On the heels of the 2015 HOPE Global Forum, Operation HOPE published the names of all those recognized by the financial dignity nonprofit during its annual meeting, January 15-17th.Operation HOPE Founder John Hope Bryant presents award to President Bill Clinton at the 2015 HOPE Global ForumChairman Awards are given to those who provide exceptional leadership and who best exemplify its mission for empowerment, or “silver rights,” to under-resourced communities.“Our success could not be possible without the leadership, compassion and support of our esteemed partners,” said John Hope Bryant Operation HOPE founder, chairman and CEO. “It is our honor to recognize these great individuals for their work and support to help us carry out our mission to empower the underserved.”During the course the Forum both Bill Clinton and Andrew Young were distinguished for their longtime service with the prestigious HOPE Founding Civil Rights to Silver Rights Award, which is only presented to those who have had a profound impact nationally or globally. ”Your leadership in economic public policy to uplift the poor spans from the New Market Tax Credits, significant increases in EITC, creation of the CDFI Fund, active support of financial literacy, to even the global recognition of micro-finance and micro-credit,” Bryant cain about Bill Clinton. “Your vision of corporate responsibility and call to action of the private sector has ignited a spirit of global community engagement. You continue to generate thoughtful solutions to both national and global challenges and inspire the world to strive for positive, impactful change.” ”In recognition of your life’s work and its positive effect on both basic human dignity, and global economic growth,” he added about Andrew Young. “From a Civil Rights leader working alongside Dr. King, to a political career as a U.S. Congressman, Ambassador to the United Nations and Mayor of Atlanta, chairing the Atlanta Olympic Games, to your more than 100 Honorary Doctorate Degrees, and your role in silver rights as the HOPE Global Spokesman, you have truly changed the course of history.”Source:PR Newswire
The world-famous Zimmer Children’s Museum will host the WE ALL PLAY FUNdraiser, presented by Hasbro Studios in celebration of National Mr. Potato Head Day.As Zimmer’s largest family event of the year, proceeds will be raised to help provide thousands of low-income families with free or subsidized museum memberships, fund field trips for Head Star and Title I schools, and create scholarships for camps and classes.Guests in attendance to include Oscar winner Mira Sorvino, Jordana Brewster (“The Fast and the Furious” series), Ron Livingston (“Office Space,” “Search Party”), Rosemarie De Witt (“Mad Men,” “La La Land”), Colin Hanks (“Life in Pieces,” “Fargo”), Aubrey Anderson-Emmons (Lily on “Modern Family”), “This Is Us” stars Eris Baker, Faithe Herman, Mackenzie Hancsicsak, Parker Bates, and Lonnie Chavis, “Fresh Off the Boat” stars Hudson Yang, Forrest Wheeler and Ian Chen, Kathleen Robertson (“Murder in the First,” “Bates Motel”), Andrew Keegan (“10 Things I Hate About You”), Autumn Reeser (“Sully,” “The O.C.”), Christine Lakin (“Step by Step,” “Hollywood Darlings”), Jenni Pulos (“Flipping Out”), Johnathan Schaech (“That Thing You Do!”), Meredith Monroe (“Dawson’s Creek,” “Edge of Seventeen”), Rio Mangini (“Bella and the Bulldogs”), Ever Carradine (“Goliath,” “Shameless”), Terri Seymour (“EXTRA”), Ariana Greenblatt (“Stuck in the Middle”), “Girls Meets World” stars August Maturo, Cooper Friedman, and Ava Kolker, Bryce Gheisar (“A Dog’s Purpose”), Mekai Curtis (“Kirby Buckets”), “Bunk’d” stars Nathan Arenas and Nina Lu, and moreMusic from Lucky Diaz and the Family Bands, Lolas, and Luis and Ana; Appearances by Mr. Potato Head, Amazing Etch Man, Tommy Salami, and The Magic Balloon Book starring Mr. DaveWHEN: Sunday, April 30th, 2017 Check-in: 12:00Carpet: 12:30pm – 2:00pmWHERE: The Zimmer Children’s Museum 6505 Wilshire Blvd Los Angeles, CA 90048Free Parking Available at La Jolla & Wilshire Lot
