Pipeline planned to supply LNG project receives green light from B.C. regulator
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British Columbia has once again green-lit the Prince Rupert Gas Transmission (PRGT) pipeline, reaffirming an approval first issued under the former Christy Clark government for the line that will supply a major new liquefied natural gas export terminal proposed on the province's northern coast.
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The decision by the head of B.C.'s Environmental Assessment Office (EAO) on Thursday means that PRGT's environmental assessment certificate will remain in effect for the life of the project, clearing a major regulatory hurdle for the 12-million-tonne-per-year (Mtpa) Ksi Lisims LNG project.
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'This is an important step, not just for PRGT, but for the Nisga'a Nation's vision of self-determination and long-term prosperity,' Eva Clayton, president of Nisga'a Lisims Government, which co-owns PRGT and Ksi Lisims with Houston-based Western LNG LLC, said in a statement.
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The floating LNG terminal proposed for Pearse Island, north of Prince Rupert, B.C., still awaits key environmental sign-offs from provincial and federal officials, but Thursday's decision confirms that the 750-kilometre pipeline intended to supply feed gas to the liquefaction facility can go ahead.
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PRGT, which would transport around two billion cubic feet per day (bcf/d) of natural gas from northeastern B.C. to the West Coast, had initially been granted its certificate in 2014 when TC Energy Corp. advanced the project to supply the Petronas-backed Pacific NorthWest LNG project.
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But Petroliam Nasional Bhd. — the legal name of Malaysia's state-owned Petronas — cancelled Pacific NorthWest LNG in 2017 amid economic and regulatory headwinds, leaving PRGT to languish until Western LNG and the Nisga'a Nation bought the project in 2024, amending and shortening the proposed route to supply Ksi Lisims LNG.
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The long delay put the pipeline at risk of losing its environmental certificate since, under provincial rules, each certificate comes with a deadline by which a project must be substantially started and PRGT's was contingent upon a November 2024 start date.
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But in his decision released Thursday, Alex MacLennan, head of the EAO, pointed to the clearing of 42 kilometres of the pipeline's right-of-way and the construction of permanent features identified in the project's plans, including nine bridges, 47 kilometres of roads and a lodge.
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Winnipeg Free Press
2 hours ago
- Winnipeg Free Press
TACO time
Opinion The stock market says, 'Yes.' And the bond market says, 'No.' This sums up much of the recent sentiment about the economy in the United States, and for that matter the global economy, amid the back-and-forth policies of U.S. President Donald Trump. Stocks have largely recovered their losses this year, as investors believe the One Big Beautiful Bill Act — with its tax cuts largely focused on the wealthy — will power a surge in growth. Michael Probst / The Associated Press files The curve of the German stock index DAX is seen in the background as U.S. President Donald Trump is shown on a TV screen at the stock market in Frankfurt, Germany. What's more, many investors ascribe to 'TACO', a term coined by a Financial Times columnist that stands for 'Trump always chickens out,' meaning most of the tariffs threats are bluster meant to make him appear to be a master deal-maker and they won't be here to stay. 'That is quite a diverging opinion from what the bond market is saying,' says Jonathan Baird, Toronto-based editor and publisher of the Global Investment Letter. Bond investors view the One Big Beautiful Bill as a recipe for inflation, eventually adding more than US$3.8 trillion to the annual budget deficit. Tariffs, too, are inflationary, which further make the case for more investors to sell their U.S. bonds. Average investors, not Wall Street, are likely feeling indecisive and maybe even fearful. A dose of caution is warranted, says John De Goey, portfolio manager with Design Wealth Management in Toronto, and author of Stand Up to the Financial Services Industry. Even without Trump-induced mayhem, 'stocks are very expensive and therefore very risky.' He points to the cyclically adjusted price-to-earnings — or CAPE — for the S&P 500. CAPE helps determine if an investment — based on a 10-year average of inflation-adjusted earnings — is valued appropriately. Right now, the S&P 500 is highly overvalued, according to CAPE. De Goey says the metric may not be a good predictor of bear markets. 