Are mom-and-pop variety stores a dying breed?

CBC News Posted: Oct 25, 2013 11:42 AM ET Last Updated: Oct 25, 2013 4:05 PM ET

Is the mom-and-pop convenience store a threatened species?

Things are certainly getting tougher for the independently run dĂ©panneurs and variety stores that dot Canada’s urban landscapes. Since 2008, 2,252 convenience stores have closed across Canada and the majority of those affected were independently owned.

The Canadian Convenience Store Association estimates stores lost $254 million in 2012, compared to profit of $1 billion in 2011.

US Mega Millions Winner Independently run convenience stores are finding it harder to survive because of new entrants to the market, high credit card fees and multiple regulations, according to the Canadian Convenience Store Association. (Associated Press)

Its annual state of the industry report points to a more competitive environment for the industry, with big companies such as Shoppers Drug Mart encroaching on the sector after its purchase by Loblaws.

There is also more chain ownership, with companies such as Alimentation Couche-Tard Inc. spreading its footprint. Of the 23,000 convenience stores in Canada, about 45 per cent were independently owned in 2012, down from 48 per cent the previous year.

Alex Scholten, president of the CCSA, said independent stores are getting squeezed, not only by competition, but also by rising credit card fees, contraband tobacco and regulations constraining the industry.

“What we’re seeing is a trend in the industry where the small independents who are not changing or adapting to the Canadian environment are going out of business. The chains are becoming more prevalent in the industry, so we’re seeing a shift in the nature of the industry and who’s in it,” he said in an interview with CBC’s Lang & O’Leary Exchange.

But he believes even small independents can be competitive, if they get some fundamentals right.

“Convenience store operators have to recognize what their strengths are. Our primary strength is time – we know the consumer out there is time-strapped and as long as we are able to get them in and out of the store quickly, offer them products they’re looking for and make sure that prices are not at a level that is insulting to them, I think we can continue to compete,” Scholten said.

He said it will take some innovation to stay ahead of the new competitors emerging in the market.

“One of things in our state of the industry report this year, we noticed that over 90 per cent of the stores that offered fresh food or food prepared on site were actually in a profitable position,” Scholten said.

One of the industry’s big concerns is high credit card fees and the industry association is looking at ways to expand debit card use in convenience stores, he said.

A loosening of provincial liquor laws might also provide a new way to attract business, he said.

“Certainly having the ability to offer a new product area, such as beer and wine outside of Quebec and Newfoundland where those are available, will offer a big advantage to our industry as well,” Scholten said.

He also points to the estimated 868 federal, provincial and municipal regulations that affect convenience store operators in Canada on everything from tobacco sales  to taxation and said the CCSA is pushing for a more streamlined regulatory regime.

“By eliminating out of date regulations, simplifying others or avoiding new, unnecessary regulation, we could achieve major improvements to the profitability of our members and to the Canadian economy in general,” he said in a press release.

“For this reason, we are calling upon governments to alleviate this burden, which we believe will trigger the creation of thousands of jobs and preserve a unique family business model that generates billions in tax revenues for the government."

Oct 27, 2013 12:00 AM ET Oct 27, 2013 12:00 AM ET Oct 27, 2013 12:00 AM ET Oct 27, 2013 12:00 AM ET Oct 27, 2013 12:00 AM ET

The data on this site is informational only and may be delayed; it is not intended as trading or investment advice and you should not rely on it as such.

World's first Bitcoin ATM goes live in Vancouver next week October 25, 1:44 PM ET read comments Paul Reichmann, real estate magnate, dies at 83 October 25, 10:28 PM ET read comments video Loonie continues to fall on interest rate expectations October 25, 1:15 PM ET read comments Canadian beef prices could fall as Tyson stops buying October 25, 9:04 PM ET read comments video BlackBerry's 5-star BBM app reviews reportedly fake October 23, 2:53 PM ET read comments Quebec's Davie Shipyard launches new ship Cecon Pride October 25, 9:24 PM ET read comments video audio Are mom-and-pop variety stores a dying breed? October 25, 4:05 PM ET read comments video Sobeys to sell 23 stores in Safeway deal October 22, 5:49 PM ET read comments U.S. consumer confidence rattled by government shutdown October 25, 1:30 PM ET read comments Wealthiest 1% earn 10 times more than average Canadian September 11, 4:53 PM ET read comments


View the original article here

Quebec's Davie Shipyard launches new ship Cecon Pride

The historic Davie Shipyard in LĂ©vis, Que., broke out the champagne Friday for the Cecon Pride, the first ship fully built in the yard in years.

The Cecon Pride is the first in a series of three large offshore construction vessels being built for Norwegian offshore installation contractor Cecon ASA. The ship, the largest built in Canada in 20 years according to the company, floated in dry dock Oct. 19 ahead of its naming ceremony Friday. 

