Home » Posts tagged "贵族宝贝"

Caithness bakery signs valuable export deals

first_imgThurso-based bakery Reids of Caithness has secured two potentially lucrative export orders for its range of biscuits and oatcakes with wholesalers in Singapore and the US.The company signed the deals after exhibiting at the Speciality & Fine Food show in Glasgow in January and has already started shipping products. These include treacle toffee biscuits, honey and oat biscuits, butter shortbread, oatcakes and mini oatcakes called Groaties, all of which were launched under the Reids brand in 2009. The products will eventually be sold by independent retailers in the US, and in food halls in Singapore, Dubai and Abu Dhabi.”There is strong demand internationally for Scottish food, particularly bakery items,” said director Gary Reid, who runs the business with his brother Graeme. “There are a lot of big players in the [Scottish bakery export] market, but buyers are realising that there are other good products out there. The buyers said they looked at a lot of different Scottish baked goods, but were blown away by the quality of our products.”To help meet the new orders, Reids may extend its production area. “Currently exports make up around 5% of our sales, but we hope to increase that significantly in the coming years,” said Reid.last_img read more

Continue reading »

Heisler: What can Lakers pull off after stroke of luck ends their month-long follies?

first_imgA.D. or not A.D.?Contrary to widespread reports, there were two players in NBA teams’ dreams at the lottery, not just one, with the fate of New Orleans big man Anthony Davis as much at stake as that of Duke’s Zion Williamson.Here’s how delicately those fates were balanced: Even the Eastern Conference semifinalist Philadelphia 76ers, owning Sacramento’s pick if it landed at No. 1, had a shot at Zion and a new start for their issue-laden young team.Instead, the Kings’ pick came up No. 14. AD Quality Auto 360p 720p 1080p Top articles1/5READ MOREUCLA alum Kenny Clark signs four-year contract extension with PackersThe Kings then trolled the 76ers, tweeting an image of the series-ending shot by Toronto’s Kawhi Leonard that eliminated the Sixers, substituting a ping pong ball.Like Kawhi’s 20-foot moon shot, the ball bounced on the front of the rim … came back down on the front of the rim … floated over the hoop to bounce on the back of the rim … bounced a second time on the back of the rim … then plopped in.Quoth the Kings’ tweet: “Sometimes the ball doesn’t bounce your way @Sixer fans.”Then there are the Lakers, still waiting to see where their outside shot comes down.Going into the lottery, they were an object of scorn after a month of managerial follies, looking at a bottom-of-the-lottery No. 11 pick. Garland is a smallish point guard (6-foot-2, 180 pounds last summer playing for USA Basketball), who moved up late, shooting a fabulous 54 percent and 48 percent from 3-point range (albeit in 139 college minutes after tearing the meniscus in his left knee two minutes into his fifth game).Rated a good-but-not-great playmaker, Garland would be a good fit, able to play alongside 6-5 Lonzo Ball if Lonzo makes it, or able to become Lonzo’s replacement if he doesn’t.Virginia forward De’Andre Hunter, also projected in the top five, isn’t the shooter that Garland is.The Lakers were embarrassed to the utmost of embarrassivity when Magic declared they didn’t need to surround LeBron with shooters, only to find out how badly they did. I don’t see them passing this one up.Whether they hope to put two proven star players alongside James to challenge the Warriors, or just one to do the best they can, remains to be seen, as does everything else in Lakderom. Trail Blazers, Grizzlies advance to NBA play-in game; Suns, Spurs see playoff dreams dashed No Lakers official had even dared to appear in public since Magic Johnson’s April 9 flight. GM Rob Pelinka ended the silence at the lottery in Chicago, but he wouldn’t take questions on the coaching search that saw them lose their top two candidates before hiring twice-fired Frank Vogel.As if the basketball gods took pity on them, the Lakers jumped up to No. 4 in the lottery.Now to see what remains of Magic’s dream scenario that started with trading for Davis, while off-loading enough salary to keep open their maximum slot for an elite free agent.Whatever happens, everything just changed.