'But it's extremely reliable for determining what the annualized return will be for the asset class … over the next decade,' he says. 'So when the S&P 500 is in the 30s or higher, the return over the next decade has historically been around zero.' The CAPE for the world's largest stock index has been about 35 in recent weeks. What's more, many seasoned investors see a decade ahead that could be similar to the 1970s when 'stagflation' weighed on markets. Characterized by higher than normal inflation and slow economic growth, stagflation can be toxic for stock and bond returns. 'I would suggest probably being as defensive as you're comfortable being,' says Baird, who expects stagflation to be a problem for the next few years. He doesn't recommend moving all of the portfolio to cash to preserve capital. That is tricky to time correctly on getting out of the market and, even more so, getting back into the market. Broadly, stagflation fighting strategies should focus less on growth stocks. Instead, consider companies selling goods and services consumers can't go without — like groceries and housing. Bonds should have shorter durations to reduce the impact of inflation. Commodity- and currency-based strategies can also provide some upside amid volatility. As well, alternative investments — private equity and credit, private real estate and hedge funds — are increasingly used by portfolio managers. 'The low-hanging fruit is increasing alternatives exposure,' De Goey says, noting these assets are less correlated to stock and bond markets, providing portfolio stability. Previously only available to wealthy investors, alternatives are now widely available as mutual funds and exchange-traded funds (ETFs). That said, investors should still own stocks, including those in the U.S., but they should consider reducing exposure to overvalued companies like the so-called Magnificent Seven (including Amazon Inc., Tesla Inc., Apple Inc. and Meta Inc.), says Jai Gandhi, investment adviser with Endeavour Wealth Management, iA Private Wealth in Winnipeg. 'We're not cutting our weight to the U.S. market compared with a year ago, but we're conscious of the high values of companies that hold more risk.' That said, owning good companies never goes out of style for long-term investors. 'We don't worry too much about short-term price movements,' says Hardev Bains, president and chief investment officer at Lionridge Capital Management in Winnipeg. Rather, the focus for Bains and other fundamental investors is owning companies with long-term profitability growth, strong balance sheets (significantly more assets than liabilities) and competitive advantages. These companies, however, are only purchased when their share price reflects fair value relative to those qualities. What's more, even holding great companies can be risky when they become steeply overvalued. At that point, it's worthwhile selling those holdings or at least reducing their portion in the portfolio. 'Part of our discipline is if we sell companies and can't find anything to buy — which happens in periods of expensive markets — we go to cash, as we're doing right now,' Bains says Companies may have great business models, but their share price today is generally too high to purchase with a margin of safety. Still, Lionridge's equity portfolio obviously must hold stocks — currently about 20 companies that are likely to weather stagflation and even a recession better than other stocks. A recession is likely already underway, De Goey notes, pointing to gross domestic product (GDP) in the first quarter contracting in the U.S. 'No reasonable person expects the economy to grow in Q2 given tariffs are now having more of an impact.' Monday Mornings The latest local business news and a lookahead to the coming week. The best companies should remain profitable, and market drops will put their shares on sale from time to time, Baird says. In the meantime, beware of FOMO — fear of missing out — when markets surge higher, he adds. That often leads to buying high and, worse, selling low in a knee-jerk reaction to markets plunging in fear. 'We're all fallible and prone to psychological traps,' Baird adds. 'So the biggest thing for any investor is managing our emotions.' Joel Schlesinger is a Winnipeg-based freelance journalist joelschles@
4 hours ago
At least 16 killed in Gaza, aid group closes distribution centres over safety concerns
