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jerryking : pipelines   17

CIBC’s Victor Dodig warns about global debt levels; urges Canada to prepare
SEPTEMBER 11, 2018 | The Globe and Mail | by JAMES BRADSHAW (BANKING REPORTER)

Who/Where/Occasion: CIBC's CEO Victor Dodig, in a speech to the Empire Club

Problem(s):
* alarm over rising global debt levels, warning that Canada needs to start preparing now for the next economic shock.
* some of the most acute threats to the global economy are beyond this country’s control, but cautioned Canadians not to get too comfortable while times are good.
* developing problems could ripple through interwoven financial markets around the world.
* “It sounds counterintuitive, but that same debt that helped the world recover is actually infusing risk into the global financial system today," ...“I think there’s a real serious global challenge of this low-interest-rate party developing a big hangover."

Remedies:
* clarify rules around foreign direct investment, which is falling in Canada. The main culprit is the uncertainty plaguing large business deals that require approval from Ottawa under opaque foreign-investment rules – and he cites the turmoil surrounding the Trans Mountain pipeline expansion as an example.
* more immigration to Canada, asking the government – which has already set higher immigration targets for the coming years – to open its arms even wider.
* governments and employers to work more closely with universities and colleges to match the skills graduates have to employers' needs, promoting what are known as the STEM disciplines – science, technology, engineering and math – as well as skilled trades.
* remove interprovincial trade barriers.
* allow companies to expense capital investments within one year to be more competitive with U.S. rules.

My Takeaways:
CEOs  CIBC  debt  FDI  global_economy  interconnections  interest_rates  opacity  pipelines  resilience  speeches  uncertainty  Victor_Dodig  war_for_talent  threats  beyond_one's_control  complacency  preparation  financial_system  readiness 
september 2018 by jerryking
NAFTA is dead and Canada should move on
June 2, 2018 | The Globe and Mail | by PETER DONOLO.

So what is our Plan B?

It obviously means seriously and aggressively pursuing markets and investment beyond the U.S. For example, new markets for Canadian resources are now more important than ever. That’s why the government’s decision this week to effectively nationalize the Trans Mountain Pipeline in order to finally get it built and deliver oil to Asia-bound tankers was such an important step. This decision in itself was a significant response to an unreliable American partner, and a signal that we must look farther abroad for greater economic opportunity.

The same goes for the myriad of trade agreements on which our country has embarked – most prominently the Canada-EU trade agreement and the Trans-Pacific Partnership. The GATT and WTO breakthroughs of the 1990s also work in Canada’s favour, providing us with tariffs much lower than existed before NAFTA and the original Canada-U.S. free-trade agreement. If NAFTA were to cease tomorrow, our trade with the U.S. would still operate under the WTO’s rules.

Finally, we need to redouble efforts to attract direct foreign investment into Canada. The government recently launched a new agency, Invest in Canada, to do just that. But there are obstacles. The Business Council of Canada cites the regulatory burden as the biggest challenge. In a globalized economy, tax competitiveness is always an issue. And governments need to walk the walk when it comes to opening up to investors from countries such as China, even when there is domestic political blowback.

The only negotiating stance that works against Donald Trump is the ability and willingness to walk away. Mr. Trump sniffs out weakness or desperation – in a friend or a foe – and he pounces without mercy. A defensive crouch is the wrong position. “Sauve qui peut” is the wrong rallying cry. Negotiating with strength, from strength, is the only approach.
beyondtheU.S.  automotive_industry  crossborder  Donald_Trump  FDI  global_economy  Nafta  negotiations  Plan_B  oil_industry  pipelines  protectionism  tariffs  TPP  Trans_Mountain_Pipeline  walking_away 
june 2018 by jerryking
Windfall, by Meghan O’Sullivan
Windfall: How the New Energy Abundance Upends Global Politics and Strengthens America’s Power, by Meghan L O’Sullivan, Simon and Schuster $29.00

the shale revolution has meant the US has become a leading global oil producer and net exporter of natural gas. Extraction from shale rock has upended global oil and gas markets, but could also have geopolitical ramifications. For most of the 20th century, western powers were locked in a scramble for oil across the globe. So what happens when technology unlocks substantial supply on home turf?

