Companies in this story: (TSX:CNQ) CALGARY — Canadian Natural Resources Ltd. says its partner in an deep water offshore drilling project in South Africa is reporting a “significant gas condensate” discovery.The Calgary-based company best known for its Alberta oilsands production traded an ownership stake in the offshore exploration block known for its challenging sea conditions to Total S.A. in 2013, in return for the French oil giant taking over as operator and covering initial exploration costs.Kevin McLachlan, Total’s senior vice-president of exploration, says in a news release that the discovery is “a new world-class gas and oil play,” adding the company and its partners plan to acquire 3D seismic scans this year, followed by up to four more exploration wells.Canadian Natural owns 20 per cent of the joint venture, Total holds 45 per cent, Qatar Petroleum owns 25 per cent and Main Street, a South African consortium, has 10 per cent.Canadian Natural says its portion of the cost of the exploration well in the Outeniqua Basin, 175 kilometres off the southern coast of South Africa, is covered by its agreements with the other partners.Total drilled a first well into the block in 2014 but had to plug and suspend it due to mechanical issues on the drilling rig. The exploration block covers an area of 19,000 square kilometres, with water depths ranging from 200 to 1,800 metres. The Canadian Press
Rabat – Cristiano Ronaldo has received the 2018 Best Player award at the Globe Soccer Awards in Dubai. Didier Deschamps won Coach of the Year.Juventus’ Ronaldo reigned over the prize ceremony on Thursday, receiving two prizes. In addition to Best Player in 2018, he won a prize for the best goal of the year. The winning goal was Ronaldo’s overhead kick while playing for Real Madrid against his current club in the UEFA Champions League quarter finals. Ronaldo transferred from Real to Juventus in the summer of 2018.The award is Ronald’s third consecutive Best Player trophy and fifth in his career. At the awards, Ronaldo’s fiancee, Spanish model Georgina Rodriguez, wore a Moroccan caftan. The Best Club of the Year award went to Atletico Madrid. The club’s chief executive, Miguel Angel Gil Marin, collected the trophy.$Read Also: Georgina Rodriguez Attends Ronaldo’s Award in Moroccan CaftanGlobe Soccer named France’s national football team manager, Didier Deschamps, the Best Coach of the Year for leading France to win the World Cup.In other categories, Juventus’ sporting director Fabio Paratici won Director of the Year, and Ronaldo’s agent Jorge Mendes won Best Agent of the Year.The event recognized Juventus’ midfielder Blaise Matuidi as having the best career in 2018.The ceremony clocked out by honoring former football legends Ronaldo Nazario, Fabio Capello, and Zvonimir Boban. They each received awards for their past achievements.
By Karen Duarte Rabat- Awaiting the kick-off of the Russia 2018 World Cup match, the opening ceremony brought out a short and sweet performance by British pop star Robbie Williams and Russian soprano Aida Garifullina. Standing on a giant half-football in the middle of the Luzhniki Stadium, dressed in a burgundy leopard skin suit and surrounded by dancers in shiny red costumes Robbie Williams welcomed fans and footballers alike. Following a rousing presentation of Let Me Entertain You, Williams was joined by Russian soprano Aida Garifullina, a vision in white for a duet of Robbie’s chart-topping single “Angels.”With 20-minutes till kick off, the opening ceremony ended with Ronaldo (the original, Brazilian version) joining Robbie and Aida.Ronaldo passed the ball to the Russian World Cup mascot Zabivaka, which might have been a symbolic “first kick.”About 80,000 people are expected to be in attendance at Moscow’s Luzhniki Stadium as the host team Russia faces Saudi Arabia in the first match of the 2018 FIFA World Cup. Tomorrow Morocco’s kick-off game against Iran will take place in the St. Petersburg Stadium at 3:00 p.m. (Moroccan time).
