EDC earmarks $750M to help oilpatch firms

CALGARY - Export Development Canada is earmarking $750 million to help support the struggling oil and gas sector.

Mark Senn, regional vice-president for Western Canada, says that could take the form of loans or guarantees.

See Full Article

The trade financing agency will focus its efforts on small and medium-sized firms.

It says that's where the additional liquidity can be most effective in helping sustain jobs and bolster the economy.

Senn says EDC will be choosing to support companies that have a solid plan to survive the downturn and have an interest in international opportunities.

He says he expects the bulk of the recipients will be in Alberta, but there are many firms elsewhere in the country that have suffered because of the crude price collapse.



Advertisements

Latest Economic News

  • Ikea relaunches dresser recall after death of 8th child

    Economic CTV News
    NEW YORK -- Ikea is relaunching a recall of 29 million chests and dressers following the death of a eighth child. Ikea CEO Lars Petersson said the company wants to increase awareness of the recall Tuesday for several types of chest and dressers that can easily tip over if not anchored to a wall. Source
  • Loblaw Companies shrug off industry-wide price-fixing probe, profit up from a year ago

    Economic CTV News
    TORONTO - George Weston Ltd. (TSX:WN) says it third-quarter profit was up from a year ago, boosted by its Loblaw Companies Ltd. business, offset in part by its Weston Foods operations. The company says it earned a profit attributable to common shareholders of $420 million or $3.25 per diluted share in the quarter ended Oct. Source
  • Top safety rating given to 13 new booster seats, only 1 rated 'not recommended'

    Economic CBC News
    The Insurance Institute for Highway Safety says the vast majority of new booster seats released this year got top marks in terms of safety, and only one brand on the market today should be avoided. The IIHS says 13 of 16 new brands of car booster seat earned the safety agency's designation of "best bets," which means they will provide good fit for typical four- to eight-year-olds in almost any car, van, or SUV. Source
  • Keystone XL clears final hurdle only to see more hurdles

    Economic CBC News
    Nebraska's decision on Keystone XL's final route was billed as the key regulatory ruling that would pull the long-delayed pipeline proposal out of a nearly decade-long limbo. Supposedly, the sound of bulldozers breaking ground would soon bring a giant sigh of relief from Canada's energy industry, and from both Alberta Premier Rachel Notley and Prime Minister Justin Trudeau, who could both sell the pipe as evidence they really do care as much about industry as they do the environment. Source
  • Asian stocks rise as Wall Street regains ground

    Economic CTV News
    TOKYO - Asian shares edged mostly higher Tuesday after Wall Street regained lost ground overnight amid subdued trading ahead of the Thanksgiving holiday. KEEPING SCORE: Japan's benchmark Nikkei 225 rose 1 per cent to 22,488.38 in morning trading, while the Kospi in South Korea added 0.1 per cent to 2,530.64. Source
  • TransCanada to test water in drainage ditch near spill

    Economic CTV News
    AMHERST, S.D. -- A South Dakota official says TransCanada Corp. plans to test water from a drainage ditch near the site of a 210,000-gallon oil spill from the Keystone pipeline to determine if it is polluted. Source
  • Bell Media confirms local radio and TV layoffs

    Economic CBC News
    Bell Media is laying off employees, including prominent on-air personalities, at radio and TV stations across Canada. However, the company won't say how many, who or where. Unifor, the union representing on-air and broadcasting technicians at 17 CTV stations, estimates 50 jobs are being eliminated at Bell Media's TV network alone in the latest round. Source
  • U.S. to sue to stop AT&T from buying Time Warner: Reuters source

    Economic CBC News
    The U.S. Department of Justice will file a lawsuit later on Monday to block AT&T Inc.'s $85.4 billion acquisition of Time Warner Inc., a source familiar with the matter told Reuters on Monday. The legal challenge was expected after AT&T rejected a demand by the Justice Department earlier this month to divest its DirecTV unit or Time Warner's Turner Broadcasting - which contains news network CNN - in order to win antitrust approval. Source
  • U.S. sues to block AT&T purchase of Time Warner

    Economic CBC News
    The U.S. Department of Justice will file a lawsuit later on Monday to block AT&T Inc.'s $85.4 billion acquisition of Time Warner Inc., a source familiar with the matter told Reuters on Monday. The legal challenge was expected after AT&T rejected a demand by the Justice Department earlier this month to divest its DirecTV unit or Time Warner's Turner Broadcasting - which contains news network CNN - in order to win antitrust approval. Source
  • Nearly nine in 10 Canadian pot producers say consolidation is inevitable

    Economic CTV News
    TORONTO -- A report released on Monday suggests that 87 per cent of Canadian cannabis companies believe that consolidation is inevitable over the next three years, leaving only a few large players post-legalization. Consultancy firm EY's survey of 11 licensed producers with varying size and scale -- among the approximately 50 licensed producers in the country -- also showed that 75 per cent of the respondents believe the market will be dominated by the entrance of big players such as tobacco,…