Canada exports first cargo of LNG
According to a news release issued by LNG Canada, the new export facility is located in Kitimat, British Columbia, with a total capacity of 14 million tons per annum (MTPA), which is potentially to double in the future.
Canadian Prime Minister Mark Carney said that with LNG Canada's first shipment to Asia, Canada is exporting its energy products to reliable partners, diversifying trade and reducing global emissions.
"At a time when the province's jobs are under attack," British Columbia Premier David Eby said, "it's more important than ever that we get our resources to global markets and reduce our reliance on the United States."
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Global News
an hour ago
- Global News
Leasing companies allege Flair Airlines failed to make rent payments, ignored default notices
Plane-leasing companies that seized four aircraft from Flair Airlines in 2023 are seeking damages from the budget carrier, alleging it failed to make rent payments by the deadline and ignored repeated default notices. The allegations were detailed in a statement of defence and counterclaim for US$30.9 million filed in Ontario Superior Court on June 26. In March 2023, Flair Airlines filed a $50-million lawsuit against Irish-based Airborne Capital Inc. and a trio of affiliated leasing corporations, alleging they 'secretly' found a better deal for the Boeing 737 Max aircraft with a third party and then set up Flair for default. Flair said at the time it received no notice over the 'unlawful' seizures, which took place at airports in Toronto, Edmonton and Waterloo, Ont., precluding the airline from alerting or rebooking customers. The airline then found itself down by more than a fifth of its 19-plane fleet, forcing it to cancel multiple flights. Story continues below advertisement 'The lessors sent agents to seize the aircraft in the middle of the night as passengers were boarding planes for spring break vacations,' Flair's statement of claim said. 0:36 Flair Airlines files $50M lawsuit against leasing firms over plane seizures But Airborne Capital has said that Flair 'regularly' missed payments over the previous five months, prompting the plane seizures, and that it had been in regular contact with Flair's representatives about its obligations. Get weekly money news Get expert insights, Q&A on markets, housing, inflation, and personal finance information delivered to you every Saturday. Sign up for weekly money newsletter Sign Up By providing your email address, you have read and agree to Global News' Terms and Conditions and Privacy Policy None of the allegations in Flair's lawsuit or the countersuit have been tested in court. In new court documents, the lessors deny any breach of contract or duty to act in good faith, saying the seizures were necessary to protect the value of the aircraft. They said the seizures took place at Canadian airports to avoid stranding passengers overseas and were timed overnight to prevent disruption during busier daytime hours. Story continues below advertisement 'Flair's action is an attempt to recover self-inflicted losses arising from its own defaults,' the countersuit stated. 'For months, Flair failed to make rent and other payments when due under the leases. It ignored repeated default notices in which the lessors expressly reserved their rights and remedies under the leases, including to terminate the leasing of the aircraft and repossess the aircraft.' The leasing companies said they 'repeatedly advised that the continuing arrears were unacceptable.' They also denied that the seizures were related to a more profitable deal with a third-party. 'In fact, it took the defendants several months and significant cost … to re-market and restore the aircraft to a suitable condition before they could be re-leased or sold,' the document stated. 'Two aircraft required major repairs because one or more of their engines were unserviceable due to defects uncovered post recovery from Flair.' In a statement, Flair CEO Maciej Wilk called the counterclaim a 'predictable response' to Flair's lawsuit. 'The company does not comment on active litigation, but would like to point out that the claims in question relate to events that occurred over two years ago,' Wilk said. 'Flair continues to maintain and cultivate productive and positive relationships with all of its stakeholders, including its customers, lessors and other industry partners and remains focused on executing its strategy and commitment to be Canada's most reliable and affordable airline.'