– The fire sale for Davis is off.The Pelicans are no longer under the gun after drawing the No. 1 pick for Williamson.Now they can bring back Davis for his final season under contract (he can opt out next summer) whether he wants to be there or not.In their best-case scenario, they persuade him to stay alongside Zion.In the worst case, losing A.D. as a free agent in July of 2020 and getting nothing in return, they would still have a young star to build around.– The Lakers’ chances of getting A.D., thought to be somewhere between fading to non-existent going into the lottery, got a boost back to “possible.”Nothing good had happened for them since January when then-Pels GM Dell Demps turned down Magic’s offer of basically everyone.Worse, the Lakers had since lost one of their two best trade chips with Brandon Ingram undergoing season-ending surgery for a blood clot.Then they jumped seven places in the lottery, proving it’s better to be lucky than smart, or communicative, or inspiring confidence.At this wacky point in Lakers history, it remains to be seen if they will even try to re-engage the Pelicans.Nevertheless, packaging the No. 4 pick with Kyle Kuzma, the Lakers’ best young player, might or might not be enough but it’s a lot closer than they were.– The Pelicans want to heal their breach with Davis but he’s reportedly still intent on leaving.The furious Pels brought A.D. off the bench and played him reduced minutes after his trade request, even asking the league if they could sit him out for the rest of the season.Newly-arrived GM David Griffin has reached out to Davis’ people but hasn’t gotten a positive response or any response.Griffin is expected to meet with A.D.’s agent, Rich Paul, but is low-keying expectations.“I don’t think it will play into it hugely,” Griffin said of their landing the No. 1 pick. “If he (Davis) was open-minded to believing that we could build a winner around him, he’s more open-minded to it.”First reports said Davis hasn’t changed his mind and still wants to leave.“I’m told Anthony Davis’ trade stance has not changed,” The Athletic’s Shams Charania said. “He still wants a trade …“In his mind, he has made his intent clear. He wants to go focus on winning a championship, go elsewhere, whether it’s the Lakers, the Knicks. (Now) he has to be open to other teams.”– The Lakers’ biggest problem might not be competing offers but Pelicans owner Gayle Benson, who is reportedly furious at them for wooing her star and has no desire to trade him to them.In January, the Pelicans wouldn’t even return Pelinka’s calls and turned down Magic’s offer of just about everyone.Nor has the passage of time softened any Pelicans’ hearts.“I don’t think the Pelicans want to make a deal with the Lakers,” ESPN’s Brian Windhorst said. “There’s a lot of animosity and scar tissue built up between these two organizations. I feel very strongly that New Orleans does not want to make a deal with L.A.”A package of No. 4 and Kuzma plus another young player or two would seem to be competitive with, or better than, anything else the Pels will get.It remains to be seen if that’s good enough … or, indeed, if the Lakers under the inexperienced Jeanie Buss will pursue an uphill struggle for A.D.– Two words that explain why the Lakers have any shot at all: LeBron James.This started with Davis hiring James’ guy, Rich Paul, as his agent, then asking to be traded.If A.D. still wants a trade, it suggests that he, Paul and James are still trying to get Davis to the Lakers.– So why is Jeanie Buss so insistent that the Lakers don’t look like James is calling the shots?We get that she wants her family not only to be in charge but to look like they’re in charge … whether or not they have a clue.Nevertheless, with LeBron’s magnetism and his ability to intrigue, he’s the best thing the Lakers have going or all they have going.– Darius Garland.He’s the Vanderbilt point guard whom the Lakers will likely take at No. 4 if they keep the pick.Related Articles How athletes protesting the national anthem has evolved over 17 years center_img Lakers, Clippers schedules set for first round of NBA playoffs Newsroom GuidelinesNews TipsContact UsReport an Error Trail Blazers beat Grizzlies in play-in, earn first-round series with the Lakers Lakers practice early hoping to answer all questions last_img read more

Continue reading »

