AB Economic Fundamentals 2008-08

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What`s Behind the Curtain?
Alberta
2008-08
Daily Online Edition

 

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Event Centre recommendation coming Tuesday

Medicine Hat residents will find out Tuesday which site the city`s steering committee is recommending for the proposed new Regional Event Centre.

The steering committee came to a decision Wednesday in a closed door session. They will present their recommendation to city council Tuesday evening, but since several aldermen will not be present at that meeting, a discussion and vote will not take place until the Monday, Aug. 18 council meeting.

The steering committee — which is chaired by Ald. Jamie White and includes aldermen Graham Kelly and Jeremy Thompson as well as several members of the public — had the chance on Monday to hear presentations from the two front-running proposals for the project, Lansdowne Equity Ventures and Box Springs Business Park.

http://www.medicinehatnews.com/content/view/39416/65/

 

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Ex-landlord now jail tenant

The former owner of two southside properties that were taken over by drug addicts and prostitutes had more woes to deal with yesterday in provincial court.

Mario Seccafien, whose properties at 10414 77 Ave. and 10735 78 Ave. were targets of the city police Report A Drug House campaign, pleaded guilty yesterday to breach of probation, uttering threats and failing to comply to recognizance. One count was related to violating a condition that he abstain from alcohol and drugs, but he was spotted wandering a hallway apparently high.

http://www.edmontonsun.com/News/Edmonton/2...323901-sun.html

 

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Avenue of Nations a crossroads of many cultures

EDMONTON - It doesn`t matter where you come from, people say. Edmonton`s 107th Avenue is a place for new beginnings.

With its relatively low rents and convenient location, the Avenue of Nations has long been the city`s shoreline to the world.

Stretching east-to-west between 95th and 116th streets just north of the downtown core, on this road Vietnamese restaurants squeeze up against Halal stores, signs are written in English and Chinese, and women in hijabs share bus benches with aboriginal men as they wait for the No. 7.

http://www.canada.com/edmontonjournal/news...ba-15cf968ae600

 

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$5M arena contract turfed

EDMONTON - The city has taken the rare step of cancelling the contract of the company overhauling Edmonton`s largest municipal arena over issues it says related to work quality and performance.

The company that was hired to do the work disagrees with the city`s allegations.

The $5-million Bill Hunter Arena project was scheduled to be finished in September, but it`s unclear whether the single ice sheet will be available for skaters next season, Chris Ward, branch manager of project management and construction, said Thursday.

http://www.canada.com/edmontonjournal/news...4c-97e948f6d3b7

 

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Enbridge`s Gateway project back in play

CALGARY - Enbridge Inc. is making big strides with a multibillion-dollar plan to ship crude from Canada`s oilsands to Asia, the pipeline operator said Thursday as it reported a more than fourfold jump in second-quarter profit.

Enbridge, Canada`s No. 2 pipeline company, also boosted its forecast for 2008 earnings. Its shares jumped four percent.

The company aims to file its regulatory application for the Gateway pipeline in the first quarter of next year, having secured $100 million in funding for the effort from oilsands producers and Asian refiners, chief executive Pat Daniel said.

http://www.canada.com/edmontonjournal/news...92-45f31b878c89

 

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Downtown office market turns more landlord-friendly

EDMONTON - Edmonton`s downtown office market continues to tighten and lease rates will rise, says a new report by CB Richard Ellis.

The vacancy rate downtown dropped to five per cent in mid-year 2008 from 5.7 per cent at the end of 2007, according to the commercial real estate firm`s second-quarter market overview.

"Leasing activity has maintained the pace set in 2007 and tenants have remained challenged in their efforts to secure lease space in a market that seemingly becomes more landlord-friendly every day," said the report.

http://www.canada.com/edmontonjournal/news...ac-63d6dd67a5c8

 

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Credit crunch crushes Irish homebuyers

BELFAST - Jim Kingham says the credit crunch is hurting his Belfast-area moving company more than the violence that ravaged Northern Ireland for 35 years.

Kingham has fired nine of his 12 workers at A1 Shortnotice, based in Newtownards, as house prices plunge and sales dry up.

"You can take me back to the days of the bombings," says Kingham, who has run A1 for 40 years. "Business was better then. Five of my six lorries haven`t left the yard for months."

http://www.canada.com/edmontonjournal/news...22-e130bd531fa3

 

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Oil giants report increased earnings

Exxon Mobil Corp. and Royal Dutch Shell Plc, the world`s biggest oil companies, reported smaller second-quarter profit increases than analysts estimated after drops in output undermined gains from record crude prices.

Exxon Mobil`s per-share profit excluding costs related to a legal ruling was 26 cents below the average of 12 analyst estimates compiled by Bloomberg.

Shell, based in The Hague, had earnings of $7.83 billion, falling almost $500 million short of estimates.

http://www.canada.com/edmontonjournal/news...72-037345ce286c

 

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Beetle invasion poses $23B threat to forests

Alberta Minister of Sustainable Resource Development Ted Morton visited Kananaskis, Banff National Park and areas of British Columbia on Thursday to see first-hand the devastation of forests by the mountain pine beetle and efforts to control the scourge.

"There are some areas in B.C. that you won`t see a green forest again until 2050, so obviously we don`t want that to happen in Alberta," Morton said following an hour-long helicopter tour with reporters and ministry staff. An estimated $23 billion of timber in Alberta is threatened by the bug, further endangering a struggling forest products industry.

http://www.canada.com/calgaryherald/news/c...d2-92e450f5905a

 

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Huge development adds to Chestermere`s charm

Growth around the city of Calgary is happening at a remarkable pace, particularly in the north-south corridor between this city and Airdrie. But there are also at least three developments planned for Calgary`s east side within the city, the M.D. of Rocky View and on soon-to-be annexed land on the west side of Chestermere.