Globe and Mail
an hour ago
- Globe and Mail
At the Calgary Stampede, it's cowboy boots, not oxfords, but still time to strike a deal
The Calgary Stampede is famous for its business networking. Outside the rodeo grandstand, and sometimes within it, corporate parties overtake the workday throughout the 10-day festival. This year, the improved fortunes of the energy sector are lifting spirits, though the uncertain political climate is preventing unbridled enthusiasm in the city's business community as the annual Western institution gets under way and the ties and black oxfords are left at home in favour of boots, buckles and cowboy hats. After years of delays, Calgary's oil patch is celebrating the first shipment of liquefied natural gas to sail across the Pacific from a massive plant on the West Coast, a positive development for gas producers that have long struggled with low prices. And the $34-billion Trans Mountain pipeline expansion has been in operation for more than a year, making it possible to transport a whole lot more of Alberta's oil to export markets. Mark Carney may not have been the first choice for prime minister for many in the industry, but at least he has been sounding the right notes for them by declaring that Canada should be an energy superpower. At the Calgary Stampede, nobody cares if it's your first rodeo Oh, and then there's the whole Alberta separation threat thing, and Premier Danielle Smith's efforts to either prevent it or foment it, depending on who you talk to. These will be topics of conversation shouted over the din of Garth Brooks's Friends in Low Places blasted at top volume in bars and on rooftop patios across the city. As is customary, each venue is adorned with straw bales and rough-hewn fence boards. One thing's for sure: There is no shortage of bashes this year hosted by energy companies, investment houses and the burgeoning agri-food and tech sectors. 'I thought last year was busy, but this year is busier,' said Deborah Yedlin, the president of the Calgary Chamber of Commerce. 'It's amazing how people are trying to squeeze in more events. I'm still getting invitations and it's just, like, 'No – there's no time.'' The benefit of the Stampede for locals and out-of-towners alike is the ease of connecting with so many people in one place over a short period of time, Ms. Yedlin said. 'The rodeo and the chucks are not the sideshow, but there's a whole lot more going on outside than there ever has been. It's crazy.' Calgary Mayor Jyoti Gondek started early, flipping the first pancakes for the 2025 edition of the event on Thursday morning. She says her Stampede dance card is also jammed with more events and meetings with elected officials and business leaders than ever before, a reflection of renewed optimism in the city. Corporate sponsorships are in excellent shape, and the chuckwagon tarp auction – a rough gauge of the local economy – set new records this year, topping $3.8-million. Gas producer Birchcliff Energy Ltd., De Havilland Aircraft of Canada Ltd. and tech consultancy MobSquad are among the companies that will have their logos emblazoned on the horse-drawn wagons. The Stampede generates an economic impact of more than $280-million for Alberta, most of it in Calgary. Ms. Gondek expects her Stampede conversations with colleagues at the federal and provincial level will centre on investing in energy and trade infrastructure. 'This is the best time to get deals done,' she said. 'It's the best time to have conversations. And if they want to talk about very real things, like a new Canadian economy – one Canadian economy – now is the time to do that.' Adam Legge, the president of the Business Council of Alberta, says he's hearing more optimism from the oil patch than he has in years – though it is tempered. Largely it's a reflection of what he called 'a newish federal government,' along with its energy-superpower messaging and early moves to speed up project construction. But a lot still needs to happen to meet those goals, Mr. Legge said – something he expects to come up a lot over barbecue and brisket or while taking in the rodeo. 'I think there will probably be lots of talk about how we actually get this moving from ambition and words to action?' The Stampede is certainly where the political and financial worlds collide, and this year marks major changes in that intersection with U.S. President Donald Trump's anti-trade moves disrupting the bilateral relationship, a new Prime Minister touting a more pro-development suite of policies and some separatist sentiment simmering in Alberta. Mr. Carney was scheduled to tour the Stampede grounds and take part in the opening ceremony Friday. He will also host a Liberal Party fundraiser on Saturday. His Energy and Natural Resources Minister, Tim Hodgson, arrived in the region a day before to sprinkle $21.5-million in federal funding on five Alberta carbon capture and storage projects. Last year, Conservative Leader Pierre Poilievre was the sole federal party leader in attendance. He received a political hero's welcome, with his party at the time poised to win the next election. This year he's in a much different situation: His Conservatives made gains in the April 28 election, nearly sweeping Alberta, but he failed to oust the Liberals and lost his own seat. He is trying to return to the House of Commons as the MP for the Alberta riding of Battle River-Crowfoot in a by-election. He will take time out from campaigning, though, to headline his party's annual Stampede barbecue, scheduled for Saturday. The U.S. consulate held its annual Independence Day party Thursday, marking the unofficial kickoff to the Stampede party agenda. Because of the trade war, the event wasn't a sure thing back in the spring, Consul-General Emily Fleckner told the crowd. But a raft of sponsors, including U.S.-controlled oil companies, stepped up. Sure, there was chatter about Mr. Trump and his trade policies. But Ms. Fleckner, Ms. Smith and Ms. Gondek all spoke to the importance of maintaining friendships, given how important the U.S. remains to Alberta's economy. 