Business news

In defence of the oil sands: ethical oil

National Post: An Alberta government delegation came east this week to sell the embattled oilsands as a good news story for all of Canada. The Pembina Institute took a group of Athabasca aboriginals to Washington to claim that they were being poisoned. One of the frustrations of observing the oilsands “debate” is how one-sided it is.

Goldman Sachs charged with fraud

NY Times: In accusing Goldman Sachs of defrauding investors, regulators are not only taking aim at a company with deep pockets and a will to fight — they are also pursuing an unusual claim that could be difficult to prove in court, legal experts said. Rather than asserting that Goldman misrepresented a product it was selling, the most commonly used grounds for securities fraud, the Securities and Exchange Commission said in a civil suit filed Friday that the investment bank misled customers about how that product was created.

"Canadian economy grows 5%, tops forecasts"

The Globe: The Canadian economy expanded by a greater-than-expected 5 per cent in the fourth quarter, raising the likelihood of interest rate hikes later this year. The country's gross domestic product grew at the fastest annualized pace since the third quarter of 2000, Statistics Canada said Monday. The economy's burst boosts the odds of a string of rate hikes in the second half of the year.

Ottawa hails Buy American deal

The Globe: Canadian companies can now bid on U.S. infrastructure projects financed under their $787-billion economic stimulus package ending the year-long Buy America dispute. Thirty-seven U.S. states are involved in the deal; in exchange, American firms get access to provincial and municipal projects under the deal negotiated between the Harper government and the Obama administration. It is not clear, however, exactly how much of that U.S. stimulus money is still available or whether this agreement has come too late for Canadian companies.