Début du widget Widget. Passer le widget ? Fin du widget Widget. Retourner au début du widget ? At least 16 Palestinians were killed by the Israeli military in Gaza on Friday, according to local health authorities, as a U.S.- and Israeli-backed group said it had handed out aid in the enclave after earlier saying that its distribution sites were closed. The military had no immediate comment on the reports of deaths in war-shattered Gaza. Health authorities said strikes had killed people in Gaza's Jabalia, Tuffah and Khan Younis areas. The deaths came Friday, as Palestinians across the war-ravaged Gaza Strip marked the start of Eid al-Adha, one of Islam's most important holidays, with prayers held outside destroyed mosques and homes. Witnesses and medics told Reuters that Israeli planes and tanks had intensified strikes on Jabalia and nearby Beit Hanoun since the early hours. The Israeli military issued evacuation orders to residents of certain blocks in northern Gaza on Friday, spokesperson Avichay Adraee posted on X. The U.S.-backed Gaza Humanitarian Foundation (GHF) told Reuters by email it had delivered aid on Friday, despite earlier announcing on its official Facebook page that its distribution sites were closed until further notice and that people should stay away from the sites for their safety after a series of deadly shootings. GHF, which last week started handing out meals to hungry Palestinians inside Gaza, said that a reopening date would be announced later. The GHF opened two sites in southern Gaza on Thursday after closing all of its centres the previous day in the wake of shootings in the vicinity of its operations. It has so far operated four distribution centres. Shooting incidents raise concerns The organization bypasses traditional relief agencies and has been criticized by humanitarian organizations, including the United Nations, for alleged lack of neutrality, which it denies. Palestinians collecting aid from GHF sites told Reuters that there was no clear distribution system, describing the process as disorganized and chaotic. Footage released this week by the organization has shown similar scenes at one of its sites. GHF halted distributions on Wednesday and said it was pressing Israeli forces to improve civilian safety beyond the perimeter of its operations after dozens of Palestinians were shot dead near the Rafah site over three consecutive days. The Israeli military said on Sunday and Monday that its soldiers had fired warning shots. On Tuesday, it said, forces also fired warning shots before firing toward Palestinians that it said were advancing toward troops. GHF has said that aid was safely handed out from its sites without any incident. Adraee, the military spokesperson, wrote on X on Friday that Palestinians would have free movement to aid distribution sites between 6 a.m. and 6 p.m. local time, but warned that outside those hours the area would be a 'closed military zone' and movement would pose a significant risk to life. After the two-month ceasefire broke down in March, Israel blockaded aid supplies into Gaza for 11 weeks, prompting a famine warning from a global hunger monitor. Israel, which has only partially lifted the blockade since, vets all aid into Gaza and accuses Hamas of stealing some of it, something the militant group denies. Israel has re-intensified an offensive against Gaza's dominant Hamas militant group since breaking a two-month-old ceasefire in March in a war triggered by the cross-border attack on Oct. 7, 2023, led by Hamas, considered a terrorist organization by several countries including Canada. WATCH l Friend of Weinstein, Haggai relieved family gets 'peace of mind': Début du widget Widget. Passer le widget ? Fin du widget Widget. Retourner au début du widget ? IDF recovers bodies of Canadian Israeli Judih Weinstein, husband The Israeli military has recovered the bodies of Canadian Israeli Judih Weinstein and her husband, Israeli American Gadi Haggai, Prime Minister Benjamin Netanyahu said. The bodies had been held in Gaza by Hamas since 2023. The initial attacks killed 1,200 people in Israel, including several Canadian citizens (new window) . Some 251 hostages were also taken, with around a couple dozen believed still alive, according to the Israeli government. While many of the remaining were freed in periodic prisoner exchanges, the bodies of other hostages have been repatriated, including Canadian citizen Judih Weinstein and her husband just this week. Israel's military campaign in response to those attacks has killed over 54,000 Palestinians, according to Gaza health authorities. Thomson Reuters with files from CBC News
Winnipeg Free Press
4 hours ago
- Winnipeg Free Press
Lebanon aims to lure back wealthy Gulf tourists to jumpstart its war-torn economy
