Latest news with #AGG
Winnipeg Free Press
23-07-2025
- Business
- Winnipeg Free Press
Manitoba signs deal with Saskatchewan to bolster trade through Port of Churchill
Manitoba's experience as a leader in reconciliation will give it a leg up when it comes time for Canada to fast-track megaprojects, Premier Wab Kinew said Tuesday after signing an agreement with Saskatchewan to expand trade through the Port of Churchill. 'We're working a ton on making sure we have consensus with the Indigenous nations for the megaprojects that we want to pursue to build up the Manitoba and Canadian economy,' Kinew said. Twenty-nine First Nations and 12 northern communities own the Arctic Gateway Group, which operates the Port of Churchill and the Hudson Bay Railway that connects it to the rest of the continent. Nathan Denette / THE CANADIAN PRESS FILES Manitoba Premier Wab Kinew, left, talks with Saskatchewan Premier Scott Moe at the meeting of Canada's premiers in Huntsville, Ont., Monday. 'This ability to get to tidewater and seemingly having the ability to open that up, maybe, year-round because of newer ships that we have access to today, is really exciting for Manitoba,' Kinew told reporters via a Zoom call from Huntsville, Ont. There, Canada's first ministers are gathering to discuss a strategy to respond to the trade war launched by U.S. President Donald Trump. The memorandum of understanding Kinew signed with Saskatchewan Premier Scott Moe on Tuesday says the Arctic Gateway Group will invest in port and rail assets and lengthen the shipping season, which typically runs from July to November, to support increased freight capacity. Chris Avery, the chief executive officer of AGG, said they're working with the University of Manitoba and other academic and private-sector groups to update data about the shipping season, which has been getting longer over time. 'What the University of Manitoba tells us is that based on their data from over the past 40 years and what they see in their studies of the sea ice — they expect that the shipping seasons can be lengthened already without icebreakers or anything else, given climate change.' He said U of M is gathering and studying the data, which can be shared with shippers and insurance companies, he said. 'One of the impediments to extending the shipping season is because they're working off of old historical data of the shipping season and the ice patterns and so on.' New data from the U of M indicates the shipping season will be lengthened to as much as six months without the use of icebreakers, Avery said. In February, Manitoba announced $36.4 million would be given to AGG over two years for capital infrastructure projects at the port. The memo of understanding says the province will try to secure federal infrastructure funding and regulatory support to improve connectivity to northern markets, a news release said. 'When we're talking about nation-building, if we help Alberta, Saskatchewan, our other neighbors and fellow provinces and territories access the European Union, that can be really good for all of us.'–Wab Kinew The five-year plan requires Saskatchewan to 'mobilize' commodity producers and exporters through its trade offices and regional industry partners, the release said. Streamlining access to ports such as Churchill will allow for greater access to international markets, Moe said in the release. 'It helps us to unlock mining in the north, more agricultural exports in the south, manufacturing products right across our whole province,' Kinew told reporters Tuesday. 'When we're talking about nation-building, if we help Alberta, Saskatchewan, our other neighbors and fellow provinces and territories access the European Union, that can be really good for all of us.' On Tuesday, Manitoba did not sign an MOU with Ontario, Saskatchewan and Alberta to use Ontario steel to build an oil and gas pipeline and a port on James Bay as part of a national energy corridor. Manitoba Progressive Conservative Leader Obby Khan said Manitoba 'missed out on a much, much larger opportunity.' 'Why wouldn't you negotiate on the ground floor for a project that could bring massive economic opportunities and prosperity to the province?' Khan asked. Kinew said he's had 'excellent meetings' with the three premiers involved and that he didn't sign their MOU because Manitoba doesn't have the needed consensus from its Indigenous nations to do so. 'Our approach in Manitoba involves extensive leg work with Indigenous nations at the front end of the project process,' Manitoba's first First Nations premier said. 'I believe spending that time to build consensus and then to invest the energy necessary to maintain that consensus throughout the construction phase of a project, will actually see us get to the finish line as quickly or quicker than everyone else.' Dylan Robertson / Free Press Files Twenty-nine First Nations and 12 northern communities own the Arctic Gateway Group, which operates the Port of Churchill and the Hudson Bay Railway that connects it to the rest of the continent. Kinew said the province hasn't announced a new megaproject proposal yet. 