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2018-04-04 09:10:00

CANADA'S DIVESTMENT

CANADA'S DIVESTMENT

ENERGYNOW - The head of one of Canada's largest banks is urging the federal government to stem the flow of investment capital from this country to the United States — because, he warns, it's already leaving in "real time."

RBC president and CEO Dave McKay discussed some of his biggest concerns about Canadian competitiveness, particularly those related to recent U.S. tax reforms, during a recent interview.

Ottawa has come under pressure from corporate Canada to respond to a U.S. tax overhaul that's expected to lure business investments south of the border.

McKay told The Canadian Press that a "significant" investment exodus to the U.S. is already underway, especially in the energy and clean-technology sectors.

The flight of capital, McKay added, will likely be followed by a loss of talent, which means the next generation of engineers, problem solvers and intellectual property could be created not north of the border, but south of it instead.

"We would certainly encourage the federal government to look at these issues because, in real time, we're seeing capital flow out of the country," McKay said.

"We see our government going around the world saying what a great place Canada is to invest — yes, it is a great country, it's an inclusive country, it's a diverse country, it's got great people assets.

"But if we don't keep the capital here, we can't keep the people here — and these changes are important to bring human capital and financial capital together in one place."

Since the election of U.S. President Donald Trump, Canada's investment landscape has been dealing with deep uncertainty related the ongoing renegotiation of the North American Free Trade Agreement.

But many point to Trump's recent U.S. tax measures as potentially more dangerous, fearing that dramatic corporate tax cuts in the U.S. will eliminate Canada's advantage.

Canada's competitiveness challenges go beyond the high-level, tax-rate changes in the U.S. bill, McKay said.

For instance, he pointed to another important element he said is encouraging capital to flow out of Canada — a change that enables U.S. companies to immediately write off the full cost of new machinery and equipment.

"The acceleration of that in the U.S. completely changes the investment returns that you see on major investments," said McKay. "I think that alone may shrink competitiveness."

Tax expert Jack Mintz said the U.S. change allows firms in all sectors to expense the full cost of new equipment. In comparison, he said, Canada has a two-year write-off for equipment for just the manufacturing and the processing sectors.

Mintz, a University of Calgary professor, said he believes the expensing of capital investments is encouraging a lot of companies to shift their investments to the U.S.

Although the business community pressed federal Finance Minister Bill Morneau to take specific steps in his February budget to address the competitiveness concerns, their efforts went unrewarded. Indeed, Morneau has had to defend the budget against complaints it didn't do enough to protect Canada from the U.S. tax changes.

A spokesman for Morneau did the same, arguing that Canada's corporate tax rates remain competitive and that the country has led the G7 in growth.

"There will be no knee-jerk reactions from this minister, and we are doing our homework," Daniel Lauzon wrote in an email. "This includes listening to, and hearing from, the business community on how the competitive environment is evolving."

John Manley, president of the Business Council of Canada, said the issue of competitiveness was "absent" from the federal budget.

"We're always in this difficult competition to attract investment and to retain investment — and it's not to be taken lightly because investment can move quickly," Manley said.

Regardless of the cause, some experts are seeing signs in the economic data that suggest capital is already flying south.

BMO chief economist Douglas Porter said it's too early to draw conclusions, but the fact the Canadian equity market and currency have both been on the weak side this year supports the possibility that capital is leaving the country.

The Canadian dollar is one of the few currencies in the world to weaken against the U.S. dollar this year, and for no immediately apparent reason, Porter said.

None of the provincial budgets released so far took steps to improve Canada's competitiveness, such as tax relief, he added.

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Earlier:

 CANADA'S OIL PRICE: $50 - $53
2017, October, 18, 18:35:00

CANADA'S OIL PRICE: $50 - $53

According to the U.S. Energy Information Administration, Canada's largest energy customer has boosted domestic oil production from less than four million barrels per day in 2008 to 9.2 million bpd now, while gas output has risen from 67 million cubic feet per day to 89 million cf/d.

