CALGARY (Reuters) – The Canadian province of Alberta said in its budget on Thursday it will hike fees, boost taxes, cut spending on healthcare and education, and tap its savings to overcome a massive drop in revenue from the oil industry.
The province, whose oil sands are the largest source of U.S. crude imports, said it expects to post a budget deficit of C$4.99 billion ($4 billion) for the fiscal year beginning April 1, and C$3.05 billion for the next, following a C$248 million surplus for the 2014/2015 fiscal year. It expects to return to surplus in the 2017-2018 fiscal year.
CALGARY, Alberta, March 24 (Reuters) – Alberta, the Canadian
province that is the largest source of U.S. crude oil imports,
will ask citizens to pay more for health care and cut the amount
of resource revenue used to fund government operations as it
looks to return to a balanced budget in fiscal 2017, Premier Jim
Prentice said on Tuesday.
The province, which has no sales tax and Canada’s lowest
personal tax burden, is looking to make up for a C$7 billion
($5.6 billion) revenue shortfall in the fiscal year beginning
April 1 as low oil prices slash its take from the energy
CALGARY, Alberta (Reuters) – Canadian police said on Friday they have laid two terrorism- related charges against an Edmonton, Alberta-area youth, with local media reporting he was allegedly seeking to travel to join Islamic State fighters.
The youth, whose name cannot be revealed under Canadian law, has been charged with attempting to leave the country to both participate in a terrorist group and commit an offence that is a terrorist activity, police said in a statement.
CALGARY, Alberta, March 11 (Reuters) – About 1,000
construction workers employed by a contractor at Husky Energy
Inc’s Sunrise oil sands project were laid off
unexpectedly on Wednesday, a union official confirmed.
Izzy Huygen, a Fort McMurray, Alberta, representative of the
Christian Labour Association of Canada, said many of the workers
had expected their jobs to last until summer but were informed
of the layoffs on Wednesday morning.
CALGARY, Alberta, Feb 24 (Reuters) – Alberta, the largest
oil exporter to the United States, said on Tuesday it still
expects to end the current fiscal year in surplus but warned the
full impact of lower crude prices won’t be felt until the next
In its third-quarter budget update the Canadian province
said it expects to post a C$465 million ($368.9 million) budget
surplus for the 2014/2015 fiscal year that ends on March 31.
CALGARY, Alberta, Feb 23 (Reuters) – Royal Dutch Shell Plc
is shelving plans to build a new oil sands mine in
northern Alberta, the largest such project to be deferred as
producers struggle with low energy prices.
The company said on Monday it is withdrawing its regulatory
application for the 200,000-barrel-per-day Pierre River project.
Instead, it will concentrate on boosting the profitability of
its existing 255,000-bpd oil sands operations.
CALGARY, Alberta, Feb 18 (Reuters) – Talisman Energy Inc
common shareholders on Wednesday voted to approve an
$8.3 billion offer for the Canadian oil and gas producer from
Repsol SA, clearing the way for the Spanish company to
acquire Talisman’s worldwide operations.
Talisman common and preferred shareholders both voted nearly
unanimously in favor of Repsol’s Dec. 16 offer to pay $8 per
share for the company, a 56 percent premium to the day-prior
closing price for the company on the Toronto Stock Exchange.
Repsol will also assume Talisman’s $4.7 billion long-term debt.
CALGARY, Alberta, Feb 17 (Reuters) – Canadian National
Railway Co said on Tuesday it has nearly completed
repairs on a stretch of its mainline track in northern Ontario
after a crude train derailed on the weekend, spilling oil and
causing several of the cars to burn.
The company said in a notice that the site, about 80
kilometers (50 miles) south of Timmins, Ontario, is expected to
be cleared by 10 p.m. local time. It did not say if the line,
which runs between Montreal and Winnipeg, Manitoba, would
immediately re-open once the clean up was complete.
OTTAWA/CALGARY (Reuters) – Canada confirmed its first case of mad cow disease since 2011 on Friday, but said the discovery should not hit a beef export sector worth C$2 billion ($1.6 billion) a year.
The news, however, helped boost U.S. cattle prices.
The Canadian Food Inspection Agency (CFIA) said no part of the animal, a beef cow from Alberta, had reached the human food or animal feed systems.
OTTAWA/CALGARY (Reuters) – Canada confirmed its first case of mad cow disease since 2011 on Friday but expressed confidence the discovery would not hit a beef export sector worth C$2 billion ($1.6 billion) a year.
The Canadian Food Inspection Agency (CFIA) said no part of the affected animal, a beef cow from Alberta, had reached the human food or animal feed systems.