FACILITYCalgary, a compilation of news items & commentary of interest to people who have a real estate, infrastructure, construction, oil & gas or general interest in Calgary, brought to you weekly by MaxComm Communications, keeping you up to date on issues affecting 'business in Calgary'.
FRESH TODAY - Monday, February 4, 2008
+ Alberta Speech From The Throne today, Provincial Election call for March 3rd expected tonight or tomorrow
+ Bird Construction Income Fund acquired Rideau Construction Inc. & Rideau Management Services Inc.; $15.8 million
+ Byron Nelson's birthday - born on this date in 1912, Byron Nelson, who became interested in the game by being a caddy. The premier golfer of the 1930s and 40s, his spectacular play in 1945 made him one of the sport's most revered figures. That year, facing competitors Sam Snead and Ben Hogan, he won 11 consecutive tournaments and 18 for the year records that have never been equaled. During his career, Nelson scored 52 PGA victories. His golf swing is still considered one of the best of all time.
+ crude futures @ 6:00AM, MST as quotes by bloomberg.com ; Nymex Crude Future US$88.44/barrel, Dated Brent Spot US$89.55/barel, WTI Cushing Spot (friday's close) US$88.96/barrel; crude fell last week on news the U.S. lost jobs in January, a sign of slower growth & reduced oil demand
+ Montana Alberta Tie Ltd., owned by Toronto-based Tonbridge Power got conditional approval to build a 130-kilometre power line between Lethbridge & Great Falls; the 230-kilovolt line to move electricity between the two countries - it would not be part of the Alberta power grid
+ New York Giants defeated New England Patriots 17- 14 in the 42nd Super Bowl played in Glendale (Phoenix), Arizona
+ OPEC (The Organization of Petroleum Exporting Countries) met - they left current output levels unchanged; set to meet again in March to take stock of market conditions & gauge second quarter demand
+ Super Tuesday tomorrow - U.S. presidential race continues with tight races between Clinton & Obama for the Democrats, McCain & Romney for the Republicans - with votes in 22 states, experts predict a clear lead by McCain for the Republicans, Democratic race still too close to call . . . stay tuned
+ the FBR Phoenix Open PGA Tour Event was won by JB Holmes who earned US$ 1,080,000, defeating Phil Mickelson in a playoff at the TPC Scottsdale, Scottsdale, Arizona
+ BrazAlta Resources Corp. closed US$40 million convertible debt financing
+ Calgary & Edmonton are teaming to bid for 2012 world junior hockey championship+ Dell Inc. is 1,200 jobs, about 900 of them at a call center in Edmonton where it will close its call center by the end of July
+ Calpine Corporation emerged from Chapter 11 bankruptcy protection
+ Direct Energy Marketing Limited completed its acquisition of Rockyview Energy Inc.
+ Endeavour International Corporation closed US$40 million equity financing
+ General Electric Co. to acquire Tenaris SA's Hydril pressure control business for US$1.12 billion
+ Mariner Energy Inc. completed acquisition of Gulf of Mexico shelf operations from StatoilHydro ASA
+ Microsoft Inc. bid US$44.6 billion to buy Yahoo Inc.
+ Mullen Group Income Fund announced a 2008 Capital Expenditures Budget of $40.0 million
+ Oil & Natural Gas Corp., India's biggest oil producer is shopping for an Alberta's oil sands investment opportunity of approx. $1 billion magnitude
+ OPEC resisted U.S. urging to boost production, holding output levels steady till review in March
+ Petrobank Energy and Resources Ltd. closed its acquisition of Peerless Energy Inc.
