David Rosenberg has not had much occasion to put on his "optimistic hat" of late, but now that he is back home in his native land, he sees a bright road ahead for Canada's equity markets.
Mr. Rosenberg, who for nearly a decade sang the siren song of doom on Wall Street as chief North American economist of Merrill Lynch, says Canada is well positioned to benefit from both Washington's extravagant intervention into its wounded financial and economic system and the resumption in the secular commodity bull market.
"There is an old saying that in the land of the blind, the one-eyed man is king and Canada is going to be looking like the one-eyed man," he said. "When you look at the future and global investors looking to allocate capital toward the U.S. and Canada, Canada is going to come out ahead."
Two weeks after starting his new role as chief economist and strategist at Gluskin Sheff & Associates, the Toronto-based wealth management firm, Mr. Rosenberg remains particularly skeptical about the near term prospects for both North American equity markets and the economy.
While he thinks a very large chunk of the credit shock is behind us, he said we have yet to work through widespread housing deflation and falling employment. Realistically, Mr. Rosenberg believes it could take years to make the transition to the next economic cycle and notes markets, which have risen almost 40% over the past two months largely on the proposition the economy is in recovery, could easily fall back to new lows in the coming weeks.
What has become more evident to Mr. Rosenberg as the current downturn progresses is the growing advantage that Canada appears to have gained over its neighbour to the south. At the heart of this advantage is the change in the economic world order.
"I think the U.S. is now in the sunset of its economic hegemony and the economic power is shifting towards Asia and China," he said.
In addition to a diminishing share of the global pie, Mr. Rosenberg is troubled by the massive incursion by the U.S. government into its economy via TARP, near-zero interest rates and other stimulus efforts. He also sees a much more regulated capital market in the United States going forward and predicts a loonie above par with the greenback and higher top marginal U.S. tax rate.
"We just do not have the structural fiscal deficit that the U.S. has right now," he said.
"They have a fiscal mess to clean up. If you look at their tax rates globally, there are still relatively low. The tax gap between Canada and the U.S. is going to grow inexorably over the course of the next decade in our favour."
Mr. Rosenberg added that the power shift away from the United States and towards Asia is likely secular and not cyclical in nature, noting Asia went through its recession and restructuring a decade ago. Given China's dependence on raw materials, he believes the commodity space is ripe for a sustained rebound, to which Canada will be a primary beneficiary.
"We are a huge net raw material exporter and the China is a huge net importer of raw materials. If the Asia story proves to be a secular story that plays well into our balance of payments and importantly for our equity markets," he said.
"Remember just because the economy is hitched to the U.S. it doesn't mean our markets are. In fact they are much more sensitive to what is happening in Asia because about 50% of our stock market is based on materials. And that's where we come out ahead."
Tuesday, May 26, 2009
Rosenberg sees bright future for Canadian markets
2291 Total Signatures Timmies For Soldiers In Kandahar
To: TDL Group ( Tim Hortons Head Office)
I Started a group on facebook for Tim Hortons to have a Tim Hortons for the troops day where a portion of the proceeds will go to the troops overseas, either to use at the tim hortons there, or Tim hortons coffee to be sent over to them.
Let's see how much Timmies really cares. Lets see how many gunners and friends we can get on this thing. It's time to start a petition to the great Canadian Institution of Tim Horton's.
Now that they are located in Kandahar our troops can introduce the coalition to a Double Double. They say that drinking a coffee on a hot day is a great way to cool down but I don't know how true that is so maybe we can call this "Buy a Soldier an Ice cappuccino" group!
I think what would work best is for customers to donate 1.00 gift certificates and when its said and done they send all the gift certificates over to the troops and they can get whatever they wish. If a soldier chooses to have a coffee in 50 degree heat so be it lol, or they can get an ice cap, donut, muffin whatever they want.
Tim Hortons in Kandahar is hiring:
http://www.canada.com/theprovince/news/story.html?id=8f567fe7-fb94-4b91-a261-69b4236c6566
Tim Hortons Opens in Kandahar:
http://www.cbc.ca/world/story/2006/06/12/tim-hortons-kandahar.html
Sincerely,
The Undersigned
Monday, May 25, 2009
Its A Guy Thing...
Tim Runs Up Huge BEFORE Announcement- Insiders benefit!
Timminco lands silicon supply deal
Monday, May 25, 2009
TORONTO — Solar-panel silicon-producer Timminco Ltd. said Monday it has reached a supply agreement with German solar cell producer Q-Cells SE that contemplates delivery of 100 tonnes for 2009 with more to come up until 2013.
Stock in the Toronto-based company soared ahead of the announcement, gaining 46 per cent before being halted on the Toronto stock market. After the halt, the shares remained up, gaining 56 cents each to $1.79.
Under the supply agreement, which replaces an earlier five-year agreement signed in 2008, Timminco will negotiate by the end of this year further volumes, pricing and other terms for deliveries between 2010 and 2013 “in the context of prevailing solar industry market conditions.”
“Q-Cells is a valued customer of Timminco.” said Ren� Boisvert, president of Becancour Silicon, Timminco's subsidiary.
“We look forward to continuing to build a long term relationship with Q-Cells based upon application of our UMG-Si technology.”
Timminco will also return an outstanding deposit of about €8.9-million ($14-million) to Q-Cells. The companies agreed to a repayment schedule that will begin in the first quarter of 2010 and be completed by the end of 2010.
Last week, Timminco confirmed it will defend itself against a proposed class-action lawsuit alleging the company and its chief executive officer misled investors.
The action, filed last week in Ontario Superior Court, seeks $520-million on behalf of investors who bought Timminco stock between March and November last year.
