Trans Mountain pipeline costs are adding up for Canadian government

first_img FacebookTwitterLinkedInEmailPrint分享National Observer:The Trans Mountain oil pipeline is costing a Canadian Crown corporation some staggering interest expenses that cast doubt on strong revenues from the infrastructure touted in the federal government’s recent economic update.The interest expenses were $20 million over a single month in September, right after Prime Minister Justin Trudeau’s government purchased the pipeline and related assets from Texas energy company Kinder Morgan for $4.5 billion. As part of the purchase, the government also had to set aside an additional $500 million as a security deposit in case of environmental damage, and this appears to be part of the interest expenses.If the interest expenses continue to pile up at that rate over the year, they will come to represent a larger sum than the amount of money that the government has said the pipeline is on track to raise this year primarily from toll charges.Oil pipelines earn revenues by charging tolls to companies that are shipping fuels on the infrastructure. The Trudeau government has said that the proposed Trans Mountain expansion project, if completed, would generate more revenues and could be sold back to the private sector, along with existing assets, as a profitable venture.In a new quarterly report, the Canada Development Investment Corporation (CDEV), the Crown corporation that now owns and operates the pipeline through a network of subsidiaries, said it incurred $21.27 million in interest expenses related to Trans Mountain during the third quarter ending Sept. 30.The pipeline from the oil patch to the west coast and its related expansion project was acquired by Ottawa in a deal that cleared Aug. 31. These two dates represent approximately a month’s worth of expenses, or $255.24 million over the year. That is well above the “over $200 million” that Finance Minister Bill Morneau’s fall fiscal update said the pipeline was on track to make in “earnings before interest, taxes, depreciation and amortization,” or EBITDA, a type of metric used in finance to show a performance snapshot. EBITDA doesn’t include things like capital investment costs or expenses linked to debt.Tom Sanzillo, director of finance at the Institute for Energy Economics and Financial Analysis, co-authored a report in June with Kathy Hipple, a financial analyst at the institute and corporate finance lecturer at Bard College, stating that the Canadian government was facing at least $11.6 billion in costs to complete the pipeline. “This transaction and the cost of further planning and construction could add a $6.5 billion unplanned expenditure to Canada’s budget during FY 2019,” the report states, boosting Canada’s projected deficit by 36 per cent.Sanzillo told National Observer that while it is not uncommon for a government economic development transaction to keep revenues, capital costs and operational expenses separate, the interest expenses and fiscal update numbers represent an incomplete picture. “For a project of this size and importance,” said Sanzillo, “the executive has a responsibility to also produce an all-in-one, true and accurate inclusive project accounting that answers the question: ‘How much is this costing the Canadian taxpayer?’ These financial disclosures are partial, and absent a full accounting, are irrelevant. Because it is only a partial explanation, it says nothing about the financial viability of the project.”More: The Trudeau government’s Trans Mountain purchase has triggered staggering interest expenses Trans Mountain pipeline costs are adding up for Canadian governmentlast_img read more

Business is booming along Main Street for one Endicott hair salon

first_img“Getting the place ready, a lot of our shipping was delayed; some of the things we never got, some things got shipped to the wrong place, stuff like that happened, so a lot of the renovations couldn’t happen the way we wanted to,” Crockett told 12 News Friday. ENDICOTT (WBNG) — One local business has expanded its operations despite the ongoing pandemic. When a property became available on East Main Street earlier this year, they viewed it as a good business opportunity. However, the pandemic hit soon after, delaying their dreams of opening the new salon. The owners of Jade and Rose Salon in Endicott first opened up shop along North Street. Crockett said they used the downtime when they were closed to renovate the space since it had been vacant for years. However, even that process involved its own challenges. Staff said they had to make adjustments to their plans in order to be able to open. “Originally we were all going to be in the front room to start with so now we’ve all spread out throughout the house and we’re all working in different room so we’re even more than six feet apart and we don’t have to work our schedules around each other,” said co-owner Coreen Crockett.last_img read more