+ Pioneer Drilling Company acquiring WEDGE Well Services LLC, WEDGE Wireline Inc. & WEDGE Fishing and Rental Services LLC for US$303 million
+ Scotiabank closed $230 million equity financing
+ Scotiabank closed $300 million debt financing
+ Suncor Energy Inc. announced a 2008 Capital Expenditures Budget of $7.5 billion
+ Suncor Energy Inc. completed a new royalty agreement with the Province of Alberta (Suncor agreed to pay rates under the New Royalty Framework up to a maximum increase of 20 % from rates that currently apply to Suncor's mining operations starting Jan. 1, 2010 & continuing until Jan. 1, 2016. At that time, rates under the New Royalty Framework will apply to all Suncor's projects); Suncor then announced a go-forward with its $20.6-billion Voyageur oilsands megaproject as Fort McMurray , expected to boost oilsands output by nearly 60% by 2012 to 550,000 barrels a day; negotiations for a similar deal continue with Syncrude - like Suncor, its current crown agreement also expires in 2016
+ Tullow Oil plc sold an 11% interest in the onshore M'Boundi field in Congo to the Korea National Oil Company for US$435 million
+ U.S. recession watch, this week: U.S. mortgage foreclosures set to top 1 million this year, home prices falling at the fastest pace since the Great Depression, Wall Street firms calling for government action to prevent a recession; House and the Senate Finance Committee approved economic stimulus plans worth US$146 billion to US$157 billion.; losses from investments in subprime mortgages may total as much as US $400 billion worldwide according to Deutsche Bank AG; the FBI has opened criminal investigations into 14 corporations as part of a crackdown on improper subprime lending; SEC has opened 3 dozen civil investigations into the subprime market collapse - targets of the SEC probe include Swiss bank UBS AG & U.S investment banks Morgan Stanley, Merrill Lynch, Bear Stearns, as well as bond insurer MBIA which wrote down $3.5 billion in subprime related assets; bond insurers (the ones who insure state and municipal debt issues)' expansion into the now-melting subprime mortgage sector threatens their top "AAA" ratings their business requires; The Countrywide Financial Corporation, the mortgage lender and loan servicer, reported a 4th qtr. loss of US$422 million; UBS announced US$4 billion in new subprime mortgage-related write-downs; Standard & Poor's say credit losses for financial institutions could swell to US$265 billion & have cut ratings on US$534 billion in subprime bonds; first monthly decline in U.S. payrolls since 2003
+ U.S. Federal Reserve cut interest rates by a 1/2 percentage point as part of an aggressive effort to halt a sharp slowdown
+ Zapata Energy Corporation announced a 2008 Capital Expenditures Budget of $20.0 million
SHAKERS + Movers on the Move
+ Arnie Olyan to Associate, Infrastructure Group @ Gowlings.
+ Blair Cook to CFO @ Clarke Inc.
+ Byron Holland to Pres. & CEO @ Canadian Internet Registration Authority
+ Clint Davis to Pres. & CEO @ Canadian Council for Aboriginal Business
+ David Angus to Chair, Board of Governors @ St. Michael's University School
+ Donald Lewtas to CFO @ Onex Corporation
+ Donald Milne, CFO @ Winstar Resources Ltd. resigned
+ Dr. John Kendall to VP @ iCORE
+ Greg Martin to COO @ Bois d'Arc Energy Inc.
+ Greg Stewart to Pres. & CEO @ Farm Credit Canada
+ Ian White to CEO @ Canadian Wheat Board
+ James Perkins to VP Land @ Bois d'Arc Energy Inc.
+ Jennifer Wood to Pres. & CEO @ Stollery Children's Hospital Foundation
+ John Murray to Pres. & CEO @ Focus Corporation
+ Josh Blair to Exec. VP Human Resources @ TELUS Inc.
+ Keith McMullen to Director Residential Property @ TransGlobe Property Management
+ Kelly Robinson to Director, Theatre Arts @ The Banff Centre
+ Lisa Falkowsky to Exec. Dir. @ Calgary Women's Emergency Shelter
+ Marty Horge to VP Corp. Relations & Bus. Dev, Gulf Coast @ Tekoil & Gas Corporation
+ Mary Ellen Neilson to Regional VP, Managing Dir. Prairies @ BMO Harris Private Banking
+ Michael Kinney to CFO @ Energy Resources Inc.
+ Philip Behrman, Sr. VP @ Worldwide Exploration for Marathon Oil Corporation retiring
+ Robert Wright, CEO @ PRB Energy Inc., resigned
+ Sandra Bench to Controller @ Bois d'Arc Energy Inc.
+ Scott Carrothers to Treasurer @ Connacher Oil and Gas Limited
+ William Hayworth to CEO @ PRB Energy Inc.
MARK Your Calendar; Business Events, Functions etc.
Feb. 4 @ 3PM, Speech From The Throne, Opening of The Legislature, the Honourable Norman L., Kwong, C.M., A.O.E., Lieutenant Governor of Alberta, will deliver the Speech from the Throne, Alberta Legislature, Edmonton; broadcast live at: http://www.assembly.ab.ca
Feb. 8-10; Davis Cup Tennis, Canada vs. Mexico, Calgary Stampede Corral; Veteran Daniel Nestor will headline Canada's Davis Cup team, team captain will be Martin Laurendeau; 'box' ticket sales available now through Harold Milavsky's office: 403- 269-0631
Feb. 20; 7th Annual RealCapital Conference, Metro Toronto Convention Centre North Building, Toronto; info/register: http://www.realestateforums.com/realfinance/mission. html ; co-chairs: Andrew Phillips, Managing Director, Investment Banking, TD Securities Inc.& Karen Weaver, CFO, First Capital Realty Inc.