This week, the Alliance for Women in Media Foundation (AWMF) presented the 43rd Annual Gracie Awards at a luncheon at Cipriani 42nd Street in New York City.2018 Lifetime Achievement Award Winner Judy Woodruff presented by 2017 Lifetime Achievement Award Winner Jane PauleyHost Erica Hill of CNN led the program alongside presenters Pam Oliver from FOX Sports; multimedia host, actress and author Angie Martinez; April Ryan of American Urban Radio Networks and CNN; and Larry Mullins from Entercom’s 1010 WINS. The Gracie Awards were presented to honorees which were previously announced in recognition of individual achievement and outstanding programming by, for and about women in local and student TV, radio and interactive media.Highlights from the show included:AWMF Board Chair and Katz Radio Group President Christine Travaglini opened the Luncheon. After welcoming the record-breaking crowd, she introduced AWM Board Treasurer and Gracies Co-Chair Heather Cohen, executive vice president of The Weiss Agency.Lifetime Achievement Honoree Judy Woodruff, anchor and managing editor of the PBS NewsHour, was presented her award by last year’s Honoree Jane Pauley, who said, “There should be no more exalted role in society than the role of journalists. When that ceases to be, we will no longer rightfully call ourselves a free society. Judy Woodruff deserves recognition for lifetime as much as anyone I can think of. Furthermore, she has earned it.” When accepting the award, Woodruff captivated the audience and spoke strongly with regard to women in media, “We have come a long way, but we still have work to do. We need more women in decision-making jobs, more women doing the hiring, more women deciding which stories get covered, and more women reaching out to bring along younger women like the remarkable women we are seeing here today.”Erica Hill, CNN anchor and correspondent, hosted the awards. Hill has a rich history with the Gracie Awards as the 2015 honoree for Outstanding Correspondent. When presenting the awards for outstanding work in Local Market Television, Hill said, “Local markets are more important today than ever as newsrooms shrink, and newspapers are shuttered. Local reporters hold officials accountable – they tell the stories that matter in the moment. They get to the heart of the issues. They inform, they educate, and they help.”2018 Billboard Artist-to-Watch Country Singer Jessie Chris performed and spoke about her passion as an anti-bullying advocate. Chris, the victim of extreme bullying as a student, is an anti-bullying advocate who has supported the Ad Council’s #BeMore Campaign and Disney’s #ChooseKindness campaign.Presenter Larry Mullins from Entercom’s 1010 WINS was a lively presenter who not only spoke, but also sang, “We talk about the Oprahs, we talk about the Barbara Walters, we talk about the Judy Blumes, Jane Pauley, and so many others that I’ve seen here today, and then it goes all the way to the Shonda Rhimes. Sisters your day has come. Your day is now!”The National Gracie Award honorees were recognized at the Gracies Gala, May 22, at The Beverly Wilshire in Beverly Hills. Again, a full list of recipients may be found on the Alliance for Women in Media website.
APTN National NewsAn organization working for Aborignial women in Quebec has made the unprecedented move to unionize.The employees of the Quebec Native Womens Association says it is their job to promote the rights of Native women in the province – including the women working in their office.APTN’s Ossie Michelin tells us why they did it
APTN National NewsThe Canadian Security Intelligence Agency set up a booth in Winnipeg during a recent conference focused on Aboriginal business.Why was an agency concerned with national security actively recruiting Aboriginal people at an entrepreneur trade-show?APTN National News reporter Meagan Fiddler finds out.
APTN National NewsThe number of Aboriginal women going to prison is exploding.According to a new report, the Conservative’s tough-on-crime agenda will mean those numbers will increase.APTN National News reporter Annette Francis has this story.
APTN National NewsA house fire in northern Saskatchewan claimed the life of a young child.She’s the fourth child to perish in a blaze in recent months.And she’s being remembered at her school on the Witchekan Lake First Nation.APTN’s Larissa Burnoff sits down with the principal and a band administrator to find out more about this young girl.
Trina Roache APTN National NewsIt’s an important Nova Scotia waterway and the Mi’kmaq are determined to protect it.Last month, the province issued permits for a controversial natural gas project.One Mi’kmaq band filed an appeal Thursday hoping to bring the project to a halt.