'This is work that we're undertaking carefully, strategically and quietly behind the scenes,' the premier said. 'We would love to have the federal government as an enthusiastic partner (but)…the partners that we need are the collective Indigenous nations of Manitoba that are represented by governments.' Kinew said he doesn't want Manitoba to be pitted against other provinces, but noted that Churchill has the advantage over James Bay because it is a long-running northern, deep-water port with infrastructure and Indigenous partners. A supply chain expert who teaches at the U of M Asper School of Business said the proposals for a major port at the far south end of James Bay in Ontario centre on the community of Moosonee, that has port facilities for barges, but not ships that require deep water. Like Churchill, it has rail access but no road, said Robert Parsons. The proposal to develop the James Bay port into an energy corridor 'is really more on the wish-list side,' he said. Parsons compared it to NeeStanNan's proposal to develop a liquefied natural gas terminal at Port Nelson on Hudson Bay in Manitoba. 'Both will require quite a bit of work.' The chief of one of the First Nations behind the Port Nelson LNG proposal welcomed Manitoba's agreement with Saskatchewan to bolster the Port of Churchill. Weekday Mornings A quick glance at the news for the upcoming day. 'Churchill has always been there and we support Churchill and we're also part owners of the railway,' said Clarence Easter of Chemawawin Cree Nation, one of 10 First Nations behind the NeeStaNan energy corridor. NeeStaNan has been licensed by the federal energy regulator to explore the development of exporting liquefied natural gas. Easter said he supports federal legislation to fast-track infrastructure projects such as energy corridors. 'We cannot keep doing things that we've been doing in the past because it hasn't worked before… We can't keep counting on federal handouts, provincial handouts to survive and keep living the way we've been living,' the chief said. 'The opportunity is there for us to step up.' Carol SandersLegislature reporter Carol Sanders is a reporter at the Free Press legislature bureau. The former general assignment reporter and copy editor joined the paper in 1997. Read more about Carol. Every piece of reporting Carol produces is reviewed by an editing team before it is posted online or published in print — part of the Free Press's tradition, since 1872, of producing reliable independent journalism. Read more about Free Press's history and mandate, and learn how our newsroom operates. Our newsroom depends on a growing audience of readers to power our journalism. If you are not a paid reader, please consider becoming a subscriber. Our newsroom depends on its audience of readers to power our journalism. Thank you for your support.
Global News
22-07-2025
- Business
- Global News
Manitoba, Sask. governments agree to bolster northern trade via Churchill port
The governments of Manitoba and Saskatchewan are teaming up with the Arctic Gateway Group (AGG) in a push to boost northern trade, Manitoba Premier Wab Kinew announced Tuesday. The deal, which revolves around Canada's only deepwater Arctic port, in Churchill, Man., is intended to improve access to global markets, as well as enhance infrastructure and supply chains. 'Churchill presents huge opportunities when it comes to mining, agriculture and energy,' Kinew said in a statement Tuesday. 'Through this agreement with AGG and Saskatchewan, we are going to unlock new opportunities for businesses in Manitoba and Saskatchewan to get goods to market.' Get breaking National news For news impacting Canada and around the world, sign up for breaking news alerts delivered directly to you when they happen. Sign up for breaking National newsletter Sign Up By providing your email address, you have read and agree to Global News' Terms and Conditions and Privacy Policy The two governments and AGG signed a memorandum of understanding with a five-year plan, which will see Manitoba take the lead on securing federal infrastructure funding, and Saskatchewan working with commodity producers and exporters. Story continues below advertisement Kinew's counterpart to the west, Scott Moe, said Saskatchewan is committed to strengthening trade via the new transportation corridor. 'Streamlining access to ports, such as Churchill, will allow our goods better access to new and emerging international markets,' Moe said. 'Today's MOU between Saskatchewan and Manitoba is another way we are building on that progress and creating new opportunities for our industries.'
