Sask. premier wants Ottawa to remember the oil sector

REGINA -- Talk of federal aid to help pull Bombardier Inc. out of a nosedive has caught the attention of Saskatchewan Premier Brad Wall and the tanking energy sector.

See Full Article

Wall says in a Facebook post that if the federal government is thinking about a bailout package for Bombardier, it could consider similar help for the Energy East pipeline project.

He points out that there have been tens of thousands of job losses in Canada's energy sector.

Bombardier announced on Wednesday that it plans to lay off 7,000 employees around the world, including 2,830 in Canada -- most of them in Quebec.

The premier also suggests in his post that the government could help with an oilwell cleanup project he has proposed.

Wall pitched a plan to Ottawa earlier this month for $156 million to clean up old wells that aren't being used as a way to help create jobs in the oil-and-gas sector.

The Canadian Association of Oilwell Drilling Contractors says 100,000 people are out of work in the energy industry, which is struggling due to falling oil prices.

Transport Minister Marc Garneau has said the government will decide "in due course" whether to give financial aid to Bombardier.

The federal government considers Bombardier (TSX:BBD) an "anchor firm" to Canada's aerospace industry because it supports a supply hub that employs tens of thousands more workers, according to internal documents prepared for the economic development minister.

Ottawa has lent money to Bombardier in the past. Last fall, Industry Canada said Bombardier had received $1.3 billion in repayable contributions since 1966 and had repaid $543 million as of Dec. 31, 2014.

Bombardier CEO Alain Bellemare continued to press Ottawa on Wednesday to come through once again.

Bellemare said that Bombardier may have borrowed about $1 billion since the mid-1980s, but it generated more than $15 billion in government tax revenue over that period.



Advertisements

Latest Economic News

  • No desk of your own: The office plan of the future?

    Economic CBC News
    Imagine coming to work every day and not being sure where to sit. You don't have a desk — instead, you need to figure out what's ahead in your day and what type of space you need, and then find a spot. Source
  • Is your condo board above board? Tips for evaluating condo governance

    Economic CBC News
    Condominium governance is in the spotlight after an investigation by CBC Toronto reporters unveiled questionable practices at a series of downtown Toronto buildings. Owners and property managers in those buildings say a group of people have aggressively sought control of the boards and budgets of multiple condos. Source
  • Hong Kong cops arrest 21 Uber drivers in latest crackdown

    Economic CTV News
    Hong Kong police launched a fresh crackdown Tuesday on Uber, arresting 21 drivers suspected of working for the ride-hailing giant in the Asian financial centre. It's the latest regulatory headache for Uber, which already is fighting a similar case in Hong Kong. Source
  • Asian stocks drift in wake of Manchester blast

    Economic CTV News
    TOKYO - Asian shares were mostly higher in early trading Tuesday after police said they were treating an explosion in Manchester, England, that killed at least 19 people as a terror attack. Oil prices fell back after Monday's rally. Source
  • Sony boss promises profitability but quiet on specifics

    Economic CTV News
    TOKYO -- Sony’s leader promised a comeback for the Japanese electronics and entertainment company having its best profitability in two decades. “We are a company that moves people,” said Chief Executive Kazuo Hirai, as he outlined the strategy for the company at its Tokyo headquarters Tuesday. Source
  • CRA says eight agency workers fired for roles in privacy breaches

    Economic CTV News
    OTTAWA -- The Canada Revenue Agency says eight of its employees were fired in the last fiscal year after violating taxpayers' privacy. Previously, the agency has not always confirmed if an employee was fired or shuffled out of the CRA for being part of a privacy breach, often citing the employee's privacy. Source
  • 2 more leaks found along Dakota Access pipeline

    Economic CTV News
    BISMARCK, N.D. -- The Dakota Access pipeline system leaked more than 100 gallons of oil in North Dakota in two separate incidents in March -- the second and third known leaks discovered as crews prepared the disputed $3.8 billion pipeline for operation. Source
  • Leaks found on Dakota Access pipeline system

    Economic CTV News
    BISMARCK, N.D. -- The Dakota Access pipeline and a feeder line leaked more than 100 gallons of oil in North Dakota in separate incidents in March as crews prepared the disputed $3.8 billion pipeline for operation. Source
  • Philippe Couillard says Quebec needs to take care of Bombardier

    Economic CTV News
    HAIFA, Israel -- Quebec's premier says the province needs to take care of Bombardier because of its unique importance to the province. Philippe Couillard is urging Quebecers to support the transportation company, which has recently faced a strong public backlash over planned hikes to executive pay. Source
  • Canadian banks set to reveal 1st earnings since CBC coverage on sales practices

    Economic CBC News
    The Canadian banks are expected to benefit from rising U.S. interest rates and fewer bad loans in the oilpatch as they start reporting their latest quarterly results this week, but analysts say worries about the housing market and consumer debt remain key concerns. Source