Tag: Canadian Economy

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Lower gold, oil prices pulls Canadian dollar back as Bank of Canada holds rates

Lower gold, oil prices pulls Canadian dollar back as Bank of Canada holds rates

Oil prices edged down Wednesday TORONTO _ The Canadian dollar retreated Wednesday amid a pullback in gold and oil prices and reassurances from the Bank of Canada that it will leave is key interest rate unchanged. The loonie lost 0.35 of a U.S. cent to 78.03 cents US, coming down after three days of advances that […]

April 13, 2016 | By | Reply More
Canadian rig count down by 31, US rig count down by nine

Canadian rig count down by 31, US rig count down by nine

Rig count drops below 100 in Canada HOUSTON _ Baker Hughes released its weekly rig count on Friday, which shows the decline in rigs exploring for oil and natural gas in the United States and Canada continues. In the US, during the week ending on Mar. 11, the rig count was down by nine, to a […]

March 11, 2016 | By | Reply More
Growth in Canadian oil production could come to ‘complete standstill,’ says report

Growth in Canadian oil production could come to ‘complete standstill,’ says report

Canadian oil production hampered by heightened environmental concerns, lack of pipelines CALGARY _Growth in Canadian oil production is likely to slow down or grind to a halt five years from now once projects now under construction are built, the International Energy Agency warns in a report released Monday. The Paris-based organization said it projects Canada […]

February 22, 2016 | By | Reply More
Low oil prices: Feds, Alberta to discuss ways to deal with battered provincial economy

Low oil prices: Feds, Alberta to discuss ways to deal with battered provincial economy

Fiscal stabilization one program to help as Alberta battles low oil prices OTTAWA _ The Liberal government is eyeing a little-known federal program as it searches for ways to help Alberta cope with the financial squeeze of sinking commodity prices, The Canadian Press has learned. The Alberta government is bracing for a steep fall in […]

January 28, 2016 | By | Reply More
Central Canada new centre of gravity for equalization payments

Central Canada new centre of gravity for equalization payments

Will seemingly unfair equalization payments breed regional tensions? By Ben Eisen and Charles Lammam of The Fraser Institute for Troy Media VANCOUVER, B.C. – Historically, the purpose of Canada’s equalization program was largely to provide financial assistance to the country’s poorer provinces where incomes lagged behind the national average. In the recent past, Quebec, with its underperforming […]

January 22, 2016 | By | Reply More
Husky Energy cuts spending, scraps quarterly dividend amid oil rout

Husky Energy cuts spending, scraps quarterly dividend amid oil rout

Husky Energy 2016 capital budget now between $2.1B and $2.3B Husky Energy is cutting $800 million from its capital spending plans for this year and suspending its dividend as it copes with the deep rout in crude prices. The moves come as the U.S. benchmark price for crude oil has sunk below US$30 a barrel. […]

January 19, 2016 | By | Reply More
BMO stress testing oil and gas loan portfolio for $25/barrel scenario

BMO stress testing oil and gas loan portfolio for $25/barrel scenario

BMO, other banks taking closer look at their loan books TORONTO _ Canadian banks are taking a closer look at their loan books in light of continued declines in the price of crude, with one bank stress-testing its oil and gas sector portfolio to see how it would perform if the commodity dips as low […]

January 12, 2016 | By | Reply More
Poloz: Canada must let negative forces behind low dollar, oil prices play out

Poloz: Canada must let negative forces behind low dollar, oil prices play out

Stephen Poloz, says there is no simple policy response to fix low dollar OTTAWA _ The Bank of Canada says overcoming the economic suffering inflicted by the commodity-price shock essentially boils down to one main option: ride it out. Stephen Poloz, the central bank governor, said Thursday that no simple policy response will fix the […]

January 7, 2016 | By | Reply More
Imperial Oil Q3 profit down 49 per cent from last year

Imperial Oil Q3 profit down 49 per cent from last year

Imperial Oil $479M Q3 profit CALGARY – Imperial Oil says its profit for the third quarter fell to $479 million, down 49 per cent from last year as a result of the drop in global crude oil prices. The Calgary-based company says its net income for the three months ended Sept. 30 was 56 cents per share, […]

October 30, 2015 | By | Reply More
Canadian oilpatch to lose $2.1B this year: Better 2016 forecast

Canadian oilpatch to lose $2.1B this year: Better 2016 forecast

Canadian oilpatch cost cutting measures bear fruit in 2016 CALGARY – Canada’s oil industry is expected to dive into the red this year, but begin crawling back to profitability in 2016 as cost-cutting efforts pay off, according to a Conference Board report published amid a flurry of discouraging news in the oilpatch. The Ottawa-based economic think-tank […]

October 28, 2015 | By | Reply More