Business Upturn
15-07-2025
- Business
- Business Upturn
Arctic Gateway Group Makes Significant Infrastructure Upgrades
WINNIPEG, Manitoba, July 15, 2025 (GLOBE NEWSWIRE) — Arctic Gateway Group (AGG) is currently undertaking major infrastructure improvements at the Port of Churchill and along the Hudson Bay Railway. With expanded freight operations, new construction at the Port of Churchill, and upcoming port modernization projects, AGG is investing in long-term strength for Canada's Arctic trade corridor. 'The Port of Churchill is primed to become a major Canadian trade asset,' said Chris Avery, CEO, Arctic Gateway Group. 'The investments we are making are setting the stage for a new era of growth and Northern economic activity, unlocking the trade and transportation potential of Canada's Arctic Trade Corridor to better serve the Canadian national interest.' Expanded Freight Operations Now in Effect A second weekly wayfreight train is now operating along the Hudson Bay Railway, following successful efforts to train and hire new conductors for the Northern workforce. This expansion has also been made possible by years of investment in railway rehabilitation and new technologies that keep the railway strong and safe. The Hudson Bay Railway is now in its best condition in more than 30 years. 'This marks a new level of service and reliability along the line,' said Avery. 'We've reached this point by investing in the people and technologies needed to operate safely and reliably in Canada's North.' AGG's investments in hiring and training local conductors and railway staff have deepened the company's workforce capacity, while partnerships with Canadian firms such as TrackSense by DecisionWorks and Aposys have brought new technologies into the field. These include ground-penetrating radar, LiDAR, drone inspections, GPS-tracked maintenance, land-based sensors, and artificial intelligence for data monitoring. New Critical Mineral Storage at the Port of Churchill Construction is now complete on a new critical mineral storage facility at the Port of Churchill. Once operational, it will triple the port's storage capacity for critical minerals, meeting growing demand from the Canadian mining sector and positioning Churchill as a key hub for resource exports. This facility can also support the storage needs of other commodities, such as certain types of potash. 'Manitoba, Nunavut and Western Canada hold vast amounts of critical minerals,' said Avery. 'With more storage capabilities at the Port of Churchill we can better meet the needs of Canadian critical mineral producers looking for new, reliable trade routes.' Port Modernization and Wharf Refacing In the coming months, major modernization work will begin at the Port of Churchill. Work this year includes the refacing of the wharf, ensuring long-term safety and operability as shipping traffic grows. These upgrades will enhance the Port's ability to handle bulk cargo efficiently and safely, and sets the Port up to further diversify export and import commodities. First Arctic Supply Ship The first Arctic supply ship of the 2025 season arrived at the Port of Churchill over the weekend, loading construction equipment, essential goods, and building materials to be exported to the Kivalliq region of Nunavut. AGG has a long-standing relationship with Kivalliq communities, with partnerships in place for expanded growth. 'We're focused on building a resilient transportation corridor that people in the Canadian North can rely on, one that also serves the trade, transportation, and security needs of a changing Arctic,' said Avery. About Arctic Gateway Group The Arctic Gateway Group is a proudly Indigenous- and community-owned Manitoba company that owns and operates the Port of Churchill, Canada's only Arctic seaport serviced by rail, as well as the Hudson Bay Railway, operating from The Pas to Churchill. Together this northern infrastructure forms the nexus of Canada's Arctic Trade Corridor, providing a reliable and efficient route for Canadian resources to access world markets. Disclaimer: The above press release comes to you under an arrangement with GlobeNewswire. Business Upturn takes no editorial responsibility for the same. Ahmedabad Plane Crash
Business Post
12-07-2025
- Business
- Business Post
Climate-focused Green Grow 2026 open for applications
Tom Donnellan, Chief Executive of BnM, said the programme has consistently delivered since its inception in guiding and supporting businesses in the areas of green technology and renewal energy sectors. 'Accelerate Green is a cornerstone of our commitment to carbon reduction and green technology solutions in Ireland. We are proud to support innovators who are not only building successful businesses but are also making real contributions to the Irish economy'' he said. 