APTN NewsThe Metis Nation presented Prime Minister Justin Trudeau with its highest honour in Ottawa Thursday.Prior to a summit between Trudeau, selected ministers from his cabinet and leaders of the Metis Nation, Trudeau was presented with the Order of the Metis Nation.At the same news conference, both Trudeau and Metis National Council President Clement Chartier said the relationship between the Metis and government has come a long way since the Liberals took power.“Reconciliation, it’s a term that some people might say is used loosely, and just another buzzword,” said Chartier. “But we in the Metis Nation have witnesses reconciliation in action.“Your ministers have again, not only been dedicated but have been more than willing to work with us as we move forward, which is a good thing because they as well believe in your vision of reconciliation.” Chartier says that when he first met Trudeau, he tried to impress upon him it was critical to address the challenges facing Indigenous Peoples with respect for the unique needs of Metis, First Nations, and Inuit.Trudeau said the relationship the government has with the Metis Nation is a “model” of reconciliation.“Over the past years we have come a tremendous long way in working with the Metis Nation on their priorities on economic capacity building, on responding to long standing challenges, I really want to put forward this relationship as the model of what reconciliation can be, tangibly, and concretely.After the news conference both sides went behind closed door for a meeting.After a joint news release a number of issues were discussed including; child and family services, education, health, justice and policing, youth and sports, and implementation of Section 35 rights. and post secondary education.“Through the Canada-Métis Nation Accord process in the past two years, we have achieved more with this federal government than with any of its predecessors,” said Chartier after the meeting.“We truly look forward to working with Prime Minister Trudeau and his ministers to maintain this momentum going forward.”email@example.com@aptnnews
ODENSE, Denmark – Canopy Growth Corp. (TSX:WEED) plans to establish a 40,000-square-metre cannabis production facility in Odense, Denmark to cater to the Scandinavian country’s medical marijuana patients.The new facility comes under a joint venture announced in September between Canada’s largest licensed marijuana producer and European hemp producer Danish Cannabis ApS, called Spectrum Denmark.The companies say the production facility in Denmark’s third-largest city is expected to have more than 125 staff and serve approximately 60,000 patients.Some 30,000 square metres of existing greenhouse infrastructure could be converted as soon as early 2018, subject to regulatory approval and licensing, the companies say.While Spectrum Denmark goes through the process of getting its license for production, it expects to import cannabis products from Canada.This comes as Canopy and other Canadian marijuana companies look to increase their international footprint to benefit from future growth in countries such as Jamaica, Germany and Brazil.“The Danish market is a stable, attractive market for a number of strategic reasons,” Bruce Linton, chairman and CEO of Canopy Growth said in a statement. “In Denmark, we see a strong pharmaceutical industry with an equally strong research tradition as well as a skilled labour pool and attractive energy rates.”
SASKATOON – CanniMed Therapeutics Inc. is postponing a key shareholder meeting to give it time to hold talks with Aurora Cannabis Inc. which has made a hostile takeover offer for the company.Trading in CanniMed shares (TSX:CMED) was halted pending the news.The meeting had been set for Jan. 23 for CanniMed shareholders to vote on its plan to issue shares in its acquisition of Newstrike Resources Ltd. The meeting will now be held on Jan. 25.CanniMed cautioned “there is no certainty that any such discussion will result in an agreement among the parties in respect of a transaction or in any change to the terms of Aurora’s offer.”Aurora (TSX:ACB) has made an all-stock offer for the company worth up to $24 per share. However, the offer requires CanniMed to drop its plans to acquire Newstrike.CanniMed has urged its shareholders to vote in favour of the Newstrike deal, but three of the Saskatoon-based company’s biggest shareholders representing 38 per cent of outstanding shares have signed lock-up agreements backing Aurora’s bid.Newstrike shareholders (TSXV:HIP) voted overwhelmingly in favour on Wednesday of the acquisition of the company by CanniMed.
