixers.

Jeff Gilroy of Just Be Claus said he’s turned down 200 Santa gigs in Ontario. After large gatherings were banned last Christmas, he told AFP, “people are looking to have a Santa to make it a more festive Christmas.”

Catherine Lacasse of the Professional Santa Claus Agency of Quebec said her province has ample Santas, “but we’re struggling to find enough elves.”

NURSES’ BURNOUT

“In health care, we’ve seen an exodus, particularly of nurses this year,” Stratton said. “Some of that has to do with the stress of the job right now.”

Lachine hospital in Montreal was forced to close its emergency room at night due to a “critical shortage of nurses,” said spokeswoman Gilda Salomone.

Several others, she said, “are experiencing a major labor shortage that is limiting the quality and access to care.”

Observers have suggested simply raising salaries to lure workers.

But Jasmin Guenette of the Canadian Federation of Independent Business (CFIB), said this “isn’t an option for many small businesses still struggling to recoup pandemic losses.”

“We see things slowly getting back to normal, going out to restaurants, for example, and we think that means businesses are doing well. But that’s not the case. The impact of the pandemic was severe, and is still being felt,” he said.

According to a CFIB survey, the average small business in Canada racked up Can$170,000 (US$135,000) in debts over the pandemic. And an estimated 180,000 businesses, or one in six, are now “at risk of closing.”

Chez Mere-Grand restaurant in Montreal sought for 21 weeks to hire a cook and a barista. Its owner Romain Beiso explained that the hiring pool is smaller because many people now insist on a better work-life balance and job security found in other sectors.

“Our wages are not competitive because we cannot afford it,” he also acknowledged.

Over at Hotel Place d’Armes, manager Benoit Pretet worries about being short 25 staff going into the holiday season.

“The clientele is back,” he said, “but we can’t open all our rooms.”

amc-ast/caw/dw

© Agence France-Presse

Adblock test (Why?)



Source link

Continue Reading

Business

U.S. stock futures, oil rally as sentiment steadies – Reuters

Published

 on


A man wearing a protective face mask amid the coronavirus disease (COVID-19) outbreak, looks at an electronic board displaying Japan’s Nikkei Index outside a brokerage in Tokyo, Japan, September 24, 2021. REUTERS/Kim Kyung-Hoon

Register now for FREE unlimited access to reuters.com

  • <a href=”https://tmsnrt.rs/2zpUAr4″>Asian stock markets:</a>
  • U.S. stock futures bounce, bonds surrender some gains
  • Nikkei recoups early losses, sentiment stabilises
  • Omicron spreads, but markets hope effects will be mild
  • Oil rallies 5% after Friday’s plunge

SYDNEY, Nov 29 (Reuters) – U.S. stock futures led a market rebound on Monday as investors prepared to wait a few weeks to see if the Omicron coronavirus variant would really derail economic recoveries and the tightening plans of some central banks.

Oil prices bounced more than $3 a barrel to recoup a chunk of Friday’s shellacking, while safe haven bonds and the yen lost ground as markets latched onto hopes the new variant of concern would prove to be “mild”.

While Omicron was already as far afield as Canada and Australia, a South African doctor who had treated cases said symptoms of virus were so far mild. read more

Register now for FREE unlimited access to reuters.com

“Another key difference is there are far higher vaccination take up rates globally now compared with when Delta emerged,” said Craig James, chief economist at asset manager CommSec.

“What the news on Omicron does highlight is the need for central banks and governments to take a cautious approach to removal of economic support and stimulus.”

Trading was erratic on Monday but there were signs of stabilisation as S&P 500 futures added 1.0% and Nasdaq futures 1.2%. Both indices suffered their sharpest fall in months on Friday with travel and airline stocks hit hard.

EUROSTOXX 50 futures rallied 1.7%, while FTSE futures firmed 1.3%.

MSCI’s broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) eased 0.1%, but found support ahead of its 2021 low. Likewise, Japan’s Nikkei (.N225) recouped early losses to be almost unchanged.

Bonds gave back some of their hefty gains, with Treasury futures down 16 ticks. The market had rallied sharply as investors priced in the risk of a slower start to rate hikes from the U.S. Federal Reserve, and less tightening by some other central banks.

Two-year Treasury yields edged up to 0.56%, after falling 14 basis points on Friday in the biggest drop since March last year. Fed fund futures had pushed the first rate rise out by a month or so.

The shift in expectations undermined the U.S. dollar, to the benefit of the safe haven Japanese yen and Swiss franc.

On Monday the dollar had steadied somewhat at 113.71 yen , after sliding 1.7% on Friday. The dollar index held at 96.190, after Friday’s 0.7% drop.

The euro was struggling again at $1.1276 , following its rally from $1.1203 late last week.

European Central Bank President Christine Lagarde put a brave face on the latest virus scare, saying the euro zone was better equipped to face the economic impact of a new wave of COVID-19 infections or the Omicron variant. read more

The economic diary is also busy this week with China’s manufacturing PMIs on Tuesday to offer another update on the health of the Asian giant. The U.S. ISM survey of factories is out on Wednesday, ahead of payrolls on Friday.

Fed Chair Jerome Powell and Treasury Secretary Janet Yellen speak before Congress on Tuesday and Wednesday.

In commodity markets, oil prices bounced after suffering their largest one-day drop since April 2020 on Friday.

“The move all but guarantees the OPEC+ alliance will suspend its scheduled increase for January at its meeting on 2 December,” wrote analyst at ANZ in a note.

“Such headwinds are the reason it’s been only gradually raising output in recent months, despite demand rebounding strongly.”

Brent rebounded 4.8% to $76.20 a barrel, while U.S. crude rose 5.2% to $71.71.

Gold has so far found little in the way of safe haven demand, leaving it stuck at $1,791 an ounce .

Register now for FREE unlimited access to reuters.com

Reporting by Wayne Cole; Editing by Richard Pullin, Shri Navaratnam and Lincoln Feast.

Our Standards: The Thomson Reuters Trust Principles.

Adblock test (Why?)



Source link

Continue Reading

Trending