It contends that the company, chairman and CEO Heinz Schimmelbusch and others provided misleading information about the profit potential of its process to produce high-grade silicon for use in solar cells.
Timminco shares, which rocketed from penny-stock levels in April, 2007, to a peak of $35.69 each last June, closed Friday at $1.30, down 96 per cent from their high.
Mr. Schimmelbusch told the company's annual meeting that Timminco's problems “are primarily market-driven,” caused by a slump in the solar energy industry related to a lack of financing and fewer government subsidies.
Timminco has cut production, spun off assets and delayed expansion, and reported a first-quarter loss of $22.3-million as sales fell 20 per cent from a year earlier to $37.7-million.
Thursday, May 21, 2009
U.S. markets rattled
U.S. markets rattled
RTGAM
U.S. markets were hit with one of those uh-oh moments on Thursday morning when Standard & Poor's took one step toward downgrading the U.K.'s top triple-A credit rating. The U.K. is an ocean away, but the similarities between it and the United States are striking, a point not lost on investors who sent global stock market indexes down.
S&P lowered its outlook on U.K.
debt to "negative" from "stable," pointing to the extremely high debt levels
there. Right now, government debt represents nearly 67 per cent of the country's
economic outlook, and S&P is concerned that debt will soon approach 100 per
cent of gross domestic product.
Sound familiar?
According to Bloomberg, U.S. debt is 70.4 per cent of GDP, which suggests that its triple-A credit rating is also at risk. The effect in the U.K. has been dramatic: Bond prices are down, the pound is down and the FTSE 100 was down 2.2 per cent in
afternoon trading - a potential preamble to what the U.S. can expect if its
credit rating is also put on watch.
With about an hour before markets open, U.S. stock index futures were down, suggesting that stocks will fall at the start of trading. Futures for the Dow Jones industrial average were down 70 points. Futures for the broader S&P 500 were down 7 points.
Stocks certainly weren't given a helping hand from the latest snapshot of U.S. unemployment claims. Last week, initial claims were 631,000, down slightly from a revised 643,000 the week before - but still above the 600,000 threshold and slightly worse than what economists had been expecting. Just as troubling, continuing claims rose yet again to 6.66 million, suggesting that laid off Americans are still have trouble finding new jobs.
"The fact that the four-week moving average for initial claims fell is indicative of a slower pace of job destruction, though we are not convinced that a significant improvement is among us quite yet," said Ian Pollick, economics strategist at TD Securities, in a note. "In addition, the fact that the four-week moving average for continuing claims has drifted consistently higher for 66 straight weeks is indicative of a labor market shut for business."
Copyright 2001 The Globe and Mail
Wednesday, May 13, 2009
Off to Paris With PDP Wins
Monday, May 11, 2009
PDP-T Rating change 5-Star Rating (new): ***
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5-Star Rating (previous): **
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PDP Has Exploded - After Annual Meeting!
cnw
CALGARY, May 6 /CNW/ - Petrolifera Petroleum Limited (PDP - TSX) is pleased to report our first quarter 2009 ("Q1 2009") operating and financial results to our shareholders, together with comparative information from last year.
Petrolifera's high impact drilling program began in January 2009, with the spudding of its La Pinta No.1 well on the Sierra Nevada License in the Lower Magdalena Basin onshore Colombia. We also control extensive contiguous acreage under what was previously the Magdalena Technical Evaluation Agreement ("TEA"), which is in the process of being converted to a License. The La Pinta well was recently logged and cased after being drilled to a final total depth of 11,250 feet. Results while drilling have been encouraging and were further confirmed by logs. A testing program will begin as soon as possible and when completed, results will be communicated by way of press release.
On March 2, 2009 Petrolifera announced its intention to commence a process to sell its Argentinean operations. All of the company's current production, a significant portion of its reserves and extensive undeveloped acreage is held in Argentina, where assets continue to hold promise and upside potential, which is of importance to a prospective purchaser. We retained Tristone Capital Inc. ("Tristone") to manage the process for the company. Data rooms are anticipated to open in mid-May 2009 with a view to offers being submitted for consideration by June 18, 2009. It is our objective to sell our Argentinean operations as a going concern to maximize continuing employment opportunities for our in-country employees. It is anticipated the sale will proceed if suitable and acceptable proposals are forthcoming and all requisite approvals are obtained. The expressions of interest in the process have been plentiful and from companies and enterprises operating from a variety of jurisdictions, including Argentina. If a transaction were completed, funds would be deployed in our high impact exploration and evaluation programs in Colombia and in Peru and to discharge related reserve-based indebtedness.
These Q1 2009 results will be subject to a Conference Call event at 9:00 a.m. MDT May 7, 2009. To listen to or participate in the live conference call please dial either (416) 644-3434 or (800) 814-4857. A replay of the event will be available from May 7, 2009 at 11:00 a.m. MT until May 15, 2008 at 11:59 p.m. MT. To listen to the replay please dial either (416) 640-1917 or 877-289-8525 and enter the passcode 21305120 followed by the pound sign.