CALGARY – TransCanada Corp. is investing $2.4 billion to expand its NGTL natural gas system in Western Canada as growing production in the region has filled existing capacity and battered prices.The company said Thursday that the decision to expand NGTL comes after it recently completed an oversubscribed open season, with shippers committing to one billion cubic feet per day of expansion capacity for an average of almost 29 years.“The successful open season shows strong industry support to significantly expand transmission capacity out of the basin and improve market connectivity for Canadian natural gas production,” said company chief executive Russ Girling in a statement.The NGTL system is a dense web of pipeline that covers much of Alberta and runs into northeastern B.C., acting as a gathering system for producers in some of the richest natural gas basins on the continent.Producers in the region have, however, been victims of their own success in unlocking the shale gas in areas like the Montney and Deep Basin, as pipeline constraints and lack of demand in some markets have hit prices that have even strayed into negative territory.“If you imagine Alberta today as a sink and the tap’s on, right now the sink is filling up faster than it can drain,” said Brook Papau, managing director of RS Energy Group.Traditional export routes to California and the U.S. Midwest, as well as using the gas in province, are full-up, said Papau, leaving producers to look to Eastern Canada to find better prices.TransCanada said its investment in the NGTL system will help link more production to its Mainline system that runs to Ontario and which still has significant untapped capacity.The expansion program will include approximately 375 kilometres of large diameter pipeline, compression facilities, meter stations and other associated facilities.The company has already alleviated some pressure in the region after reaching long-term fixed price agreements last year with shippers on its Mainline, and said Thursday it continues to look at the potential of further expanding natural gas shipping on the pipeline.“We continue to work diligently with industry to facilitate economic access for their natural gas to key export markets, including access to Eastern Canada and the U.S. Northeast through TransCanada’s Canadian Mainline and downstream systems,” said Girling.TransCanada would have to invest some capital to restore the extra capacity in the Mainline, but another open season on the pipeline would be well-received, said energy analyst Ed Kallio, principal at Eau Claire Energy Advisory, Inc.“I have no doubt that if they do an open season it will be very highly subscribed.”Producers have been scrambling to find alternatives after West Coast liquefied natural gas projects have failed to emerge, said Kallio, while producers haven’t cut back on production because the shale formations are also yielding valuable liquids used to dilute thick bitumen.“Those high value liquids are driving activity, and the natural gas comes along with it.”TransCanada said it expects to file a project description with the National Energy Board by the second quarter of this year to start the review process and hopes to begin construction on the NGTL expansion in 2019.The Calgary-based company reported net income attributable to shareholders of $861 million or 98 cents per share in the fourth-quarter of 2017, compared to a loss of $358 million or 43 cents per share in the same period a year earlier.Fourth-quarter earnings were boosted by a number of one-time items, including an $804 million recovery of deferred income taxes as a result of U.S. tax reform.The company said it continues to make progress on its Keystone XL pipeline project after announcing sufficient shipper support in January but has still held back on officially sanctioning the project.TransCanada has said it is however working on construction preparation as well as new landowner agreements in Nebraska and general permitting.Companies in this story: (TSX:TRP)
WASHINGTON – The two top officials in charge of security and toxic-waste cleanups at the Environmental Protection Agency have abruptly left their jobs, days after EPA administrator Scott Pruitt told lawmakers that his subordinates were to blame for alleged ethical lapses that have prompted more than a dozen federal investigations of the agency.In statements Tuesday, Pruitt praised the two men — security chief Pasquale “Nino” Perrotta and Albert Kelly, a former Oklahoma banker who ran the EPA’s Superfund program — and gave no reason for their unexpected departures.Perrotta is due to appear Wednesday for a transcribed interview by staffers of the House Oversight Committee, one of the congressional bodies and federal agencies that are probing reported excessive spending by Pruitt and other issues at the agency. Committee aides said Perrotta’s resignation was not expected to derail his appearance.EPA spokespeople Jahan Wilcox said the two men’s departures were unrelated to the ongoing federal investigations, and said the agency was