The Vancouver Business Thread

[trofirhen]

Not too ugly a wrinkle, it would seem.

[craneSpotter]

More good news.

North Van to see new jobs from potash trade

Wednesday, 09 November 2011
BIV Business Today - Jenny Wagler

The potash-exporting capacity of Neptune Bulk Terminals (Canada) Ltd. in North Vancouver were boosted this week with arrival of a large new potash ship – the U-Sea Colonsay – on her maiden voyage.

...“We anticipate 90 new jobs for our potash business as a result of a $75 million strategic investment program at our terminal, covering various recent capital projects and improvements,” Neptune president Jim Belsheim said in a press release.

full article - http://www.bivinteractive.com/index.php?...day_November_911_9_2011&utm_medium=email

Companies involved:

Neptune Bulk Terminals

Canpotex

[SpongeG]

from an article about seattle:

Seattle still ranks high for commercial real-estate investment

Vancouver, B.C., is the No. 2 Canadian market, behind Toronto.

http://seattletimes.nwsource.com/html/businesstechnology/2016606025_uli26.html

[hollywoodnorth]

this could be pretty major for BC and the Port of Vancouver. should know more in the coming weeks. anyone have any insight? OBVIOUSLY Burnabys Corrigan is against it ... LOL

Kinder Morgan aims to expand Trans Mountain pipeline

http://www.theglobeandmail.com/globe-inv...-trans-mountain-pipeline/article2213590/


Kinder Morgan Pumped Up By Trans Mountain Pipeline Demand

http://www.forbes.com/sites/greatspecula...ed-up-by-trans-mountain-pipeline-demand/

[vitc]

Ubisoft Vancouver Shut Down

http://www.shacknews.com/article/72031/ubisoft-vancouver-shut-down

[Prometheus]

That's not good. Too bad they couldn't create successful games.

[officedweller]

From the Burnaby Now:

Burnaby's Chevron refinery in peril?
By Jennifer Moreau, Burnaby NOW
February 1, 2012

Rumours are circulating that layoffs and even a possible closure could be coming at Burnaby's Chevron refinery, but the company spokesperson is staying mum.

Chevron spokesperson Ray Lord said there wouldn't be job reductions at the refinery, but he was not able to comment on reduced operations.

"We don't comment routinely on our operating capacity, that's all commercially sensitive information," he said. "We never comment on that."

But Burnaby-Douglas MP Kennedy Stewart told the NOW he's been in contact with workers at the refinery and has heard of coming layoffs.

"Apparently, they've reduced capacity by something like 17 per cent, or somewhere around there, they had a dramatic drop off there, and there's going to be layoffs from what I understand in March," Stewart said.

Burnaby's Chevron refinery gets oil from Kinder Morgan's Trans Mountain pipeline, which ships petroleum products from Alberta to Burnaby. Kinder Morgan also runs the Westridge Marine Terminal, where tankers fill up with oil for overseas markets.

According to Stewart, Chevron has had a tough time competing with offshore companies for access to the pipeline's oil, and has had to reduce operations as a result.

"It looks like this refinery may be in danger of closing," Stewart said. "If for example, Kinder Morgan twins the pipeline, it means that the way the oil is sold, basically Chevron will not be able to compete with the offshore investors. It's kind of a paradox. We'll be moving more oil along the West Coast, but because of that, we'll be attracting outside investors, and they will outbid our local investors."

According to Stewart, if the refinery doesn't run at a certain capacity then it is not financially viable and it's shut down.

"It doesn't have to be that it's all the oil that's cut off, but if it's a certain proportion that's cut off, a critical mass they have to refine in order to be profitable, if it drops below that level, they shut it," he said. "We've had refineries shutting right across Canada for basically same reason."

Stewart, an NDP associate critic for natural resources in Western Canada, said Canada has been losing one refinery a year since 1980.

"We're in this absurd position where we export our crude oil and buy it back as gasoline," he said.

