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


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


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


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


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


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


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


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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Ottawa has room to add another $15 billion to stimulus spending, says economist


The Liberal government could have more room to manoeuvre on stimulus spending without damaging its fiscal health, say economists. Prime Minister Justin Trudeau and his government are set to unveil their budget in the coming months. Originally, Trudeau’s election platform made room for at least $5 billion a year in …

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Western First Nations launch $3 billion lawsuit over aboriginal oil


Two western First Nations are launching a lawsuit over what they say is federal mishandling of the energy resources on their reserves. The Onion Lake and Poundmaker Cree bands are asking Federal Court to award $3 billion in damages. They say the federal agency responsible for developing and regulating oil …

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Barrick Gold looks to keep momentum with US$2 billion debt reduction target for 2016


Barrick Gold Corp. has set aggressive new targets for debt and cost reduction as it looks to continue momentum after a largely successful 2015. However, the Toronto-based mining giant also offered up declining production guidance over the next few years. That underscores the challenges facing the entire gold mining industry, …

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