fully co-operating with the congressional probe, led by House Oversight Chairman Rep. Trey Gowdy, a South Carolina Republican.Pruitt’s spending on security, and some of the security contracts with Perrotta, are among the topics of the federal probes involving the EPA under Pruitt, a former Oklahoma attorney general. Pruitt, an ardent advocate of minimizing regulation who moves in conservative political circles, evangelical Christian ones, and business groups, has survived the kind of scandals that have brought down several other Cabinet appointees of President Donald Trump.On Tuesday, The Washington Post reported that a Pruitt trip to Morocco last December was partly arranged by a longtime friend and lobbyist, Richard Smotkin, who last month received a $40,000-a-month contract with the Moroccan government to promote its cultural and economic interests. The trip, which has drawn scrutiny from federal watchdogs, cost more than $100,000, more than twice the amount previously estimated, the Post said.At House hearings last week, Pruitt weathered six hours of scathing questions, criticism, and a couple calls from congressional Democrat to resign over the steady flow of news reports and announcements of new investigations involving alleged ethical lapses at his agency. They include spending on Pruitt’s behalf for round-the-clock security guards, first-class plane tickets, and a $43,000 soundproof telephone booth.Pruitt repeatedly deflected blame last week, describing subordinates as going too far in carrying out their duties, in excesses that occurred without his knowledge.In the case of the $43,000 booth, for example, Pruitt acknowledged to lawmakers he had asked for a private and secure phone line when he arrived at the agency, but said staffers took it upon themselves to spend tens of thousands of dollars in providing it. It was security officials, not Pruitt, who decided he should fly first-class, he said.Pruitt pledged last week to take care of the problems. “Ultimately, as the administrator of the EPA, the responsibility of identifying and making necessary changes rests with me and no one else,” Pruitt told lawmakers then.Notably, most Republican lawmakers at the hearings declined to join the Democratic dog-pile on Pruitt.It was unclear Tuesday whether lawmakers from Pruitt’s majority party would take the internal shake-up as a needed and promised house-cleaning by Pruitt or indication of even greater trouble at the agency.“I don’t know how to take this, yet,” Rep. Ryan Costello of Pennsylvania, one of the few Republican lawmakers last week to fault Pruitt on expenditures such as taking bodyguards with him to Disneyland and the Rose Bowl, said in a statement by email. “I’m waiting on more details …to shed more light on what, if anything, to make of it.”Pruitt said in his statements that Perrotta was retiring after a 23-year government career that included time in the Secret Service and under previous EPA administrators. He praised Perrotta for hard work and dedication.Pruitt thanked Kelly for what he said was his “tremendous impact” in Kelly’s year overseeing the nation’s Superfund program, charged with handling the cleanup of toxic waste sites.Pruitt hired Kelly, an Oklahoma banker, at the EPA after federal banking regulators banned the man from banking for life. Regulators have not publicly specified the actions that led to the banking ban. . Days ago, Rep. Scott Peters, D-Calif., pressed Pruitt for more details about why exactly Kelly had been sanctioned by regulators.“I think Mr. Kelly, if he’s willing to share that with you, he should do that,” Pruitt said Thursday.The Federal Deposit Insurance Corporation, believing Kelly “violated a law or regulation,” a year ago fined him $125,000. The undisclosed incident involved a loan by SpiritBank — which Kelly’s family has owned for generations — allegedly made without FDIC approval.Democrats in Congress also are asking for federal investigations of Kelly’s reported loans to Pruitt himself while the two were still in Oklahoma. Kelly is not among the EPA officials whom the House Oversight Committee members had summoned for questioning.Rep. Don Beyer, a Virginia Democrat who has been one of those pushing for more federal probes into newspaper reports of ethical problems under Pruitt, said in a statement Tuesday that “Pruitt should be the next to go.”“Albert Kelly was never qualified to run Superfund, his banking ban was a huge red flag, and his resignation is a positive development,” Beyer said.Separately, three House Democrats raised new allegations Tuesday that staffers working on Pruitt’s behalf in early 2017 looked into the possibility of opening an EPA office in Tulsa, a city of 400,0000 and Pruitt’s home.They provided no supporting documentation. Neither EPA spokesmen nor any of the people supposed to have knowledge of the alleged request could be reached for comment at the close of the business day, when the Democrats’ letter with the allegations was released. Pruitt has drawn criticism for frequent trips home to Tulsa at taxpayer expense.
