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, March 17, 2008
+ ABCP (asset backed commercial paper) solution to re-start $32 billion in short term paper is stalled; Purdy committee will seek CCAA court order for creditor protection as $14 billion bailout solution scuttled by one of bank-syndicate players . . stay tuned
+ Bear Stearns sold to JP Morgan Chase for US$279 million after a Federal Reserve supported rescue last week stemmed a US$ 17 billion run; the buyout price was US$2/share (1/15th of its Friday closing price), down from a book value of US$80/share last November; purchase supported by Federal Reserve loan of US$30 billion; stocks drop as jitters ripple worldwide from this news & investors flee the U.S. dollar
+ crude futures @ 6:15AM, MDT, as quoted by Bloomberg.com - Nymex Crude Future US$110.54/barrel, Dated Brent Spot US$107.48/barrel, WTI Cushing Spot US$(friday's close)110.21/barrel; crude rose last week, cresting at US$111/barell due to a sliding US dollar & continued credit market turmoil
+ Federal Reserve emergency meeting yesterday lowered interest rates, cutting its discount rate by 1/4 of 1% to 3.25%; the Fed has lowered its benchmark overnight rate 5 times & the discount rate 7 times since mid-August, when the collapse of U.S. subprime mortgages started to infect markets; since then, S&P 500 stocks index has dropped 11% & the U.S. dollar has fallen 15%against the euro; further rate cut expected later this week .. stay tuned
+ mortgage crisis / credit crunch in the United States worsens, Federal Reserve now accepting mortgages as security for loans to institutions, bailing out Bear Stearns
+ Saint Patrick's Day today
+ Tiger Woods won the PGA Tour Arnold Palmer Invitational (his 64th career win tying Ben Hogan on the all time list) at Bay Hill Club and Lodge, Orlando, Fla. , earning US$1,044,000
+ Stratum Holdings, Inc. sold Petroleum Engineers, Inc. to Hamilton Engineering, Inc.
+ TransCanada Corporation got U.S. State Department go- ahead for its US$5.15 billion Keystone pipeline to export crude oil from Alberta to the United States; the 3,456 kilometer line will ship to refineries in Illinois & Oklahoma
+ Trinidad Energy Services Income Trust got securityholder & court approvals to become dividend paying corporation
+ U.S. recession watch: Carlyle Group's mortgage- bond fund insolvent, US$22 billion of securities to be liquidated; Thornburg Mortgage credit rating under review; Countrywide Financial Corp. under FBI investigation for securities fraud; MBIA Inc, world's largest bond insurer, expected to default in its debt; housing starts the lowest in 17 yrs.; subprime mortgage market losses for insurance companies has overtaken Hurricane Katrina as the largest loss in history, now at US$38 billion & climbing; Carlyle Group affiliate defaulted on US$16.6 billion of debt, on the brink of collapse; mortgage insurer PMI reported a $1 billion quarterly loss
+ Williams & TransCanada Corporation formed JV to develop Sunstone Pipeline, a new natural gas transmission pipeline to ship natural gas supply from the Rockies to markets in the western United States; a 618-mile, 42-inch-diameter pipeline with capacity of 1.2 billion cubic feet/day
+ Zargon Energy Trust agreed to acquire Newpact Energy Corp.
SHAKERS + Movers on the Move
+ Bryan Meier to VP Finance & CFO @ VeraSun Energy Corp.
+ Enzo Barichello to Managing Partner, Edmonton @ Bennett Jones LLP
+ Grant Thomson to Pres, Olefins & Feedstocks @ Nova Chemicals
+ Jackie Poeckens to Partner @ Ethier Associates
+ Michael Simpson to VP & Sr. Portfolio Mgr. @ Sentry Select Capital Corp.
+ Mike Waites to Pres. & CEO @ Finning International Inc.
+ Shirley Philips to Exec. Dir. @ Bethany Care Foundation
+ Val Mirosh to COO Canadian Operations @ Nova Chemicals
MARK Your Calendar; Business Events, Functions etc.