Rabat- Spanish authorities discovered two Moroccan migrants hiding inside the engine compartment of a tourist bus.After a three-day trip in Morocco, Spanish tourists stopped their tour bus in the mountains about an hour after arriving in Spain at Algeciras when the tourists heard voices speaking Arabic from inside the bus.The tourists informed the police, who discovered the source of the voices to be two Moroccan minors, Spanish news outlet La Razon reported on Monday. A video of the incident shows the two boys, exhausted and covered in engine oil, barely making their way outside the bus engine and lying down defenselessly on the ground.Spanish authorities placed the two undocumented migrants in custody, pending their admission to a temporary internment immigrant center.Recently, a video of a young Moroccan trying to get to Spain by crossing the Mediterranean sea on a tube went gone viral on social media.The young man was rowing just with his hands before he was saved by a Spanish fishing boat and offered a banana, water, and a jacket.Spain and Morocco are continuously cooperating to combat undocumented migration. Morocco, a transit country for migrants, has thwarted more than 54,000 undocumented immigration attempts to Europe in 2018.In 2017, Morocco stopped more than 65,000 migration attempts to Europe, a number that is up from 32,000 the previous year, according to Government Spokesperson Mustapha El Khalfi.Moroccan authorities are also overseeing security at the Morocco-Spain border, where hundreds of migrants try to jump the high double fence between Morocco and the Spanish enclave of Ceuta. On July 26, more than 600 sub-Saharans successfully crossed the border between Morocco and the Spanish enclave of Ceuta. Dozens of migrants were injured along with border guards during the incursion.Video Playerhttps://www.moroccoworldnews.com/wp-content/uploads/2018/09/Vido-Espagne-deux-mineurs-marocains-cachs-dans-le-moteur-dun-bus-H24info.mp400:0000:0002:30Use Up/Down Arrow keys to increase or decrease volume.
Rabat – The US Department of Defense has announced that Morocco concluded a new contract to supply its Royal Armed Forces with M4 carbine rifles and navy systems.Colt’s Manufacturing, an American firearms manufacturer, signed a US military procurement contract to supply Morocco, Jordan, Afghanistan, Senegal, Tunisia, and Pakistan with up to 10,000 additional M4 and M4A1 5.56mm carbine rifles, the US Department of Defense announced Thursday, September 20.Colt’s Manufacturing has won more than $57.72 million for the deal. According to the US Department of Defense, the deal is estimated to be complete by September 20, 2019. The work will be performed in West Hartford, Connecticut.The Colt M4 carbine is a lightweight assault rifle. The M4 carbine’s caliber is 5.56 millimeters. It is air-cooled, gas-operated, magazine-fed, and equipped with a shorter barrel and a collapsing stock.The M4 carbine is a standard firearm for most units in the US military.Morocco also signed a contract to purchase navy-related systems.Alliant Techsystems Operations, a supplier of aerospace and defense products, will supply Morocco with the equipment.The company won more than $12 million for selling “up to 60 Common Munitions Built-In Test Reprogramming Equipment test sets; up to 22 ADU-891(V)1/E adaptor units; up to one lot of spares; and up to two ADU-891(V)3/E adaptor units in support of the Navy, Air Force, and the governments of Morocco, Belgium, Australia, Japan, and Oman,” reads the statement.CMBREThe equipment will be produced in Northridge, California, and is expected to be completed in May 2020. The Common Munitions Bit/Reprogramming Equipment, also known as the CMBRE system, is a munition support-equipment piece used to interface with weapon systems to initiate munitions built-in-tests (BIT), report BIT results, and upload/download flight software. CMBRE is composed of adapter units (ADU) and connected cables.
