H/T to LC Bennett.
Last week - Take that, Alberta: Christy Clark says B.C. will be Canada's number one economy
British Columbia Premier Christy Clark took aim at Alberta Tuesday in an election-style speech where she boasted her province doesn't need oil to be the country's top economic generator...Clark said her government's year-old jobs plan, which focuses on increasing trade with China and Asia
This week - B.C. energy minister mystified after Ottawa nixes key takeover for province’s natural gas strategy
"A last-minute decision by the Harper government to reject a takeover of Canadian gas producer Progress Energy by Malaysian state-owned energy giant Petronas pulled the rug out from under B.C. Energy Minister Rich Coleman, who viewed the $5.9-billion deal as one of the catalysts for B.C.’s multi-billion-dollar liquefied natural gas strategy."
The Cons are being very astute here. If they let foreign multi-nationals take over our natural resource industry they will lose the next election. The issue will trump everything else. It's that simple.
Sorry, clarification: foreign *state owned* multi-nationals.
Increasing trade with China?
I'm afraid all that really means is we continue to ship raw resources, less the production jobs, and then turn around and import workers to take other Canadian jobs.
Surely most here are aware of the potential 200 Canadian coal mining jobs not being filled here but going to cheap imported Chinese labor.
Christy Clark, to me, is the poster-child of what a shitty, no good politician looks like. She would sell us all down the river to try and save her horrid political career in a second.
And what's the alternative? The freakin NDP!!! Only because our fledgling conservative coallition has so far proven unmanageable, ununited and is in no way ready to govern.
We are simply doomed.
It's also possible that there's some "punishment" going on here — if Christy Clark won't let Alberta oilsands crude through B.C. without a piece of the action, the Feds are willing to show her just how vulnerable her energy plans can be.
Sauce for the goose, etc.
Both links appear to be the same.
Sure, it's possible that Harper -chess master, trade deal orientated, energy superpower seeker and (according to the media) shrewd SOB- wasn't involved in a midnight message to Ms.Clark. Possible, but unlikely.
Nice NatGas plan you got there...shame should anything happen to it.
Clearly petty punishment for some stupid remarks from Clark is totally worth sacrificing Canadian property/contract rights.
Increasing trade with China?
I'm afraid all that really means is we continue to ship raw resources, less the production jobs, and then turn around and import workers to take other Canadian jobs.
Economic illiteracy: not just for the left!
Garth, that was my immediate thought too.
It's just a guess but the point of the "petty" threat is to make CC understand that Alberta's fossil fuel trade with Asia is as important as BC's. If CC wants to continue to be obnoxious and let politics get in the way of Canadian trade and prosperity then two can play that game.
Update: First link corrected!
@ LC Bennett
Had Christy Clark's decision been the other way, should this Petronas deal have been allowed? I would like to hear both the pros and cons, sil vous plait.
At its heart, I suspect that this isn't about economics at all, but rather, instructing an obstreperous Premier that her personal re-election plans are not to get in the way of another province's economic development.
In other words, the Canadian constitution requires provinces (at minimum) to play nice with each other in the sandbox and not impede each other's trade opportunities. In the modern world, matters of public policy trump everything.
Indeed, CC not to be trusted. She would sell Hamish to further herself. Everyone is to be sacrificed for CC. Karma is a real beach.
PMSH is sending a message to Comrade Dix as well. Don't screw with the feds, its a two way street. Schadenfraude!
Crusty Clarke shoots herself in the knee again.
"Begger thy neighbour" okay for Quebec, but a no no for any other Province.
I agree with the Petronas decision, but a failure to expand this newly apparent wisdom with Quebec will remain a seriously failed policy; as it always has been. Cheers;
How much is Christy Clark offering to pay Alberta for the risk Alberta bears in transporting natural gas and crude oil from northern BC to the US? I live close to that big Bejesus gas line that runs from BC to Chicago.
methinks none of that BC gas should head east through Alberta.
maybe Christie could comment on that oil line that goes through BC and ends just south of Vancouver where they load up tankers now
She is an ex talk show host people, dull as a spent 2 watt bulb, look at the talk show hosts here in Alberta all fawning over twittering Danielle while dumping on the governing party, like that is a good policy for attracting guests to your shows. We need leaders not clowns like Christie, suck it up BC, you all believed in your patron saint David and now you want oil revenue without work and ground disturbance, fools.
"Had Christy Clark's decision been the other way, should this Petronas deal have been allowed? I would like to hear both the pros and cons, sil vous plait."
I know from experience that this not the best site to be a free trade libertarian. But, considering I rarely give a damn about such things...Yes, I think both the Petronas and Nexus deal should be allowed. I have not heard a convincing argument to the contrary.
I've been informed that the Tories have received hundreds of letters/emails assailing the Nexen deal because it gives a foreign government a stake in our natural resources, while denying Canadian firms similar opportunities in their country.
You're a farmer. You have 1,000 acres growing wheat and vegetables. Your neighbour wants to buy a share of your farm, so that he can eventually buy the wheat and vegetables at a lower price. Your neighbour owns a grain mill. You want to buy a share of his grain mill, so you can make your own flour cheaper. The neighbour says "No sorry, but I'd still like to buy a chunk of your farm". Why on earth would you do that? You're sacrificing future profits for what - a little cash now, with no guarantee that your 'friendly' neighbour won't raise prices on you in the future? It's idiotic.