'AGG 2026 is an invaluable opportunity for business founders looking to grow and scale in the green technology and renewable energy sectors and I encourage them to apply. I look forward to meeting the newest cohort of 'Grow' participants and to learning more about their unique innovations.' The programme, which begins in January 2026, offers another cohort of scaling green technology innovators the opportunity to accelerate their climate impact. Applicants have until Friday 7th November to apply for the programme, which designed specifically for established SMEs and STEM entrepreneurs who are either scaling or pivoting their businesses to align with the climate change economy. Areas of innovation include renewable energy, AI, sustainability software, circular economy, biodiversity, healthcare, food tech, and other green technology sectors. Delivered in partnership with Resolve Partners, the programme combines eight intensive modules of strategic business workshops, mentoring, and industry engagement. Participants will benefit from business strategy and scale-up mentorship, support in investor readiness and articulating their climate impact, connections with policymakers, funders, and enterprise agencies, opportunities to pilot solutions within BnM, and a platform to present their innovations at the programme's capstone conference, attended by over 300 stakeholders. We are proud to support innovators who are not only building successful businesses but are also making real contributions to the Irish economy BnM also provides unparalleled support throughout the programme, including access to senior leadership expertise, facilities in Boora, Co. Offaly, and the opportunity for direct collaboration on innovation projects. Each participating company is also introduced to a wide ecosystem of industry experts, research networks, and potential investors —positioning them for rapid growth and global scalability. The seventh iteration of the AGG programme concluded last month, and featured nine pioneering businesses from across the island of Ireland. These companies brought forward cutting-edge green technologies spanning renewable energy, energy efficiency, ecology, biodiversity, and the circular economy. This year's standout achievements include a recertification status for Dundalk-based company, Easydry, which now holds a B Corporation trademark, signifying high standards of social and environmental performance. Operating in 25 countries, Easydry supports organisations in reducing water consumption, cutting waste, and streamlining operations through single-use, fully compostable products. Armagh-based Plaswire also made significant strides with its RX Polymer – a transparent, scalable solution for managing waste polymers from production and interior sources. This material is transformed into sustainable construction products, enabling a fully circular process that replaces high-carbon materials such as precast concrete, scarce timber, and virgin plastics. Founder Andrew Billingsley has showcased RX Polymer on the global stage, including at the 55th Paris Airshow and the European Wind Blade Recycling Summit in Berlin. The AGG programme continues to catalyse growth and collaboration beyond each cohort. Some of the key alumni developments include a collaboration between Cork company, Hibra Design (AGG 2023) and BnM's Land and Habitats team has led to the Boglands Electric Tractor Re-engineering (BETR) programme, a pilot initiative to electrify the BnM tractor fleet launching this month. Another significant development is the joint venture between Monaghan company Acel Energy and Galway's Conneely Builders, both AGG alumni. This venture has secured a contract to deliver a 1.2MW solar farm at Shannon Airport, expected to meet up to 20% of the airport's electricity needs. Online business, KnowCarbon, from the 2022 cohort, now operates in 20 countries with its Digital Carbon Twin technology. Using AI, the company enables granular carbon footprint analysis of products, allowing organisations to make data-informed decisions that drive down lifecycle emissions. Participants of AGG over the previous three years said the programme had helped steer their organisations towards green technology and climate-focused initiatives. 'Taking part in BnM Accelerate Green Grow with Resolve Partners has been invaluable for our business,' said Fiona Nulty, co-founder of Biosense, and participant in the Accelerate Green 2025 cohort. 'The expert guidance, mentoring, and peer network helped us to sharpen our strategy, build confidence in our direction, and grow our ambition. It is a well-structured, programme that gives real time and support to companies working on complex environmental challenges.' BnM is supporting Ireland's journey to net zero by providing secure, renewable energy solutions to businesses nationwide. The company is leveraging its landbank, collaborating with strategic partners, and engaging with local communities to develop a 5GW pipeline of renewable energy projects. This includes onshore and offshore wind, solar, biomass, and battery energy storage systems (BESS), all aimed at enabling industrial growth while contributing to a more sustainable future. BnM has been serving communities across Ireland for over 90 years, and today we continue to support business and local communities not only by safeguarding renewable energy supply, but also through our dedicated programme of community initiatives ranging from community benefit funds and our business accelerator Accelerate Green, to our Pathways to the Future educational supports.
Yahoo
23-06-2025
- Business
- Yahoo
What's Going on With Muni Bonds?