<< class="Apple-style-span" style="color: rgb(255, 0, 0);"> Petrolifera announced its intention to enter into a process to sell its operations in Argentina - A successful multi-well heavy oil drilling program was initiated on the company's 100 percent owned Gobernador Ayala II Concession in La Pampa Province, Argentina, which could favorably impact on the sales efforts and pricing prospects - High potential drilling commenced in Colombia with La Pinta No.1, now an indicated discovery based on results while drilling and logs; testing is anticipated to be completed in a timely manner - Seismic programs were completed on Block 106 in Peru and on our Turpial Concession in the Middle Magdalena Basin, Colombia - We are nearing completion of the conversion of the Magdalena TEA to License status; this extensive land block adjoins the Sierra Nevada Concession in the Upper Magdalena Basin of Colombia - Preparations for drilling on Block 107 in the Ucayali Basin, Peru were initiated; mandatory acreage relinquishment on Block 107 was determined and submitted for approval; new license on Block 133, offsetting Block 107 to the west was secured, enhancing Petrolifera's landholdings in the region - Solid cash flow, profitability and favorable commodity pricing realized in Argentina during Q1 2009 - Plan of Arrangement for asset backed commercial paper restructuring completed; related line of credit expanded to $28.2 million and borrowings reclassified as long term, which improved working capital and enhanced liquidity Read Full Report Here
Planned maintenance will cut total loading volumes of major North Sea crude oil to a two-year low in June
N Sea Crude:June Supply To Hit 2-Year Low; Impact Seen Limited
10:17 EDT Monday, May 11, 2009
LONDON -(Dow Jones)- Planned maintenance will cut total loading volumes of major North Sea crude oil to a two-year low in June, traders said Monday, although they expect little impact on spot market prices.
North Sea crude oil producers will supply a total of 37.62 million barrels of benchmark North Sea BFOE crude - Brent, Forties, Oseberg and Ekofisk crude oil - in June, down 15% from May's 44.24 million barrels, the lowest since June 2007, according to Dow Jones data.
June's volume will be equivalent to 1.25 million barrels a day, about 12% lower than May.
Including the Norwegian Statfjord and Gullfaks grades, supply of the six major North Sea grades will total 48.73 million barrels, or 1.62 million barrels a day, down 13.3% versus May.
The sharp decline in June loading volume is mainly due to planned maintenance at StatoilHydro ASA's (STL.OS) Oseberg oil field. As a result, Oseberg's June supply will fall 55% on the month to 3 million barrels.
A spokesman at StatoilHydro declined to comment on an exact downtime for the field, although the company said last month that it would be partially offline for maintenance in June.
A person familiar with the situation said the company is scheduled to shut the field between June 8-18 for maintenance. No Oseberg cargoes will be loading after June 5 until June 23, according to a copy of the June loading program seen by Dow Jones Newswires.
But less Oseberg volume may not lend much support to the market since traders pay more attention to the loading volume of the Forties Blend, the grade that typically sets the price of the benchmark BFOE basket.
"Rarely anything matters on BFOE otherthan Forties," a trader said. One less cargo of Forties is scheduled for June compared with May, with 34 standard 600, 000-barrel cargoes of Forties slated.
"Oseberg rarely sets the quote or goes in chains," said the trader.
With this in mind, most traders doubt the Forties market will tighten significantly to affect BFOE prices in coming weeks.
On May 7, Forties traded at a discount of 50 cents a barrel to Dated BFOE, compared with a parity the previous week.
Ample supply of Forties in June and July suggests that traders may continue to store extra barrels in supertankers in a bid to take advantage of the contango structure in the market. A contango structure in crude futures means near-term contracts are priced cheaper than those further into the future.
Currently, five to six very large crude carriers are employed for Forties storage in the North Sea, traders said.
However, maintenance is expected to cut Forties crude output to 365,000 barrels a day in August, down 46% from July projections, according to BP PLC ( BP), which operates the Forties Pipeline System.
Earlier this year, Canadian energy company Nexen Inc. (NXY) said that the company will conduct up to six weeks of third quarter maintenance at its 200, 000-barrel-a-day Buzzard oil field in the North Sea to coincide with maintenance on the Forties Pipeline System.
The output from the Buzzard field, the biggest in the Forties system, contributes to around a quarter of total production of Forties Blend. There are more than fifty oil fields making up Forties Blend.
North Sea Crude Oil Loading Programs
Grade June Vol B/D May Vol B/D
(Bbl) (Bbl)
Brent 3,668,000 122,267 4,240,000 136,774
Forties 20,400,000 680,000 21,000,000 677,419
Oseberg 3,000,000 100,000 6,650,000 214,516
Ekofisk 10,550,000 351,667 12,350,000 398,387
Total 37,618,000 1,253,933 44,240,000 1,427,097
Statfjord 5,130,000 171,000 5,985,000 193,065
Gullfaks 5,985,000 199,500 5,985,000 193,065
Total 48,733,000 1,624,433 56,210,000 1,813,226
-By Sherry Su, Dow Jones Newswires; +44(0)20-7842-9329; sherry.su@dowjones.com
(END) Dow Jones Newswires
05-11-09 1016ET
Copyright (c) 2009 Dow Jones & Company, Inc.
S&P 500 rally is overdue for consolidation and investors should brace for a pullback towards the 50-day moving average
Fear of heights
RTGAM
When stock markets rise for nine straight weeks in anticipation of an economic recovery some time down the road, there are bound to be some setbacks as investors take a long look at how high markets have come. Monday appears to be one of those setbacks - though of course it is impossible to know at this point whether it is a short-term blip or the start of something nastier.
U.S. stock index futures were down with about 30 minutes before markets open, suggesting that stocks will fall at the start of trading. Futures for the Dow Jones industrial average were down 79 points. Futures for the broader S&P 500 were down 12 points.
In Europe, the U.K.'s FTSE 100 was down 1 per cent and Germany's DAX index was down 1.2 per cent in afternoon trading. In Asia, Japan's Nikkei 225 rose 0.2 per cent in overnight trading.
There wasn't a whole lot of news driving the losses - although efforts by a number of U.S. financial firms to raise capital by selling common shares might be hanging over the market. As well, commodity prices were generally lower, which could weigh heavily on the Canadian market when it opens for trading.