March 6 - 7; Houston Technology Center 4th Annual Energy Technology Venture Capital Conference, Marriott Houston Westchase; info/register: http://www.houstontech.org/en/cev/?634
Feb. 7; National Energy Group Inc., Dallas, TX, Special Meeting, dissolution of the company
Feb. 29;
Algonquin Oil & Gas Limited, Calgary, Annual and Special Meeting of Shareholders
National Bank of Canada, Annual Meeting of Common Shareholders, Montreal
Mar. 4;
Bank of Montreal, Quebec City, 190th Annual Meeting of Shareholders
Bank of Nova Scotia, Edmonton, Annual Meeting of Shareholders
Mar. 6; Panhandle Oil and Gas Inc. ; Annual Meeting, Oklahoma City, OK
Mar. 18; ONEOK Inc.; Annual Meeting, Tulsa,OK.
Apr. 8; First Calgary Petroleums Ltd.; Annual & Special Meeting of Shareholders, Calgary
Apr. 10; Nav Canada, Annual Meeting of Shareholders, Moncton
May 5; Enbridge Income Fund, Annual Meeting of Unitholders, Calgary
May 8; Apache Corporation, Annual Meeting, Houston, Texas
MARK Your Calendar; 2008 Charity & Industry Golf Tournaments
July 14; 8th Annual Ronald McDonald House Southern Alberta Charity Golf Classic, Silvertip Resort, Canmore; Lawson Projects is the Presenting Sponsor; info/registration: lorne@lawsonprojects.com or colleen@rmhsouthernalberta.org
note: if you are sponsoring / supporting a charity tournament in the Calgary area in 2008 we are happy to list them early here; just send your tournament data and contact information to: research@maxcomm.ca
INFRASTRUCTURE News / P3 / Go Green
+ PLANDFLEX CORPORATION will develop and or acquire commercial and institutional properties: Public Private Partnerships (P3), development for governments, NGOs, school boards, hospital boards, municipalities etc., build-to-suit developments for strong credit tenants location focus is smaller & major communities in Western Canada. Inquiries and/or property offerings to:
PLANDFLEX CORPORATION
Attn: Mark Kolke, President
Suite 1000, 888 - 3rd Street SW
Calgary, AB T2P 5C5
Phone: 403-444-6939
e-mail: mark.kolke@maxcomm.ca
+ the Calgary Health Region is getting $125 million, for high priority long-term care projects. It will go toward construction of the Garrison Green Care Centre - a long term care facility with 200 beds. The rest of the money is for repairs & construction at long-term care facilities in Strathmore and Disbury.
+ the City of Toronto is calling for proposal (Deloitte's are running the process) to select a partner for their Union Station Revitalization with a requirement the proponent must have a plan for 51% of the project to originate from Canadian public pension funds . . strange criteria
+ Premier Ed Stelmach announced a 20-year strategy for capital projects - Alberta's 20-Year Strategic Capital Plan that will see $6 billion spent annually on infrastructure. P3 schools on the drawing board will soon be joined by more P3 schools entering the planning cycle . . stay tuned
"First we make our habits, then our habits make us." - Charles Noble
"Let everyone sweep in front of his own door, and the whole world will be clean." - Johann Wolfgang von Goethe
"It is easy to dodge our responsibilities, but we cannot dodge the consequences of dodging our responsibilities." - Josiah Stamp
"Freedom is the will to be responsible to ourselves." - Friedrich Nietzsche
"If you want children to keep their feet on the ground, put some responsibility on their shoulders." - Abigail Van Buren
"A chief is a man who assumes responsibility. He says "I was beaten," he does not say "My men were beaten";" - Antoine de Saint-Exupery
"The willingness to accept responsibility for one's own life is the source from which self-respect springs." - Joan Didion
"Down a long path I see autumn leaves in a graveyard, I imagine what kind of epitaph might be inscribed on a tombstone. I want to live my life so that is true when I get there. Along the way no one thinks the thoughts I thought they did, no one felt the feelings I thought they did. In saying we are 'doing what we want to do', do we do really do what we think others want without examining our own choice making responsibility?" - Mark Kolke
"We are alone, with no excuses. That is the idea I shall try to convey when I say that man is condemned to be free. Condemned, because he did not create himself, yet, in other respects is free; because, once thrown into the world, he is responsible for everything he does." - Jean-Paul Sartre
"We have the Bill of Rights. What we need is a Bill of Responsibilities." - Bill Maher
"Our greatest responsibility is to be good ancestors." - Jonas Salk
"Of all the hazards, fear is the worst." - Sam Snead
"If your ball lands within a club length of a rattlesnake yuo are allowed to move the ball." - local club rule at Glen Canyon Golf Club in Arizona
"Once, when I was golfing in Georgia, I hooked the ball into the swamp. I went in after it and found an alligator wearing a shirt with a picture of a little golfer on it." - Buddy Hackett
MaxComm Communications - Writing Services
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Mark Kolke writes a daily column (posted at http://markmusing.com ) Musings, after his morning walk. To subscribe (free) to receive his daily musings, write to mark@markmusing.com Musings are e-mailed daily to subscribers and are posted/archived on his blog http://markismusing.blogspot.com & on his Musing site:
+ our objective is to feature information and links to articles which provide insights, ideas and services to help our readers access useful resources to help employees at all levels build on their skills.
