Category: Economic

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Economic Ft Mac

Food Donations to Wood Buffalo Food Bank During Syncrude Food Drive Topped 84,000 Pounds

Syncrude food drive, food donations

The recent Syncrude food drive was a huge success, providing approximately 84,000 pounds of food donations to the Wood Buffalo Food Bank to help the hungry and local residents who have a need. This amount is more than the total for the event last year, and the food donations are sorely needed as the economy still struggles. The director for the WBFB, Arianna Johnson, told the media that the total amount of food donated is the largest amount since she became director of the organization. “This community takes care of itself, and when a need is put out there this community always rises to that challenge. I think that those who had the ability to give this year understood that they may have to dig a little bit deeper, and give a little bit more. We can all hope that the need will go down, of course we always do. But we need to be realistic about where the economy is. We suspect that the need will continue to rise for at least a while longer.”

The Syncrude food drive provided much needed food donations for the Wood Buffalo Food Bank. The food bank has struggled to keep up with demand in recent months, and some people who usually provide food donations have themselves had to ask for help. Johnson explained that there have already been steps taken to help meet the local need for food “We’ve cut the size of our hampers back three times this year to try to stretch our food further. We will be maintaining current levels…for the food we’ve received over the weekend, to try to stretch it as far as we can.” In addition to 84,000 pounds of food the Syncrude food drive also raised over $390,000. This year Syncrude donated $75,000 in total, and company employees donated many hours of time as well. Have you ever had to use a food bank? If so why?

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Alberta Economic Ft Mac Politics

Did Alberta Energy Minister Really Suggest Skilled Workers Should Move to B.C.?

Alberta energy minister, skilled workers

Alberta energy minister Marg McCuaig-Boyd has already been the recipient of some scorn and negative comments after a remark that she made concerning skilled workers moving to B.C. until the local economy picks up. Soon after her comment went public McCuaig-Boyd apologized and said that she misspoke. The comment in question came when the energy minister for Alberta spoke to a Canadian Association of Petroleum Land Administration. Marg made the suggestion that in her local area of northwestern Alberta skilled workers often moved to British Columbia for employment when the Alberta economy was slow, and when energy prices went back up these workers would move back home to Alberta. Later in the evening on Thursday the Alberta energy minister provided a statement to CFFR, a local radio station, explaining that her comment was not based on the official jobs position of herself or the government.

When discussing her comment on skilled workers and the economy Alberta energy minister Marg McCuaig-Boyd stated “It’s a tough time for everybody, not just oil and gas, there’s lot of jobs being lost in the services sector … this oil price is hurting a lot of Albertans, so you just have to hunker down and get through it. We are increasing investment in infrastructure, supporting trade development, and improving access to capital for small- and medium-sized businesses. By taking real action on climate change, we can change the conversation on pipelines and finally get access to new markets.” Marg also told the individuals at the Canadian Association of Petroleum Land Administration meeting that those who have lost jobs because of the energy price downturn will hopefully upgrade their training and skills as well as taking advantage of opportunities for apprenticeship programs.

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Alberta Economic Ft Mac Politics

Will Suncor Energy Walk Away From COS Bid if Extension is Granted by Alberta Securities Commission?

Suncor Energy, Alberta Securities Commission

A hostile takeover bid for COS by Suncor Energy may have been thwarted, at least in part, if the Alberta Securities Commission provides an extension on the deadline to accept the deal. If this happens Suncor Energy says that it will not extend the bid for COS any further than the December 4 time line previously given. The energy giant has stated that it will walk away rather than extend the bid offered. Steve Reynish, the executive vice-president of strategy and corporate development for Suncor Energy, testified at a meeting that the company will walk away if an extension is upheld by the Alberta Securities Commission. The hearing in front of the commission allowed arguments on both sides to be heard, and they will determine whether COS can keep their poison pill defence against he hostile takeover attempt.

The poison pill defence requires an open bid period minimum of 120 days, double the bid period of 60 days that Suncor Energy offered. The Alberta Securities Commission must decide whether COS can require the minimum bid period or if the shareholders must decide within the 60 days that the bid from Suncor allows for. Arthur Korpach, the director for COS, explained “The real issue is: What is the time that’s appropriate and needed to complete the process with our third parties so that we can bring forward choice for our shareholders, as opposed to no choice?” Do you think Suncor Energy will walk away if COS is allowed to extend the bid deadline? Should the deadline be extended?

