AB Economic Fundamentals 2008-10

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1008EDTN
Extradited accountant admits to tax scam

A disgraced Edmonton accountant who fled the country to avoid charges, but was extradited after being arrested in Arizona, has admitted running a tax scam.

Chander Mohan Sharma, 49, pleaded guilty in provincial court on Friday to charges of fraud over $5,000, theft over $5,000 and uttering a forged document.

According to a statement of admission, Sharma used to operate a tax preparation business, Sharma and Associates, and his wife Savita was the sole shareholder and officer of a numbered corporation that later changed its name to J.A.W. Window and Door Co.

http://www.edmontonsun.com/News/Edmonton/2...089701-sun.html

 

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1008ALTA
Business leaders expect few changes

The wave of Tory blue that swept Stephen Harper`s Conservatives to another minority government means more of the same for Alberta businesses.

Todd Hirsch, senior economist with ATB Financial, said Tuesday`s federal election result doesn`t change anything.

Hirsch said Canadians are ending up with the very same parliament they had before.

http://www.canada.com/calgaryherald/news/s...36-e4e451025892

 

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1008REDR
Red Deer stays in conservative hands

Conservative candidate Earl Dreeshen swept his Red Deer riding Tuesday, easily taking the central Alberta constituency by a more than six-to-one margin over his nearest competitor.

The 55-year-old`s win continues the riding`s 40-year and counting run as a conservative stronghold. The riding, which includes Innisfail, Sylvan Lake, Red Deer County and the city of Red Deer, has been held by Progressive Conservatives, the Reform party, the Canadian Alliance and the Conservatives since 1968.

http://www.canada.com/calgaryherald/news/s...ab-7eb11ee32903

 

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1008EDTN
South LRT may be delayed

EDMONTON - The city could save up to $5 million if it delayed opening the South Campus LRT station for a year until the southern line is finished, transportation general manager Bob Boutilier says.

The station is supposed to open in April, but Boutilier said Wednesday he`s preparing scenarios showing the impact of keeping it out of service until September or spring 2010, when trains reach Century Park.

http://www.canada.com/edmontonjournal/news...8f-3c5c154620cd

 

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1008ALTA
Shift in oilsands

CALGARY -- Tumbling commodity prices and wobbly credit markets will likely cause major shifts in the oilpatch, with some players reconsidering their plans and analysts predicting more consolidation in the sector.

"With the oil price falling, there`s a lot of concern about whether or not we continue to see expansion in the oilsands, which a lot of these companies are tied to in terms of their future growth," Edward Jones analyst Lanny Pendill said.

http://www.edmontonsun.com/Business/News/2...101611-sun.html

 

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1008CALG
Biomedical hub pursued by U of C

The University of Calgary announced plans Wednesday to establish a national biomedical engineering centre -- the first of its kind of Canada -- that will look for revolutionary ways to diagnose and treat everything from breast cancer to osteoporosis.

Biomedical engineers use computers to help doctors diagnose and treat patients for many common diseases.

http://www.canada.com/calgaryherald/news/c...11-ceebb99241c3

 

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1008CALG
Aldermen OK 25% water hike

A plan to hike Calgarians` water bills by 25 per cent over the next three years is on its way to council after a city committee approved it Wednesday.

But residents fearing the spectre of higher bills shouldn`t expect similar hikes after those three years are up, said Wolf Keller, the city`s director of water resources.

http://www.canada.com/calgaryherald/news/c...83-283ae7f2d4c9

 

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1008CALG
City moves to acquire disputed properties for west LRT

City Hall - The city has launched expropriation procedures against 26 properties along the west LRT route, advertising its intent to take over the sites.

Needing to acquire the land by next June means putting the expropriation process in motion, said Sarah Quayle, the city`s project manager overseeing land acquisition.

http://www.canada.com/calgaryherald/news/c...4f-8d8a80941bbd

 

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1008ALTA
Alberta outlook buffeted by turmoil

Amid a global swirl of economic uncertainty fuelled by financial market volatility and recession in the United States, Alberta`s energy and construction fundamentals remain firm -- although far off their highs -- according to two reports issued Wednesday.

"Overall, the near-term outlook for total real energy investment, including construction and machinery and equipment, remains very robust," the Conference Board of Canada said in its quarterly assessment of the Canadian economy.

http://www.canada.com/calgaryherald/news/c...c8-ffda6df1cee2

 

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1008CALG
Forest Lawn`s time has come

As the minute hand rolled to 10 a.m., the chime of O Canada rang in Forest Lawn on Oct. 3. Residents and community officials celebrated a new clock that was one year in the making.

Located at the intersection of 17th Avenue and 30th Street S.E., the 4.87-metre-tall clock is seen as much more than an elegant ornament to tell time.