Apr. 1; 10th annual Montreal Real Estate Forum, Chaired by Philip O'Brien, CEO, Viger DMC International, Fairmont Queen Elizabeth, Montreal; info/registration: http://www.realestateforums.com/mtl/mtl/frame.html
Apr. 14; 2008 Western Business Outlook Briefing , The Conference Board of Canada; Calgary TELUS Convention Centre; info/register: http://www.conferenceboard.ca
Apr. 15; 2008 Edmonton Real Estate Forum, Shaw Conference Centre, Edmonton; John Frederickson, Managing Dir, Colliers Edmonton, Chairman; info/registration: http://www.mmpiwest.com/realestateforumswest/edm onton/
Enerplus Resources Fund, Annual General and Special Meeting , Calgary
May 9; Dominion Resources Inc., Annual Meeting, Chicago, Illinois
MARK Your Calendar; 2008 Charity & Industry Golf Tournaments
May 29-30, 9th Annual AMBA/MLAA Spring Golf Classic, Mortgage Loans Association of Alberta (Edmonton Chapter) & the Alberta Mortgage Brokers' Assn., Industry Night and Golf Tournament; proceeds to Habitat for Humanity, The Links, Spruce Grove; info/registration: james.robertson@firstnational.ca
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
+ a new 43.4-megawatt (MW) natural gas-fired turbine was commissioned at EPCOR's Clover Bar Energy Centre in Edmonton
+ TransCanada Corporation is developing plans for a $750 million, 500MW gas fired power plant at High River
+ Nova Scotia Power is calling for expressions of interest to develop 25MW fast response power generation facility
+ Waterfront Toronto issued a Request for Qualifications for consortia to develop two sites to develop 2.4 million sq. ft. of mi\xed use development on a 13.9 acre site; http://www.buildeastbayfront.ca
+ Canada Pension Plan Investment Board won a bidding war to acquire 39.2% stake in Auckland, New Zealand airport for $1.4 billion
+ Bruce Power is advancing its permitting process for a nuclear facility in the Peace River area (optimal start up 2017) submitting application for a 4-reactor, $10 billion plant to produce 4,400 MW
Calgary Office Space For Lease
office leasing services
for leasing/purchasing assistance, contact: Mark Kolke
"We are all faced with a series of great opportunities brilliantly disguised as impossible situations." - Charles Swindoll
"Luck is what happens when preparation meets opportunity." - Seneca
"Opportunity is missed by most people because it is dressed in overalls and looks like work." - Thomas Alva Edison
"Sometimes we stare so long at a door that is closing that we see too late the one that is open." - Alexander Graham Bell
"When written in Chinese, the word "crisis" is composed of two characters-one represents danger, and the other represents opportunity." - John Fitzgerald Kennedy
"The absence of alternatives clears the mind marvelously." - Henry Kissinger
"Equal opportunity means everyone will have a fair chance at being incompetent." - Dr. Laurence J. Peter
"Opportunity is always there, the choice of when to pursue it rests within each of us - blocked by fear. Fear the handcuffs, uncertainty the jail, doubt the prison - incarcerate the spirit, imagination and opportunities; fear is a state of mind, not a place." - Mark Kolke
"If a ball comes to rest in dangerous proximity to a crocodile, another ball may be dropped." - local rule at Jinja Golf Club, Uganda
"You can, legally, possibly hit and kill a fellow golfer with a ball, and there will be a lot of trouble because the other golfers will refuse to stop and be witnesses because they will want to keep playing." - Dave Barry
"The problem with golf is I have to deal with a humiliation factor." - George W. Bush
"I've always believed the greater danger is not aiming too high, but too low, settling for a bogey rather than shooting for an eagle. - Peter Scott
Innovative strategies, inspiring work plans and cutting- edge initiatives; we are writers, editors and business communicators who help you frame your message right the first time, on time.
www.frameyourmessage.com is our website - featuring information on services, writer credentials - writing, speaking, coaching -
We have established a presence in Houston, Los Angeles and Maui - staffing up in each market with well credentialed writers in those markets with subject area expertise and availability. Our work is 99% English content for audiences in Canada, US, UK, Australia:
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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 March 18; 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 March 19
+ 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 March 27, 7PM http://mvpadvanced.freetoasthost.net
FACILITYCalgary, a MaxComm Communications publication, e-published every Monday. Subscription is free. To subscribe, write to: facilitycalgary@maxcomm.ca
+ the emissions shell game is difficult to follow - hard to tell the Harper & Stelmach governments apart as thresholds, formula & date variables bounce around; when the dust settles later this year there will be guidelines tough enough for Harper to win votes in the east, soft enough to leave the Stelmach government enough room to call itself green & Syncrude will cut a new royalty deal in the balance; industry, government & environmental groups will all claim they have science, our health & the health of industry/economy in balance - all of which is hard to swallow - pretty much business as usual from where I sit; the solution remains one of individuals reducing our carbon footprint, using less & demanding that industry whine less while doing more; ironically the Harper government's setting guidelines that cannot be achieved until new technology is developed sounds remarkably like Jean Chretien . . stay tuned
+ Ed Stelmach named a new cabinet, key committees & deputy minister roster; Guy Boutilier remains on Treasury Board but is out of cabinet (good move Ed), stalwarts Ron Stevens & Dave Hancock remain at the heart of Cabinet, Agenda & Priorities, Treasury Board - which reassures this observer that Steady-Eddie is getting reasoned advice from guys with their hand on the tiller; Calgary has better representation in Cabinet but the placement of rookie Alison Redford on Agenda & Priorities committee makes my jaw drop as much as does her appointment as Justice Minister & Attorney General - while I appreciate she should be rewarded for winning back Ralph Klein's seat for the PC party, this one stands out as an unnecessarily hasty move with an untried individual; also worrysome for me is the appointment of Jack Hayden as Infrastructure Minister, a rookie minister in a major portfolio like this one is a signal of delays & missteps while he learns on the job . . possibly a large mistake because is deputy Barry Day, while seasoned, is no ball-o-fire leader
+ some people feel we will be largely immune, here in Alberta, to the fallout from the U.S. recession & sub- prime/credit crunch mess; simply put, they are wrong . . . it may hurt less & for a shorter period, but the impact of something deep & horrible that close by will have ripple effects in every sector of the economy - which will continue to generate great buying opportunities for those with strong cash positions & an eye for value
+ Happy St. Patrick's Day . . good luck to all
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