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

  • What happens if you don’t file your income taxes on time?

    Economic CTV News
    Fear of the Canada Revenue Agency (CRA) has caused grown men to burst into tears while clutching thick stacks of unopened mail. Outbursts provoked by mounting fees, compounding interest, and threats of criminal prosecution, according to a prominent Toronto tax lawyer. Source
  • Trump's trade actions bring uncertainty to Canadian lumber country

    Economic CTV News
    MADAWASKA, Ont. -- It didn't take long for Donald Trump's new tariffs on softwood lumber to echo in Ontario's Madawaska Valley -- a forestry-dependent area almost exactly 1,000 kilometres due north of the U.S. capital. Source
  • Asian stocks climb on hopes for U.S. tax cuts, budget deal

    Economic CTV News
    SEOUL, Korea, Republic Of -- Shares rose in Asia on Wednesday after hopes for tax cuts by U.S. President Donald Trump drove record-breaking gains overnight on Wall Street. KEEPING SCORE: Japan's Nikkei 225 jumped 1.1 per cent to 19,289.43 and South Korea's Kospi rose 0.5 per cent to 2,207.84. Source
  • LCBO workers delivering overwhelming strike vote

    Economic CTV News
    TORONTO - Liquor Control Board of Ontario staff have voted 93 per cent in favour of a strike as their union continues to bargain for a new collective agreement. Voting by members of the Ontario Public Service Employees Union was held Monday and Tuesday. Source
  • Swedish museum celebrates corporate failure

    Economic CTV News
    From Harley Davidson-branded perfume to a lasagna produced by toothpaste maker Colgate, the corporate world is awash with ideas that fail to connect with consumers, and one museum curator hopes to inspire people with them. Source
  • Metro profit beats estimates despite lower produce, meat, dairy prices

    Economic CBC News
    The chief executive of Metro Inc. says prices for produce, meat and dairy were lower in its most recent quarter, but the grocer still increased its profits and beat analyst estimates. Food prices were about two per cent lower than a year ago during the 12-week period ended March 11, CEO Eric La Fleche told a conference call with financial analysts Tuesday. Source
  • Uber looks towards electric aircraft for next ride-hailing project

    Economic CTV News
    NEW YORK - Uber is taking to the skies with its next project - "flying cars" - even as all eyes are on its problems on the ground. On Tuesday, the embattled ride-hailing company announced plans for an on-demand network of electric aircraft that can take off and land vertically, like a helicopter. Source
  • Billy Bee and Doyon honey sold in Canada to be made in Canada, too

    Economic CBC News
    The company that owns the Billy Bee and Doyon honey brands says it will start using only Canadian honey for both products in Canada this year. McCormick & Co. says Billy Bee and Doyon products containing all-Canadian honey will start appearing on store shelves in June, while the Billy Bee organic variety will arrive before the end of the year. Source
  • Trump plans to slash U.S. corporate tax rate to 15%

    Economic CBC News
    President Donald Trump plans to stick with his campaign pledge to slash the corporate tax rate from 35 per cent to 15 per cent, but the dramatic cut raises a problematic question for the White House: How can the president deliver the "massive" tax cut he promised without also blowing a massive hole in the budget? Source
  • Reducing debt among Barrick Gold's priorities: president

    Economic CTV News
    TORONTO -- Barrick Gold says it will focus on maximizing its free cash flow, reducing debt and maintaining investment discipline in the year ahead. Company president Kelvin Dushnisky told Barrick's annual meeting Tuesday that the gold mining giant will also work on transforming its business to better use technology. Source