"This is a great day for Davie. There are only a handful of shipyards across the globe, mainly in Europe, capable of building a vessel to this specification and with this level of technology," said Davie CEO Alan Bowen.

"Our high quality vessel construction capabilities and low cost base means we are the only North American shipbuilder competing internationally, exporting vessels to European shipowners; something Davie has done for over a century."  

It was the 717th ship built at the yard. The 130-metre vessel soon will begin sea trials prior to final delivery to the client in February 2014.

"It's used for multi-purpose applications. From pipe laying to subsea construction, to deep sea well intervention, it's really about deep sea,” said Alex Vicefield, chairman of the shipyard.

DAVIE SHIPYARD 20121119 The Davie shipyard in Levis, Que., is shown in November 2012 after being taken over by Zafiro Marine. The shipyard will launch the Cecon Pride today. (Jacques Boissinot/Canadian Press)

Since being bought by Zafiro Marine of  Britain last year, the Davie Shipyard has recalled 500 workers. The potential for offshore oil and gas development and the ships to support construction, means more opportunities.

Up until the new owners took over, Davie spent years in troubled waters. Since being sold by Canada Steamship in 1976, it has been in and out of bankruptcy.

In 2010, it was under creditor protection. Davie had ended operations, putting nearly 1,600 people out of work.

There was hope in 2011 when a consortium involving SNC-Lavalin, Upper Lakes Groups Inc. and South Korean shipbuilder Daewoo Shipbuilding & Marine Engineering took on restructuring of the yard in order to bid on ships being built for the Canadian Coast Guard and Canadian Forces.  

In the end, the federal government did not choose Davie Shipyard to build any ships and the joint venture fell apart, leaving Upper Lakes as the sole owner.

Zafiro Marine, which manages and operates a fleet of specialized offshore vessels involved in topside and subsea construction, took over in November 2012.

While work on new Canadian warships went to the Irving Shipyards in Halifax and Seaspan in Vancouver, Davie is considering bidding on  smaller government contracts.

"It's very difficult to ignore Davie in this situation. As I said, Davie is a significantly larger shipyard with a much higher capacity than the other shipyards," Vicefield said.


View the original article here

U.S. consumer confidence rattled by government shutdown

The Associated Press Posted: Oct 25, 2013 1:30 PM ET Last Updated: Oct 25, 2013 1:30 PM ET

U.S. consumer confidence fell in October as concern grew that the partial government shutdown and political fight over the nation's borrowing limit would slow growth.

The University of Michigan says its index of consumer sentiment fell to 73.2 from 77.5 in September. The index has fallen for three straight months after reaching a six-year high of 85.1 in July.

A measure of Americans' expectations for future growth fell to its lowest level since late 2011, pulling down the overall index.

"Consumers have increasingly moved toward the view that the government has become the primary obstacle to more robust economic growth," the survey said.

Americans made more negative references to the federal government this month than at any time in the roughly 50-year history of the survey.

Oct 27, 2013 12:00 AM ET Oct 27, 2013 12:00 AM ET Oct 27, 2013 12:00 AM ET Oct 27, 2013 12:00 AM ET Oct 27, 2013 12:00 AM ET

The data on this site is informational only and may be delayed; it is not intended as trading or investment advice and you should not rely on it as such.

World's first Bitcoin ATM goes live in Vancouver next week October 25, 1:44 PM ET read comments Paul Reichmann, real estate magnate, dies at 83 October 25, 10:28 PM ET read comments video Loonie continues to fall on interest rate expectations October 25, 1:15 PM ET read comments Canadian beef prices could fall as Tyson stops buying October 25, 9:04 PM ET read comments video BlackBerry's 5-star BBM app reviews reportedly fake October 23, 2:53 PM ET read comments Quebec's Davie Shipyard launches new ship Cecon Pride October 25, 9:24 PM ET read comments video audio Are mom-and-pop variety stores a dying breed? October 25, 4:05 PM ET read comments video Sobeys to sell 23 stores in Safeway deal October 22, 5:49 PM ET read comments U.S. consumer confidence rattled by government shutdown October 25, 1:30 PM ET read comments Wealthiest 1% earn 10 times more than average Canadian September 11, 4:53 PM ET read comments


View the original article here

More small businesses using social media, study says

tp-twitter-3col More Canadian small businesses are taking to social media to interact with their consumers, according to a BMO study. (CBC)

Bank of Montreal says Canadian small business owners are increasingly savvy about using social media such as Facebook, LinkedIn and Twitter.

BMO says 57 per cent of about 300 business owners contacted for the study said they use social media.

That's up 17 points from 40 per cent in last year's study.

BMO's report is based on a Pollara telephone survey of 301 business owners, conducted between Aug. 22 and Sept. 10.