Nearing the mid-point of the year, it's been a relatively good period for most investment grade bonds. Not so much for municipal bonds. The iShares Core US Aggregate Bond ETF (AGG) gained 2.85% while the iShares National Muni Bond ETF (MUB) lost 1.29% through June 17. That's a differential of 4.14 percentage points. Both numbers include dividends paid. But the biggest difference between the two funds is that the municipal bond fund is federally tax-exempt as the bonds are issued by states and municipalities, while the US Core Aggregate bond fund is taxable (though part is state tax-exempt for most states). Yet they are quite similar in other ways. Both are high quality, moderate duration, and low-cost bond funds with Morningstar showing the following as of June 11, 2025: AGG has an average credit rating of AA-, while MUB is rated at AA. AGG's effective duration is 5.81, while MUB's is 6.76. AGG's annual expense ratio is 0.03%, while MUB's is 0.05%. Though AGG has a slightly lower credit rating, investors often run to US government bonds in uncertain times, and the majority of AGG are US government or government agency bonds. If that's the differentiator, one would have also expected corporate investment grade bonds to have done poorly. But the iShares Broad USD Investment Grade Corporate Bond ETF (USIG) actually gained 2.95%. Even junk (below BBB) has done well. So it would appear the market is punishing only the muni market, which comprises about 9% of the $47 trillion dollar US bond market, according to the SIFMA. So, what's going on? READ ALSO: What the GENIUS Act Means for Stablecoins and Advisors and Why UBS Is the Only Wirehouse to Allow Podcasting First, let's check in on liquidity. The self-regulatory body Municipal Securities Rule Making Board (MSRB) reports that 'purchasers of municipal securities tend to be 'buy-and-hold' investors and the vast majority of fixed-rate municipal bonds and notes are not traded on a regular basis after the trading that occurs when they are new issues.' Thus, unlike with Treasurys and investment grade corporate, bid-ask spreads for munis tend to be large. They can easily be more than 100 basis points and, in an extreme example many years ago, one client paid a 10.25% spread (or 1,025 basis points). Year to date, MUB has seen a net outflow of $1.22 billion or a bit over 3% of its assets. Whenever funds have to sell the underlying bonds to meet redemptions, bid-ask spreads are being paid. Sales in a relatively illiquid market cause prices to decline. Oh, Those Tax Laws? Going into the year, there was more uncertainty as to whether the TCJA tax cuts of 2017 would be made permanent. Higher tax rates would have made munis more valuable. Markets are now probably pricing in the high likelihood of these tax-cuts at least being extended. But perhaps markets are also pricing in the rising federal budget deficit and mushrooming US debt. Eventually, it is likely to catch up to us, and one way of addressing it could be to eliminate the tax-exempt status of municipal bond interest. Lastly, there may be upcoming reductions in federal funding. The federal government funds a substantial portion of state and local governments. According to the Tax Policy Center, 27% of state and local revenue in 2021 came directly from the federal government. There is a possibility the current administration will cut this funding, and the ever-increasing US debt may eventually make cutting mandatory. Thus, state and local governments could be stressed, spurring an increase in muni defaults. Many clients who come to me don't need munis. They may be in a very high tax bracket but often have stocks in their tax-deferred accounts and munis in their taxable accounts. The simple solution is to sell the munis in the taxable account to buy stock index funds and then sell the stock funds in the tax-deferred accounts to buy higher-yielding, high credit quality, taxable bonds in the tax-deferred accounts. That increases returns while decreasing risk. For clients who do need munis, I limit them to 20% of their total fixed income. That's roughly twice the overall US market percentage of munis to investment-grade fixed income. Munis are riskier than Treasuries. Even with some very aggressive assumptions and some pretty spectacular stock gains over the last decade, states and municipalities have an estimated $1.37 trillion of unfunded pension and healthcare liabilities. If stocks falter for long periods of time, the pension assets will fall and this shortfall between assets and liabilities could surge as baby boomers retire and pension payments continue. Finally, on average, 89% of muni bonds issued are callable. That means, if interest rates rise, the bonds are unlikely to be called and the duration of the bond earning a below-market interest rate will increase dramatically. Optical Illusion. I typically recommend against owning the bonds themselves because of lack of liquidity (expensive to sell) and because it's hard to get enough diversification. Also, nearly every client coming to me owning individual municipal bonds has been a victim of what I call 'the muni bond illusion.' Munis are typically issued at a premium and mature, or are called at par. The MSRB allows that return of principal to be called 'income.' The SEC yield isn't perfect, but doesn't use this illusion. While owning a bond fund doesn't eliminate the big bid-ask spreads, typically the spreads are smaller with large amounts than selling, say, $10,000 of an individual bond. Finally, buying a bond and holding to maturity in no way eliminates interest rate risk. What Now? Munis have had a pretty bad start to the year relative to most investment grade bonds. This means yields are now higher. Those in higher tax brackets with no additional room in tax-deferred accounts for more bonds should consider investing in a high-quality, low-cost This post first appeared on The Daily Upside. To receive financial advisor news, market insights, and practice management essentials, subscribe to our free Advisor Upside newsletter. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