Vincent Delisle, strategist at Scotia Capital, noted that recent improvements in employment data from Canada and the United States reinforce his impression that the global recession is in the late stages.
"As enjoyable as this winning stretch has been, however, the laws of physics should eventually catch up with this positive momentum," he said, in a note. "Near term, the S&P 500 rally is overdue for consolidation and investors should brace for a pullback towards the 50-day moving average." If he's right, the pullback would take the S&P 500 back to 809 from its current level of 929.
Longer term, though, he remains upbeat, with a 2010 target of 1,000 for the index.
Copyright 2001 The Globe and Mail
Sunday, May 10, 2009
Door To Door Energy Tactics and Cons -Buyer Beware!
TheStar.com - Business - A checklist for energy con tactics
May 10, 2009
Ellen Roseman
Ontario isn't doing enough to protect consumers from deceptive tactics used by door-to-door energy sellers.
The province opened its doors to competition in natural gas in 1997 and to electricity in 2002.
Today, there's an army of agents cajoling, pushing and often tricking you into buying a long-term contract for your energy supply.
If you say yes at the door – and later on the phone when the company calls to confirm – you will be locked into a fixed price that may be far higher than the local utility's rate. To get out before the contract expires, you will have to pay hundreds or thousands of dollars to win your release.
Ontario tried to jump-start energy competition, but ignored the way that competitors built their market share, says Michael Janigan, executive director of the Public Interest Advocacy Centre.
"The benefits associated with having this stuff going on are dwarfed by the problems associated with it," he says.
The Ontario Energy Board is falling behind on the job of policing the conduct of energy sellers.
The board received 2,126 complaints about marketers in the first quarter of this year – up from a quarterly average of 1,500 last year – but rarely lays charges.
It fined two retailers this year for failing to follow market rules. This was the first penalty since 2003.
Last week, it ordered Direct Energy Marketing Ltd. to pay $15,000 for misrepresentation exposed in a hidden camera investigation by CBC's Marketplace.
The abuses should have abated soon after Ontario's energy market was opened to choice. Instead, they're getting worse. It's time for the government to act.
A private member's bill by Liberal MPP David Ramsay passed second reading, but is stalled in the Legislature until next fall.
So, what would I propose? Here's a checklist.
• Drop the rule that marketers must call customers 10 days to two months after an agent's visit to reaffirm the purchase. This is too late to be effective.
• Set up a third-party verification system, such as exists in British Columbia for gas sales, where an independent company calls people the same day an agent comes to their home.
• Write a standard script for all verification calls. Make sure customers understand who they're dealing with and the terms of the deal, including the cancellation penalties.
• Don't allow agents to carry anything that has the name or logo of a utility (such as Enbridge Gas or Toronto Hydro). This helps create false impressions about their identity.
• Ban the use of terms such as savings, low prices or guarantees. The only thing that marketers can promise is a stable price.
• Let customers cancel once they see what they're paying. Give them the legal right to opt out of a contract within 30 days of receiving their first bill at the new rate.
• Eliminate automatic renewals of gas contracts for one year if customers don't cancel in writing before the expiry date. Allow contracts to be renewed on a month-to-month basis at the existing price, not a higher price.
• Stop letting marketers recruit each other's customers mid-contract. This leads to confusion and two sets of cancellation penalties. Deals signed at the door should be void if the customer is already bound to another company.
Next week, how to retrofit your home to save energy.
eroseman@thestar.ca
Saturday, May 9, 2009
Marketplace Uncovers BIM Scam- Beware You'll Lose $3200.00
ho doesn't want to make more money these days? An economic crunch combined with massive layoffs make money schemes all the more tempting. But if profits rely on recruiting others, you could be part of a pyramid scheme, which is illegal in Canada.Here are some pointers on how to spot a pyramid scheme:
The scheme is promoted word of mouth or through closed door meetings. Beware of promises of extremely high commissions. Products associated with pyramid schemes often have little real value and it is difficult for the average consumer to determine their actual worth. Consider if there is a true market for the product and if it is actually being sold to people outside of the scheme. If not the name of the game is likely recruiting. To survive, pyramid schemes rely on a continuous inflow of new recruits. But basic math shows they will eventually collapse. Be skeptical about testimonials about the product or the plan. The company may be paying individuals to give testimonials or may have strategically ensured their success in the business.Friday, May 8, 2009
Nine-week rally continues
Nine-week rally continues
RTGAM
The Toronto stock market's nine-week-old rally continued Friday, with its main index closing at its highest level since early October, as optimism was fuelled by better-than-expected job numbers, rising oil and gas prices and renewed confidence in the U.S. banking sector.
The S&P/TSX composite index moved up 270.94 points to 10,237.99, lifting the main index up about 37 per cent from the start of the rally in early March.
Statistics Canada said the economy added 35,900 jobs in April, against market expectations of a 50,000 decline. In the United States, layoffs slowed in April to a six-month low of 539,000.
The Dow Jones industrial average moved up 164.80 points to 8,574.65, while the broader S&P 500 index rose 21.84 to 929.23.
Investors expressed relief at the results of the U.S. government's stress tests on the 19 largest U.S. banks, released after markets closed Thursday.
"Getting past the stress tests was a milestone," said Jim Dunigan, managing executive of investments for PNC Wealth Management.
The Canadian Press
Copyright 2001 The Globe and Mail
Thursday, May 7, 2009
OUCH Hope You Cashed Out at The Top Today- I did
Stressed about stress tests?