According to Meghan O’Sullivan, a professor at the Harvard Kennedy School, the answer is a geopolitical shift that should benefit the US. She provides a powerful argument for how America should capitalize on the “New Energy Abundance”. Having a domestic supply of oil and gas not only strengthens the US economy, it can also provide leverage globally......US gas has transferred low prices to Europe and also offers an alternative source of supply. That “has helped make Europe less vulnerable to one of Russia’s longstanding foreign policy tools — the political manipulation of natural gas markets”, O’Sullivan writes......the book details the benefits to US “hard” as well as “soft” power,....It will not lead to reduced US involvement in the Middle East, .....Nor can the US ever be self-sufficient to provide all the oil it needs,.....The book points out that energy is likely to be a major future determinant of geopolitics....China’s One Belt One Road project shows Xi Jinping’s intent to change the strategic orientation of the Eurasian landmass......a challenge to O’Sullivan’s thesis is that renewables and electric vehicles could drive seismic shifts. If China becomes the Saudi Arabia of batteries, will this give it greater influence? What about those who control the raw materials needed, from lithium to cobalt? O’Sullivan hints at this in her introduction, saying we should expect renewables “eventually to have major repercussions for global politics”. These could include cartels around lithium or the state collapse of some oil producers.
nonfiction  books  fracking  energy  natural_gas  soft_power  policy_tools  shale_oil  hydraulic_fracturing  pipelines  oil_industry  geopolitics  renewable  electric_cars  batteries  One_Belt_One_Road  Xi_Jinping 
december 2017 by jerryking
Pipeline decisions: Predict at your peril - The Globe and Mail
JEFFREY SIMPSON
The Globe and Mail
Published Wednesday, Jun. 18 2014,
pipelines  Jeffrey_Simpson 
august 2014 by jerryking
Go Ahead, Vladimir, Make My Day - NYTimes.com
APRIL 12, 2014

Continue reading the main story
[Thomas L. Friedman]

check out Opower, which just went public. Opower works with utilities and consumers to lower electricity usage and bills using behavioral economics, explained Alex Laskey, the company’s co-founder, at their Arlington, Va., office. They do it by giving people personalized communications that display in simple, clear terms how their own energy usage compares with that of their neighbors. Once people understand where they are wasting energy — and how they compare with their neighbors — many start consuming less. And, as their consumption falls, utilities can meet their customers’ demand without having to build new power plants to handle peak loads a few days of the year. Everybody wins. Opower just signed up the Tokyo Electric Power Company and its 20 million homes.

Putting all its customers together since it was founded in 2007, said Laskey, Opower has already saved about “4 terawatt hours of energy” and expects to be soon saving that annually. The Hoover Dam produces about 4 terawatts hours of energy a year. So we just got a new Hoover Dam — for free — in Arlington, Va.

Thomas L. Friedman
Vladimir_Putin  natural_gas  climate_change  Ukraine  pipelines  Tom_Friedman  embargoes  behavioural_economics 
april 2014 by jerryking
Gazprom to Ukraine: Pay up or else
Apr. 11 2014 | - The Globe and Mail | CARL MORTISHED.
Ukraine  Gazprom  Europe  Vladimir_Putin  natural_gas  pipelines  EU 
april 2014 by jerryking
It’s a big fracking world out there, and people are getting angry - The Globe and Mail
Jun. 21 2013 | The Globe and Mail | By Shawn McCarthy who reviews The Power Surge: Energy, Opportunity and the Battle for America’s Future
by Author Michael Levi.

Levi suggests a grand bargain: Environmentalists should focus less on “stopping things” and more on building support for legislation that will create incentives to cut consumption of coal, oil and, eventually, natural gas. Industry should encourage market-based incentives to reduce carbon emissions and accept reasonable regulation, even as they pursue greater domestic oil and gas production.


Published Friday, , 12:00 AM EDT

Last updated Friday, Jun. 21 2013,
energy  book_reviews  books  natural_gas  natural_resources  fracking  shale_oil  hydraulic_fracturing  pipelines  oil_industry 
june 2013 by jerryking
True innovation doesn’t flow from a pipeline
Feb. 22 2013 | The Globe and Mail |Konrad Yakabuski.

... If the oil companies can’t ship raw Canadian resources using that 150-year-old technology, they will rely on an even older one – rail. And if not rail, they might just float their bitumen on barges down the Mississippi.

Huckleberry Finn might have marvelled at this inventiveness, but it doesn’t quite cut it as a 21st-century national strategy for wealth creation. Yet our frantic obsession with exporting minimally processed bitumen is sucking up all the oxygen in the national conversation. Getting Alberta’s oil to market is “the most important economic issue” facing the country, says former federal cabinet minister Jim Prentice. There is “no more critical issue facing Canada today,” adds Enbridge chief executive Al Monaco.

