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BP is said to be considering an exit from the oil sands, and Ontario is pulling the trigger on housing controls. These stories and more in your morning cheat sheet to the FP
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Sunrise, a 60,000-barrel-per-day, steam-based oil sands project near Fort McMurray.
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Good Morning. Editor Nicole MacAdam (@ nicole_mac1) here. BP is reportedly considering selling its oil sands assets, Ontario is pulling the deduction from a tax and rental inspection for overseas buyers, and WestJet plans to make flying an ultra-low-cost airline even cheaper. Have a great Friday!
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BP is the youngest major considering an exit from the oil sands
BP is considering selling its stake in three Canadian oil sands projects as part of the UK oil company’s strategy to pull out of non-core businesses, Reuters reports. BP’s 50 percent stake in the Sunrise project near Fort McMurray, where Husky Energy owns and operates the remainder, is the most valuable of the three assets. BP’s Sunrise stake is estimated at approximately $ 810 million based on recent deals in the sector. It also has a 50 percent interest in Pike, operated by Devon Energy Corp, which is pending a final investment decision, and is the majority owner of the Terre de Grace oil sands pilot project. A BP spokesman declined to comment. Sources were not named because the information is confidential.
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Rent cap, foreign buyer tax in Ontario announced
The Ontario government has taken initiatives to contain the housing market, reports Garry Marra, with 16 new real estate control measures, including a 15 percent tax on foreign buyers and expanded rental control rules. Foreign income tax is exempted for skilled workers, refugees, people who are in the branch, and students. The plan will also expand rent control and regulate that increases are tied to inflation to include all buildings in Ontario built after 1991. Called Ontario’s Fair Housing Plan, Ontario Prime Minister Kathleen Wynne said the plan had been in the works for weeks after months of deliberation. “When young people can’t afford their own place or even imagine owning their own house, we know we have a problem,” said Wynne.
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WestJet is planning a new ultra-low-cost airline
WestJet will launch a new ultra-low-cost airline this year, Olivia Carey writes. While details of product offerings and fare tiers would be released at a later date, the company said it will maintain flights within Canada, the United States, Mexico and the Caribbean. While Canada had its share of low-cost airlines – WestJet itself started out as a discount airline and Air Canada was successful with its Rouge brand – ultra-low-cost carriers (ULCCs) have extremely low fares but no frills offer to have problems lifting off the ground. Bob Cummings, WestJet’s commercial executive vice president, said WestJet studied how successful ULCCs around the world did their business. “The density, or number of seats,” as well as the range of potential la carte services were among the factors the company was focusing on, according to Cummings.
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Carbon Reduction Is A $ 120 Billion Opportunity: Report
While Ottawa drives a plan to tax CO2, writes Geoffrey Morgan, there is a $ 120 billion opportunity for companies that can help reduce emissions in Canada, according to a new report. Boston-based Lux Research estimates that Canada’s carbon tax plans could generate $ 120 billion in tax revenue by 2030, and that the money “can be channeled into domestic technology innovators. … It remains to be seen how Canadian provinces will spend billions of dollars in tax revenue, but an appropriate allocation of funds can eventually make Canada a global hotspot for innovation, ”said Yuan-Sheng Yu, senior analyst at Lux Research. Yu’s report predicts that Canada will become “a destination for global technology developers,” and that cleantech providers targeting the transportation and waste management sectors will be best positioned to benefit from the transition.
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CRTC ends unlimited mobile music plans with new pricing rules
The CRTC has effectively killed Videotron’s unlimited mobile music plans, reports Emily Jackson, which reveals new rules preventing cellular and landline ISPs from exempting certain content from data restrictions. The regulatory authority’s decision on different prices that allow customers to access certain content without counting towards their data caps created a framework that requires providers to treat all data equally. However, it did not prohibit data caps – a topic that dominated public hearings on the subject. “A free and open Internet gives everyone a fair chance to innovate and a wide range of content for consumers to discover,” said Jean-Pierre Blais, Chairman of the CRTC. “Instead of offering their subscribers selected content at different data usage prices, Internet service providers should offer more data at lower prices. In this way, subscribers can choose for themselves which content they want to consume. “
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