AB Economic Fundamentals 2008-10

[joeiannuzzi]

1008ALTA
Foreign workers key for Kenney

Jason Kenney has been promoted as immigration minister at a time when new legislation gives his job unprecedented powers to decide what kind of worker gets into Canada first.

The veteran Calgary Southeast MP best known as the Conservatives` envoy to multicultural groups is pledging to use those powers to align immigration policy to the economy`s labour needs, rather than for political gain.

http://www.canada.com/calgaryherald/news/s...f4-f45b6b6f7637

 

[joeiannuzzi]

1008CALG
Housing starts set for 37% tumble

Housing starts in the Calgary census metropolitan area are forecast to plummet by 17.8 per cent this year and another 36.9 per cent in 2009, according to a housing market outlook released Thursday by Canada Mortgage and Housing Corp.

The decline from 13,505 units in 2007 to a forecast 7,000 units in 2009 represents a staggering 48 per cent plunge to the lowest level since 1995.

http://www.canada.com/calgaryherald/news/c...f9-b2700dc5022b

 

[joeiannuzzi]

1008ALTA
Imperial sets record with $1.4B quarterly profit

Imperial Oil Ltd. on Thursday shrugged off the effects of the global economic crisis by posting the largest quarterly profits in its 128-year history.

Canada`s largest and oldest integrated oil producer said it made $1.4 billion or $1.57 a share in the three-month period ended Sept. 30, compared to $816 million or 88 cents a share a year earlier.

http://www.canada.com/calgaryherald/news/c...63-a386c685afd9

 

[joeiannuzzi]

1008ALTA
Shell delays decision on oilsands expansion

Yet another multibillion-dollar oilsands project has been put on hold as rising costs and uncertainty about financial markets and commodity prices grip a sector that had anticipated $126 billion in new investment over the next four years.

On Thursday, Royal Dutch Shell announced it would delay its decision on a second 100,000-barrel-per-day expansion of its Fort McMurray-area oilsands mining operations until costs come down.

http://www.canada.com/calgaryherald/news/c...30-244a7844254f

 

[joeiannuzzi]

1008ALTA
NEB forecasts energy price chill

Canadian oil and gas producers are facing a looming winter of discontent thanks to lower commodity prices and continuing fallout from the global economic crisis, the National Energy Board said in its latest market update.

The board said crude oil will trade within a band of $50 to $75 US, while natural gas is unlikely to move beyond the $6 to $9 range.

http://www.canada.com/calgaryherald/news/c...cf-f07433d74cd1

 

[joeiannuzzi]

1008CALG
No support for MasterBuilt rumours


Jayman MasterBuilt is not going into receivership as rumours making the rounds suggest.

This has not been a really good year for sales in the new home building industry, which some will say is an understatement, but in truth, the industry as a whole is in pretty good shape. The 18 months between late 2005 and mid-2007 were the highest new homes` selling period ever, with many buyers moving their purchases forward by a year or 18 months, so a lot of builders made their 2008 money in 2006 or 2007.

http://calsun.canoe.ca/Business/2008/10/31/7261451-sun.html