MONTREAL – Canadian Pacific Rail’s more than 3,000 train operators walked off the job late Tuesday night while a second group of workers reached a tentative contract settlement with the rail company.The Teamsters Canada Rail Conference said its workers walked out at 10 p.m. EDT as negotiations continued with the assistance of federal mediators.That announcement came just minutes after CP Rail said a tentative deal had been reached with the International Brotherhood of Electrical Workers for 360 signalling workers who were also poised to walk off the job at 10 p.m.The Teamsters said the strike by its members began despite “best efforts to reach a negotiated settlement,” adding it is “willing to remain at the bargaining table during the strike.”It also said commuter train services in Montreal, Toronto and Vancouver are operated by Bombardier, not Canadian Pacific, and Teamster members who operate trains in those cities are Bombardier employees and will not go on strike.As a result, said the Teamsters, commuter train services would not be affected by the walkout.Via, however, had already cancelled passenger rail service starting Tuesday morning in Ontario between Sudbury and White River.CP Rail has said it will use qualified management staff to handle signalling and switching tasks so trains can continue to operate.However, the strike could force the railroad to shut down its freight service at a particularly bad time for grain farmers. Shippers had said they expected talks would fail, resulting in the third CP Rail strike since 2012.Prime Minister Justin Trudeau said earlier in the day that the federal government would not be rushed into introducing back-to-work legislation, preferring instead to employ various levers to motivate both sides to reach a settlement.Trudeau also said his government would not do as the Conservatives did and favour employers.“Quite frankly, we have companies that have gotten used to the fact that in certain industries, the government in the past was very quick to legislate against unions,” Trudeau said during a conference in Toronto.“We are not going to do that.”If eventually forced to intervene, said Trudeau, the Liberal government won’t be giving the advantage to employers.Even before the strike began, the livelihoods of Canadian grain farmers were already threatened because shipping was severely disrupted over the past winter due to extreme cold.“You always hope for a miracle but we’re pretty sure there’s going to be a stoppage,” said Wade Sobkowich, executive director of the Western Grain Elevator Association, which represents the country’s largest exporters.He said there was little that could be done to prepare other than to notify farmers that deliveries will have to be rescheduled and tell overseas customers they could receive late shipments.“We’re just coming off of a year where we had poor rail service even though we didn’t have a work stoppage and we are trying to maintain relationships with our customers,” he added.The train operators voted 94 per cent in favour of strike action to back their contract demands in early April and voted 98 per cent to reject CP’s final offer last Friday.Both unions gave the railway notice over the weekend that they plan to walk off the job to support contract demands.— Companies in this story:(TSX:CP, TSX:BBD.B)
OTTAWA – Canada’s housing market and high levels of consumer indebtedness remain the top vulnerabilities for the financial system, but both have shown signs of easing, according to the Bank of Canada.The central bank said in a report Thursday that worries about the amount Canadians owe have begun to pull back, but it remains a concern.“Because the total amount of debt carried by Canadian households is so large, we know that it will be with us for a long time,” Bank of Canada governor Stephen Poloz told a news conference.The assessment came in the Bank of Canada’s latest financial system review, which assesses key vulnerabilities that could amplify or propagate economic shocks.Key risks associated with the vulnerabilities include a severe recession, a house price correction in overheated markets and a sharp spike in long-term interest rates.Federal mortgage lending rules have been tightening in recent years with the application of stress tests on borrowers. New rules implemented at the start of this year introduced a test for borrowers who do not require mortgage insurance and had not previously been subject to stress testing.The central bank said it will monitor the extent to which borrowers seek out alternative lenders, such as credit unions and private lenders, who are not always subject to the federal rules.“It’s still too soon to fully assess the impact of the newest changes to mortgage lending guidelines,” said Poloz, who added the bank is scrutinizing the housing and mortgage data as it becomes available.The tighter lending rules, and higher mortgage rates from lenders, have helped to cool the housing market in recent months from its red-hot pace it set at the start of last year.The central bank has raised its key interest rate three times since last summer and it is expected to raise it again later this year, perhaps as soon as July. The increases have prompted the big Canadian banks to raise their prime rates which are used to set the rates charged for variable-rate mortgages and other floating-rate loans. The cost of new fixed-rate mortgages has also climbed in recent months as bond yields have risen.In assessing the housing market risk, the report noted that housing price growth has slowed, led by a drop in the Greater Toronto Area. However, it said the condominium markets in Toronto and Vancouver remain strong with some evidence of speculative activity.In addition to household debt and the housing market, the report also identified cyberattacks as a key area of concern.“Even as defensive capacity improves across the financial system, some attacks will inevitability succeed,” the report said. “Having strong recovery plans can help to quickly restore financial system functioning and prevent a loss in confidence.”Last week, two of Canada’s biggest banks warned that personal and financial information of up to 90,000 customers may have been accessed by “faudsters.”The Bank of Canada report comes as fears of a trade war have increased with the U.S. implementing new tariffs on steel and aluminum imports and Canada replying with its own tariffs on U.S. goods.Poloz said the impact of the tariffs will be part of the Bank of Canada’s next monetary policy report, but added that the overall economic backdrop has improved over the past six months and that’s good for the financial stability.The Bank of Canada also announced Thursday that it will no longer publish its financial system review report twice a year.The report will become an annual review published in June and a member of the bank’s governing council will make a speech in the fall to update its assessment of the vulnerabilities and risks to the financial system.It will also create a new financial system hub on its website that will publish research and analysis throughout the year.The Bank of Canada’s quarterly monetary policy report will also include a more in-depth discussion of the relevant issues as warranted.