RTGAM
North American stock market indexes ran out of energy on Thursday, turning early gains into nasty losses by the close of trading. Are these mere jitters as major indexes move higher from their multi-lows in early March? Or does this mark an important turn that, as some observers predict, will take major indexes back to their lows? Stay tuned.
The Dow Jones industrial average closed at 8409.85, down 102.43 points, or 1.2 per cent - a drop of 167 points from its high early in the day. The broader S&P 500 closed at 907.39, down 12.14 points, or 1.3 per cent, though it remained slightly up for the year.
You can blame the setbacks on the U.S. government's release of stress tests later in the day (5 pm ET), with investors perhaps taking money off the table as the big moment approaches. However, most of the information has already been leaked.
Another potential culprit is Cisco Systems Inc., which reported a sharp drop in its quarterly sales and forecast that the current quarter could be even worse - a sign that the economy may not have bottomed out just yet. The shares fell 3.4 per cent.
Either way, early ebullience over a better-than-expected report on initial jobless claims for last week evaporated. Although Bank of America Corp. rose 6.5 per cent, the gain was well off the earlier high. Other financials weren't as fortunate: Wells Fargo & Co. fell 7.8 per cent and JPMorgan Chase & Co. fell 5.3 per cent.
Hewlett-Packard Co. followed the general retreat from technology stocks, which have enjoyed outsized gains during the recent rally. The shares fell 5 per cent.
In Canada, the S&P/TSX composite index closed at 9971.39, down 172.04 points, or 1.7 per cent - a substantial 370 points off its high early in the day, which put the benchmark index back below the 10,000 threshold, one day after crossing it amid widespread media fanfare.
Gold producers made out fine, with Goldcorp Inc.'s 2.5 per cent rise in line with the increase in the price of gold. However, early gains by energy stocks disappeared when the $2 (U.S.) bump in the price of crude oil - taking it closer to $60 a barrel - fell back to a gain of just 37 cents.
Research In Motion Ltd. fell 4.2 per cent and financials were also weak. Toronto-Dominion Bank fell 4 per cent and Bank of Nova Scotia fell 3.5 per cent.
Copyright 2001 The Globe and Mail
Dalton McGuinty wants to screw you
By Klaus Rohrich Friday, March 13, 2009
Recently Ontario Premier Dalton McGuinty was musing about the possibility of introducing the so-called Harmonized Sales Tax (HST), which some provinces have adopted under the guise of simplifying and harmonizing the complex federal and provincial tax regimes. His reasons for taking “a good look” at Ontario adopting the HST ostensibly was to “simplify” the remittance process and to “save businesses money”.
But to me, it seems much more likely that the real reason behind this “good look” is that provincial coffers would nab a huge windfall in additional taxes as many of the goods and services sold in Ontario today are taxed under the GST and not the current provincial sales tax.
For instance, if you purchase a new home that home ‘s purchase price is subject to the 5% GST. So if you buy a new home for, say $400,000, the builder is obligated to tack on an additional 5%, or $20,000 in GST. Under the HST the government of Ontario would be able to tack on its own 8% tax raising the cost of that home by another $32,000.
But it isn’t just homes that would fall victim to this new tax, it is a wide range of other services that are currently only subject to the GST. Paying legal fees to a lawyer? The lawyer must charge 5% GST. With the HST, the lawyer will then be obligated to charge 13% in HST. Same with accountants, psychologists, architects, engineers, and a whole slew of other professionals that currently only charge the GST.
If you happen to be suffering from depression and seek counseling form a psychologist, the usual fee is $125.00 plus GST, which works out to about $132,00. McGuinty’s HST will depress you even more, as the cost of treatment would now increase by an additional 8%, as Dalton would want his cut. Seeking help from a psychiatrist is out of the question, as most psychiatrists, who are medical doctors and are covered under the province’s health plan, no longer counsel patients, but assess and refer them to psychologists, which is much more lucrative.
Newspapers, magazines, radio and television stations would increase the cost of their products and services by an additional 8%, as Dalton would want to claim his own piece of the pie under the new GST. A full Page ad in The Globe and Mail, which under some circumstances can cost in excess of $50,000 is subject to $2,500 in GST today. Under McGuinty’s scheme that same ad would have an additional $6,500 tacked on in HST.
In his musings about this new HST, McGuinty claims it will save businesses somewhere on the order of $100 million per year, as they will no longer have to file duplicate returns. What McGuinty hasn’t talked about and one wonders why the so-called mainstream media hasn’t picked up on this either is how much it will cost the taxpayers of Ontario.
The Greater Toronto Homebuilders’ Association has estimated that a new HST regime would increase the average price of a new home in the GTA by about $46,000! That’s a huge windfall for Dalton and the boys to buy more votes with, when you think that during a good year Toronto homebuilders pump out somewhere in the neighbourhood of 3,000 new homes. The GTA’s new home market alone would increase the province’s revenues by close to $140 million. When you extrapolate these added costs across the entire provincial economy, the additional revenue will be many billions of dollars.
What do you suppose happens when you take this much cash out of an economy in the form of additional taxes? The end result will make the current recession look like economic boom times, as the burden of these new taxes would crush any hope for a recovery any time soon. It would further depress the new home market, as well commercial leasing and other businesses.
Musings such as these demonstrate the degree to which the premier of Ontario is out of touch with the realities facing the citizens of the province. Using the specious rationale that the HST would save business $100 million in accounting costs is an act of kindness Ontarians really don’t need. It’s likely to totally screw the economy.
Copyright © Canada Free Press
Klaus Rohrich is senior columnist for Canada Free Press.
You are about to become the victim of the largest tax hike in our history.
How will this affect you?
