Category: Economic

Categories
Economic Ft Mac Politics

Rejection of Keystone XL Project Leads to NAFTA Claim and Lawsuit Against US Government by TransCanada

The Obama administration rejected the Keystone XL project after several long years of delaying a decision, and for what many considered political reasons, but now TransCanada is fighting back with a decision to file a Chapter 11 NAFTA claim against the United States Government as well as suing the US Government in court as well. According to TransCanada the decision to deny the Keystone XL project was unjustified, arbitrary, and completely political in nature. The company is asking that it is allowed to recover damages and costs that amount to $15 billion US dollars due to a breach of the obligations under the North America Free Trade Agreement. According to a notice of intent to initiate a claim under NAFTA TransCanada states “Stated simply, the delay and the ultimate decision to deny the permit were politically-driven, directly contrary to the findings of the administration’s own studies, and not based on the merits of Keystone’s application. The politically-driven denial of Keystone’s application was contrary to all precedent; inconsistent with any reasonable and expected application of the relevant rules and regulations; and arbitrary, discriminatory, and expropriatory.”

In the NAFTA claim that will be filed by TransCanada as a result of the Keystone XL project denial there are many different allegations. Because the USA is a signatory to the NAFTA agreement the country is expected to treat other signatory countries in accordance with international law and take steps to protect the investors. TransCanada alleges that the US Government did not do anything to protect investors from Canada, and that the USA did not follow recognized international law in the decision making process. Even many Americans believe that the Keystone XL decision by the Obama administration was politically motivated due to the announcement of the decision right before a key climate change summit in Paris.

Categories
Economic Ft Mac Health

Bo Cooper has Opportunity to Take Part in CAR T-Cell Experimental Therapy in U.S.A.

Bo Cooper, a Fort McMurray firefighter who is battling cancer, has an opportunity to take part in Car T-Cell experimental therapy thanks to social media fundraising and Bo’s acceptance for consideration in the Car T-Cell experimental therapy offered by the National Institute of Health Clincal Centre in Maryland. According to a recent Facebook post by the family doctors at the centre have agreed to consider Bo for the therapy. Fort McMurray Fire Department captain and Cooper family spokesman Rob Van Hecke explained the process and said “Today they started taking out the cells that are required to be taken out, but they (still) have to see that they’re going to respond properly. And that takes at least a week before they’ll know for sure that he’s 100% a candidate. There is some caution with this right now.”

Bo Cooper and his family have been hoping that he could participate in Car T-Cell experimental therapy because of the promise that this therapy can hold, however social media fundraising was necessary to help cover costs because Health Canada has not approved these treatments yet in spite of some early signs that the therapy can be successful. According to Timothy Wilson, the spokesperson for Alberta Health, “At this time, (CAR T-cell) treatment is still experimental. It is not approved by Health Canada and there is not enough available evidence showing the treatment is safe or effective. As more evidence is gathered, we will review this treatment and other new treatments emerging.” This could come too late for Bo Cooper though, and the family has raised around $600,000 through social media fundraising to help cover the treatment costs as well as related expenses.

Categories
Alberta Economic Ft Mac

Shareholders Urged by Canadian Oil Sands to Reject the Suncor Hostile Takeover Bid Offer

Suncor takeover bid offer, Canadian Oil Sands

COS shareholders are being urged by Canadian Oil Sands to reject the recent Suncor hostile takeover bid, while Suncor is encouraging these same shareholders to take the offer in order to protect the value of the stock that they hold. COS is arguing that the offer, set at $4.5 million, is undervalued and that shareholders would be smart to say no. A letter sent to shareholders from COS, signed by Donald Lowry who is the board chairman and by board member Arthur Korpach, stated “Our shareholders are telling us that now is not the time to sell. Not when COS has just completed major projects that secure low-cost production for decades and particularly not when COS is poised to benefit far more than Suncor from an eventual oil price recovery. Our shareholders want us to capture the upside of their COS investment, not lock-in the downside. Our shareholders are telling Suncor the same thing.”

The letter from Canadian Oil Sands about the Suncor takeover bid offer continued by stating “Suncor disparages Syncrude. So why does it want to own more of it? Because it knows Syncrude is a scarce, valuable asset.” The takeover offer ends on January 8, 2016, and in the letter COS says that Suncor is fear-mongering. Suncor says that their offer includes a premium for the COS shareholders, whiile CO says this is far from true. The arguments and heated words between company executives have been intense since the hostile takeover bid was announced. According to Steve Williams, the CEO for Suncor, “By tendering to our offer, you will receive a significant premium to the pre-offer value of your COS shares (today valued at 40%)(1) and an immediate dividend increase of 45% above what you get today from COS.”

