Take Stock – June 23

Pipeline firm Enbridge Inc. (TSX:ENB) has been chosen by Imperial Oil Ltd. (TSX:IMO) and parent company ExxonMobil Corp. (NYSE:XOM) to transport bitumen from their Kearl oilsands mine to the Edmonton area.

Enbridge to transport bitumen from Kearl oilsands

Pipeline firm Enbridge Inc. (TSX:ENB) has been chosen by Imperial Oil Ltd. (TSX:IMO) and parent company ExxonMobil Corp. (NYSE:XOM) to transport bitumen from their Kearl oilsands mine to the Edmonton area.

The cost and size of the pipeline have not been worked out yet, said Enbridge spokeswoman Paula Leslie. “It’s too soon for us to say. We’ll know better once we’ve got our scope and our full budget determined and we’ll be able to set a timeline,” she said. Imperial has bucked the trend of project delays and cancellations in the oilsands, announcing last month it intended to press ahead with its long-awaited $8-billion Kearl development. The integrated oil and gas company had been set to make a decision on Kearl last year, but took extra time to renegotiate contracts in an effort to cut costs.


Household wealth dropped $72 billion in Q1

Statistics Canada says household net worth declined by $72 billion, or 1.3 per cent, in the first quarter as falling real estate values and stock market woes continued to erode assets. But the agency says the rate of decline has slowed from the last two quarters of 2008, in which cumulative losses totalled $438 billion. The drop in Canada in the first quarter this year was only half that recorded in the United States. Canadians cut their borrowing in the first quarter — especially in new mortgages — and growth in debt slowed to less than one per cent.

The federal government’s credit market debt, however, rose 10.5 per cent in the first quarter, after rising a record 14.2 per cent in the last quarter of 2008. Total household liabilities relative to net worth edged up modestly in the first quarter, to 24.9 cents of debt for every dollar of net worth, from 24.4 cents in the fourth quarter of last year.

Just Posted

More than $25k raised for Red Deer firefighter who is recovering in hospital

‘I think the support he’s getting is because of the person he is’

Lacombe backs Blackfalds stormwater plan

Stormwater management plan will open up more land for development in Blackfalds

Two men facing charges in alleged abduction

RCMP issued alert for woman on Wednesday morning who was found safe later that day

Red Deer RCMP seek public assistance to identify suspect in indecent acts

Red Deer RCMP are looking for a man believed to be responsible… Continue reading

WATCH: Two weeks away from Canadian Finals Rodeo in Red Deer

In just two weeks, Ponoka’s Shayna Weir will compete with the best… Continue reading

Edmonton girl guide sells out of cookies in front of cannabis store on first day

EDMONTON — She’s being called one smart cookie. As people lined up… Continue reading

New vacuum needed: Calgary family adopts three bonded St. Bernard buddies

EDMONTON — Three adult St. Bernards who couldn’t be separated because they’re… Continue reading

Film with Fan Bingbing, Bruce Willis cancelled after tax case

BEIJING — The director of “Air Strike,” featuring Chinese actress Fan Bingbing,… Continue reading

Michael Buble shuts down rumours of retirement from music

LOS ANGELES — Michael Buble is shutting down rumours that he’s going… Continue reading

After Canada legalizes pot, industry eyes rest of the world

MONTREAL — Cam Battley is a top executive at one of Canada’s… Continue reading

Facebook’s election ‘war room’ takes aim at fake information

MENLO PARK, Calif. — In an otherwise innocuous part of Facebook’s expansive… Continue reading

Military to overhaul morale-boosting trips after review finds serious problems

OTTAWA — Canada’s top general is overhauling military morale-boosting tours after an… Continue reading

Police hand out a few hefty fines for allegedly violating Cannabis Act

The celebratory mood that marked the legalization of recreational cannabis lost a… Continue reading

Most Read