DID ‘FRIENDS’ STAR MATT REALLY SNUB MURPHY AND LACEY?!

first_imgA certain umpire may not have been ‘Friends’ with many Donegal supporters after the final whistle blew at Clones on Sunday last.It must be Joey (Matt LeBlanc!)But a certain other ‘Friend’ may have ben closer than Donegal supporters knew.An amazing Matt LeBlanc lookalike was pictured in the crowd with a Monaghan jersey on – or was it actually Matt? The amazing snap was captured by Tiarnan Millar.It may not be as crazy as many might think considering Sex and The City star Sarah Jessica Parker is spotted going for milk and brad every second morning throughout the summer months in Kilcar.DID ‘FRIENDS’ STAR MATT REALLY SNUB MURPHY AND LACEY?! was last modified: July 21st, 2015 by StephenShare this:Click to share on Facebook (Opens in new window)Click to share on Twitter (Opens in new window)Click to share on LinkedIn (Opens in new window)Click to share on Reddit (Opens in new window)Click to share on Pocket (Opens in new window)Click to share on Telegram (Opens in new window)Click to share on WhatsApp (Opens in new window)Click to share on Skype (Opens in new window)Click to print (Opens in new window) Tags:ClonesdonegalFriendsJoeyMatt LeBlacMonaghanlast_img read more

Continue reading »