Nearly 40 per cent of the respondents said they use social media to seek ideas or suggestions

About one-third said they track what's being said about their business and one-quarter check out feedback about their competitors.

About 25 per cent said they were using social media to search for new talent, up 11 percentage points from last year.

BMO's study found Facebook was used by 43 per cent of respondents, while LinkedIn was used by 23 per cent and Twitter by 11 per cent.


View the original article here

Wildly popular BBM chat service to remain free

CBC News Posted: Oct 25, 2013 9:04 AM ET Last Updated: Oct 25, 2013 4:01 PM ET

Millions of Apple and Android users who are enjoying what some have called BlackBerry's "forbidden fruit" can rest easy with the knowledge that BBM, the company's mobile instant messaging chat service, will remain free for the foreseeable future. 

"It's definitely a free service," Andrew Bocking, executive vice-president of BBM for BlackBerry told The Morning Edition host Craig Norris Friday. "We have other ideas on how to monetize that service."

Bocking said BBM will turn a profit through a combination of marketing and advertising through some yet-to-be-launched features, such as BBM Channels.

BBM Channels is a social networking feature currently in beta testing. Once up and running, it would allow users to amass followers and share content as well as allow BlackBerry to tailor and target ads towards individual users.

"We continue to plan to evolve the service and keep making it more engaging and have more reasons why people will come back to use the service," said Bocking. 

Video and voice chatting services for BBM, which are currently available to BlackBerry users only, is also coming soon to the Apple and Android platforms "within months," Bocking said. 

The launch of BBM on competing platforms has been largely seen by analysts as an attempt to secure new revenue streams for BlackBerry as it tries to regain its footing in a global smartphone market that many credit the Waterloo-based technology company for inventing.  

"This is one we're definitely investing in, this is definitely one of our key strategies, but it's one of many," he said. 

Until this week, BBM was only available to BlackBerry users and the buzz surrounding BBM's launch has been considerable, with six million users pre-registering for the app. 

On Tuesday, BlackBerry boasted that its BBM app had been downloaded 10 million times on Apple and Android devices in the first 24 hours after its launch.


View the original article here

Loonie continues to fall on interest rate expectations

hi-loonie852-cp01516172 The Canadian dollar has fallen to a seven-week low against the U.S. dollar after the Bank of Canada indicated it will not move to hike interest rates in the next two years.

The Canadian dollar has fallen for the third straight day against the U.S. dollar, after the Bank of Canada moved Wednesday to lower expectations of an interest rate hike.

The loonie fell one-quarter of a cent to 95.70 cents US in early afternoon trading, a seven-week low, and is down a cent and a half so far this week.

On Wednesday, Bank of Canada governor Stephen Poloz indicated the bank is not expecting to raise rates any time soon, and that a cut to interest rates may be just as likely if economic conditions do not improve.

The bank also lowered its outlook for Canadian growth for the next three years, as Canadian exports have yet to pick up.

Andrew Pyle, senior wealth adviser and portfolio manager at Scotia McLeod, said he believes the loonie could hit 90 cents US by the end of the year.

Pyle noted Poloz's background as the head of Export Development Canada as another sign the bank wants to do what it can to lower the dollar and boost exports.

"I would bet right now that the Bank of Canada would like a little bit of juice from the currency, whether it's a two- to five-cent decline back towards 90 cents to get the export sector going and to get the economy going," Pyle said in an interview on CBC's Lang & O'Leary Exchange.

Other economists also see the dollar falling, but not as quickly. In a note, Capital Economics says it sees the Canadian dollar falling to 92 cents by the end of June next year.


View the original article here

Justin Trudeau shares 'steadfast' Keystone XL support in D.C.

By Meagan Fitzpatrick, CBC News Posted: Oct 25, 2013 2:39 PM ET Last Updated: Oct 25, 2013 3:44 PM ET

Liberal Leader Justin Trudeau concluded his first visit to the U.S. capital on Friday after a series of meetings with White House officials and others and following a panel discussion a day earlier where he touted the benefits of building the proposed Keystone XL pipeline.

Trudeau appeared Thursday on a panel with Madeleine Albright, former U.S. secretary of state, and Julia Gillard, Australia’s former prime minister, at a conference hosted by the Centre for American Progress.

The Montreal MP said during the talk that he supports TransCanada’s proposed pipeline that would carry crude oil from Alberta to refineries on the Gulf Coast because it would be good for Canada and the U.S.

He acknowledged that his position may have surprised some in an audience that would have included strong critics of the project.

“There were some people who raised an eyebrow, absolutely,” Trudeau told reporters on Friday. “I'm seen as a strong, young progressive with an environmental background. The fact that I'd be talking positively about the project I think got people thinking about the fact that perhaps it's not as bad as it's been caricatured.”

Trudeau added that the pipeline is “an important energy infrastructure” for both countries, will be good for the Canadian economy and that it must be done in a sustainable and properly regulated way.