Stewart said Chinese refineries are state owned and subsidized and it would be difficult for Canada to compete.

"It's not exactly an even playing field," he said.

Stewart brought forward a motion before the standing committee on natural resources, asking for a study on the current and future state of pipelines and refineries in Canada, and the majority-holding Conservatives agreed to four days of hearings on the matter. Today (Feb. 1) was the first, and on Thursday, the Communications, Energy and Paperworks Union of Canada is scheduled to present as a witness. The CEP union represents Canada's refinery workers, including those at Burnaby's Chevron refinery.

There are 250 employees at the Burnaby refinery.

Lord reiterated that there were no plans for layoffs in March, but he couldn't offer any information beyond that.

"There are no plans for labour reductions at the refinery at this time," he said.

When asked if the refinery could be closing, he replied: "We're watching it closely, we're looking at all our options," he said. "Beyond that I really can't comment."

© Copyright (c) Burnaby Now

http://www.burnabynow.com/Burnaby+Chevron+refinery+peril/6087208/story.html

[incognism]

The NDP/BCA in Burnaby are hilarious.

They've been against the Chevron refinery for decades. "Big business doesn't care about the environment" and all that noise. And now they've decided to flip-flop and turn it around into "They're taking our jerbs!"

[WarrenC12]

Originally Posted by incognism

The NDP/BCA in Burnaby are hilarious.

They've been against the Chevron refinery for decades. "Big business doesn't care about the environment" and all that noise. And now they've decided to flip-flop and turn it around into "They're taking our jerbs!"

Interesting you mention that. The BC NDP energy critic was complaining that the new proposed pipeline in Northern BC will be shipping away oil that we should be refining here in BC...

[LotusLand]

Sony Imageworks is expanding its presence downtown via Vancity Buzz so it's probably 2 days late lol and you all probably already knew about this.

http://www.vancitybuzz.com/2012/02/sony-imageworks-expanding-vancouver-studio/

[SpongeG]

Sony expands digital fx production operation in Vancouver

MARSHA LEDERMAN
Vancouver— Globe and Mail Update
Published Friday, Feb. 03, 2012 4:34PM EST

http://www.theglobeandmail.com/news/nati...n-operation-in-vancouver/article2326037/

[SpongeG]

Report: Layoffs hit EA's Vancouver branch as company makes digital shift

February 3, 2012

Electronic Arts has laid off what it's calling a "small number" of employees at its Vancouver branch as part of a restructuring effort to focus more on its digital content.

With the move, EA said it hopes to better align its Vancouver branch with the company's current focus on digital, online, and free to play games, reports Industry Gamers.

While technically located just outside of Vancouver in Burnaby, British Colombia, this branch is home to the teams behind the incredibly popular FIFA franchise, the Need for Speed: The Run and Need for Speed World developer EA Black Box, and more -- EA has not confirmed which of these teams were affected by the recent layoffs.

Addressing the reorganization, an EA spokesperson said, "EA in Vancouver is transforming its studio to align with EA's transformation to high-growth digital formats, including online, social gaming and free-to-play."

...

http://www.gamasutra.com/view/news/40099...ranch_as_company_makes_digital_shift.php

[Prometheus]

The digital industry is definitely in a state of dynamic flux.

[craneSpotter]

Albion Fisheries expands to larger headquarters
Friday, 10 February 2012
Glen Korstrom
BIV Business Today

Vancouver’s Albion Fisheries is moving to an expanded, 65,000-square-foot headquarters in Richmond that is slated to break ground on February 14.

“This is the first building of its kind to follow Richmond’s new green roof building alternatives guideline,” said Hungerford Properties principal Michael Hungerford, who is developing the project and selling the site to Albion for an eight-figure sum.

Mountain Equipment Co-Op plans to build its new Headquarters at the current Albion location.

