Spotlight on Industry Headlines
SAUDI FIRM IN TALKS TO BUILD PETROCHEMICAL PLANT IN ALBERTA A lberta is in talks with a private Saudi Arabian com- pany to open a $5-billion petrochemical facility in the province, according to the associate minister of natural gas. Dale Nally, the Associate Minister of Natural Gas and Electricity for Alberta would not name the company in talks with the province, but his office confirmed it is not a state-owned entity. Nally also would not specify where the facility could be built but said it would be worth be- tween $5-billion and $10-billion and would take more than five years to build. N ova Scotia is set to launch a tax relief pro- gram for the province’s hospitality industry af- ter complaints the government wasn’t doing enough to support hotels and motels that have been hard hit by COVID-19. The province recently announced a plan for a Tourism Accommodations Real Property Tax Rebate Program which will provide operators of hotels, motels and inns that qualify with a 25 per cent rebate on payment of its 2020-21 commercial property tax. NOVA SCOTIA TO LAUNCH PROGRAM OFFERING TAX RELIEF TO HOSPITALITY INDUSTRY PANDEMIC Despite pandemic-fuelled economic uncertainty that has companies across the globe cutting expenses to protect their balance sheets, Nally has said his department has spoken with several international petrochemical produc- ers eyeing Alberta as a place to do business.
CANADIAN ECONOMY SHOWS GROWING STRENGTH
S tatistics Canada reported that Canada’s econo- my showed strength in August and September, easing concerns about a coming slowdown. According to Statistics Canada data gross domestic product expanded 1.2 percent in August, the agency also released a preliminary estimate for September, which showed a 0.7 per cent expansion. The numbers suggest economic activity in September was about 96.1 per cent of output levels in February. Economists were expecting 0.9 per cent growth in August.
BUSINESS COUNCIL URGES OTTAWA FOR DIRECT AID TO DISTRESSED INDUSTRIES
T he head of the Business Council of Canada, which represents some of the country’s largest busi- nesses, sent a letter to the Prime Minister urging rudeau and his government to provide direct aid to distressed sectors such as airlines, hotels, restaurants and tourism operators have been devastated by the pandemic. At the same time, the council is calling for more coor- dination among governments to contain the spread of COVID-19 and urging Ottawa to create an economic recovery plan that encourages investment and includes jobs that pay well.
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SEPTEMBER 2020 • SPOTLIGHT ON BUSINESS MAGAZINE
SPOTLIGHT ON BUSINESS MAGAZINE • SEPTEMBER 2020
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