Decaying railroad ties and the failure of a safety mechanism to prevent a train derailment are cited in a report by British Columbia’s workers’ safety agency as factors in a crash that killed three people and injured two others.The accident in April 2017 happened on the now-abandoned Western Forest Products rail line at Woss, a community of about 200 residents on Vancouver Island. The railway, known as the Englewood Railway at the time, was the last operating lumber railway in North America.The WorkSafeBC report says 12 rail cars loaded with logs were being moved when 11 of them suddenly began to roll freely with the force of gravity.The failure of a so-called “derail” device to stop the runaway cars caused them to crash into five members of a work crew who were either on a rail backhoe or in a “speeder” vehicle, a self-propelled rail car used to transport workers and equipment from location to location along the line.When the vehicle was hit from behind, the speeder operator instinctively hit the brakes, the report says.“The loaded cars, speeder, tool car and rail backhoe all continued down the track out of control, gaining speed. Continued attempts by the speeder operator to brake had no effect.”When the cars and equipment left the tracks, logs loaded in the cars rolled onto the speeder and backhoe, killing three men and seriously injuring two others. The names of those involved in the crash were redacted from the report.The report says the safety device that was intended to derail free-rolling cars was affixed on decaying ties and when the runaway cars passed by, the “derail” device was easily dislodged.“Besides the deficiencies related to the ties, WorkSafeBC investigators also found that an insufficient number of spikes were used to fasten the failed derail to the ties,” the report says.The rail traffic controller broadcast repeated warnings to anyone who might be on the same track but there was no response from anyone, it says.Western Forest Products Inc., which was not available for comment, was cited with one violation of the Workers Compensation Act for the failure to ensure the health and safety of its workers.B.C. Transportation Minister Claire Trevena, who represents the residents of Woss in her North Island riding, said the accident has been devastating for the community.“It’s made a major change to the whole of the North Island because Western has obviously stopped using the train since the accident and transferred to roads, so everybody’s had their lives changed, but particularly the three families. It’s just been devastating.”The Transportation Safety Board is also investigating the crash.Note to readers: This is a corrected story. A previous version said Technical Safety BC was also investigating the accident.