These insane dream homes will go under the hammer this Saturday

first_imgThe incredible home at 31 Brisbane St, Bulimba will go to auction at 10am on Saturday.The incredible renovated property at 31 Brisbane St, Bulimba will also go to auction. The shop and home at 2 Stephens St, Annerley, will also go to auction on Saturday.For more than three decades, the shop on the corner at 2 Stephens St, Annerley was the tuckshop for Junction Park State School, and the property has been in the same family for 60 years. The kitchen is galley-style, with a butlers’ pantry to the left.The renovated Queenslander has exposed brick walls, stained glass windows and decorative fretwork.There is no need to head to Wet’n’Wild to catch a dive-in movie, with a remote controlled projector screen able to wind down at the end of the pool. The property was inspired by a Sunshine Coast resort.The renovated resort-style home in on a double block of 1752sq m, and has a full-size tennis court, inground pool and spa, 12m pontoon with jetty and separate cabana-style studio. The kitchen is like a time capsule.Place Paddington agent Jesse Sherring said buyers from “across the spectrum” were interested in the property, looking to use the corner shop front for anything from a juice bar and cafe, to a place to make jam and chutneys and a home design store.Mr Sherring said the house had been renovated in the 1960s and was “a bit of a time capsule”.It will go to auction at noon, on Saturday November 3. The living and kitchen are open plan.The floors inside are a French oak basket weave, and outdoors on the veranda and around the top of the inground magna pool is a French-style feature tile.It will go under the hammer at 11am, Saturday November 3. The house at 62 Keona Rd, McDowall, will go to auction on Saturday.DREAM homes galore will be going under the hammer this weekend.The split-level house at 62 Keona Rd, McDowall, already has seven registered bidders, according to Ray White Ascot’s Alexander Shean. Exposed brick is one of the home’s character features.More from newsParks and wildlife the new lust-haves post coronavirus16 hours agoNoosa’s best beachfront penthouse is about to hit the market16 hours agoWhen the screen is not in use, it retracts and reveals a fireplace in the stone feature wall.The house has five bedrooms, four bathrooms and parking for three cars.It will go to auction at 10am, Saturday November 3. Inside 27 Sutton St, Chelmer.If you are concerned the above properties may burn a hole in your pocket, perhaps this renovator is for you — and remember — two of the above incredible houses began as humble cottages too. The house has an open fire.Video Player is loading.Play VideoPlayNext playlist itemMuteCurrent Time 0:00/Duration 1:44Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -1:44 Playback Rate1xChaptersChaptersDescriptionsdescriptions off, selectedCaptionscaptions settings, opens captions settings dialogcaptions off, selectedQuality Levels720p720pHD540p540p288p288p180p180pAutoA, selectedAudio Tracken (Main), selectedFullscreenThis is a modal window.Beginning of dialog window. Escape will cancel and close the window.TextColorWhiteBlackRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentBackgroundColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentTransparentWindowColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyTransparentSemi-TransparentOpaqueFont Size50%75%100%125%150%175%200%300%400%Text Edge StyleNoneRaisedDepressedUniformDropshadowFont FamilyProportional Sans-SerifMonospace Sans-SerifProportional SerifMonospace SerifCasualScriptSmall CapsReset restore all settings to the default valuesDoneClose Modal DialogEnd of dialog window.This is a modal window. This modal can be closed by pressing the Escape key or activating the close button.Close Modal DialogThis is a modal window. This modal can be closed by pressing the Escape key or activating the close button.PlayMuteCurrent Time 0:00/Duration 0:00Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -0:00 Playback Rate1xFullscreenHow to bid at auction for your dream home? 01:45 The property at 62 Keona Rd, McDowall, has a large outdoor area.The agent said they had more than 80 visitors at inspections of the property, which has 557sq m of under roof living and “ticks all the boxes” for buyers. Bi-fold doors allow for a seamless transition from indoors to outdoors.A few of the property’s luxury features include 13m inground pool with spa jets, ducted zoned airconditioning, in-built speakers, ducted vacuum, gatehouse with intercom, and 20,000L of water tanks which are plumbed to toilets, laundry and outdoor hoses.The house will go to auction at 10am, Saturday November 3. A riverfront property at Chelmer will also go to auction at 10am.The luxury riverfront property at 27 Sutton St, Chelmer, will go to auction at 10am, Saturday November 3. The pool has French-style tiles around the top. The floors are French Oak basket weave.It has five bedrooms, and four bathrooms, each with Astrawalker Eco brass tapware.The main bedroom has vaulted ceilings, a walk-through wardrobe and an ensuite. The kids can splash from the pool while you watch from the alfresco dining area.Mr Shean said he expected more to register for the auction of the six bedroom, three bathroom property, which is on a large 1058sq m block.“Keona Rd is known as a premier location in McDowall,” Mr Shean said.“It’s a fairly unique property for the location, with not many in that price bracket in the area.” This two-level Hampton’s honey will go under the hammer at 11am on Saturday.Just like 31 Brisbane St, 45 Hayward St at Paddington started out as a cottage too.Now it has found a new life as a two-level Hampton’s inspired honey.last_img read more

Andy McGrath’s ‘Tom Simpson: Bird on the Wire’ wins 2017 William Hill Sports Book of the Year

first_imgShare StumbleUpon William Hill accelerates transformation agenda to overcome COVID realities August 5, 2020 Submit Gamesys tops list for GambleAware Q1 donations July 10, 2020 Share Related Articles SBC Magazine Issue 10: Kaizen Gaming rebrand and focus for William Hill CEO August 25, 2020 Graham SharpeThe biography of British cyclist ‘Tom Simpson: Bird on the Wire’ by Andy McGrath has won the 2017 ‘William Hill Sports Book of the Year’, the most prestigious prize in English sports literature.The 29th winner of William Hill’s Sports Book of the Year, Bird on the Wire becomes the fourth cycling book to win the literature contest.The judging panel detailed that Andy McGrath’s biography had captured the complex being of champion cyclist Tom Simpson, the first Briton to wear the Tour de France Maillot Jaune.Furthermore, covering Simpson career highs and lows, judges detailed that McGrath had managed to bring new insight into cyclist’s relationship with family, friends and fellow riders.Cycling writer McGrath, the editor of Rouleur Magazine beat a Sports Book of the Year shortlist of; David Bolchover (The Greatest Comeback: From Genocide to Football Glory); Jonathan Eig (Ali: A Life); Ian Herbert (Quiet Genius: Bob Paisley, British Football’s Greatest Manager); Jenny Landreth (Swell: A Waterbiography); Declan Murphy and Ami Rao (Centaur), and Neville Gabie, Alan Ward and Jason Wood (Breaking Ground: Art, Archaeology and Mythology).Graham Sharpe, William Hill’s Chairman of the judging panel, commented on McGrath’s victory:“Rarely does a book meet its aim so perfectly. Innovative design, scrupulous research and stunning photography complement each other superbly to produce Andy McGrath’s outstanding and startlingly intimate portrait of a British sporting icon. Like another former Bookie Prize winner, Lance Armstrong, Tom Simpson was hugely talented and single-minded, but flawed. Tom Simpson’s tragic morality tale inspires awe and respect, yet also unease amongst those who have seen domestic cycling reach international heights he could only have guessed at.”The McGrath win sees the author receive a £29,000 cheque, a free £2,500 William Hill bet, and a day at the races courtesy of William Hill. Previous winners of the prestigious award include Nick Hornby, Lance Armstrong with Sally Jenkins, and Anna Krien.last_img read more