A decision on whether the controversial Keystone XL pipeline can go ahead is currently in the hands of U.S. President Barack Obama and it’s not clear when he will make it. Ministers in Harper’s cabinet have made multiple trips to Washington in recent years to lobby for its approval.  Alberta Premier Alison Redford is also a frequent visitor.

Now Trudeau has added his voice to the Canadian contingent of Keystone backers who push for its approval while in Washington. “My support for Keystone is steadfast,” he said while talking on a street near the Canadian Embassy.

Not far away there is a bus shelter with an anti-Keystone poster designed by Canadian Franke James in it. James was recently in the city along with Canadian environmentalist David Suzuki for a panel discussion sponsored by the Natural Resources Defence Council. They urged the Obama administration to reject Keystone.

Many environmentalists are opposed to the pipeline and some Americans are against it because they say it won’t create all the jobs its proponents say it will and is more in Canada’s interest than in America’s. Trudeau, however, said the U.S. will benefit from the pipeline.

US Trudeau Liberal Leader Justin Trudeau arrives to speak to reporters during his first official visit to Washington on Friday. (Susan Walsh/Associated Press)

“There are lots of American jobs involved and there's lots of opportunities for the United States as well,” he said. “There are many Americans who support Keystone as well, so I'm not particularly worried about it being an unbalanced deal. It's just part of a longstanding working friendship between our two countries.”

While Trudeau is in favour of the Keystone pipeline, he’s not supportive of the proposed Northern Gateway project that would transport oil from Alberta to British Columbia’s coast. “They are very, very different proposals,” the Liberal leader said. Keystone, for example, has been signed off on by Canada’s energy board while the Northern Gateway line would mean bigger risks to more ecologically sensitive areas and to people in B.C. who rely on the water for their livelihoods, he said.

"It's important that we get our resources to market, but it's also important that we understand that it's not just up to governments to grant permits anymore. We have to get communities to grant permission and that's something that we need to spend more time focusing on," Trudeau said.

He was also asked about the Senate scandal dominating politics back home and said he is “very proud” of the motion put forward by his party’s leader in the upper chamber, James Cowan. He said it would encourage an open hearing.

“I’m not being overly controversial when I say I believe in the rule of law and due process and I think that's important that we continue to fight for," said Trudeau.

But when asked about the government’s budget bill that could curtail some federal workers’ right to strike, Trudeau wouldn’t bite. He would only say that he supports collective bargaining and unions generally and that he didn’t want to criticize Harper while abroad. There is a traditional protocol in politics, that when followed, involves politicians not criticizing their country's government while outside their borders.

“I feel that when I'm on a foreign trip, on foreign soil, my primary role is as a representative of Canada and a representative of the Canadian people and I try not to be too critical,” Trudeau said.

Trudeau has travelled to more than 80 countries but had never been to Washington. He met with White House officials including Gene Sperling, director of the National Economic Council, and Jason Furman, who chairs the President’s Council of Economic Advisers, during his visit.

One of his goals on the trip was to build relationships that will be important in the years to come, Trudeau said, as he works toward a bigger goal – becoming prime minister.


View the original article here

Canadian beef prices could fall as Tyson stops buying

One of the world's largest producers of meat says it will stop buying Canadian cattle because of the high cost of having to follow U.S. meat labelling rules.

The decision from Tyson Foods Inc. is expected to lead to a drop in prices for Canadian producers.

Martin Unrau, president of the Canadian Cattlemen's Association, says the decision is a huge blow to the industry.       

“The cattle we raise here are the exact same type of cattle that they raise in the U.S. under the same conditions. We are using the same products. So absolutely it's a trade barrier,” Unrau told CBC News.

Tyson is the third-biggest buyer of Canadian cattle and bought about 150,000 head last year.

"Other American buyers certainly could follow suit, and that's a real concern for us," said Agriculture Minister Gerry Ritz, adding that the Tyson decision shows Canada has to diversify and find new markets.

"We have a 70 per cent reliance on the Americans for processing and for purchasing livestock. We need to move away from that, and, of course, by moving product now into the European theatre, just as soon as we get [the Canada-European Union free trade deal] ratified, certainly is the right way to go."

Canada is challenging the U.S. country-of-origin meat labelling policy with the World Trade Organization and in the U.S. courts.

The regulations track beef and pork through the meat processing and distribution systems and require labels that state where animals are born, where they are slaughtered and where they are packed.

Labels would include such information as "born, raised and slaughtered in the United States" for American meat. Cuts of meat from other countries could carry labels such as "born in Canada, raised and slaughtered in the United States."

Tyson said  it is disappointed with the U.S. rules that require labels on meat products to contain detailed information about where the products come from. It also means that meat coming from different countries has to be segregated in a warehouse and labelled differently, increasing costs for the meat packers.