SAAF: working in war and peace

first_imgAviation enthusiast Dean Wingrin’s new book, Tumult in the clouds: Stories from the South African Air Force 1920-2010, brings to life the history of the South African Air Force. (Image: DefenceWeb) Oryx 1228 of 19 Squadron, May 2011. The air force is not just about war, aircraft and weapons. It has also assisted in countless relief and rescue missions in southern Africa. (Image: Dean Wingrin) The South African Air Force aerobatic team, the Silver Falcons, regularly participate in air shows around the country with aircraft flying and static exhibits. (Image: silverfalcons.co.za) MEDIA CONTACTS • Dean Wingrin   +27 21 794 6177 RELATED ARTICLES • Gripen flight school in 2013 • Air Force goes hi-tech in flight training • Yvonne urges women to aim high • Rooivalk gets its wings Wilma den HartighAviation enthusiast Dean Wingrin’s new book brings to life the history of the South African Air Force (SAAF) through previously unpublished stories of heroism, duty and adventure, told from the perspectives of the people who served as members of the Air Force since its inception in 1920.Wingrin compiled Tumult in the clouds: Stories from the South African Air Force 1920-2010 to ensure the many stories of current and veteran airmen and ground crew, spanning over 90 years since the establishment of the SAAF, are preserved for future generations.“This book is not here to glorify war, but to celebrate man’s ability to overcome difficulties and hardships, to honour ingenuity and the love of flight,” he says.His interest in and knowledge of all things aviation led him to establish the unofficial website of the South African Air Force, and it is through this platform that he heard many of the stories that appear in the book.“I received so many letters and emails from people who were willing to share their stories,” he says, adding that initially his idea was to publish these on the website. But, then he got the idea to rather compile a collection of these stories.He realised that as veterans get older there is a real danger that many of these fascinating stories – and photographs – could be lost forever as people pass away. An individual perspectiveNumerous books have been written about the history of the SAAF, but many were authored by people who were not there, written in a style that focuses on dates, facts and figures.What have always been missing are the people behind the story, and this is what stands out about Tumult in the clouds.It tells the story of the SAAF, in the voices of those who were participants in that history.The book is a collection of hundreds of personal accounts and memories of those who served in or with the SAAF since its establishment, from the Second World War to today. Wingrin interviewed and corresponded with nearly all the contributors.“This is a book that describes their personal experiences,” he says. “These stories are told in the words of the actual participant, exactly as they perceived their experience.”The stories have been collated in nine parts: formation of the SAAF, 1920-1939; World War Two, 1939-1945; Berlin Airlift, 1948; Korea, 1953 to 1955; Rhodesia, 1967 to 1980; Border War, 1960 to 1988; post-war years, 1946 to 1994; post-1994 and display flying. An important mission, often misunderstoodWingrin says the SAAF, the second oldest air force in the Commonwealth, has a proud history rich in tradition, heroism and sacrifice. But through the contributions it becomes clear that the air force is not just about war, aircraft and weapons.“It is about those who made the ultimate sacrifice for their fellow countrymen as well as those living in foreign lands,” he says.In the earlier years of its existence the air force played an important role in securing victory for the Allies during the Second World War, in the 1948/49 Berlin Airlift, and in Korea in the 1950s.The SAAF also assisted then-Rhodesia – now Zimbabwe – in the 1960s and 1970s and made a major contribution to the Border War in South West Africa, now known as Namibia, and Angola.More recently, it participated in the transition to a new democracy in South Africa and the air wing continuously supports South African peace missions in Africa.It has also assisted in countless relief and rescue missions in southern Africa, often under harsh conditions. Tragedy and loss but also humourAmong the inevitable stories of tragedy and loss are also many humorous tales – the author says it was important to retain these while selecting the stories.To complement the stories, the final chapter includes a collection of squadron pub songs from the Second World War, Korea and the Border War.In the foreword, Lieutenant-General Denis Earp, chief of the SAAF from 1984 to 1988, says all members of the SAAF have stories to tell. “Some are very remarkable stories, some mundane. But the stories are not easily told,” Earp says.Wingrin was surprised by people’s willingness to share their stories, and have them published.“The majority of people were keen to talk about their experiences,” he says, adding that he noticed some commonalities between the stories.“A common thread that struck me during the compilation of this book is that despite all the tragedy and horrors of war, it is the lighter moments that shine through,” he says. “The human mind has a tendency to shut out the bad memories while celebrating the good.”The veterans he met were also modest. “I am continually amazed at how selfless the veterans are: no loud shouting of gallant deeds, no boasting of any kind.”In fact, he says many didn’t even think their acts of bravery, for which they received medals or commendations, were even worth telling.“Numerous contributors have stated that serving in the SAAF was a privilege, a period of their lives that they enjoyed and look back on fondly.”He struggles to single out any favourite stories.“All of them have something special about them,” he says. “It is amazing how many veterans account their tales in such great detail.” A labour of loveThe author and aviation photographer says he is fortunate to have had access to so many personal accounts.He spent many hours in the evenings and over weekends conducting and transcribing interviews, trawling through photo albums and putting the book together.Wingrin, who is a forensic accountant by profession, has no formal training in aviation. It is just something he’s been interested in since he was a child.“I’ve always had a love of flight,” he says, and as he got older he developed an interest in the SAAF. “The air force has something magical about it that captures the imagination.”And, he says there are still many stories left to publish. He is already thinking about compiling a second book. • Tumult in the clouds: Stories from the South African Air Force 1920-2010 is available online at The Airforce Shop and selected Exclusive Books stores. Contact the author for details about other stockists.last_img read more

Continue reading »

