Bank Of Canada News

The world's biggest fertilizer producer Nutrien Ltd cut production on Tuesday, citing the impact of an 11-day-old strike in Canada's Pacific ports whose cost has now ballooned to an estimated C$5.5 billion ($4.2 billion).Some 7,500 dock workers represented by the International Longshore and Warehouse Union (ILWU) walked off on July 1 after failing to agree a new wage deal with the British Columbia Maritime Employers Association (BCMEA).The union says the BCMEA is refusing to give a fair pay increase despite making billions of dollars in profits in recent years.

Global supply chain problems look to set to worsen, a new report published on Tuesday said, as China's COVID-19 lockdowns, Russia's invasion of Ukraine, and other strains cause even longer delays at ports and drive up costs.The study by analysts at Royal Bank of Canada (RBC) found that one-fifth of the global container ship fleet was currently stuck in congestion at various major ports.In China, ships awaiting berth at the Port of Shanghai now tally 344, a 34% increase over the past month…

Supply constraints thwarting global economic growth could still get worse, keeping inflation elevated longer, even if the current spike in prices is still likely to remain temporary, the world’s top central bankers warned on Wednesday.The disruptions to the global economy during the pandemic have upset supply chains across continents, leaving the world short of a plethora of goods and services from car parts and microchips to container vessels that transport goods across the seas.“It’s ...

The Aoka Mizu floating production, storage and offloading (FPSO) vessel ordered by Hurricane Energy has left Dubai following a series of upgrades, the company said, another milestone for the group as it seeks to extract so-called fractured basement oil in Britain.Hurricane specializes in recovering oil from fractures in hard and brittle rock known as fractured basement reservoirs, which some see as a risky way to obtain crude.It expects first oil from its Greater Lancaster Area (GLA) project, west of Scotland's Shetland Islands, in the first half of 2019.

Canadian non-resource exports should post healthy gains this year, the country's trade financing agency said on Monday, a development the central bank is counting on to help revive an economy hobbled by weak global energy prices. Export Development Canada predicted the consumer goods, automotive and aerospace sectors would post double-digit growth in 2016 on the back of a robust U.S. economy. Industrial machinery exports should advance by 7 percent, it said. Overall exports are seen rising a modest 2 percent this year, held back by a 14-percent drop in the value of energy shipments. Canada is a major energy exporter and has been hit hard by slumping crude oil prices.

Canada's economy will start to show more positive effects from the drop in oil prices than negatives from the second quarter onwards, Bank of Canada Governor Stephen Poloz said on Friday. "Starting in the second quarter we think the positives will be more important than the negatives and certainly in the second half of the year the shock should be fully behind us," he said at an Export-Import Bank conference. Reporting by Krista Hughes

Maha Energy Inc. and Palliser Oil & Gas Corporation  are pleased to announce that they have entered into an amalgamation agreement pursuant to which Maha and Palliser will amalgamate to form a new corporation to be called "Maha Energy Inc.". Palliser has also closed a minor asset disposition with Maha and entered into two farmout arrangements with Maha. Pursuant to the Amalgamation, shareholders of Palliser will receive 0.1393 of a common share of New Maha for each common share of Palliser and shareholders of Maha will receive one New Maha Share for each common share of Maha. Based on the price of US$1.25 per Maha Share, being the price at which Maha recently raised US$10 million of gross proceeds in a private placement of Maha Shares…

The Ports America Companies successfully refinanced the debt facilities of both Ports America, Inc. (PAI) and MTC Holdings, Inc. (MTC) into a single, unified capital structure. The refinancing consisted of a new five-year, $475-million senior secured credit facility, including $170 million of revolving credit and letter of credit facilities, and a new seven-year, $375-million Holdco financing. The senior facility was provided by a group of new and existing lenders and led by Royal Bank of Canada. The Holdco facility was provided by CPPIB Credit Investments Inc., a wholly-owned subsidiary of Canada Pension Plan Investment Board (CPPIB), a global institutional investor with more than $190 billion of assets under management and a leading infrastructure and credit investor.

One of the largest privately held stevedore firms in the U.S. Gulf Coast region, announce the appointment of Kevin Bourbonnais as Chief Executive Officer. An experienced senior executive, Bourbonnais was most recently Chief Operating Officer of USA Compression Partners, a market-leading provider of contract compression services to the oil and gas industry. Prior to joining USA Compression Partners, he held various other senior management positions at Exterran, Universal Compression and the Royal Bank of Canada. “I look forward to having the opportunity to guide Gulf Stream through its next phase of growth and building upon the company’s culture of customer service, safety,” said Bourbonnais. About Gulf Stream Marine, Inc.

Ultrapetrol (Bahamas) Limited, an industrial transportation company serving marine transportation needs in three markets (river business, offshore supply business and ocean business), announced  the appointment of Ms. Cecilia Yad as the Company's Chief Financial Officer, succeeding Leonard J. Hoskinson. Mr. Hoskinson will remain with the Company as Vice President, International Finance. Ms. Yad is a Certified Public Accountant with more than 25 years of finance experience working with diverse multinational companies. Most recently, she was the CFO for Iberia-Latin America of ISS, a Danish-based services company. Prior to ISS, she held planning, accounting and finance executive positions with Clorox, a U.S. consumer goods company where she worked for 10 years.

Martin Midstream Partners L.P. petroleum products. Tesoro's lube oil inventories. lubricant distribution and marketing business. Bank of Canada from $60 million to $80 million. announced acquisition of a terminal and three vessels. for Tesoro's diesel fuel inventories. of MMLP's general partner. MMLP. services to Midstream Fuel Service. was provided through an expansion of MRMC's existing credit facility. acquisition since our initial public offering last year.