Gasoline
Home heating fuel
Water
Hydro
Used cars
Government and city services
Real Estate Fees - if you think 5 or 6% is bad, just watch the market decline further when people now pay PST + GST
Any service you now use for your home or business such as repairs, professional services of any kind, construction materials etc.
These are just a few.
See this article about how the $1000.00 BRIBE they are offering will not even cover ½ of the increased cost to the average family.
This tax hits Ontarians hard, but ESPECIALLY the low income ones! They will have an 8% increase in everyday life, and yet you will not see their benefits or salaries rise.
http://www.digitaljournal.com/article/269917
Actually almost everything currently without PST in your life - except child's clothing, prescriptions, diapers, and feminine hygiene products - will now cost you 8% more. Oh and here is a kicker. The fuel tax will slide with the increasing cost of that fuel.
Our premier is counting on taxpayers to do what they always do when a new tax is added.Nothing! It is very important that you start to research and discuss this with your friends and family. It is not too late to stop this if you are willing to do something as send an email to the premier asking him either to a) stop the tax grab all together or b) do what was originally intended and blend the tax on the products that now have both taxes and not to extend the new tax to everything else. If you just sit there remember you lose the right to complain about taxes ever again. Get UP and start telling everyone about this injustice and we can stop this today. Don't think your email will not count. When most MP's get more than 10 emails, they consider it a catastrophe!
Wednesday, May 6, 2009
Petrolifera Petroleum reports Q1 2009 results and schedules
Petrolifera Petroleum reports Q1 2009 results and schedules Conference Call May 7, 2009, 9:00 a.m. MDT; Company encouraged by drilling results and logs; Testing of La Pinta well in Colombia anticipated to be completed in a timely manner
cnw
CALGARY, May 6 /CNW/ - Petrolifera Petroleum Limited (PDP - TSX) is pleased to report our first quarter 2009 ("Q1 2009") operating and financial results to our shareholders, together with comparative information from last year.
Petrolifera's high impact drilling program began in January 2009, with the spudding of its La Pinta No.1 well on the Sierra Nevada License in the Lower Magdalena Basin onshore Colombia. We also control extensive contiguous acreage under what was previously the Magdalena Technical Evaluation Agreement ("TEA"), which is in the process of being converted to a License. The La Pinta well was recently logged and cased after being drilled to a final total depth of 11,250 feet. Results while drilling have been encouraging and were further confirmed by logs. A testing program will begin as soon as possible and when completed, results will be communicated by way of press release.
On March 2, 2009 Petrolifera announced its intention to commence a process to sell its Argentinean operations. All of the company's current production, a significant portion of its reserves and extensive undeveloped acreage is held in Argentina, where assets continue to hold promise and upside potential, which is of importance to a prospective purchaser. We retained Tristone Capital Inc. ("Tristone") to manage the process for the company. Data rooms are anticipated to open in mid-May 2009 with a view to offers being submitted for consideration by June 18, 2009. It is our objective to sell our Argentinean operations as a going concern to maximize continuing employment opportunities for our in-country employees. It is anticipated the sale will proceed if suitable and acceptable proposals are forthcoming and all requisite approvals are obtained. The expressions of interest in the process have been plentiful and from companies and enterprises operating from a variety of jurisdictions, including Argentina. If a transaction were completed, funds would be deployed in our high impact exploration and evaluation programs in Colombia and in Peru and to discharge related reserve-based indebtedness.
These Q1 2009 results will be subject to a Conference Call event at 9:00 a.m. MDT May 7, 2009. To listen to or participate in the live conference call please dial either (416) 644-3434 or (800) 814-4857. A replay of the event will be available from May 7, 2009 at 11:00 a.m. MT until May 15, 2008 at 11:59 p.m. MT. To listen to the replay please dial either (416) 640-1917 or 877-289-8525 and enter the passcode 21305120 followed by the pound sign.
<<
Highlights for the period were as follows:
- Petrolifera announced its intention to enter into a process to sell
its operations in Argentina
- A successful multi-well heavy oil drilling program was initiated on
the company's 100 percent owned Gobernador Ayala II Concession in La
Pampa Province, Argentina, which could favorably impact on the sales
efforts and pricing prospects
- High potential drilling commenced in Colombia with La Pinta No.1, now
an indicated discovery based on results while drilling and logs;
testing is anticipated to be completed in a timely manner
- Seismic programs were completed on Block 106 in Peru and on our
Turpial Concession in the Middle Magdalena Basin, Colombia
- We are nearing completion of the conversion of the Magdalena TEA to
License status; this extensive land block adjoins the Sierra Nevada
Concession in the Upper Magdalena Basin of Colombia
- Preparations for drilling on Block 107 in the Ucayali Basin, Peru
were initiated; mandatory acreage relinquishment on Block 107 was
determined and submitted for approval; new license on Block 133,
offsetting Block 107 to the west was secured, enhancing Petrolifera's
landholdings in the region
- Solid cash flow, profitability and favorable commodity pricing
realized in Argentina during Q1 2009
- Plan of Arrangement for asset backed commercial paper restructuring
completed; related line of credit expanded to $28.2 million and
borrowings reclassified as long term, which improved working capital
and enhanced liquidity
Read Full Report Here
PDP Ready To Sell Argentina?
3/4/2009 5:03 PM - Canada NewsWire
CALGARY, Mar 4, 2009 (Canada NewsWire via COMTEX News Network) --
Petrolifera Petroleum Limited (PDP - TSX) announced today that the La Pinta 1 well on its 100 percent owned Sierra Nevada License in Colombia has reached a depth of approximately 8,300 feet and that preparations are underway to run an intermediate casing string, as scheduled. The wellbore is being conditioned after a logging run and then the casing string will be run.