Arellano tries to remain in final 4 chase

first_imgFire hits houses in Mandaluyong City Read Next Fire hits houses in Mandaluyong City Game time is at 2 p.m., with the Chiefs gunning for a sixth victory that will keep their faint postseason hopes alive, just a year after battling San Beda in the finals.With a 5-9 record, the Chiefs have a mere outside chance of keeping alive their streak of Final Four appearances, which started three seasons ago.FEATURED STORIESSPORTSWATCH: Drones light up sky in final leg of SEA Games torch runSPORTSSEA Games: Philippines picks up 1st win in men’s water poloSPORTSMalditas save PH from shutoutLyceum and San Beda already own the twice-to-beat bonus, but the race for the last two remaining Final Four spots looks like its down to three teams with Jose Rizal U having the upper hand with a 9-6 record, while Letran (8-7) and San Sebastian (7-7) are also in the running.A defeat by the Chiefs will end their hopes of reaching the Final Four. LOOK: Loisa Andalio, Ronnie Alonte unwind in Amanpulo for 3rd anniversary “We just want to take it one game at a time,” said Arellano coach and PBA legend Jerry Codiñera. “Our fate is not in our hands, but of course, we want to finish the season strong.” MOST READ Frontrow holds fun run to raise funds for young cancer patients  CHED: Get PSC endorsement if you want to represent PH Brace for potentially devastating typhoon approaching PH – NDRRMCcenter_img BSP sees higher prices in November, but expects stronger peso, low rice costs to put up fight Don’t miss out on the latest news and information. Typhoon Kammuri accelerates, gains strength en route to PH US Defense chief says alliance with Philippines remains strong PLAY LIST 02:57US Defense chief says alliance with Philippines remains strong02:27NCAA Season 93 Preview: St. Benilde Blazers00:50Trending Articles01:37Protesters burn down Iran consulate in Najaf01:47Panelo casts doubts on Robredo’s drug war ‘discoveries’01:29Police teams find crossbows, bows in HK university01:35Panelo suggests discounted SEA Games tickets for students02:49Robredo: True leaders perform well despite having ‘uninspiring’ boss02:42PH underwater hockey team aims to make waves in SEA Games View comments Nonong Araneta re-elected as PFF president Arellano University tries to stay in the Final Four hunt as it battles St. Benilde on Thursday even as Mapua and Perpetual Help clash in a showdown of eliminated teams in NCAA Season 93 at Filoil Flying V Centre in San Juan.ADVERTISEMENT LATEST STORIESlast_img read more

Continue reading »

10 months agoMan City midfielder Leroy Sane: Chelsea defeat hurts

first_imgMan City midfielder Leroy Sane: Chelsea defeat hurtsby Paul Vegas10 months agoSend to a friendShare the loveManchester City midfielder Leroy Sane admits defeat last week to Chelsea “hurt”.City lost their unbeaten season run in London.”It is always kind of annoying and it hurts, to lose especially a big, important game,” Sane told Sky Sports.”We were really disappointed because even at the beginning the game looked in control and we had quite a few good chances. We didn’t find our finishing.”If you’re not awake in those games or make small mistakes then you get punished. We did that in the Chelsea game.” About the authorPaul VegasShare the loveHave your saylast_img read more

Continue reading »

10 months agoLeeds to double their money with Samuel Saiz Getafe move

first_imgTagsTransfersAbout the authorCarlos VolcanoShare the loveHave your say Leeds to double their money with Samuel Saiz Getafe moveby Carlos Volcano10 months agoSend to a friendShare the loveLeeds United will make a tidy sum on the departure of Samuel Saiz to Getafe.The Mirror says they will pocket over £6million from Saiz’s move to Getafe.Leeds have allowed the unsettled Saiz to return home to Spain to join Getafe on loan from January 1 with a view to making the move permanent in the summer.It is understood they will receive a loan fee of close to £500,000 plus £5.8million when the transfer becomes permanent.Saiz, 27, cost Leeds around £3million from Huesca in July 2017 and had two-and-a-half years on his current deal. last_img read more

Continue reading »

Mark Ingram Made Fun Of Jemele Hill’s Looks, Called Her “Tales From The Crypt”

