Tag Archives: alberta

FFFA! income, rates & debt people

It’s that time of the week again!

Let’s get to our regular Friday Free-for-all post, this is our traditional end of the week news roundup and open topic discussion thread for the weekend.

Here are a few recent links to kick off the chat:

BC income growth worst in Canada
Why rate cut may not drop mortgages
Bankers keep filling the punchbowl
The Okanagon oil link
The British Columbia oil link
Recession? Again?!
Owners ask for reduced valuations

So what are you seeing out there? Post your news links, thoughts and anecdotes here and have an excellent weekend!

Oil Prices drive Shell to cut Canadian Jobs

Shell is cutting hundreds of jobs in Alberta as oil price drops change everything.

Already, some companies have put longer-term oil sands projects on hold until markets stabilize, which analysts say may not start to happen until at least midway through 2015. And service industries that support the sector have cut jobs as business has slowed.

Northern Alberta’s oil sands have among the highest development costs in global energy, so operations are particularly vulnerable to skidding crude prices. North American benchmark West Texas Intermediate crude fell 43 cents to $48.36 a barrel on Friday, down from more than $100 in June.

Shell said it is laying off less than 10 per cent of the 3,000 workers at the Albian Sands project, one of five major oil sands mining ventures.

A spokesman for the company declined to give exact job-loss numbers, but a labour official in Fort McMurray, who does not represent Shell workers, pegged them at around 200.

Read the full article here.

Alberta grows as BC slows

How is this possible?

British Columbia, the province formerly known as the best place on earth is forecast to have a sluggish economy for the rest of the year, while Alberta is growing at a ridiculous rate with astronomical population growth.

Have you ever been to Alberta?

I haven’t, but I hear its just full of oil and cattle and cowboys.

Why are they growing while Beautiful British Columbia is mired with a sluggish economy?!

More than 10,500 moved here from outside Canada in the second quarter, making Alberta the third most popular choice for immigrants to Canada, behind Ontario and Quebec.

“It used to be that people came to Vancouver, Toronto and Montreal, and now they also come to Calgary and Edmonton,” White said. “So we are seeing a permanent change in that trend.”

Read the full article here.