Economy
Canadian liquefied natural gas projects looking to fill gaps in the global market left by the absence of Russian gas may run into more challenging conditions than expected, industry experts have told a global conference in Vancouver.
They said the consensus among economists is that the gas shortage in Europe caused by the war in Ukraine is unlikely to last beyond 10 years, while the rise of renewables will cut into demand from 2030 onward.
Peter Abdo, chief commercial officer for LNG for German energy giant Uniper, told the LNG 2023 conference his company is committed to entering into 10-year contracts with potential suppliers — but longer-term deals will be more challenging because of Europe’s uncertain long-term demand for natural gas.
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Read MoreCalgary’s tourism projections suggest 2023’s edition of the Stampede could break some long-standing records.
Hotel occupancy rates are set for more than 90 per cent during the festival.
It’s great news for the city’s economy — but a headache for travel stragglers as last second deals are few and far between.
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Read MoreWhile Calgary’s unemployment numbers remain the highest among major Canadian centres, the city’s workforce continues to show strength, say those who oversee its economic fortunes.
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Read MoreMore than a quarter of Atlantic startups that receive federal subsidies fail within five years, says a federal briefing note. The disclosure follows a 2020 audit that faulted the Atlantic Canada Opportunities Agency for failing to conduct risk assessments on companies applying for taxpayers’ aid.
“The business survival rate for Agency-assisted startups is 73 percent,” said the briefing note Atlantic Canada Opportunities Agency. Management said it compared favourably to a 33 percent survival rate “for unassisted firms after the crucial fifth year following startup.”
Subsidies averaged $230,135 in grants and loans per successful applicant, said the November 30 note. “On average each year the Agency assisted 971 businesses,” it said.
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Read MoreMore than half of Canadians say they are $200 away or less from not being able to pay all of their bills at the end of the month, a report by insolvency firm MNP Ltd. said, as higher interest rates and a rising cost of living have stretched budgets.
At 52 per cent, that’s up six percentage points from the proportion of Canadians who said the same in April.
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The escalating burden of household bills and food prices has intensified Canadians’ financial anxiety and is further compounded by increased debt-servicing costs, particularly for those who are deeply indebted, MNP president Grant Bazian said in a press release Monday.
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Read MoreThe Dutch government collapsed on July 7 after failing to reach a deal on restricting immigration, which will trigger new elections in the fall. Tensions came to a head last week, when Mr. Rutte demanded support for a proposal to limit the entrance of children of war refugees who are already in the Netherlands and to make families wait at least two years before they can be reunited. The proposal went too far for the small Christian Union and liberal D66, triggering a stalemate.
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Read MoreRadically different outlooks of four parties on immigration ‘unbridgeable’, says four-time prime minister
Dutch prime minister Mark Rutte has presented his government’s written resignation to King Willem-Alexander, who returned from holiday to receive it.
It was Rutte’s fourth government – a fragile, four-party coalition of his People’s Party for Freedom and Democracy (VVD), the liberal democratic Democrats 66, the Christian Democratic Appeal (CDA) and centrist ChristenUnie. It took 10 months to agree its formation and it lasted less than 18 months.
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Read MoreCabinet yesterday approved billions more subsidies for battery factories in what the Canadian Taxpayers Federation criticized as a free for all for foreign automakers. Aid totals more than $31 billion for three Ontario plants.
“The feds need to draw the line somewhere,” said Franco Terrazzano, federal director of the Taxpayers’ Federation. “Taxpayers can’t afford to bankroll everyone and their dog who wants to make batteries.”
The Department of Finance confirmed it would spend billions in “performance incentives” for Stellantis electric auto battery plants in Windsor and Brampton, Ont. Stellantis is the parent company of Chrysler and Dodge.
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Read MoreBen and Jerry’s parent company Unilever has lost about US$2.5 billion in market capital after people said they would boycott it for opposing the Fourth of July.
Unilever’s shares fell by .75% after its latest trading day, according to the Thursday data, which shows the company’s stock price has fallen to $51.31. It said its day range was from $51.04 to $51.40.
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Read MoreThe federal government appears to believe the economic pie is fixed and can only be redistributed, ignoring the fact that wealth and value can be created when government steps back and frees businesses to flourish.
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