Now Chestermere can boast another huge development to be built on its east side, within the approved expansion of the town`s limits. It will have a huge impact on the community`s business sector.

http://www.canada.com/calgaryherald/news/c...ae-3beca4a4a3b8

 

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No guarantees in Calgary housing market

Remember the "good old days" in the Calgary real estate market?

The median price of a single-family home on MLS was $242,000, with the average at $271,000.

The average condominium could be bought for about $185,000, with the median price at $162,000.

So long ago? Not really -- those "good old days" were only three years ago, June 2005, and yet, this weekend, when the Calgary Real Estate Board releases average and median prices and other statistics for July this year, you`ll read headlines and hear news reports about "plummeting" house prices in Calgary.

http://calsun.canoe.ca/Business/2008/08/01/6325596-sun.html

 

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Who controls bay?

The association representing Sylvan Lake`s Marina Bay homeowners wants the town to take control of a contentious strip of land fronting many of the desirable properties.

Since 2005, the association has leased the town-owned public utility lot that runs along the water`s edge on the manmade bay, where about 60 of the subdivision`s 92 homes are located. As part of the agreement, any improvements proposed for the strip must be vetted by the homeowners association`s architectural committee. The town agreed not to consider developments unless approved by the committee.

http://www.albertalocalnews.com/reddeeradv...ntrols_bay.html

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Boat lifts still without permits

Numerous boaters on Sylvan Lake continue to use boat lifts without approval.

But no enforcement action will be taken right now, unless these hoists are in unsafe areas, says a Transport Canada spokeswoman.

Jacqueline Petrus said public notices, telling owners of boat lifts of federal rules, were recently advertised in the Red Deer Advocate.

Boaters must make sure their boat lift isn`t found within 50 metres of any swimming area or boat launch. The lift cannot be placed more than 30 metres from shore.

http://www.albertalocalnews.com/reddeeradv...ut_permits.html

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Next generation in a hurry to arrive

Red Deer`s birth rate for 2008-09 is off to a roaring start with 668 babies born between April and June.

It comes on the heels of a record 2,500 babies born at Red Deer Regional Hospital Centre between April 2007 and March 2008.

"We`re hoping we`ve reached the peak and we`re going to level off. Will that happen? I have no idea," said Debbie Leitch, program director for maternal child services with David Thompson Health Region.

http://www.albertalocalnews.com/reddeeradv..._to_arrive.html

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Merchants welcome, watch Sylvan Wal-Mart

SYLVAN LAKE — There`s no doubt retail giant Wal-Mart`s new 115,000-square-foot supercentre casts a large shadow.

But while the competition for local dollars may be stepped up a notch, there is room in the marketplace for all, say local merchants.

Sylvan Lake True Value Hardware owner Gerry Hosey said everyone knows Wal-Mart`s reputation for retail success and other merchants will be watching closely.

"Obviously, they`re going to take some away from all of us."

http://www.albertalocalnews.com/reddeeradv...n_Wal-Mart.html

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Hobbema starts to take guns off streets

To stop violence from occurring there needs to be fewer weapons on the streets and that is exactly what Hobbema is hoping to do. Starting on Aug. 1 to Nov. 30 Hobbema residents can safely hand over their illegal or unwanted firearms and ammunition to RCMP.

The gun amnesty program will allow people the chance to turn over their weapons without facing charges for possessing unregistered and unlicensed weapons. However, once the RCMP receive the weapons they will test all the firearms and any found to have been stolen or used in a crime may lead to charges. Most of the guns turned over will be destroyed. Those with historical significance will be dealt with appropriately by the RCMP and band representatives.

http://www.albertalocalnews.com/ponokanews...s/26103089.html

 

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East West facing $2.75 million fine in California

The major shareholder in Canmore`s largest piece of undeveloped property is facing millions of dollars in fines for environmental violations in California.

The Lahontan region water quality control board postponed last Wednesday (July 23) imposing a $2.75 million fine on Northstar Mountain Properties, a resort development company owned by East West Partners.

The penalty, reduced from a $12.6 million maximum potential liability, is in relation to water quality violations during the 2006 construction season.

http://www.albertalocalnews.com/rockymount...s/26138999.html

 

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Town council votes change to rezone area to direct control

After lengthy discussions, Stettler Town Council decided to disregard recommendations from the Town Administration and went ahead to approve the rezoning of part of the 47 Avenue (between the P&H Elevator and the Seed Cleaning Plant) to allow construction of further residential buildings in the area.

The decision at the regular July 22 meeting of the council seals its earlier rejection of similar recommendations by the Town Administration at the June 17 meeting.

The issue was raised upon a request by several residents in Stettler on 47 Avenue to rezone their property from an "industrial zone" classification to "residential from urban reserve".

http://www.albertalocalnews.com/stettlerin...s/26099949.html

 

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Town council to fund wall repair

A decrepit retaining wall standing on municipal land in front of a residence in Stettler will be repaired with some funding from the Town of Stettler.

At its regular meeting July 22, town council approved a request from administration for the town to contribute $2,114.77 to repair the retaining wall along property at 4801 54 Street, requested by Don Fix, whose mother owns the property.

Total cost of the project is estimated at $13,500 from a quote Fix received from a local contractor.

http://www.albertalocalnews.com/stettlerin...s/26099799.html