 

 CANADA NEED $60
2017, September, 29, 12:10:00

CANADA NEED $60

“Fifty-dollar WTI is not high enough to support a material uptick in oilsands investments,” said Randy Ollenberger, managing director of oil and gas equity research for BMO Capital Markets. “Sustained US$60-plus oil prices are required to support most projects.”

 

 CANADIAN DRILLING UP
2017, August, 3, 12:10:00

CANADIAN DRILLING UP

The Petroleum Services Association of Canada (PSAC) has updated its 2017 Canadian Drilling Activity Forecast to reflect an increase in its projected total number of wells to be drilled during the year to 7,200 from 6,680.

 

 CANADA'S ECONOMY UP 4%
2017, July, 19, 14:40:00

CANADA'S ECONOMY UP 4%

IMF: Canada’s economy expanded at an annual pace of nearly 4 percent in the first quarter of 2017—the fastest growth rate among the Group of 7 countries. With the economy’s adjustment to lower oil prices almost complete, growth is expected to accelerate to 2.5 percent this year, up from 1.5 percent in 2016.

 

 CANADIAN WELLS UP TO 6,680
2017, May, 1, 12:05:00

CANADIAN WELLS UP TO 6,680

The Petroleum Services Association of Canada (PSAC), in its second update to the 2017 Canadian Drilling Activity Forecast, announced its revision of the forecasted number of wells drilled (rig released) across Canada for 2017 to 6,680 wells. This represents an increase of 2,505 wells and a 60 per cent increase from PSAC’s original 2017 Drilling Activity Forecast released in early November 2016 of 4,175 wells rig released. PSAC based its updated 2017 forecast on average natural gas prices of $3.00 CDN/mcf (AECO), crude oil prices of US$52.50/barrel (WTI) and the Canada-US exchange rate averaging $0.74.

 

 CANADA'S OIL WILL UP
2016, June, 28, 18:05:00

CANADA'S OIL WILL UP

Canada's oil sands production will grow by 42 percent to 3.4 million barrels per day by 2025, most of which will come from the expansion of existing facilities rather than new projects

 

 CANADA'S HOPE PRICE: $2 BLN
2016, June, 20, 18:00:00

CANADA'S HOPE PRICE: $2 BLN

Since January, nearly $2 billion has been raised by Canadian non-oilsands producers on equity markets, but most of it has been geared to paying down debt or funding acquisitions, not for drilling new wells

Tags: USA, CANADA, INVESTMENT

Chronicle:

CANADA'S DIVESTMENT
2018, September, 19, 13:43:00

ЦЕНА URALS: $74,45568

МИНФИН РОССИИ - Средняя цена на нефть Urals за период мониторинга с 15 августа по 14 сентября 2018 года составила $74,45568 за баррель, или $543,5 за тонну. Согласно расчетам Минфина России экспортная пошлина на нефть в РФ с 1 октября 2018 года повысится на $7,5 и составит $137,5 за тонну.

CANADA'S DIVESTMENT
2018, September, 19, 13:39:00

SAUDIS OIL PRODUCTION: 10.42 MBD

PLATTS - Saudi production has since risen to 10.42 million b/d in August, the country reported to OPEC in the organization's most recent monthly oil market report. Saudi Arabia's crude oil stocks, which have been declining steadily over the last three years, fell to 229.41 million barrels in July, down 11.4% since May 2017, the JODI data showed.

CANADA'S DIVESTMENT
2018, September, 19, 13:35:00

U.S. PRODUCTION: OIL + 79 TBD, GAS + 961 MCFD

U.S. EIA - Crude oil production from the major US onshore regions is forecast to increase 79,000 b/d month-over-month in October from 7,515 to 7,594 thousand barrels/day , gas production to increase 961 million cubic feet/day from 72,127 to 73,088 million cubic feet/day .

CANADA'S DIVESTMENT
2018, September, 19, 13:30:00

U.S. - CHINA SANCTIONS: $60 BLN

REUTERS - Beijing on Tuesday said it would tax U.S. products worth $60 billion effective Sept. 24 in retaliation for tariffs imposed by U.S. President Donald Trump in an escalating trade war.

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