Georges Bank Moratorium Extended to 2022

first_imgGovernment has introduced legislation to extend the moratorium on oil and gas exploration and drilling on Georges Bank to Dec. 31, 2022. Under the Canada-Nova Scotia Offshore Petroleum Resources Accord Implementation (Nova Scotia) Act, government will also have the ability to further extend the moratorium in increments of 10 years. “Nova Scotians have been very clear about wanting the moratorium to remain in place,” said Energy Minister Michel Samson. “The Georges Bank fishery supports an important part of our rural and provincial economy, and this legislation will ensure this area remains protected for the long-term sustainability of these important fishing grounds.” The existing policy moratorium is set to expire on Dec. 31. Over the past few years, government has been actively working to reinstate the Georges Bank Moratorium under the accord acts, resulting in amendments to the federal version of the act being passed this past spring. The provincial bill mirrors the federal legislation, which is part of the joint management approach for the Canada-Nova Scotia offshore area. These changes will be reflected in the Canada-Nova Scotia Offshore Petroleum Resources Accord Implementation (Nova Scotia) Act. The legislation will also repeal the Offshore Licensing Policy Act (2010), which will no longer be required.last_img read more

TSX little changed amid mixed economic data deal making

Canadian stocks were little changed Monday amid mixed economic news from China and Europe and major deal making in the industrial and mining sectors.The S&P/TSX composite index edged up 1.14 points to 15,110.11.The Canadian dollar rose 0.12 of a cent to 93.13 cents US.U.S. indexes were tepid amid strong U.S. home sales and manufacturing figures. The Dow Jones industrials declined 26.45 points to 16,920.63 and the Nasdaq was down 2.84 points to 4,365.2.The S&P 500 index slipped 0.81 of a point to 1,962.06 as the Markit Economics flash manufacturing purchasing managers index for the U.S. edged higher in June, rising to 57.5 from 56.4 in May. The index is at its highest level since May 2010.Also, sales of U.S. existing homes jumped 4.9 per cent in May in the best monthly gain in nearly three years. Sales increased 4.9 per cent to a seasonally adjusted annual rate of 4.89 million homes.SNC-Lavalin Group Inc. (TSX:SNC) is acquiring U.K.-based Kentz Corp. Ltd., a global engineering firm that provides services to the oil and gas sector in a deal worth $2.1 billion. SNC shares rose $1.61 to $54.01.HudBay Minerals Inc. (TSX:HBM) is buying Augusta Resource Corporation (TSX:AZC) in a friendly takeover deal worth $555 million. HudBay was down 29 cents to $10 while Augusta ran ahead 22 cents to $3.42.And in the U.S., software maker Oracle is buying Micros Systems Inc., which provides software and hardware to the hospitality and retail industries, for about US$5.3 billion.Meanwhile, data released Sunday showed the Chinese manufacturing sector moving into expansion territory. HSBC’s purchasing managers index hit a seven-month high at 50.8, the first time the index has moved above the 50 level since December.Other data showed that business activity in the eurozone slowed for a second straight month in June. Data firm Markit said its composite purchasing managers index for the euro zone fell to 52.8 from 53.5 in May. Activity in Germany’s private sector slowed slightly, but the main source of weakness for the eurozone was once again France.The gold sector built on last week’s strong five per cent runup. The group rose one per cent even as bullion prices backed off slightly after running ahead last week amid tensions between Ukraine and Russia and a growing insurgency in Iraq. August gold was down $2.10 to US$1,314.50 an ounce.The tech sector was also supportive, up 0.8 per cent with BlackBerry (TSX:BB) continuing to benefit from last week’s well-received quarterly earnings report, up 34 cents to $10.85.The base metals sector was ahead 0.35 per cent while the Chinese data helped push July copper up three cents to US$3.15 a pound.The energy sector was up 0.25 per cent while oil prices declined after rising steadily over the last two weeks as a Sunni uprising gained momentum in Iraq. The August contract was off 56 cents to US$106.27 a barrel.In other corporate developments, Allergan Inc. is urging its shareholders to reject a hostile takeover offer by Valeant Pharmaceuticals International Inc. (TSX:VRX). Valeant, which had tried to negotiate a deal to acquire Allergan, took its offer directly to the company’s shareholders last week. The company has offered US$72 in cash plus 0.83 of a Valeant share for each share of the Botox maker, valuing Allergan at more than US$50 billion. Valeant shares shed $1.61 to $130.29. read more