Category Archives

Archive of posts published in the category: Business
Mar
22

Stettler elevator closes today

Stettler’s 75-year-old grain elevator will be history. The Parrish & Heimbecker Ltd. elevator is officially scheduled to close at the end of business today. But manager Eric Snowden will stay on site until Jan. 17 to deal with the last few truck loads…

Mar
22

Canadians slash RRSP contributions

TORONTO (CP) — Canadians plan to reduce their contributions to registered retirement savings plans by 20 per cent this year, a TD Bank poll suggests. The survey, released Monday, also indicates that investors intend to shift to more conservative assets, and have scaled…

Mar
22

Mitsubishi makes a mark in Canada

VANCOUVER (CP) — Mitsubishi’s timing could hardly have been better. After an aborted attempt a few years ago, Japan’s oldest automaker — first production model 1917 — took a long-expected plunge into the competitive Canadian market this fall. With car sales expected to…

Mar
22

Oilsands to produce half of Canada’s crude

CALGARY — Within two years, half of Canada’s total crude oil output will come from northern Alberta’s oilsands, representing 10 per cent of North American production, according to an energy survey released Monday. The PricewaterhouseCoopers survey of Canada’s top oil and gas companies…

Mar
22

Home building up tremendously

House builders in Red Deer are hammering together an impressive year. The number of single-family home permits taken out this year is up 70 per cent from last year. The city handed out 270 house building permits to the end of April, compared…

Mar
22

Booked solid for Agri-Trade, city looks to $3-million payoff

Red Deer has 15 per cent more hotels rooms than this time last year and there’s still no room at the inn. Construction and expansion at local hotels has increased to 1,600 the total number of rooms available in Red Deer and the…

Mar
22

Coming years critical for East Coast gas play: Shell

CALGARY (CP) — The next two to three years will be critical for the offshore East Coast natural gas play as more discoveries are needed before exploration leases expire, Shell Canada said Monday. Dave Collyer, Shell’s vice-president of frontier exploration, told a natural…

Mar
22

Laebon plans new office space

A strong home-building market through Central Alberta is spurring Laebon Homes to construct a $2 million office and warehouse in Red Deer County. The Red-Deer based builder will triple its office and warehouse space from its current headquarters in downtown Red Deer. President…

Mar
22

Pension plan earns $1.6 billion

TORONTO (CP) — The Canada Pension Plan Investment Board will work to diversify the CPP’s investments into real estate and other opportunities as it takes over management of the plan’s $36.4-billion fixed-income portfolio this year. ‘‘We’re continuing to build and diversify our portfolio…

Mar
22

Manulife credit under review

TORONTO (CP) — The credit rating of Manulife Financial has been placed under the microscope by a U.S. agency over concerns about the insurance giant’s $6.4-billion takeover bid for Canada Life Financial. Among the issues for New Jersey-based A.M. Best Co. are that…

Mar
22

Soaring Nexen looks to Iraq

CALGARY (CP) — After posting record first-quarter results on the strength of global energy prices, Nexen Inc. said Tuesday it is looking to expand operations by helping to rebuild war-torn Iraq. CEO and president Charlie Fischer also said he believes the company’s stock,…

Mar
22

Moe to open new Mazda dealership June 17

Saturn Isuzu dealership owner Gary Moe has put the pedal to the metal on a new business venture. Moe plans to open the doors June 17 on a new Mazda dealership on Gasoline Alley on the east side of Hwy 2. By the…

Mar
22

$7.3 B deal would create Canada’s largest insurer

TORONTO (CP) — Canadians will still have plenty of insurance choices even though Great-West Lifeco Inc.’s friendly deal Monday to buy Canada Life for $7.3 billion will create the country’s largest insurance firm, the CEO of Great-West says. Raymond McFeetors emphasized that Toronto-based…

Mar
22

Asset writedown puts Enbridge at loss

CALGARY (CP) — A $76.3-million after-tax writedown of U.S. natural gas assets dragged Enbridge Inc., Canada’s largest gas distributor, to a $3.9-million loss in the third quarter. The loss of three cents a share compared with a profit of $64.8 million or 41…

Mar
22

Focus back on fundamentals

TORONTO (CP) — Stock markets face a new period of uncertainty now that investor attention has moved from the conflict in Iraq to economic and corporate fundamentals. ‘‘The market is nervous that in the near term, with earnings coming out in the next…

Mar
22

Russia ready for Canadian beef, again

CALGARY (CP) — Russia has agreed to open its borders to imports of boneless Canadian beef from animals of any age, provided the cattle can be proven free of contact with mad cow disease. The move was announced late Wednesday by the Canada…

Mar
22

Telus CEO’s pay takes jump

TORONTO (CP) — Telus Corp. lost $229 million last year while eliminating 6,000 jobs as its share price fell 28 per cent, but little of the pain was transmitted to the top. Darren Entwistle, president and chief executive officer of the Vancouver-based phone…

Mar
22

ConocoPhillips plant approved

CALGARY (CP) — Regulatory approval for a $1-billion oilsands project led by energy giant ConocoPhillips is the latest move in developing northern Alberta oil reserves, but each recent advance has fallen short of full steam ahead. Houston-based ConocoPhillips said Tuesday that Alberta’s Energy…

Mar
22

Higher prices push oilpatch forecasts higher

CALGARY (CP) — Canada’s oilpatch expects an increase in activity this year, with companies drilling more shallow, easy-to-access wells to take advantage of high oil and gas prices. A total of 17,500 wells are expected to be drilled in 2003, or an 11-per-cent…

Mar
12

Meeting on private land oil, gas wells

Growing resistance to having oil wells or gas lines on private property has prompted a public meeting in Rocky Mountain House. What happens when property owners object to resource activities on their land is the focus of a grassroots information session Monday at…