Suncor Energy Inc. will spend $1.4 billion to upgrade its Oil Sands Base Plant near Fort McMurray, the company said Monday.
Calgary-based Suncor will build two natural gas co-generation units that will replace three petroleum coke-fired boilers.
The project will provide steam generation needed to extract crude oil and will generate 800 megawatts of power that will be transmitted to Alberta’s power grid. Suncor said the investment will cut greenhouse gas emissions associated with the plant’s steam production by 25 per cent.
“This is a great example of how Suncor deploys capital in projects that are economically robust, sustainability minded and technologically progressive,” said Suncor President and CEO Mark Little in a release.
In addition to reducing greenhouse gas emissions, the new units are also expected to reduce sulphur dioxide emissions by 45 per cent and nitrogen oxide emissions by 15 per cent, and increase demand for clean natural gas from Western Canada.
The project is expected to be in service by the second half of 2023.
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September 10, 2019 at 06:08PM
Fortis Inc. raised its dividend as it announced an increased capital investment plan.
The utility company says it will now pay a quarterly dividend of 47.75 cents per share, up from 45 cents.
Shares in Fortis will have an annual yield of 3.4 per cent based on its closing share price on Monday.
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The increased payment to shareholders came as the company said it will spend $18.3 billion between 2020 and 2024, up $1 billion from the previous year’s plan.
The company says most of the planned capital investments are at its regulated utility businesses.
Fortis has utility customers in five Canadian provinces, nine U.S. states and three Caribbean countries.
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September 10, 2019 at 06:38PM
Farmers across the province were still evaluating their losses Monday in the wake of hurricane Dorian, but losses are extensive. Nova Scotia Fruit Growers ...
The new one looks a lot like the old one, but the V and W are thinner, as is the trim around the circle that encompasses the two letters.
The design reveal came at the Frankfurt International Motor Show yesterday.
[Image: courtesy of Volkswagen]“The new Volkswagen logo with its flat two-dimensional design is clearer and has been reduced to its essential elements,” the German automaker explained on its website. “The brand design and the logo aim for high flexibility and are intended for digital applications.”
The company said the switch is expected to be completed by the middle of next year.
Observers have suggested this is part of Volkswagen’s attempt to wipe the slate clean after the diesel emissions cheating scandal, in which the carmaker tried to beat U.S. emissions standards. The rigging scam cost the company about $30 billion and sullied its reputation.
While the change to the VW logo is not dramatic, that’s typical. Major visual facelifts, like Wendy’s (from frilly to streamlined) and Apple (from Newton to the rainbow apple), go down in history, but sometimes they’re actually missteps. In 2010, for example, Gap completely overhauled its brand design—only to quickly change it back.
Jack Ma, China's richest man, is stepping down as the chairman of the $460 billion Alibaba Group he founded 20 years ago.
The company is now the world's largest e-commerce group. It was founded by Ma and 17 others in a small apartment in 1999.
Ma is worth almost $40 billion and is known for his love of extravagant celebrations, including mass employee weddings and music performances.
His farewell party is taking place in a 80,000-seat stadium.
Ma has picked Alibaba CEO Daniel Zhang to take over from him, who will face challenges from the US-China trade war and a slowing e-commerce industry in China.
Jack Ma — the flamboyant tech personality, and currently the richest man in China— is stepping down from his $460 billion Alibaba empire 20 years after he founded the company.
Ma is stepping down as the chairman of Alibaba Group on Tuesday, his 55th birthday, as part of a long-planned succession scheme. It is the world's largest e-commerce group, with more than triple the total reported sales of Amazon for 2018.
A former English teacher, Ma founded the company with 17 others in 1999. It began as a company that sold Chinese goods around the world, but shifted its focus to the domestic Chinese market as the country's economy boomed.
It later expanded into online banking, artificial intelligence, and entertainment.
While he is stepping down from a major leadership role, Ma said he will take a position in Alibaba's "partnership", a 38-person body that has an indirect role in the governance of the group.
Jack Ma. Sean Gallup/Getty Images
Daniel Zhang, who has been CEO of Alibaba since 2015, has been handpicked by Ma to take over, though he is unlikely to match Ma's famous flamboyance.
Ma is also known for the extravagant events he holds for employees during Alibaba's annual "Singles Day" shopping event, which outstrips Amazon's Prime Day for sales. The event has featured performers including Mariah Carey and a the Cirque du Soleil.
His style has also made its way into his resignation plans, which involve a farewell party at an 80,000-seat stadium in Hangzhou, the city where he founded the company decades ago, Reuters reported.
Jack Ma presided over an employee mass wedding of 102 couples. REUTERS/Stringer
Alibaba shared on Monday a video of Ma returning to that apartment, where he recalled telling early employees: "This is the place we're going to work for a year probably. We're going to eat here. We're going to sleep here. We're going to work day and night here.
"And we will probably achieve something. Or probably, we'll have to go out looking for jobs together."
He said their goal then was to be in the top 10 of the world's most popular websites, and to empower small businesses.
Zhang, Ma's successor, will also face challenges as the industry faces the ongoing trade war between the US and China and a slowdown in the Chinese e-commerce industry.
Liu Yiming, an analyst at Chinese tech publishing group 36kr, told Reuters: "If Alibaba wants to find new innovations or trends this is going to be more difficult than before."
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