Petrolifera is encouraged by results thus far in the drilling of the La Pinta 1 well, based on hydrocarbon shows and the results of logs. Drilling of the well is running approximately 20 days behind schedule due to occasional mechanical issues with the rig and slow penetration rates through certain zones.
In Argentina, Petrolifera recently commenced drilling of its first exploratory well, PPEA.LP.LS.x-1, on its Gobernador Ayala II Concession located in La Pampa Province.
The well is licensed to be drilled to a depth of approximately 1,000 meters and is being drilled on a 3D seismically-defined prospect for heavy crude oil.
Argentina Sales Process
Petrolifera also announces that its Board of Directors has authorized the company to enter in to an engagement agreement with Tristone Capital ("Tristone") of Calgary, Houston, Buenos Aires and London, whereby Tristone would immediately commence to establish a data room, which will be made available to qualifying companies. Tristone will assist Petrolifera in the sale of Petrolifera's interests in Argentina, which are primarily indirectly held by a wholly-owned Barbadian subsidiary.
It would be Petrolifera's intention to sell its interests in a tax effective manner and to redeploy the proceeds in its high-potential exploration activities in Colombia and Peru, after discharging related outstanding long-term indebtedness. While Petrolifera recognizes continuing potential associated with its extensive Argentinean assets, both from an exploratory and exploitation perspective, it is the opinion of management and the company's Board of Directors that the company's holdings in Colombia and Peru have greater identified growth potential.
Petrolifera's desire is to sell its Barbadian subsidiary and related assets as a going concern, with view to the purchaser providing continuing employment to the company's managerial, technical and operating staff to the fullest extent possible.
Arrangements are contemplated to ensure fair and appropriate treatment under prevailing employment law to both continuing and redundant employees and contractors, should the prospective purchaser not require all of Petrolifera's current Argentinean employees and contractors on a continuing basis.
Annual General Meeting Webcast
May 6, 2009, 3:20 PM MT/5:20 PM ET
To listen to this event, please enter
http://www.newswire.ca/en/
Ontario Premier Dalton McGuinty Needs To Hear From You Too!
As a concerned taxpayer I feel it is important to have you all understand what the new HST (Harmonized Sales Tax) or "blended tax" means to Ontarian's.
It amazes me that this announcement has slipped by without a ripple, and yet when I tell people about the impact to them they are all shocked.
The intended purpose is to blend the GST and the PST into one tax.. This will cut down the paperwork burden for Ontario businesses and, in theory, lessen staff by merging both departments. This could be a noble attempt to cut costs. There is just one problem. Rather than just blending the products and services that now charge both taxes, the provincial government has decided that it will apply this new tax to almost all goods and services that you do not pay PST on now!
You are about to become the victim of the largest tax hike in our history.
How will this affect you?
Gasoline
Home heating fuel
Water
Hydro
Used cars
Government and city services
Real Estate Fees - if you think 5 or 6% is bad, just watch the market decline further when people now pay PST + GST
Any service you now use for your home or business such as repairs, professional services of any kind, construction materials etc.
These are just a few.
See this article about how the $1000.00 BRIBE they are offering will not even cover ½ of the increased cost to the average family.
This tax hits Ontarians hard, but ESPECIALLY the low income ones! They will have an 8% increase in everyday life, and yet you will not see their benefits or salaries rise.
http://www.digitaljournal.com/article/269917
Actually almost everything currently without PST in your life - except child's clothing, prescriptions, diapers, and feminine hygiene products - will now cost you 8% more. Oh and here is a kicker. The fuel tax will slide with the increasing cost of that fuel.
Our premier is counting on taxpayers to do what they always do when a new tax is added.Nothing! It is very important that you start to research and discuss this with your friends and family. It is not too late to stop this if you are willing to do something as send an email to the premier asking him either to a) stop the tax grab all together or b) do what was originally intended and blend the tax on the products that now have both taxes and not to extend the new tax to everything else. If you just sit there remember you lose the right to complain about taxes ever again. Get UP and start telling everyone about this injustice and we can stop this today. Don't think your email will not count. When most MP's get more than 10 emails, they consider it a catastrophe!
Send your objection to:
http://www.premier.gov.on.ca/feedback/feedback.asp
If you do nothing, you lose your right to complain.
Tuesday, May 5, 2009
U.S. recession is grinding to a halt and growth will resume later this year
After the Bell
The close: A down Legg
RTGAM The good news? Ben Bernanke, Chairman of the Federal Reserve, believes the terrible U.S. recession is grinding to a halt and growth will resume later this year. The bad news? The recovery will be slow.
While that assessment would have been enough to send stock markets soaring a couple of months ago when it seemed as though the U.S. economy was teetering on the edge of the abyss, these are different times. The stock market has already discounted a retreat from the abyss, and some observers believe it has begun to price in a decent recovery now that the S&P 500 has bounced about 35 per cent above its 12-year low in early March.
In other words, investors merely shrugged off Mr. Bernanke's upbeat assessment on the economy, leaving U.S. stocks down slightly for the day after a strong rally on Monday.
The Dow Jones industrial average closed at 8410.65, down 16.09 points, or 0.2 per cent. The broader S&P 500 closed at 903.80, down 3.44 points, or 0.4 per cent - within a breath of where it began the year.
Intel Corp. fell 3 per cent and Procter & Gamble fell 2.4 per cent. As well, money management firm Legg Mason Inc. fell 17.3 per cent after it reported a wider-than-expected loss in its quarterly results and cut its dividend. However, Kraft Foods Inc. rose 4 per cent after investors applauded the company's first quarter results.