Foreign owned private companies I don't have a problem with, but governments as we've always seen and always will make decisions that are not intelligent, and since they're not subject to the discipline of the markets, don't have to reconsider them.
What if those Chinese masters of quality control - you know, the people who would never allow poison into baby formula, or build an aircraft carrier that sank as soon as it was launched, or who weekly suffer train derailments, mine disasters, bridge collapses, etc. - bring their standards into Canada? What if, because the Chinese skimp on maintenance so they can pad their own pockets (it's not like there's any corruption in China, no sir!), there is a huge oil spill in AB or BC? Think the Chinese gov't will step up to the plate after the CNOOC/Nexen venture goes bankrupt to compensate the victims and remediate the land? Hahahahahahahahaha
Hell yes, let's work towards enriching our enemies, taking cheap trinkets in exchange
WTF are you talking about? Do you ever offer anything more than insipid xenophobia?
I have not heard a convincing argument to the contrary.
Uh oh LC you better get ready for cries of YELLOW PERIL and MOOSLIMS.
Foreign owned private companies I don't have a problem with ...
What if we sold Research in Motion (RIM) or the Potash Corporation of Saskatchewan (POT) to a foreign owned private company, which down the road sold it to the Communist Government of China?
Kevin
Chinese owned operations in Canada will have to follow the same regulations and rules as any other company. Fines can be assessed and operating permits can revoked for failure to comply. Fines and asset seizures can also be used in the case of catastrophic events.
Remember China needs us as much as we need them. Trade and strengthened economic ties can be used to smooth out other political problems. If, if China actually abuses its privilege then use the power of government to intervene.
If true, fiddle, then this you have identified a procedural problem and ,likely, one that can be fixed using existing rules. BTW, non-Chinese companies also sometimes try to bend the rules. I've even heard rumors that some Canadian provinces and politicians at all levels have been known to occasionally break a few rules and laws. Business, politics and ethics have a volatile, twisted relationship. Erecting trade barriers will not fix this reality.
Why on earth would you do that? You're sacrificing future profits for what - a little cash now, with no guarantee that your 'friendly' neighbour won't raise prices on you in the future? It's idiotic.
Not necessarily. Depends on specific personal circumstances. In any event, it is my right. Unless the SOE is some kind of threat to national security (they aren't), then it is my right to buy and sell from them. These companies are actually pretty market-oriented.
PS Was BHP Billiton an SOE? Nope.
"Sauce for the goose...etc."
Pund sand Christie! Sweet.
Fact is Canada is sending a message that this is a bad country in which to invest capital. Macdonald-Detweiler, Wind Mobile, potash, Progress and Nexen. Oh and let's not forget Astral and Rona either. All rejected. Meaning that despite the attraction of Canada's economy and financial stability we have protectionist governments that refuse to allow foreign capital ownership.
That's seven. Seven takeovers in which the shareholders have been robbed by government intervention. They put THEIR money on the line to invest in a company, not you. If government wants to block takeovers and the rest of you support them in this, then you can damn well match the takeover bid.
So what I see here is a lot of so-called right wingers behaving like communist state capitalists.
Garth Wood
You get the cigar.
Its amazing the attitude changes people have when they figure they have no god like powers. That can allow them to do anything they please.
I believe Harper wants what she does but not at the expense of his own National energy plan. Which Clark is trying to render inoperative for her own political needs.
Next year BC is going to elect the NDP back into power with a massive majority.
After that happens the economy is going to collapse. Industry will grind to a halt while unions and eco-fetishists will protect every tree and rock from the coast to the Alberta border.
New development will not take place and old development will fold. Unemployment will rise and the people will demand the government "do something" about the situation.
Endless make work projects and "green" jobs will be created by the government and they'll cost a fortune and end up disappearing when the subsidies stop.
House prices that are teetering on the edge of collapse will get the push they need as the NDP wipes out everyone's ability to pay for them. A domino effect will take place further hurting the economy.
Young people will be leaving for Alberta by the tens of thousands and taxes will have to be increased in order to allow the government to function as deficits explode.
It's going to be a horrific five years for BC, but the good news is that by 2015 people will once again remember why NDP socialism is terrible and they'll vote HArper another majority.
Its a stretch to think; that our left coast province will be the top economic generator in Canada....ever....////
Christy Clark is an annoying twat... pretending she has a mandate to do anything is getting very tedious... call an election Clark, you silly woman, you are an embarrassment. Bring on the media's next choice for Premier, Comrade Dix... just what BC needs, a commie, french language activist... "we're doomed"... indeed.
So much for that plan, Miss Clark.
LAS, why don't you work in a Chinese mine? I heard the pay was great.
Talking about this at work, two theories, 1 that the Feds will say no to the Nexan takeover and by doing this they can't say we are singling them out, 2 Nexan will go through as only 30% of the company is held in Canada. However with progress, Petronass gets access to LNG at the North american price, pays royalties on that price and then sells it at international prices, making a tidy sum. The chinese on the other hand will not get as big of a spread with Nexan.
Christy who?
@ LAS
What if the BHP takeover of POT went through and the company became too-big-to-fail?
When have we heard that excuse before?
Rizwan: there's no such thing as 'too big to fail' except in the political sense. Of course, now that it apparently is immune from takeover, PotashCorp will never get another offer. Even if it's bankrupt. So guess who's going to buy it in that event? It will be you and me. Brad Wall, beloved Conservative leader of Sask, will exhort the federal government to save this great national champion and it's people, and Harper, Nationalizer of Car Companies, will oblige. There's your too big to fail.