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Today’s top headlines
7:30 a.m.
Trans Mountain pipeline faces more delays after regulator denies variance
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Trans Mountain had applied for the variance after running into what it said were construction challenges related to hard rock between Chilliwack and Hope, B.C. The denial could mean the company is unable to complete the project in time for an anticipated first-quarter 2024 start date.
The development is only the latest in a string of construction-related hurdles that have plagued the Trans Mountain expansion project.
The pipeline is Canada’s only oil pipeline to the west coast. Its expansion will boost the its capacity to 890,000 barrels per day from 300,000 bpd currently and improve access to export markets for Canadian oil companies.
But the project’s costs have spiralled through the course of construction from an original estimate of $5.4 billion to the most recent estimate of $30.9 billion.
The Canadian Press
Stock markets before the opening bell
Stocks are ticking higher this morning as hopes that central bankers are ready for a global pivot to rate cuts gather steam again.
This latest rally was fuelled by weaker job-market data in the United States and comments from European central bankers that inflation was showing a “remarkable” slowdown.
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What to watch today
- The big event today is the Bank of Canada’s last decision on interest rates for the year. Governor Tiff Macklem and his team was widely expected to keep the benchmark overnight rate unchanged at 5 per cent when they announce the decision at 10 a.m., the third consecutive pause. But the statement could be key as Bank attempts to balance a weakening economy with the need to keep inflation in check.
- Canada gets trade data today, which is expected to reflect the drop in oil prices and a pullback in exports of metal and mineral products.
- Also to watch, Natural Resources Minister Jonathan Wilkinson and Newfoundland and Labrador Premier Andrew Furey will make an announcement regarding offshore wind power in Newfoundland and Labrador.
Additional reporting by The Canadian Press, Associated Press and Bloomberg
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