Financials were mixed, as investors await the results of government stress tests, due to be released on Thursday. Bank of America Corp. rose 4.4 per cent but JPMorgan Chase & Co. fell 2.7 per cent.
In Canada, the S&P/TSX composite index closed at 9880.72, up 10.35 points, or 0.1 per cent.
Financials were generally strong, with some of the higher-yielding names reporting the best gains. Bank of Montreal, the one deemed most likely to trim its dividend during the worst stretch of the bear market earlier this year, rose 4.3 per cent. At the other end of the spectrum, Royal Bank of Canada rose just 0.4 per cent.
Linamar Corp. surged 39.4 per cent after the auto parts maker reported a smaller-than-expected loss for its quarterly results.
However, energy stocks were weak after the price of oil retreated below $54 (U.S.) a barrel, down 63 cents. Suncor Energy Inc. fell 1.4 per cent and Canadian Oil Sands Trust fell 2 per cent.
Copyright 2001 The Globe and Mail
Toronto Most Actives At 4:15 PM EDT
djones
iShares Cdn 60 Index 27,626,970 15.08
Breakwater Resources 19,809,110 0.20 up 0.02
Teck Resources 17,581,660 15.79 up 0.09
Mercator Minerals 13,787,900 1.90 off 0.16
Denison Mines 13,366,790 2.73 off 0.16
Bombardier B 12,131,630 4.13 up 0.22
Horizons NYMEX Crude Bull 11,616,040 6.36 off 0.13
Manulife Financial 7,718,788 21.57 up 0.32
Anvil Mining 7,591,724 1.31 off 0.08
Eastern Platinum 6,967,817 0.60 up 0.02
A refreshing pause?
A refreshing pause?
RTGAM
Global stock market indexes struck a cautious note on Tuesday morning after a strong rally on Monday sent major indexes to multi-month highs over enthusiasm for an economic rebound.
U.S. stock index futures were down with about an hour before markets open, suggesting that stocks will dip slightly at the start of trading. Futures for the Dow Jones industrial average were down 22 points. Futures for the broader S&P 500 were down 4 points - threatening to put it back below the 900 threshold and perhaps back into negative territory for the year, one day after poking into the black for the first time since January.
In Europe, the U.K.'s FTSE 100 was up 2.5 per cent in afternoon trading, after the stock market there was closed on Monday. Germany's DAX index fell 0.5 per cent. In Asia, Japan's stock market was closed, but Hong Kong's Hang Seng index rose 0.3 per cent in overnight trading.
Corporate news was mixed. Financial firm UBS AG announced a $1.8-billion (U.S.) quarterly loss and maintained a cautious outlook due to a worsening economy. However, Kraft Foods Inc.'s first quarter earnings jumped 10 per cent.
Bloomberg News is reporting that the U.S. government's stress tests on financial firms is likely to conclude that 10 of the 19 firms in the study will need additional capital to keep them safe from a deeper-than-expected recession. Results are due to be released officially on Thursday.
In the meantime, investors will be anticipating Ben Bernanke's testimony before the Joint Economic Committee, where the Federal Reserve chairman will discuss recent attempts to get banks lending again and efforts to stimulate the economy - pertinent stuff, with the stock market anticipating an economic recovery.
In Canada, Loblaw Cos. Ltd. reported a 73 per cent jump in its first quarter earnings. Adjusted earnings, which ignore one-time factors, were 47 cents a share, well above the 35 cents a share than analysts had been expecting.
Copyright 2001 The Globe and Mail
Monday, May 4, 2009
TSX jumps 373 points, biggest 1-day gain of 2009
TSX jumps 373 points, biggest 1-day gain of 2009
Last Updated: Monday, May 4, 2009 | 5:54 PM ET Comments7Recommend24
CBC News
Stock markets surged upward Monday as better-than-expected U.S. data on construction spending and home sales raised investors' hopes that the economy is starting to turn around.
Toronto's TSX composite index closed up 373 points to 9,821 — the biggest one-day gain this year, a rise that extended a rally that has pushed the benchmark index up by more than 25 per cent since early March.
In New York, the Dow Jones gained 214 points, while the Nasdaq climbed 44 points.
Traders were heartened as the U.S. Commerce Department said construction spending rose 0.3 per cent in March after five straight monthly declines. Economists had forecast a drop of 1.5 per cent. The National Association of Realtors reported that home sales rose 3.2 per cent in March.
On the TSX, the energy sector was 4.7 per cent higher as the June crude oil contract in New York rose $1.27 to $54.47 US a barrel. Petro-Canada gained $1.27 to $41 while EnCana Corp. was up $2.99 to $60.
The base metals sector was up more than nine per cent, with shares of Teck Resources Ltd. gaining $1.71, or 12 per cent, to $15.70 after the company announced a note issue.
"Back in the fall, credit markets were shut down completely — they couldn't have embarked on this then," said Ian Nakamoto, director of research at MacDougall, MacDougall and MacTier.
The gold sector advanced 4.7 per cent as the June bullion contract in New York rose $14 to $902.20 an ounce. Shares of Barrick Gold Corp. were up $2.05 to $36.45.
The Toronto financial sector rose 4.3 per cent with CIBC gaining $2.38 to $56 and Royal Bank climbing $1.45 to $43.47.
Stock markets in Asia and Europe also moved higher, with Hong Kong's Hang Seng index jumping 5.5 per cent, while Germany's DAX rose 2.6 per cent and France's CAC-40 gained 2.45 per cent.
Markets in London and Tokyo were closed for holidays.
Thursday, April 30, 2009
Why Mens Toolboxes Are Big and Heavy - Look whats Inside
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