first_imgA New Orleans Saints helmet sitting on the field.BALTIMORE, MD – AUGUST 13: A New Orleans Saints helmet sits on the turf before the start of the Saints and Baltimore Ravens preseason game at M&T Bank Stadium on August 13, 2015 in Baltimore, Maryland. (Photo by Rob Carr/Getty Images)New Orleans Saints running back Mark Ingram crossed a line early Tuesday morning. Expect the tweet you’ll see below to get some serious play in the coming days.Monday night, ahead of the national title game between Alabama and Clemson, Ingram, a former Crimson Tide running back (and Heisman winner), was an honorary captain. When ESPN’s cameras panned to show Ingram at midfield, he appeared much smaller than current Alabama tailback Derrick Henry, leading to a number of jokes at his expense.ESPN’s Jemele Hill was one to take advantage. She joked that if the two were brothers, it’d be clear that Henry got the size and speed, while Ingram got the strong hairline. When you’re little brother gets the size and speed and all you get is a strong hairline pic.twitter.com/nLc7QnESST— Jemele Hill (@jemelehill) January 12, 2016Well, Ingram clearly wasn’t thrilled. He responded, telling Hill that she looks like “Tales From The Crypt.” He also said that she wears a lace front. Serious escalation, to say the [email protected] @jemelehill oh u talkin bout tales from the cript lookin shawty w the lace front?!— Mark Ingram II (@MarkIngram22) January 12, 2016Probably not the best PR move. We’ll see if there is any fallout.[The Big Lead]last_img read more

Continue reading »

Securities regulators increasingly employing tech tools to speed probes

first_imgTORONTO – Securities regulators say they are increasingly employing data analytics and other sophisticated tools to track down financial miscreants faster, but these technologies won’t be able to fully replace human judgment.The director of enforcement at the Ontario Securities Commission said Thursday that they need these tools to crunch the “mind-numbing volume of data” the regulator takes in for investigations, and do it in weeks, not years.Jeff Kehoe said during a panel discussion in Toronto that regulators can no longer use traditional tools and investigation techniques in the “new world for us,” with advances such as cryptocurrencies and high-frequency trading.“It’s like finding a needle in 50 haystacks, or 100 haystacks,” he said. “And so we need tools that not only reduce the size of the haystacks but make the needles bigger.”Regulators in recent years have put out guidance on the securities implications of blockchain, cryptocurrencies and initial coin offerings as the usage of these technological innovations proliferate. Meanwhile, regulators say they too are applying technological tools to their enforcement tasks, as the volume of data at their disposal grows exponentially.The monetary authority of Singapore’s executive director of enforcement Gillian Tan said during the OSC event on Thursday it has developed a tool with data scientists to analyze data to detect circular trading patterns.When testing with known cases, it was able to detect roughly 94 to 96 per cent of what had been detected manually, she added.“What used to take us months to do, can now be done in a matter of hours,” she said. “That’s really exciting for us.”The U.S. Securities and Exchange Commission’s co-director of enforcement Stephanie Avakian said it too has used these tools to speed up their probes, but it doesn’t replace the need for experienced investigators to go through the findings and use judgment.“The data analytics are great for identifying problems and putting together a case, but I don’t think they obviate the need for human investigators… You still need humans to go through this stuff and find the false positives,” she said.As well, Avakian said when financial misdeeds later go before a jury, human witnesses are still needed to help present their case.Kehoe added that the “promises of technology are great” but the findings they produce must be reliable and verifiable in order to be fair.last_img read more

Continue reading »