Categories
Economic Ft Mac

Both Animal Surrenders and Pet Adoptions Increase at Fort McMurray SPCA

Fort McMurray SPCA, animal surrenders, pet adoptions

The Fort McMurray SPCA has seen an increase in the number of animal surrenders in recent months, but this has been offset somewhat by an increase in the number of pet adoptions as well. The struggling economy is partly to blame for the higher number of animals who are surrendered to the organization. For some paying bills and putting food on the table has become a struggle because of the poor economy and rising rate of unemployment in Wood Buffalo, and unfortunately the money available to these individuals is not enough to cover their necessary expenses as well as food, vet bills, and other expenses associated with having a pet. The cut backs and lay offs that the residents of Fort McMurray have experienced in recent months has had a trickle down effect so that even the animals are affected.

Fort McMurray SPCA executive director Tara Clarke talked about the rise in the animal surrenders and pet adoptions, saying “It’s quite an increase. Surrender numbers are certainly up over previous years.” From the beginning of November in 2015 until midway through December the numbers show that 57 animals were surrendered. During the same period in 2014 only 25 animals were surrendered, so the number of surrenders is more than double what it was a year earlier. This shows the extent of the economic problems that the population in Fort McMurray faces right now. Clarke said “Certainly a difference has been, as well, the reasons for surrender. There have been people losing their homes, losing their jobs… Those have been the circumstances (for surrender) in many of the cases.” As a result the Fort McMurray SPCA is focusing on programs which can help people keep their pets when they have hardships when at all possible.

Categories
Economic Ft Mac Health Politics

Cumulative Environmental Management Association Sends Government Agencies Traditional Knowledge Framework to Improve Aboriginal Consultation

aboriginal consultation, traditional knowledge framework

Traditional knowledge framework documents prepared by CEMA and sent to the federal and provincial government agencies is designed to improve aboriginal consultation while protecting the environment and the economy. The full report was created with the goal of recommendations for groups who are involved in indigenous consultation, and it helps to explain that what the governments and experts may dismiss as pseudoscience may actually have some scientific value after all. According to Firelight Group consultant David Thompson “A community member might say to us that this river is home to a spirit and my grandparents told me if we don’t behave properly, the water levels shrink and the fish don’t come back. Contemporary western science might tell us that interfering with the flow regime or tampering with the spring runoff won’t provide the needed water levels for fish to spawn and live. Sometimes you look at this and it’s just in a different language.”

The traditional knowledge framework documents created to improve the aboriginal consultation process involves 29 pages of suggestions and recommendations which should be implemented. Some cover short term goals while others look at goal that have a much longer term. The report also includes a number of responsibilities for the oil industry, federal and provincial governments, and the indigenous communities affected. There is something missing though, a practitioners guide that has ecological knowledge that is specifically compiled for the oilsands area. This part of the report was held back for the initial report, and according to Daniel Stuckless the president of CEMA “The second part is in an unapproved, unbudgeted work plan and will sit there until it gets funding. It was removed to keep it less complicated and for time. It may not get finished, at least by CEMA.”

Categories
Economic Ft Mac

Wood Buffalo Rental Market Sees Apartment Vacancy Rates Jump Up for October

apartment vacancy rates, Wood Buffalo rental market

The Wood Buffalo rental market has seen a big increase in the apartment vacancy rates if the newest Canadian Housing and Mortgage Corporation report can be believed. The report shows that in October of 2015 around 30% of apartment building units were vacant, and that is roughly triple the vacancy rates that were seen just one year ago during the same month. The number of vacant apartments in Wood Buffalo during October of this year is also higher than it was in April of 2015, but the data for April and October of 2015 is not fully comparable because there are different factors involved with each month that do not affect the other month. CMHC analyst Braden Batch explained that a long term trend in the Fort McMurray area is being exaggerated by low oil prices an an employment slump in the oil industry as a result. Batch said “Over the last few years, you’ve seen a lot of growth in the work camps, in the fly-in fly-out population. I know that in 2014, that number was still growing.”

One reason for higher apartment vacancy rates in the Wood Buffalo rental market may be that more people are choosing to fly in and fly out of local work camps instead of renting an apartment in Wood Buffalo. Another factor that may be involved is the weak job market right now. Oil companies have laid off workers over the last year, and since Wood Buffalo is in the heart of the oilsands these layoffs have had an effect on rentals and the local economy both. Hopefully things will pick back up soon.