"Unfortunately, we don't have enough warehousing capacity to accommodate the proliferation of products requiring different types of labels due to this regulation," Tyson spokesman Worth Sparkman wrote in an email.

"As a result, we have discontinued buying cattle shipped to our U.S. beef plants directly from Canada effective mid-October."

Sparkman said Tyson would continue buying Canadian calves for U.S. feedlots.

Cattle shipments to the U.S. were cut in half in the first year after the U.S. proposed country-of-origin labelling in 2008. There was a 58 per cent drop in slaughter hog exports.

In November, the rules become even more stringent. The Tyson decision worries Canadian feedlot operators.

“I wouldn't' say it's a death knell but it's a further strain on our industry at a time when we were looking for some relief,” said Ben Thorlakson, who owns a feed yard near Airdrie, Alta.

“We have one fewer buyer and we only had five to start with … so it's just reduced the overall demand for our cattle … and therefore the prices are lower, but that's an overall effect of this country-of-origin labelling initiative.”

The Canadian Cattlemen's Association is part of a coalition that is in the process of appealing a U.S. court ruling last month. That ruling rejected a request for an injunction against the latest version of the U.S. label policy, which is to go into effect in November.

The coalition argues the policy would be costly and offer no food safety or public health benefit.


View the original article here

Paul Reichmann, real estate magnate, dies at 83

Once the head of the largest real estate development company in the world, which went bankrupt in 1992, Paul Reichmann died Friday in Toronto. He was 83.

The reclusive Reichmann brothers built Olympia & York into a major international development firm after starting out as a small company marketing flooring and tile in Toronto.

The five Reichmann brothers were the sons of Orthodox Hungarian Jews who fled central Europe during the Second World War.

Older brother Edward started Olympia Flooring and Tile in Montreal and was joined in Canada by Paul, Albert, Louis and Ralph. After the brothers began a small company in Toronto, Paul Reichmann was the force who parlayed it into a global real estate empire.  

Their developments included First Canadian Place in Toronto, the World Financial Center (right next to the World Trade Center in New York), and Canary Wharf in London.

Paul Reichmann was born in Vienna in 1930, where his father, Samuel, had his business at the time. His mother's name was RenĂ©e.

Paul Reichmann 19890313 Paul Reichmann is shown in London in 1989. He was the driving force behind the huge Canary Wharf development in the British capital. (Canadian Press)

By sheer luck, in 1938, the family was visiting Paul's grandfather in Hungary when the Nazis occupied Austria and annexed it with Germany.

They settled in Paris for a time, but by 1940, the Nazis were there too. Late in life, Reichmann could still remember the Nazi bombing of refugees south of Paris.

The family moved to Tangier in Morocco, where they prospered, as his father became a successful currency trader.

When the war ended, Paul studied religion in Britain and Israel, and became a rabbi. In 1953, he went back to Morocco and became a shirt retailer. That same year he married Lea Feldman.

In 1956, Paul joined his brother Edward in Montreal. Then, joined by brothers Albert and Ralph, they started a development business in Toronto.

Initially, they built warehouses and commercial buildings. Their first major project was the development of Flemingdon Park in Toronto's Don Mills neighbourhood.

In 1971, they advanced right into the heart of Toronto's financial district and won the contract to build what was then Canada's tallest building, First Canadian Place, at King and Bay streets.

By the 1980s, Olympia & York was the largest property development firm in the world, having bought a portfolio of skyscrapers in New York.

"He seemed to have this extraordinary knack of being able to see value where other people couldn't see it, and also extracting value from the buildings he built by financing them in creative ways and raising money to go on to bigger and better things," said Peter Foster, the author of the 1993 book, Towers of Debt: The Rise and Fall of the Reichmanns.

In 1980, they got 50-per-cent control of Brinco Ltd., a natural resources development company in Newfoundland and Labrador. The next year they bought an 82-per-cent controlling interest in Abitibi-Price Inc., and they held a significant share of Royal Trust Company. In 1985, they bought Gulf Canada Resources Ltd.

Along the way, they had acquired English Property Corp., one of the largest developers in Britain. That was the company that enabled them to build Canary Wharf in east London, at once their greatest achievement and their greatest failure.

The largest real estate development in the world at the time, it boasted Britain's tallest building, One Canada Square.

It was Reichmann's vision (only now coming to fruition) that it would be a kind of Wall Street of London and successfully compete with the city's historic financial district known as the City.

But by the time it was finished in 1992, the London commercial property market had collapsed, bringing down Olympia & York.  In March of that year, Reichmann was forced to resign as president.

When it filed for bankruptcy in May 1992, Olympia & York owed more than $20 billion US to various banks and investors. It was closed down in 1993, and the Reichmanns were left with a small firm, Olympia & York Properties Corp.

There are several theories about what went wrong with Paul Reichmann's judgment when he embarked on the Canary Wharf enterprise.