Economic cost of Canadian oil price discounts counted in billions of dollars

first_imgCALGARY – Imagine producing a bumper crop of a product in high demand around the globe, only to learn you must settle for a discounted price because there’s no easy way to get your product to market.Canadian grain farmers experienced that situation in 2013 and again last winter when their harvest outstripped the transport capacity of Canada’s rail companies. Western Canada’s oil companies are now in the same boat thanks to production gains that have not been matched by export pipeline capacity gains.Like those farmers, oil producers have filled storage to bursting while they wait for a solution to appear. The price discounts or “differentials” that had mainly affected heavy oil have spread to light oil and upgraded synthetic oilsands crude as pipeline space tightens.Estimates on the cost to the economy vary wildly, but the Canadian Association of Petroleum Producers officially estimates the impact as at least C$13 billion in the first 10 months of 2018.It estimates the cost at about C$50 million per day in October as discounts for Western Canadian Select bitumen-blend crude oil versus New York-traded West Texas Intermediate peaked at more than US$52 per barrel.“The differential has blown out to such an extreme level for two reasons, the lack of access to markets and the fact we really have only one customer (the United States),” said Tim McMillan, CEO of CAPP.Getting an exact number on how much discounts are costing Canada is all but impossible thanks to ingrained sector secrecy about transportation and marketing, he said, adding it’s entirely possible the real costs could be as high as $100 billion per year.Producers’ exposure to WCS prices differ depending on what kind of oil they produce, where they sell it and how they transport it.Calgary-based Imperial Oil Ltd., for instance, says about one-quarter of its output of 300,000 barrels of bitumen per day is influenced by WCS pricing — the rest is used in its Canadian refineries or shipped by pipe or rail to the U.S. Gulf Coast where it gets close to WTI prices.The company announced last week it will build a 75,000-bpd oilsands project, going on faith that pipelines will be in place for when production begins in about four years (a prospect that took a hit Thursday when a U.S. judge put TransCanada Corp.’s Keystone XL pipeline on hold until more environmental study is done).Meanwhile, it is ramping up rail shipments from its co-owned Edmonton terminal as fast as it can.Other oilsands producers including Canadian Natural Resources Ltd. and Cenovus Energy Inc. are cutting production to avoid selling at current prices.The industry’s problems receive little sympathy from environmentalists like Keith Stewart of Greenpeace.“The root of the problem is that companies kept expanding production even when they knew there was no new transport,” he said.But McMillan pointed out it takes years to plan, win regulatory approval and build projects.For example, producers would have had no way of knowing ahead of time that the 525,000-barrel-per-day Northern Gateway pipeline project approved in 2014 by a Conservative government would then be rejected by a Liberal government in 2016, he said.“If Northern Gateway had come on as planned, we wouldn’t be in this situation,” said McMillan.In a report last February, Scotiabank analysts estimated the differential would shave C$15.6 billion in revenue annually, with a quick ramp up in crude-by-rail expected to shrink the hit to C$10.8 billion by the fall.At that time, discounts had widened to about US$30 per barrel from an average of around US$13 in the previous two years.Crude-by-rail shipments increased to a record 230,000 bpd in August but haven’t reduced the differential.According to Calgary-based Net Energy, the WCS-WTI differential averaged US$45.48 per barrel in October and has averaged US$43.75 so far in November.In an analysis last March, Kent Fellows, research associate at the School of Public Policy at the University of Calgary, estimated the differential would translate into a $13-billion economic loss if it persisted for a year — $7.2 billion to the Alberta government, $5.3 billion to industry and $800 million to the federal government.The differential has gotten much worse, he said in an interview this week, which means the lost opportunity is proportionately worse.Higher differentials hit provincial governments in the form of lower-than-expected royalties — their cut of every barrel produced from land where mineral rights are Crown owned — while the federal government will see lower corporate income taxes, Fellows said.“If this keeps up and we start to see either a lack of growth or more shutting in some of this production … you’re losing jobs and even personal income tax as well,” he said.The Alberta government estimates that every annual average $1 increase in the WCS-WTI differential above US$22.40 per barrel costs its treasury C$210 million.In Saskatchewan, Western Canada’s other major oil-producing province, each $1 change in the differential is equivalent to about $15 million in revenue, based on an assumed WTI price of US$58 per barrel, the government says.Finance Minister Donna Harpauer said in an interview that if current discounts continued for a year, the Saskatchewan industry’s lost revenue would be about C$7.4 billion.Part of the reason WCS discounts were wider in October is that WTI, which opened the year at US$60.37 per barrel, jumped to more than US$76. Producers exposed to WCS didn’t get the benefit of the higher U.S. oil prices.McMillan said the differentials are being noticed by potential energy investors — CAPP expects capital investment of $42 billion in the Canadian oilpatch in 2018, down from $81 billion in 2014.“We’re losing hundreds of millions of dollars that’s going to subsidize drivers in the United States.”Follow @HealingSlowly on Twitter.Companies mentioned in this article: (TSX:IMO, TSX:CVE, TSX:CNQ)last_img read more

Continue reading »