BEIRUT (AP) — Fireworks lit up the night sky over Beirut's famous St. Georges Hotel as hit songs from the 1960s and 70s filled the air in a courtyard overlooking the Mediterranean Sea. The retro-themed event was hosted last month by Lebanon's Tourism Ministry to promote the upcoming summer season and perhaps recapture some of the good vibes from an era viewed as a golden one for the country. In the years before a civil war began in 1975, Lebanon was the go-to destination for wealthy tourists from neighboring Gulf countries seeking beaches in summer, snow-capped mountains in winter and urban nightlife year-round. In the decade after the war, tourists from Gulf countries – and crucially, Saudi Arabia – came back, and so did Lebanon's economy. But by the early 2000s, as the Iran-backed militant group Hezbollah gained power, Lebanon's relations with Gulf countries began to sour. Tourism gradually dried up, starving its economy of billions of dollars in annual spending. Now, after last year's bruising war with Israel, Hezbollah is much weaker and Lebanon's new political leaders sense an opportunity to revitalize the economy once again with help from wealthy neighbors. They aim to disarm Hezbollah and rekindle ties with Saudi Arabia and other Gulf countries, which in recent years have prohibited their citizens from visiting Lebanon or importing its products. 'Tourism is a big catalyst, and so it's very important that the bans get lifted,' said Laura Khazen Lahoud, the country's tourism minister. On the highway leading to the Beirut airport, once-ubiquitous banners touting Hezbollah's leadership have been replaced with commercial billboards and posters that read 'a new era for Lebanon.' In the center of Beirut, and especially in neighborhoods that hope to attract tourists, political posters are coming down, and police and army patrols are on the rise. There are signs of thawing relations with some Gulf neighbors. The United Arab Emirates and Kuwait have lifted yearslong travel bans. All eyes are now on Saudi Arabia, a regional political and economic powerhouse, to see if it will follow suit, according to Lahoud and other Lebanese officials. A key sticking point is security, these officials say. Although a ceasefire with Israel has been in place since November, near-daily airstrikes have continued in southern and eastern Lebanon, where Hezbollah over the years had built its political base and powerful military arsenal. Tourism as a diplomatic and economic bridge As vital as tourism is — it accounted for almost 20% of Lebanon's economy before it tanked in 2019 — the country's leaders say it is just one piece of a larger puzzle they are trying to put back together. Lebanon's agricultural and industrial sectors are in shambles, suffering a major blow in 2021, when Saudi Arabia banned their exports after accusing Hezbollah of smuggling drugs into Riyadh. Years of economic dysfunction have left the country's once-thriving middle class in a state of desperation. The World Bank says poverty nearly tripled in Lebanon over the past decade, affecting close to half its population of nearly 6 million. To make matters worse, inflation is soaring, with the Lebanese pound losing 90% of its value, and many families lost their savings when banks collapsed. Tourism is seen by Lebanon's leaders as the best way to kickstart the reconciliation needed with Gulf countries — and only then can they move on to exports and other economic growth opportunities. 'It's the thing that makes most sense, because that's all Lebanon can sell now,' said Sami Zoughaib, research manager at The Policy Initiative, a Beirut-based think tank. With summer still weeks away, flights to Lebanon are already packed with expats and locals from countries that overturned their travel bans, and hotels say bookings have been brisk. At the event hosted last month by the tourism ministry, the owner of the St. Georges Hotel, Fady El-Khoury, beamed. The hotel, owned by his father in its heyday, has acutely felt Lebanon's ups and downs over the decades, closing and reopening multiple times because of wars. 'I have a feeling that the country is coming back after 50 years,' he said. On a recent weekend, as people crammed the beaches of the northern city of Batroun, and jet skis whizzed along the Mediterranean, local business people sounded optimistic that the country was on the right path. 'We are happy, and everyone here is happy,' said Jad Nasr, co-owner of a private beach club. 'After years of being boycotted by the Arabs and our brothers in the Gulf, we expect this year for us to always be full.' Still, tourism is not a panacea for Lebanon's economy, which for decades has suffered from rampant corruption and waste. Lebanon has been in talks with the International Monetary Fund for years over a recovery plan that would include billions in loans and require the country to combat corruption, restructure its banks, and bring improvements to a range of public services, including electricity and water. Without those and other reforms, Lebanon's wealthy neighbors will lack confidence to invest there, experts said. A tourism boom alone would serve as a 'morphine shot that would only temporarily ease the pain' rather than stop the deepening poverty in Lebanon, Zoughaib said. The tourism minister, Lahoud, agreed, saying a long-term process has only just begun. 'But we're talking about subjects we never talked about before,' she said. 'And I think the whole country has realized that war doesn't serve anyone, and that we really need our economy to be back and flourish again.'
