Energy & Commodities

Oil patch execs fear Trudeau’s ‘reckless’ energy emissions cap

Posted by Amanda Stephenson, The Canadian Press

on Tuesday, 2 November 2021 9:43

The federal government must work co-operatively with industry as it looks to draft an emissions cap for the oil and gas sector, Alberta business leaders said Monday, or risk far-reaching consequences for the Canadian economy.

In an interview Monday, Grant Fagerheim, chief executive of Calgary-based oil company Whitecap Resources Inc., warned of the dangers posed by a federal government that he believes is setting ambitious climate targets that it doesn’t know how to achieve.

“Setting out virtue-signaling commitments with no real firm targets is dangerous, and it’s reckless because at the end of the day, this is about the things that we can’t live without – food, heat, clothing and transportation.”

At COP26, the UN climate conference in Scotland on Monday, Prime Minister Justin Trudeau formally committed to a cap on greenhouse gas emissions produced by Canada’s oil and gas industry…read more.

 

Mike’s Comment – Oct 30th

Posted by Michael Campbell

on Sunday, 31 October 2021 10:32

Mike talks about the message behind the most controversial cabinet pick in memory that even had Liberal heads spinning.

Premier’s office to be exempt from scrutiny under law changes: Michael McEvoy

Posted by Jeremy Hainsworth, biv.com

on Friday, 29 October 2021 13:44

B.C.’s premier’s office would be exempt from citizen’s information requests under proposed Freedom of Information and Privacy Act changes, the provincial information and privacy commissioner has said.

In an open letter to Minister of Citizen’s Service Lisa Beare, commissioner Michael McEvoy urged the removal of the exemption from changes proposed in Bill 22 – the Freedom of Information and Protection of Privacy Amendment Act, 2021 (FIPPA).

The act not only covers the privacy of British Columbians but also governs how citizens can make applications for information from the government and which public bodies are open to such scrutiny.

“The Office of the Premier lies at the heart of provincial governance,” McEvoy said. “I call on the government to delete this proposal from Bill 22, for greater certainty that FIPPA’s transparency and accountability provisions will continue to apply, as they have for decades, to the Office of the Premier.”…read more.

Man making $40k/year bought $32m in Vancouver real estate via CCP-linked offshore accounts

Posted by Graeme Wood, biv.com

on Thursday, 28 October 2021 9:54

A citizen of the People’s Republic of China reported average annual earnings of $40,615 to Canadian border agents yet went on to buy $32 million worth of Vancouver real estate after moving $114 million from Hong Kong-based depositors with connections to organized crime and the Chinese Communist Party, a case study by counsel for the Commission of Inquiry into Money Laundering in B.C. shows.

The study is one of over 1,000 commission exhibits, and it hits on a number of vital aspects of money laundering heard during the course of the 18-month inquiry, such as nominee purchases, obscure corporate structures, fraud, layering and placement of assets (particularly real estate) and links to organized crime and corruption.

Commissioner Austin Cullen heard closing submissions this month and is expected to submit a final report in December, with findings and recommendations that could include real estate regulations and anti-corruption measures.

The anonymized study describes a family affair of suspected money laundering. The ‘Man’ utilized his ‘Wife,’ ‘Child’ and ‘Mother’ to move funds from Hong Kong-based depositors, or so-called “money changers,” and into luxury homes in Vancouver as well as at least one Bahamas-based shell company…read more.

Bank of Canada ends QE; moves up timeline for rate hike

Posted by Theophilos Argitis, Bloomberg News

on Wednesday, 27 October 2021 10:06

The Bank of Canada has ended its bond-buying stimulus program and accelerated the potential timing of future interest rate increases amid worries that supply disruptions are driving up inflation.

In a statement on Wednesday, policy makers led by Governor Tiff Macklem announced they would stop growing holdings of Canadian government bonds, ending a quantitative easing program that has poured hundreds of billions into the financial system since the start of the COVID-19 pandemic.

They also signaled they could be ready to hike borrowing costs as early as April, as supply constraints limit the economy’s ability to grow without fueling inflation.

The Canadian dollar soared and bonds were hit hard. The loonie jumped to $1.2321 per U.S. dollar as of 10:39 a.m., up more than 0.5 per cent. Two-year benchmark yields rose about 20 basis points to 1.065 per cent…read more.