His reliance on his own business instincts may have led him astray, claims Foster.

According to the president of Canary Wharf, George Iacobescu, the Iron Lady herself, Margaret Thatcher, had personally called to ask Olympia & York to take on the development, and she promised that the Jubilee Line of the London Underground would be extended to speed up the trip to Canary Wharf from central London.

That promise was key to the development's success. But the line was not extended in her time. It opened only in 2000, long after the demise of Olympia & York.

Paul Reichmann was famous for sealing deals with a handshake and not bothering with corporate lawyers, and he always kept his word. He may have thought Thatcher would do the same thing.

The Olympia & York bankruptcy did not leave Reichmann poor by any means. In 2011 he was still listed among the richest Canadians. At number 30 on the list, his net worth was given as $1.83 billion, and that was up slightly from the year before.

In his usual secretive manner, Paul had continued with canny investments. For instance, he owned 70 per cent of Central Park Lodges, which in 1999 operated 74 retirement homes, 63 in Canada, the rest in the U.S., according to the National Post.

He was also involved in a $107-million project in Israel, according to the Jerusalem Post newspaper.

His company, IPC Jerusalem Ltd., built a five-star hotel and luxury condominium, called The Palace Jerusalem — The Waldorf Astoria Collection.

In 2004, he again bought a controlling stake in Canary Wharf, a development that by then was considered essential to the fabric of London. He gave it up in 2009.

Reichmann always lived humbly and austerely, in keeping with his ultra-Orthodox Jewish beliefs, even to the point of closing down his many development projects, and allowing no work there on the Sabbath.

"His accomplishments were titanic, just look at the Bank of Montreal building for example," said Tom Caldwell of Caldwell Securities. "Yes, he got bushwacked in Canary Wharf in England, but he came from a small business to play in the big leagues and he played it well. And he played it with dignity."


View the original article here

Mackenzie Valley pipeline facing possible revival

There are growing signs that the stalled Mackenzie Valley pipeline project could get a new lease on life.

The federal government has quietly dusted off a $500-million socio-economic fund that would kick in if the project goes ahead. The Mackenzie Gas Projects Impact Fund was set up in 2006 but has remained dormant. It was included and updated in this week's budget implementation act.

The fund is not operational yet, but the timing means it's ready to go if construction starts on the pipeline.

Development of northern resources has been priority for Prime Minister Stephen Harper since he was elected in 2006. His government in 2009 set up the Canadian Northern Economic Development Agency (CanNor), for which Environment Minister Leona Aglukkaq is responsible.

The government "is committed to fostering a strong, prosperous and dynamic northern economy," Aglukkaq's office said in a written response to questions from CBC News.

"Should the CanNor minister be named responsible at some point for the fund, as the regional economic development agency for the North, the agency is well-positioned to deliver this fund on behalf of northern communities."

At the same time, there are signs the project may be commercially viable.

Imperial Oil and its partners are looking at options to turn the 1,200-kilometre northern gas pipeline into an liquefied natural gas project. LNG, as it is often called, is natural gas that's cooled to -162 C. This shrinks the volume of the gas by 600 times, making it easier to store and ship.

"As we look at strategic options for the Mackenzie resource one of the things we are looking at is … could gas from the Mackenzie potentially play a role in an LNG development scenario?" said Imperial spokesman Pius Rolheiser.

Imperial and its partners, Royal Dutch Shell, ConocoPhillips, Exxon Mobil and the Aboriginal Pipeline Group, received final approval from the National Energy Board in 2011 for the $16.2 billion project after more than six years of regulatory review. The pipeline was originally designed to carry natural gas down the Mackenzie Valley to Alberta and the U.S.

A glut in natural gas and slumping prices put the project on hold.

But earlier this year, Imperial and its majority partner Exxon Mobil Corp. applied for an LNG export permit from a future terminal in either Kitimat or Prince Rupert, B.C. The companies would draw from the gas fields they own in Canada, like those in the Mackenzie Delta.

"So in our assessment of a potential LNG project, one of the things we are looking at is, could gas from the Mackenzie Delta play a role in an LNG scenario?" said Rolheiser in an interview from Calgary. "But at this point we are in the early stages and we have not made any decisions on that."

Map: MacKenzie Valley (CBC)

The main forces behind this burst of activity are price and timing. Imperial has to report to the NEB on its decision to construct the pipeline by the end of this year and must provide an updated cost estimate. It has to start construction by the end of 2015.

And there is a growing market in Asia for liquid natural gas. While Rolheiser emphasizes that a decision has not been made, a source close to the project says the LNG option is very much in play.

"We are looking at all options here and there is more than one option for this pipeline," said the source.

Natural Resources Minister Joe Oliver just got back from a trip to China and South Korea, where he spent a lot of time talking about LNG. He says Canada's natural gas resources are an "immense economy opportunity that can benefit all Canadians."