In fact, the most critical issue facing Canada today may just be figuring out why we find ourselves in this situation. Raw resources can be a tremendous source of income, but they are volatile, and we’ve always known that overreliance on them is a recipe for economic stuntedness. As Bank of Canada Governor Mark Carney says: “Real wealth is built through innovation.”

Innovation is not wholly absent from Canada’s oil patch. But it’s hardly a first line of business. You’d think it would be a top priority, given the vexatious characteristics of Alberta bitumen, the oil sands’ distressing environmental footprint and the Canadian industry’s growing global image problem. Even in boom times, however, the Canadian oil and gas industry spends a piddling proportion of its revenues on research and development......Last week, PricewaterhouseCoopers predicted that the coming boom in global shale oil production could slash the price of crude by $50 (U.S.) a barrel over the next two decades. “One effect will be to cut the need for expensive, environmentally destructive extraction techniques like the Arctic and tar sands,” the head of PwC’s oil and gas team told Reuters.... the real issue facing Ontario is its failure to make the shift from making low-tech goods to advanced manufacturing, the only kind that can support middle-class wages. Governments have showered the industry with tens of billions of dollars trying to make Canadian firms more innovative, to little avail. Cash-strapped and fed up, federal Finance Minister Jim Flaherty slashed R&D tax credits in last year’s budget. The result will be even less innovation, as domestic companies cut back and foreign-owned firms shift R&D elsewhere.

“Canada’s problem,” says Robert Atkinson, the author of Innovation Economics, “is that it’s not Germany, which has a much better engineering innovation system, and it’s not the U.S., which has a very good system of science-based entrepreneurship. You’re mediocre in both.”
Keystone_XL  pipelines  crossborder  oil_industry  Mark_Carney  Ontario  innovation  oil_patch  wealth_creation  books  natural_gas  natural_resources  fracking  shale_oil  hydraulic_fracturing  Konrad_Yakabuski  oil_sands  complacency  mediocrity  commodities  volatility  cash-strapped  national_strategies  environmental_footprint  science-based 
march 2013 by jerryking
Disrupting the pipeline business - The Globe and Mail
NATHAN VANDERKLIPPE

The Globe and Mail

Published Thursday, Jun. 28 2012
disruption  pipelines  oil_industry  oil_patch 
september 2012 by jerryking
Only Harper can end pipeline politicking
Jul. 30 2012 | The Globe and Mail | JOHN IBBITSON.

A good chunk of Canada’s future economic growth hinges on exporting energy, with increased exports from the oil sands a crucial component of that growth. Enter the Prime Minister – that is, if he’s willing to take the cue.

For 45 years, Canadian politics was largely defined as an ongoing series of conflicts between Ottawa and the provinces: over national social programs under Lester B. Pearson; over repatriating the Constitution and Quebec separatism under Pierre Trudeau; over fixing the Constitution under Brian Mulroney; over renewed fears of separation under Jean Chrétien; over funding health care under Mr. Chretien and Paul Martin.

Enough, said Stephen Harper. His strategy as prime minister has been to leave the provinces alone. The best example is the Conservatives’ approach to health care. With the current funding formula set to expire in 2014, all 14 capitals were gearing up for months of negotiations. A source says that in the Finance Department, the Prime Minister’s Office and the Privy Council Office, advisers pored over the various strategies, every one of which was complicated, cumbersome and politically controversial.

Then someone suggested: Let’s just give them the money with a reasonable annual increase, and no strings attached. Mr. Harper seized the proposal. No national standards, no reporting mechanism and, best of all, no first ministers’ meeting, in which 13 premiers lock a prime minister in a room and grill him until he gives up the combination to the safe.
energy  Stephen_Harper  John_Ibbitson  pipelines  oil_sands 
july 2012 by jerryking
Canada’s trade vision shifts beyond the United States - The Globe and Mail
BARRIE MCKENNA
OTTAWA— From Monday's Globe and Mail
Published Sunday, Nov. 13, 2011 9:18PM EST
Last updated Monday, Nov. 14, 201
Canada  international_marketing  international_trade  internationally_minded  diversification  pipelines  Keystone_XL  beyondtheU.S. 
november 2011 by jerryking
Keystone XL: A pipeline that should not be built - The Globe and Mail
September 21, 2011 | Globe and Mail Update | Brian Topp.

The pipeline's purpose is to export essentially unprocessed bitumen, in the largest possible quantities, out of Canada and to the petrochemical complex in Texas. Where it will be processed into finished fuel, plastics and chemicals in a myriad of forms for sale around the world, including back into Canada.
Brian_Topp  Keystone_XL  pipelines  crossborder  oil_industry 
october 2011 by jerryking

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