After a turbulent two months during which oil prices plummeted from a four-year high to a one-year low, investors may wonder what comes next for U.S. crude.Analysts at Swiss bank UBS are among those who predict prices will recover in 2019, as oil cartel OPEC, the U.S. and Russia curb output from the current record level.“We believe the market’s cautious turn is overdone,” UBS analysts wrote in their recently published 2019 outlook. “On balance, we keep a positive view on crude.”U.S. crude plunged 22 per cent in November, its worst month in a decade. That followed a nearly 11 per cent drop in October. “The decline in oil over the last month or two has been shocking to the market,” said Lindsey Bell, investment strategist at CFRA.The sudden sell-off was sparked after investors grew concerned the global economy was slowing even as major producers continued to pump oil at high rates. The U.S. decision to hold off sanctioning countries that import oil from Iran boosted supplies further, and uncertainty over the escalating trade dispute between the U.S. and China added to concerns of a slowdown.After peaking at $76.41 a barrel on Oct. 3, oil prices bottomed out at $50.31 a barrel on November 28. Since then, oil has edged higher in choppy trading. It settled at $52.15 a barrel on Wednesday.UBS forecasts U.S. crude oil will climb back to $73 a barrel by mid-2019, as supply cuts offset lower demand due to the slowing economy. Oil should pull back to around $68 a barrel by the end of next year, UBS predicts, assuming that OPEC will “maintain production discipline.”Oil prices steadied last week after OPEC and other major oil producers, including Russia, agreed to cut global crude production by 1.2 million barrels a day. The cuts are slated to begin in January and last six months.In its forecast, UBS sees other factors supporting higher oil prices next year. The analysts noted that global oil spare capacity is running at around a 10-year low. That can set the stage for prices to climb, especially if there’s unexpected, sharp rise in demand for oil, say in the event a major hurricane strikes production facilities or a key port.UBS also predicts a slowdown in U.S. shale production next year because new pipelines are not expected to be operational until the second half of 2019.Alex Veiga, The Associated Press
LOS ANGELES — Elon Musk is asking a California judge to throw out a lawsuit filed against him by a British diver who accused the tech entrepreneur of falsely calling him a pedophile.Wednesday’s court filing argues that “the public knew from the outset that Musk’s insults were not intended to be statements of fact.”Musk called diver Vernon Unsworth a “pedo” in a tweet to his 22.5 million followers after Unsworth criticized Musk in a CNN interview in July about efforts to rescue young soccer players trapped in a cave in Thailand.Musk and engineers from his rocket company, SpaceX, built a small submarine and shipped it to Thailand to help with the rescue. The device wasn’t used and in the interview, Unsworth called it a “PR stunt.”Amanda Lee Myers, The Associated Press
NEW YORK — The latest on developments in financial markets (all times local):9:35 a.m.Stocks are jumping at the open on Wall Street Friday as investors welcome news of trade talks between the U.S. and China and a big gain in jobs in the U.S.The Dow Jones Industrial Average rose 308 points, or 1.4 per cent, to 22,994. The S&P 500 gained 34 points, or 1.4 per cent, to 2,482.The Nasdaq rose 96 points, or 1.5 per cent, to 6,559.The U.S. government said employers added 312,000 jobs last month. The strong showing could allay concerns about an economic slowdown in the U.S. Those concerns, along with a weak revenue forecast from Apple, contributed to steep losses in stocks Thursday.Most overseas markets rose after China’s Commerce Ministry said trade talks between the U.S. and China will be held Monday and Tuesday in Beijing.Bond prices dropped as investors turned back to riskier investments. The yield on the 10-year Treasury surged to 2.64 per cent.The Associated Press
However, last year the Federal Court of Appeal ruled against the NEB, saying that it must consider whether the pipeline fell under federal jurisdiction.In a letter on behalf of the company, TransCanada V.P. of Natural Gas Pipelines Law Catharine Davis said that the Board should decline to establish a process to examine the jurisdictional question raised in Sawyer’s application.“Six years after the public process began to decide whether the Project should be allowed to proceed (a process the applicant chose not to participate in), four years after Project approval, and four years after the applicant’s similar challenge to another approved LNG pipeline, the applicant again seeks to create uncertainty masked in a question of constitutional law,” the letter reads. “While aware of the issues raised in the Application for at least four years, the applicant has waited until the eve of the publicly known Final Investment Decision (FID) date for the LNG Canada Project to impact that project and associated developments (including the Project).”If the NEB approves Sawyer’s application, it would then hold a hearing.If Sawyer is successful in that hearing, that would mean a federal review of the pipeline would be required, which could potentially delay construction if LNG Canada goes ahead.The full submission by TransCanada can be read below. CALGARY, A.B. – TransCanada Corporation has submitted a letter in response to a jurisdictional challenge filed by a former Alberta resident against the company’s proposed Coastal GasLink pipeline.Michael Sawyer, who worked two decades in Alberta as an environmental consultant in the oil and gas sector argues that Coastal GasLink should have faced a federal environmental review instead of a provincial one.Previously, Sawyer launched a similar challenge against TransCanada’s proposed Prince Rupert Gas Transmission pipeline, but that was rejected by the National Energy Board.