+ the Toastmasters program offers an opportunity to improve professional skills; public speaking, leadership training, confidence building - a great way to give your career a boost as you climb the ladder. Toastmasters International - 210,000 members in 90 countries; 65 Toastmasters clubs in Calgary. Toastmasters offer a supportive environment, networking opportunities & a proven program to help people overcome their worst fear - public speaking.
+ Spoken Word Toastmasters . . meets every Tuesday at 5:30 PM at North Hill COOP community room (basement), 540 - 16ave., NE, Calgary, AB; contact club president for further info: nelson.keung@siemens.com . . next meeting February 5; http://members.shaw.ca/spoken_word
+ Singles and Friends Toastmasters, offers a 'singles only' format - opportunity for socializing & speaking; meets every Wed. @ 7 PM. Info: http://singlesnfriends.freetoasthost.info next meeting February 6
+ MVP Advanced Toastmasters Club, meets @ 7 PM, 2nd & 4th Thursday of the month @ Fluor facility in south Calgary; a club for experienced Toastmasters wishing to hone their skills in a place where the bar is set high; contact club President for further info: Mark.Kolke@frameyourmessage.com or Gerda.Timm@Fluor.com .. next meeting Feb. 14, 7PM http://mvpadvanced.freetoasthost.net
+ the Stelmach government announced $1.3 billion in new funding for capital projects last week in a pre- election flood of announcements among stupid . . yes, STUPID, criticism from the opposition, an opposition who have been lobbying hard for schools, school repairs & laundry list of other things. Suffice to say $1.3 billion is a lot, but given $245 billion of mega projects underway or announced in Alberta, a very large drop in an enormous bucket . .
+ analysts saying losses from investments in subprime mortgages may total as much as US $400 billion worldwide (according to Deutsche Bank AG) are understating the problem as enormous rather than gigantically-enormous or even bigger . . stay tuned; the U.S. housing market will find its own bottom without a government bailout - a bailout will only waste public funds to slow realization of the inevitable result
+ on the cusp of an election call, when every political science wannabe-expert is predicting gloom & doom for the 36 yr. Tory government notwithstanding the lack of any credible alternatives, I think it is fair to wonder/predict and plan for change. Whether or not the U.S. recession happens (I think it is inevitable), long (it will be) or deep (you bet!), my view of Alberta in 5 years are as follows: the Stelmach government will be chugging along, his 2nd mandate well underway; our schools will have roofs that don't leak, our health care system will be stretched but safe, Alberta will still be the best place to be & a magnet for capital, skills, and innovators. With a steady hand on the tiller, there will not be a nuclear power plant though there will be one under development, there will not be a bullet train to Edmonton, there will not be a Stanley Cup or a Grey Cup in Calgary. As well, 5 years from now, there will be cleaner water, cleaner air & more open dialogue on Aboriginal issues. There will not, inevitably, be much progress on homelessness because the government continues to throw cash rather than systemic change & understanding at a very complex reality by calling it by one label. Also, I don't think the unfolding of a 'lines in the sand' tussle between Alberta-Ottawa over how green we want to be or how fast we get there is politics - I think Albertans will see it as holding control over our own destiny AND getting things done. Surely, after Ralph-era plan-less-ness, Albertans will embrace management. Ed Stelmach might not be the sharpest blade in the drawer, an eloquent speaker or charismatic - but he has a plan!
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