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Alberta Court Ruling May Trigger Rise In Orphaned Wells: Lawyers

Lawyers in Canada's energy capital Calgary warned on Friday that a judge's decision to grant lenders priority over environmental clean-up costs in oil and gas bankruptcies could lead to a surge in orphaned wells in Alberta, Reuters reported. An ...

Daily Headline - global.abi.org - 05/22/2016 - 21:07 - 0 comments

Canada's Hudson's Bay To Take Over 20 Dutch Department Stores

Hudson's Bay Co. of Canada will expand in Europe by taking over 20 department stores in the Netherlands, it said on Tuesday, Reuters reported. It is in the final stage of talks about leasing prime locations of the oldest Dutch department store chain ...

Daily Headline - global.abi.org - 05/17/2016 - 22:23 - 0 comments

Oil Sands Junior Producer Connacher Files For Creditor Protection

Junior oil sands producer Connacher Oil and Gas Ltd filed for protection from creditors at an Alberta court on Monday, making it the latest Canadian victim of the two-year slump in global crude prices, Reuters reported. The Calgary-based company said dep ...

Daily Headline - global.abi.org - 05/16/2016 - 21:18 - 0 comments

Canada’s Oil Sands Industry Staggers After a Devastating Fire

As fire ripped through Fort McMurray, oil companies severely pulled back or stopped pumping altogether. Production dropped by a million barrels a day, roughly 40 percent of Alberta’s output, the International New York Times reported. While the oil ma ...

Daily Headline - global.abi.org - 05/11/2016 - 22:34 - 0 comments

Canada Oil Company Lightstream Says Risk Of Mid-June Debt Default

Canadian oil and gas producer Lightstream Resources warned on Monday it could fail to meet a debt payment obligation due in mid-June if it is unable to bolster its balance sheet through asset sales, Reuters reported. The Calgary-based company also said i ...

Daily Headline - global.abi.org - 05/02/2016 - 21:03 - 0 comments

Alberta And Calgary Lead Way In Insolvency Increases As Oil Slump Drags On

Alberta’s remorseless economic pain has the province leading the nation in increased insolvency, with an 18.1 per cent jump in 2015 over the previous year, The Calgary Herald reported. Among major cities, consumers in a Calgary broadsided by slumping ...

Daily Headline - global.abi.org - 05/01/2016 - 21:01 - 0 comments

Canadian Rating Agency Holds Key To Portugal’s Future

A Canadian rating agency will decide on Friday whether to maintain or cut off life support to Portugal’s fragile economic recovery, the Financial Times reported. If DBRS downgrades Lisbon to below investment grade, as Fitch, Moody’s and Standard & ...

Daily Headline - global.abi.org - 04/27/2016 - 22:23 - 0 comments

Toronto Condo Builder Urbancorp Files for Debt Restructuring

Urbancorp, one of Canada’s largest residential developers, has filed for a restructuring that includes selling off assets as the company seeks to dig itself out of debt, Bloomberg News reported. The company has filed for the restructuring under the Bankr ...

Daily Headline - global.abi.org - 04/24/2016 - 17:23 - 0 comments

FIs — Get Ready for New Common Reporting Standard Rules

Canadian financial institutions will be required to provide the CRA with information on accounts held by non-residents of Canada beginning in 2018. The CRA will provide this information to other countries’ tax authorities in exchange for information abou ...

Resource Article - twallace@abiwor... - 04/19/2016 - 13:50 - 0 comments - 0 attachments

Highlights of the 2016 Newfoundland and Labrador Budget

Newfoundland and Labrador Finance Minister Cathy Bennett delivered the province’s 2016 budget on April 14, 2016. The budget increases both personal and corporate income tax rates along with the province’s HST rate, eliminates the manufacturing and proces ...

Resource Article - twallace@abiwor... - 04/19/2016 - 13:41 - 0 comments - 0 attachments

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