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Alberta Economic Ft Mac Health

Additional Helipad Delays at Northern Lights Regional Health Centre

Northern Lights Regional Health Centre, helipad delays

There are more helipad delays for the Northern Lights Regional Health Centre, pushing back this necessary feature until at least 2017. A press release that was recently issued by Alberta Health Services explained that the plan was to delay the construction so that it coincided with a planned exterior renovation for the facility. According to the press release the helipad will not be completed sometime in 2017 in order to cut costs and maximize resources by combining the helipad and the exterior renovations. A statement by AHS explained “By coordinating work between the two projects, AHS will be able to minimize costs and complete work required to accommodate the new heliport. Coordination of construction work on the site will also improve worker safety.” The press release also included a statement from Northern Lights Regional Health Centre senior operation director David Matear which stated “We are confident this is the best way to move forward with this project.”

Further helipad delays at the Northern Lights Regional Health Centre has caused concern for some in the community. Initially the helipad was due to be completed in 2015. The helipad is needed so that medevac services can actually land right on the roof of the hospital. Right now medevac services must bring a patient to the airport, and then the patient must be taken by ambulance to the hospital. This is a trip that can add 21 minutes to the travel time the patient has before the hospital can provide emergency care. In the press release statement issued by AHS the agency has insisted that the added travel “has not compromised patient care.” Do you believe that the added helipad delays compromise patient safety? Why or why not?

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Alberta Economic Ft Mac

Suncor Not the Only Company Interested in COS According to Financial Adviser

Suncor, COS

According to a financial adviser Suncor is not the only company who may be interested in COS, and the Alberta Securities Commission must decide whether COS can continue with their defence against a hostile takeover. On October 5 of this year Suncor tried to bypass the COS board and take an offer directly to the shareholders of Canadian Oil Sands, an offer that involved $4.5 billion in stock only. This move was made necessary because COS refused the friendly deal that was initially offered. According to a filing by financial adviser Jamie Anderson of RBC Capital Markets there are several credible parties who are considering COS, and some have even signed confidentiality agreements. The new shareholder rights plan enacted by COS after the hostile takeover bid is described as a poison pill defense by Suncor but COS sees it differently.

In an affidavit filed over the Suncor bid for COS Anderson stated “I firmly believe that with more time to run our process, there is a good prospect for one or more counterparties to make a proposal. In my opinion, a 60-day period to canvas the range of parties interested in the COS opportunity, to permit them to undergo due diligence and to negotiate an alternative transaction is simply insufficient in these circumstances. I firmly believe 120 days is a more realistic time period.” COS claims that Suncor is being exploitive and opportunistic. COS CEO Ryan Kubik explained “If Suncor had confidence in the merits of its bid, it wouldn’t be trying to ram it through by challenging our shareholder rights plan. It would not need to try to steal time for a decision from our shareholders.” Do you think Suncor is offering a fair bid? Why or why not?

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Economic Entertainment Ft Mac

Annual Festival of Trees Raises Significant Funds for Northern Lights Health Foundation

Festival of Trees, Northern Lights Health Foundation

The Northern Lights Health Foundation recently held the annual Festival of Trees, an event that covered 3 days and that helped to raise approximately $550,000 for the foundation and the local community. The Festival of Trees is a fund raising event which has been held annually for the last 26 years according to Jessica Lipton, who is the event manager. This year the event raised the largest amount to date so far. According to Lipton “We’re just over-the-moon happy with the response. Considering the economy, our expectations were just well over-exceeded.” According to the foundation this annual event has raised a total through the years of roughly $6 million, and the funds raised have been used to support the needs of the local community. Some of the funds raised in the past were used to expand the maternity ward and to provide support for a spinal surgery program that was sorely needed in the region.

Northern Lights Health Foundation board chair Melanie Antoine issued a press release about the Festival of Trees event, and the release stated “We’re thrilled by how well the Festival was received by our community. The event continues to grow year after year, with new and returning faces. We cannot thank our community members enough for helping us achieve a record breaking year!” Every single event at the festival was sold out, an impressive accomplishment. Events included a family skate, a live auction, an ugly sweater party, the festival gala, a luncheon, and much more. Did you attend any of these events this year? If so which ones?