'Whether it's politics-politics, whether it's business-business, whether it's business-politics and whether it's business-politics policy, all these conversations are happening. You just get such a concentration of people in town for a week,' said Martha Hall Findlay, the director of the School of Public Policy at the University of Calgary – herself a former politician and business executive. The informality of the occasion lends itself to frank conversations and even constructive dialogue, which is important given the decade of tension between Alberta's government and Ottawa, Ms. Hall Findlay said. 'It makes a difference when you go and have a beer together at some reception. It makes a difference if you run into people that you wouldn't necessarily have a meeting with.' But jurisdiction friction remains. Mr. Legge is a member of the Alberta Next panel, convened by Ms. Smith to 'gather input, discuss solutions, and provide feedback to government on how Alberta can better protect its interests, defend its economy, and assert its place in Confederation,' according to the provincial government. The panel will hear from Albertans at town halls across the province and via an online survey. It will submit its recommendations to the government by the end of the year. The issue will absolutely be discussed over drinks and is a frequent query among people who arrive from other parts of Canada and are not aware that sovereignty is being pushed by a noisy minority. In some quarters of the business community, it's argued that it's precisely such talk that will hurt both Alberta and the country as a whole, as the provincial government pushes for B.C. to get on board with a proposal for a new oil pipeline to the West Coast. 'There's enough political uncertainty to spare. We don't need to generate our own,' Ms. Yedlin said. 'It causes risk premiums to go up. This is not how we attract and grow investment in this province.' With a file from Stephanie Levitz
Calgary Herald
2 hours ago
- Calgary Herald
With deficit projected to soar to $92 billion, 'it is unfair to pass these burdens on,' C.D. Howe Institute says
Prime Minister Mark Carney addresses the crowd during the Canada Day festivities in Ottawa in the nation's capital on July 01, 2025. Photo by Jean Levac / Postmedia OTTAWA — The Carney government is poised to post a massive deficit of more than $92 billion during this fiscal year, a new report from a well-respected financial think tank projects, almost double what was forecast just a few months ago by a non-partisan arm of the government. THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLY Subscribe now to read the latest news in your city and across Canada. Unlimited online access to articles from across Canada with one account. Get exclusive access to the Calgary Herald ePaper, an electronic replica of the print edition that you can share, download and comment on. Enjoy insights and behind-the-scenes analysis from our award-winning journalists. Support local journalists and the next generation of journalists. Daily puzzles including the New York Times Crossword. SUBSCRIBE TO UNLOCK MORE ARTICLES Subscribe now to read the latest news in your city and across Canada. Unlimited online access to articles from across Canada with one account. Get exclusive access to the Calgary Herald ePaper, an electronic replica of the print edition that you can share, download and comment on. Enjoy insights and behind-the-scenes analysis from our award-winning journalists. Support local journalists and the next generation of journalists. Daily puzzles including the New York Times Crossword. REGISTER / SIGN IN TO UNLOCK MORE ARTICLES Create an account or sign in to continue with your reading experience. Access articles from across Canada with one account. Share your thoughts and join the conversation in the comments. Enjoy additional articles per month. Get email updates from your favourite authors. THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK. Create an account or sign in to continue with your reading experience. Access articles from across Canada with one account Share your thoughts and join the conversation in the comments Enjoy additional articles per month Get email updates from your favourite authors The report, from the C.D. Howe Institute, also forecasts deficits of more than $77 billion a year over the next four years, also huge increases over what had been expected. The think tank attributes much of the government's declining fiscal health to increased spending on defence and other items, the economic effects of the Trump tariffs, cuts to personal income tax and the GST for first-time homebuyers, and the elimination of the digital services tax. Your weekday lunchtime roundup of curated links, news highlights, analysis and features. By signing up you consent to receive the above newsletter from Postmedia Network Inc. Please try again Based on the most current and largely optimistic variables, the report says, federal deficits will remain above $71 billion during each of the following three years and in the fiscal year 2028-29 will be greater than three times what the government itself forecast in its most recent federal budget. But more likely, the report says, it will likely be a bit worse than that because the report's authors say that they're skeptical that all of the government's plans to increase revenue through promised higher fines, penalties and savings will actually occur. 'It is widely accepted that Canada's economy is at a critical crossroads,' the C.D. Howe economists write. 'So are Canada's finances – beyond the economic drag of high deficits and rising debt, it is unfair to pass these burdens on to the current young and future generations.' But the most recent federal budget was now well over a year ago. The government took the highly unusual step this year of waiting until the fall to release its annual budget, more than half-way through the fiscal year. The report's authors – William Robson, Don Drummond and Alexandre Laurin – call on Ottawa to improve its accountability by sharing its revenue and spending figures with taxpayers. The gloomy fiscal forecast bolsters the argument that Canadian government spending at th e federal, provincial and municipal levels is going from bad to worse. Just four months ago, the Parliamentary Budget Officer projected that the federal deficit would fall to $50.1 billion during this fiscal year, a slight improvement over the $61.9 billion shortfall recorded in 2023-24. The PBO also said at that time that federal deficits would continue to fall in the ensuring years, unless there were new measures to cut revenue or increase spending.