And the pipeline would help tap that potential.

"That is why we are supportive of this important resource development opportunity, with a focus on supporting jobs, economic growth, environmental protection and constructive relationships with First Nations communities," Oliver wrote in an email to CBC News Thursday.

All this is very good news for the Northwest Territories that has been holding out hope for the on-again, off-again pipeline since the 1970s.

"We are hearing that the proponents are interested in seeing the Mackenzie gas get to market, which is a very positive sign for us, with a resource that has been stranded in the Mackenzie delta for forty years," said N.W.T. Industry Minister David Ramsay.

Ramsay said he has not officially heard that the project is definitely going ahead, but he's optimistic.

"Any talk of us getting a resource like to that to market is something we are encouraged to hear," he said in an interview from Yellowknife.

Ramsay said he hopes to get more details in early November.

The majority of people in the territory support the project because of the economic development it would bring. Aboriginal groups own one-third of it as part of the Aboriginal Pipeline Group.

While Imperial won't speculate on chances of the pipeline carrying LNG, Rolheiser notes the company has spent considerable time and money on this project and doesn't want to squander it.

"We made a significant investment in terms of our relationship with the people of the North as represented by the Aboriginal pipeline group and that is a terribly important asset to us," he said. 


View the original article here

Harper to reveal Canada-EU trade deal details Tuesday

Prime Minister Stephen Harper will table the tentative free trade agreement with the European Union in the House of Commons on Tuesday — the same day his government hopes to cut off debate in the Senate on the motion to suspend Senators Mike Duffy, Pamela Wallin and Patrick Brazeau without pay.

Harper’s office is sending out invitations to industry groups and business executives to witness the tabling of the agreement on principle on the Comprehensive Economic and Trade Agreement.

A reception with Trade Minister Ed Fast will follow question period.

The timing is no coincidence. It dovetails with a vote on the procedural move to cut off the debate over suspending the three former Conservative senators embroiled in the scandal over living and travel expenses.

That debate continues to drag on in the Senate, and cracks are beginning to appear in the Conservative caucus over the fairness of depriving the three of their livelihood before they have had a public hearing, or criminal charges have been laid.


View the original article here

Lower spending keeps Ottawa on track to hit deficit target

hi-deficit852-cp03476303 Ottawa says it remains on track to reduce the deficit as program spending falls in August.

The federal government says it recorded a $2.3 billion deficit in August, an improvement from the $3 billion shortfall it posted during the same month last year.

It says the key reason to the better monthly number was a $759-million decrease in program spending.

The Finance Department says the deficit for the first five months of the 2013-14 financial year as a whole now stands at $6.8 billion, slightly lower than the $7.2 billion posted for the same period last year.

The government revealed earlier this week that its deficit for the 2012-13 fiscal year had finalized at $18.9 billion, about $7 billion less than was predicted in the March budget.

Given the trend so far, Ottawa also appears in position to better its $18.7 billion deficit target for this fiscal year as well.


View the original article here

World's first Bitcoin ATM goes live in Vancouver next week

CBC News Posted: Oct 25, 2013 1:44 PM ET Last Updated: Oct 25, 2013 1:44 PM ET

Bitcoin Kiosk 20130908 The world's first Bitcoin kiosk, made by Robocoin, begins operation in Vancouver next week. (Robocoin/Canadian Press)

What's believed to be the first Bitcoin ATM in the world will go live next week in Vancouver, operated by Nevada-based Robocoin and Vancouver's Bitcoiniacs.

Mitchell Demeter, co-founder of Vancouver bitcoin trading company Bitcoiniacs and part-owner of Robocoin, has invested in five such machines to be placed across Canada.

Bitcoins are an emerging digital currency that isn't controlled by any authority such as a central bank. It’s an idea that is moving into the mainstream, despite the scandal surrounding Silk Road, an anonymous online marketplace for illegal drugs and other illicit goods that used Bitcoins.

Silk Road was shut down and its owner arrested on narcotics charges earlier this month.

The new ATM, to operate near downtown Vancouver coffee house Waves, will trade Canadian dollars for online Bitcoins. Users are required to do a palm scan and are permitted to exchange up to $3,000 per a day.

Canadian cash is exchanged  on Canada’s VirtEx exchange for Bitcoins, which are then entered in your online bitcoin wallet. Transactions will be anonymous.

The palm scan is to limit people to less than $3,000 worth of transactions, and avoid tangling with Canada’s anti-money-laundering laws, says Demeter, who adds that he believes he is complying with all Canadian laws

Bitcoins currently trade for close to $200, but have swung widely in value from $13 to $250 in the past year. Until now, most have been traded person-to-person in individual transactions or through various unregulated exchanges that exist mostly online.