"I think it gives an element of a gathering spot, with the fountain across the street and everything," said Duane Schmeeckle of the Rotary Club of Calgary East. He helped oversee the project.

http://www.canada.com/calgaryherald/news/n...ec-cc5bcf9c32f0

 

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1008REDR
Developments to blend homes and businesses

A plan to bring a mix of housing and shops to Red Deer`s growing northeast side was unveiled to the public on Wednesday.

About 20 Red Deer residents attended an open house at Red Deer Lodge to hear more about the East Hill Town Centre/Main Street mixed-use districts.

One of those districts would occur south of 67th Street and east of 30th Avenue in the city`s quarter-section development known as Timberlands. Similar districts will occur in Melcor Developments` Clearview North, which is being developed west of 30th Avenue and south of 67th Street.

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

 

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1008EDTN
Lower oil price may alter tax plan

EDMONTON - The falling price of oil could push Edmonton`s proposed 10.5-per-cent property tax increase down to single digits, city manager Al Maurer said Thursday.

Although the budget anticipates fuel costs to run the city`s approximately 4,000 vehicles will rise to $40 million next year from $25 million in 2008, that figure is under review as oil prices drop, Maurer said.

There could also be a cut in the cost of natural gas used for heating, he said.

http://www.canada.com/edmontonjournal/news...45-81e529e9d866

 

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1008ALTA
Royalty hikes going ahead, Knight says

CALGARY - The province`s planned royalty increases will proceed despite the plunge in oil prices, Alberta Energy Minister Mel Knight said Thursday.

Knight, who has been under pressure from the oilpatch to hold off on the proposed changes, stopped short of saying he would adjust the rate if the government finds the increase damages the province`s economy.

http://www.canada.com/edmontonjournal/news...ef-008a03ab88ee

 

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1008ALTA
The sky isn`t falling, but fuel prices are

With oil prices tumbling below $70 US per barrel on Thursday -- to their lowest levels since August 2007 -- one might think the sky is falling. It`s equally tempting to start pointing fingers at all the elected officials who were crying for inquiries last July regarding the high price of oil; if they were so convinced the price had been driven upwards to the record close of $145.29 price by speculators, it`s surprising they are not suggesting the short-sellers have driven it down.

http://www.canada.com/calgaryherald/news/c...7f-00d743f3dcf1

 

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1008ALTA
Real estate a time-tested investment

Well, if you ever wanted to know what it was like to be a yo-yo, with a tight string around your neck and someone else in complete control of your destiny, now you know.

The dizzying ups and downs of stock markets in have choked trillions of dollars out of personal and corporate assets and no one is sure if the worst is over. It brings to mind an adage from Mark Twain: Buy land, they`re not making it anymore.

http://calsun.canoe.ca/Business/2008/10/17/7116306-sun.html

 

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1008REDR
Bioenergy plant gets OK

A $400-million bioenergy project north of Innisfail has received long-sought regulatory approval from Alberta`s Energy Resources Conservation Board.

Alberta Ethanol and Biodiesel GP found out earlier this month that the ERCB had ended a year-long wait by granting a development permit for the canola crush facility and ethanol plant.

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

 

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1008REDR
RBC in Sylvan

Sylvan Lake will say hello to its first ever Royal Bank of Canada branch at a grand opening ceremony on Saturday.

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

 

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1008EDTN
Businesses face fines if butts not cleaned up, city warns

A lot of litter ends up each day outside Hudson`s Canadian Tap House on Whyte Avenue. But every day staff clean up the dozens of cigarette butts and refuse on the sidewalk, said assistant manager Conor Gillenlk.

"I can`t see why most other busi-

nesses shouldn`t be able to keep up the same way."

http://www.canada.com/edmontonjournal/news...5a-18e7f7161bc3

 

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1008CALG
Empty construction sites worry city

After years of non-stop building in the city, the construction overdrive is slowing as the economy hits a bumpy patch.

And with work on at least one major condo project suspended because of increased costs, the city is looking at better ways to deal with empty construction sites.

"We cannot leave it as a hole," Ald. John Mar said, adding the worry is there could be future halted projects.

http://www.canada.com/calgaryherald/news/c...13-5dc7012e20cc

 

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1008CALG
LRT uprooting land owners

For Steve Casey, whose family owns a cleaning and flood restoration company, the west LRT means he`ll have to uproot the business he promised his staff would never move.

"A lot of them bought houses near here and now, boom," said Casey, who runs Magiclean Cleaning Services in Sunalta.

He knows the LRT is good for Calgary, but hopes the city understands the impact it`s having by forcing him out.

http://www.canada.com/calgaryherald/news/c...7a-c674af65e407