Article

[craneSpotter]

Teck posts record profit in 2011

Thursday, 9 February 2012
Jennifer Harrison
BIV Business Today

Vancouver’s Teck Resources Ltd. (TSX: TCK.A and TCK.B, NYSE: TCK) has reported record annual profit of $2.7 billion last year.

This was up 47% from $1.8 billion in 2010.

The mining giant’s annual numbers were bolstered by a strong fourth quarter in which profits almost doubled to $637 million from $325 million in 2010’s fourth quarter.

Total revenue for the company increased year-over-year, up 25% from 2010 to $11.5 billion in 2011.

Article

[craneSpotter]

Telus posts $2.7b revenue in 2011’s fourth quarter

Friday, 10 February 2012
Jennifer Harrison
BIV Business Today

Telus Corp. (TSX:T) has reported fourth quarter 2011 revenue of $2.7 billion, an increase of more than 5% over the same period last year.

The company said the increase was generated by a 6.5% rise in wireless revenue and a 4% growth in wireline revenue, both driven by strong data growth.

Telus added 148,000 wireless customers in the fourth quarter as smartphone adoption continued to accelerate, pushing wireless data revenue up by 43%.

Telus’ results were further bolstered with its new TV offering surpassing the half a million subscriber mark. The company added 56,000 TV customers to bring its total subscriber base to 509,000.

Maybe thy will start making money on the TV unit soon?

Article

[craneSpotter]

Canada and China to set up $1 billion resource sector fund

Thursday, 9 February 2012
Jennifer Harrison
BIV Business Today

Vancouver’s Canaccord Financial Inc. and the Import Export Bank of China (Eximbank) announced this morning plans to establish a US$1 billion fund to invest in the Canadian resource sector.

A memorandum of understanding to create the “Canada-China Natural Resource Fund” (CCRF) was signed this morning by Paul Reynolds, president and CEO of Canaccord Financial, and Zhu Xinqiang, vice-president of Eximbank.

The MOU signing was witnessed by Prime Minister Stephen Harper, along with China’s Vice-Premier Li Keqiang.

Hmm, I bet harper had panda bears dancing in his head...

Article

[craneSpotter]

Goldcorp operating profit lifted by bullion prices

Wed Feb 15, 2012
Reuters Africa

Canada's No. 2 gold miner, Goldcorp, reported a 23 percent increase in operating profit on Wednesday, driven largely by a sharp rise in the price of bullion.

The Vancouver, British Columbia-based miner also said its proven and probable gold mineral reserves increased by 8 percent to 64.7 million ounces in 2011, while its measured and indicated gold resources rose 10 percent to 28.2 million ounces, on the back of continued success in its exploration program.

...Net income for the quarter ended Dec. 31 was $405 million...

...Revenue (for the quarter) rose 15 percent to $1.52 billion ...

Article

[craneSpotter]

Finning Q4 profit up 27 per cent to $71 million, revenue hit record $1.8 billion

The Canadian Press, February 16, 2012

VANCOUVER - Heavy truck and equipment dealer Finning International Inc. (TSX:FTT) reported Thursday a fourth-quarter profit of $71 million, up rises 27 per cent from a year-earlier $55 million as revenues hit a record $1.8 billion on robust activity in mining and heavy construction.

The Vancouver based company, the world's largest dealer of Caterpillar (NYSE:CAT) heavy equipment, said its earnings amounted to 41 cents per share, compared to 32 cents per share in the comparable period of 2010.

Article

[craneSpotter]

Boost for B.C. movies as film school opens in North Van

20 February 2012
BIV Business Today

B.C.’s movie industry got a boost Friday as the Nat and Flora Bosa Centre for Film and Animation officially opened its doors at Capilano University’s North Vancouver campus.

Home to the largest full-time four-year production-oriented film degree program in Western Canada, the 6,662 square-metre architectural-award-winning centre offers the facility to produce live-action and animated movies from idea to final releasable production.

Article