Last year, a bitcoin exchange in Europe, Bitcoin-Central, was authorized to operate as a bank.  Robocoin, which showed the ATMs at a California conference earlier this year, says the Vancouver ATM is the first to begin operation.

Bitcoiniacs says it's eyeing major Canadian cities such as Toronto, Montreal, Calgary and Ottawa for the other four machines, to come in December.

"Basically, it just make it easier for people to buy and sell Bitcoins and hopefully will drive the adoption of Bitcoin, and make it more accessible for people," Demeter told CBC News.

Bitcoins are mathematically generated through a series of commands executed by computers in a peer-to-peer network. The process is called Bitcoin "mining" and is set up so that the total number of Bitcoins that can ever be generated is limited to about 21 million.

While some have doubted Bitcoin's validity and others have raised concerns that the unregulated currency is being used for nefarious means, a U.S. judge ruled last month that Bitcoin, which has been around since 2009, is a real currency.

Oct 27, 2013 12:00 AM ET Oct 27, 2013 12:00 AM ET Oct 27, 2013 12:00 AM ET Oct 27, 2013 12:00 AM ET Oct 27, 2013 12:00 AM ET

The data on this site is informational only and may be delayed; it is not intended as trading or investment advice and you should not rely on it as such.

World's first Bitcoin ATM goes live in Vancouver next week October 25, 1:44 PM ET read comments Paul Reichmann, real estate magnate, dies at 83 October 25, 10:28 PM ET read comments video Loonie continues to fall on interest rate expectations October 25, 1:15 PM ET read comments Canadian beef prices could fall as Tyson stops buying October 25, 9:04 PM ET read comments video BlackBerry's 5-star BBM app reviews reportedly fake October 23, 2:53 PM ET read comments Quebec's Davie Shipyard launches new ship Cecon Pride October 25, 9:24 PM ET read comments video audio Are mom-and-pop variety stores a dying breed? October 25, 4:05 PM ET read comments video Sobeys to sell 23 stores in Safeway deal October 22, 5:49 PM ET read comments U.S. consumer confidence rattled by government shutdown October 25, 1:30 PM ET read comments Wealthiest 1% earn 10 times more than average Canadian September 11, 4:53 PM ET read comments


View the original article here

Samsung files patent for Google Glass-like specs

The Associated Press Posted: Oct 25, 2013 10:01 AM ET Last Updated: Oct 25, 2013 10:01 AM ET

hi-tech-google-glass-852 Samsung's sketch shows a thumbnail-sized display over the left eyeglass. Google's eyewear, shown above, has a tiny display over the right eyeglass that shows information and websites. (Reuters)

A patent filing shows Samsung Electronics Co. is working on a device it calls sports glasses in a possible response to Google's internet-connected eyewear.

A design patent filing at the Korean Intellectual Property Office shows a Samsung design for smartphone-connected glasses that can display information from the handset.

It said the glasses can play music and receive phone calls through earphones built into the eyewear's frame. It also gives hands-free control over the smartphone.

Reminiscent of the Google Glass design, Samsung's sketch shows a thumbnail-sized display over the left eyeglass. Google's eyewear has a tiny display over the right eyeglass that shows information and websites.

It was not clear from Samsung's sketch and description whether its eyewear would be equipped with a touch control and a camera like Google Glass nor whether it would connect directly to the mobile internet or be a slave to a smartphone.

li-samsung-7171 Samsung's glasses are designed to connect to a smartphone, but it wasn't clear whether the device would be able to connect directly to the internet as well.

The name and the description specify the Samsung product is designed for outdoors activities or sports.

Samsung did not respond to an email and a call seeking comment.

Google Inc. is testing an early version of Google Glass with 10,000 people in the U.S. after giving the public a first look at its internet-connected eyewear in June last year. The early version can take pictures, record videos, navigate maps and works without a smartphone.

Other tech companies are also exploring ways to bring mobile computing to everyday objects such as watches and glasses.

Samsung introduced a smartphone-connected watch called the Galaxy Gear last month. Sony also announced a smart watch.

Samsung filed the application for the eyewear design patent on March 8.

October 26: There's Gold in Them Thar Trees Oct. 25, 2013 5:02 PM They say that money doesn't grow on trees. But it appears that gold does. Scientists in Australia have discovered gold particles in the leaves of eucalyptus trees that grow above gold deposits. And they might provide a natural detection system for mining companies.


View the original article here


Investing.comThe Exchange Rates are powered by Investing.com.

Categories

Addiction (2) Advance (8) Claim (4) Claims (4) Companies (2) Economic (1) Ensure (1) Forum (1) Growth (1) Healthy (2) Homeless (3) Insurance (15) Investment (1) Investors (1) Market (1) Mortgage (2) Organizations (1) Penetration (1) Short (4) Statistics (4) Window (1) Women (3) Working (1) Young (1)