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World awash with oil as record 3 billion barrels stockpiled — and it’s only getting worse, IEA says

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The world is awash with oil having built record stockpiles of almost 3 billion barrels in recent months and slowing demand growth combined with resilient non-OPEC supply could worsen the glut well into next year, the International Energy Agency (IEA) said on Friday. How OPEC has earned itself a permanent …

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Three Canadian pensions to pay US$2.8 billion for operator of Chicago Skyway toll road

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A consortium of the Canada Pension Plan Investment Board, OMERS, and the Ontario Teachers’ Pension Plan have struck a US$2.8 billion deal to acquire Skyway Concession Company LLC, which operates the Chicago Skyway toll road. Each pension will own a 33.33 per cent interest, and contribute an equity investment of about …

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Veritas’s $5.5-billion debt offering funding Carlyle takeover said to be pulled

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A debt offering of US$5.5 billion funding Carlyle Group LP’s takeover of Symantec Corp.’s data-storage business has been postponed because of market conditions, according to two people with knowledge of the matter. The financing for Veritas, which includes bonds and loans, was being led by Bank of America Corp. and …

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Marriott’s $12.2-billion takeover of Starwood Hotels will help it dominate Canada

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TORONTO — Marriott International Inc.’s US$12.2-billion takeover of Starwood Hotels and Resorts Worldwide will not only create the world’s largest lodging company but give it majority control of some Canadian markets, says an industry consultant group. According to Lyle Hall, managing director of Toronto-based HLT Advisory Inc., it’s not out of …

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Ontario deficit drops by $1 billion, which is ‘mainly the result’ of the Hydro One sell-off

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Twitter Google+ Reddit Email Typo?More Comments LinkedIn TumblrPinterest DiggFarkItStumbleUpon The Ontario Liberals are under fire after their fall economic statement revealed a lower-than-projected deficit was “mainly the result of the government’s… recent Hydro One initial public offering.” The deficit this fiscal year is expected to fall to $7.5 billion from …

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Veresen’s US$6-billion Jordan Cove LNG project won’t be sanctioned until late 2016

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CALGARY – Veresen Inc. has again pushed back a sanctioning decision for a liquefied natural gas project on the coast of Oregon, at the same time as it announced plans to spend almost US$100 million on the project next year. “Clearly, this has taken longer than we’d like, but this …

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TransCanada Corp launches US$15-billion lawsuit against U.S. government for rejecting Keystone XL

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CALGARY – TransCanada Corp. said Wednesday it intends to file a challenge under the North American Free Trade Agreement (NAFTA) seeking US$15-billion in damages from the United States government over President Barack Obama’s denial of the Keystone XL pipeline. In addition, the Calgary-based company filed a lawsuit in U.S. Federal …

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Sherritt taking $1.6 billion writedown on Ambatovy mine amid brutal nickel market

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The nickel market is so grim right now that three-quarters of global production is likely underwater on a cash margin basis, according to the chief executive of Sherritt International Corp. “Nobody’s making a lot of money at this price level, by the time you factor in your sustaining capital and …

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Trudeau government considering immediate $1-billion stimulus for hard-hit Alberta, Saskatchewan

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Canadian Prime Minister Justin Trudeau has decided to focus initial stimulus efforts in oil-producing Alberta and Saskatchewan, while waiting to assess whether further stimulus is needed nationwide, according to officials familiar with the plans. The government is in talks to quickly allocate $1 billion for infrastructure projects in the two …

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Brookfield Property Partners LP plans US$1-billion office tower in Dubai finance centre

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Brookfield Property Partners LP plans to start building the first commercial tower to be developed in Dubai’s financial district since the global credit crisis seven years ago. The New York-based company and Dubai’s sovereign wealth fund, Investment Corporation of Dubai, will split the cost of the 53-story tower in the …

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