Resistance growing to Canada’s planned purchase of Kinder Morgan pipeline

first_imgResistance growing to Canada’s planned purchase of Kinder Morgan pipeline FacebookTwitterLinkedInEmailPrint分享247WallStreet.com:Canadian resistance to buying the Trans Mountain pipeline system Kinder Morgan Inc. subsidiary Kinder Morgan Canada is increasing, and with it so is short interest in Kinder Morgan. Short sellers added 12.5 million shares to their positions in the two-week reporting period ended July 31, and 2.4% of Kinder Morgan shares were short.Environmental groups and Canadian First Nations have ramped up opposition to the Trans Mountain expansion project, but the rise in short interest may be due to growing doubt among investors about whether the U.S. government will approve the pipeline’s sale to the Canadian government.A report last week at the Institute for Energy Economics and Financial Analysis (IEEFA) noted that the Committee on Foreign Investment in the United States (CFIUS) must approve the sale. And because one of the assets included in the sale is an existing pipeline that crosses the Canada-U.S. border, the U.S. State Department must issue a “presidential permit” for the sale. Given the current frosty relationship between the U.S. and Canadian governments, neither of these approvals is a foregone conclusion.Then there’s a potential increase in the cost of the expansion project. In a filing with Canadian regulators earlier this week, Kinder Morgan Canada Ltd. (KML) revealed cost estimates to complete the Trans Mountain expansion project that were as much as C$1.9 billion higher than the published estimate C$7.4 billion. The new estimates are included in the company’s proxy filing and announcement of a special meeting of KML shareholders scheduled for August 30 in Calgary.Canada’s federal government has agreed to acquire the Trans Mountain system for C$4.5 billion and to contract with KML to complete the construction project that expands the system’s capacity from 300,000 barrels a day to 890,000 barrels a day. The pipeline transports crude oil from the oil sands of Western Alberta to a KML terminal near Vancouver where it will be loaded on ships for transport, primarily to Asian and U.S. west coast buyers.According to the TD Securities review, if the expansion project is not completed, the implied value for the Trans Mountain system is between C$2.2 billion and C$3.1 billion. From where we sit, Canada may be about to plunk down C$4.5 billion for a pig in poke. If scrutiny of the deal intensifies, Kinder Morgan may not realize a payday after all, and that’s what the short sellers may be counting on.More: Why short sellers piled on Kinder Morganlast_img read more

When the Makers of Marlboro and Corona Get Into Marijuana

first_imgThe New York Times 12 December 2018Family First Comment: “There’s always been the expectation that big business was going to come in; we’ve been hearing rumors about ‘Marlboro Greens’ for decades now. Now we’re past the point of no return.”Legalisation of marijuana is simply the same thing as Big Tobacco II.They’re already lining up.#SayNopeToDope www.SayNopeToDope.nz Proponents of legal marijuana spent decades fighting a slow battle for mainstream acceptance. Now, with recreational use legal in Canada and many states in the United States, big business is suddenly swooping in.Altria, the maker of Marlboro and other cigarettes, last week paid $1.8 billion for almost half of Cronos Group, a cannabis company in Toronto.In August, Constellation Brands, which owns Corona and other beers, paid $4 billion for a major stake in Canopy Growth, another Canadian marijuana company. That month, Molson Coors, another brewer, formed a joint venture with a cannabis company in Quebec.“There’s always been the expectation that big business was going to come in; we’ve been hearing rumors about ‘Marlboro Greens’ for decades now,” said Bethany Gomez, director of research at Brightfield Group, a cannabis market research group. “Now we’re past the point of no return.” The arrival of large multinational corporations portends sweeping changes for an industry that until recently operated in the shadows. As billions of dollars pour into product development, marketing and manufacturing, these companies will be looking to create big brands with the market share to match. Brightfield estimates that global legal cannabis sales will reach more than $31 billion in 2021, up from less than $8 billion last year.But while large-scale investments suggest that the mainstream acceptance of marijuana has reached a significant tipping point, longtime cannabis advocates are worried that the idealistic entrepreneurs who made this moment possible may get left behind.READ MORE: https://www.nytimes.com/2018/12/12/business/cannabis-business-altria-canopy-constellation-cronos.htmllast_img read more

Test batsman De Silva to lead Sri Lanka A on Caribbean tour

first_imgCOLOMBO, Sri Lanka (CMC) – Test batsman Dhananjaya De Silva will lead a 16-man Sri Lanka A squad on the tour of West Indies starting next week.The 26-year-old played the last of his 10 Tests against India last August, and averages 38 with two centuries already under his belt.Twenty-year-old Charith Asalanka, an off-spinning all-rounder who led Sri Lanka Under-19s last year, will serve as De Silva’s deputy.Sadeera Samarawickrama and Roshen Silva, both of whom are part of the Test squad in the ongoing series against Pakistan in United Arab Emirates, will join the A-side once that series wraps up.Neither player has played an international match for Sri Lanka.The squad has been bolstered by the inclusion of three other players with Test experience, with fast bowlers Dasun Shanaka and Lahiru Kumara, along with left-arm spinner Malinda Pushpakumara, having played 11 Tests among them.Sri Lanka A are expected to leave tomorrow for Jamaica where they play three four-day ‘Tests’ and as many one-dayers against West Indies A, from October 11 to November 5.SQUAD – Dhananjaya De Silva (captain), Charith Asalanka (vice-captain), Sadeera Samarawickrama, Roshen Silva, Sandun Weerakkody, Ron Chandragupta, Shehan Jayasuriya, Dasun Shanaka, Wanindu Hasaranga, Amila Aponso, Malinda Pushpakumara, Chamika Karunaratne, Lahiru Kumara, Vimukthi Perera, Asitha Fernando, Kasun Rajitha.Schedule of matches:OCTOBERWednesday 11th to Saturday 14th – 1st ‘Test’ – Trelawny Multiplex, JamaicaThursday 19th to Sunday 22nd – 2nd ‘Test’ – Trelawny MultiplexThursday 26th to Sunday 29th – 3rd ‘Test’ – Sabina Park, JamaicaNOVEMBERWednesday 1st – 1st One-day Match – Sabina ParkFriday 3rd – 2nd One-day Match – Sabina ParkSunday 5th – 3rd One-day Match – Trelawnylast_img read more

Lennon are female champions again … Beat XLCR on penalties to retain title

first_img Lennon had the better play for most of the game with Gordon, Shanesia Smith, Judian Jones and Christine Graham putting the Xavier Gilbert-coached team on the defensive for most of the regular time, but lacked the quality to get the job done. Excelsior were not totally outplayed and did have their moments. They relied heavily on the presence of Tarania Clarke and her deliveries from set-pieces. For losing coach Gilbert, his team exceeded his expectations this season. “The girls were every disappointed they didn’t win, but I am proud of them, we did not expect to reach this far. We did not execute well (penalties) but their legs were tired and I don’t know if played a part,” he said. Lennon High School defeated Excelsior High 2-0 on penalty kicks in the ISSA Schoolgirl football final at Prison Oval yesterday, to win their seventh championship and their second in succession. After battling to a 0-0 regulation and extra-time scoreline, Renae Gordon and captain Petakaye Green converted from the spot for the Clarendon-based school, while Excelsior missed all their four kicks. Lennon had to go through extra-time and penalties in the semi-finals against Denham Town on Tuesday and although they had to do it all over again coach Sherlon Lennon, said they were well prepared. “We got most of the chances in regular time, but we didn’t finish off the game and we had to go to penalties but we were well prepared for it, and winning the title and bringing it back to the community is a wonderful feeling,” he said. BETTER PLAYlast_img read more