Rabat – Morocco’s Minister of Education Said Amzazi spoke about his strategy to reform Morocco’s education system and vocational training.Amzazi recognized the deficiencies in the job market, emphasizing that more than 600 engineers leave the country to look for better opportunities abroad every year.Amzazi, however, argued that brain drain is an “international phenomenon.” He added that it is the result of graduate students desire to look for more “favorable working conditions.” Read Also:Amzazi Proposes a Full Menu of Programs to Support EducationThe official said that educated people also leave because of technological transformations and the appeal of international laboratories. He acknowledged that Morocco does not provide incentives to attract educated Moroccans across the world.He noted that if Moroccan researchers return to Morocco from Europe, they start at the lowest administrative rank, an unacceptable demotion for university researchers.Amzazi emphasized the importance of creating new positions to ensure that returning Moroccans maintain their higher levels in Moroccan universities and institutes if they decide to return.Distrust and unemployment cause emigrationIn an October 2018 speech, King Mohammed VI urged the government to create more job opportunities for Moroccan youth.Regarding brain drain, the King said, “There are tempting incentives which induce some students to remain abroad after completing their studies.”A recent Gallup report showed that Morocco would lose 19 percent of its adult population and 29 percent of its 15 to 19-year-olds if migration were free.Read Also: How to Turn the Moroccan Brain Drain into a Brain GainAnother survey from Moroccan marketing agency Sunergia showed that the most common reasons that Moroccans give for emigrating are “lack of trust in the Moroccan government” and “the high unemployment rate.”A 2018 report from ReKrute showed that 91 percent of Moroccan professionals aged 35 and below are tempted to move abroad in search of better work conditions and quality of life, which includes health care and comfort.Morocco’s High Commission for Planning (HCP) said in November 2018 that theunemployment rate fell slightly from 10.6 percent to 10 percent between the third quarters of 2017 and 2018.Will vocational training solve the problem?The government now is attempting to increase employment by introducing vocational training programs under the instructions of King Mohammed VI.The monarch also ordered the government to create a committee to give specific solutions to curb youth unemployment.The minister said that his department continues to implement a strategic vision for education in training.Read Also: Official: 63% of Students with Vocational Training Find Jobs Easily“The next phase will be characterized by the implementation of major structural reform and the strengthening of human resources engagement.”After his appointment as minister of education, Amzazi announced a reform proposal for Moroccan education and vocational training centers.Amzazi also seeks to reduce the rate of school dropouts from 6 percent in rural primary schools to 1 percent by 2024-2025.The minister also promised a decrease in the rate of dropouts in secondary schools from 12 to 3 percent, in both rural and urban areas, by the 2024-2025 school year.
Rabat – Head of Government Saad Eddine El Othmani reportedly dismissed the secretary general of the Ministry of Health, Hicham Najmi, on September 17.The news went viral on Moroccan media this evening. Morocco’s news agency Maghreb Arab Press (MAP) has not confirmed yet the official’s dismissal.Najmi has been at the center of a controversy over the last two months after a woman, who was allegedly with him in a hotel room in Agadir, jumped from a window in an alleged “suicide attempt.” Local media reported earlier this month that the professor is facing charges for his involvement in the incident. He may be charged with making “false statements,” and not helping a “person in danger.”The now-former secretary general claimed that the accusations against him are “rumors.”He claimed that he was accompanied by his wife when the accident took place. He said that the woman who jumped was in a nearby room at the second floor.Najmi told French speaking news outlet Le360 in August that he went to the room to help, but he found that the girl had fallen after she slipped from the window.The Ministry of Health appointed the official as a Secretary General in April 2018.
With numbers of returnees expected to rise in 2008, the UN High Commissioner for Refugees (UNHCR) expects that it will have to expand its shelter programme in Burundi, one of the poorest countries in sub-Saharan Africa. All returnee families without homes are eligible to receive assistance from UNHCR to build a small three-room house, which cost the agency about $500 each. Priority is given to the most vulnerable households, particularly those headed by females and those including disabled or elderly members. The majority of refugees receiving assistance under the programme are provided with materials and then construct their new houses themselves, which helps to impart a greater sense of ownership and helps them acquire additional skills. Burundi has welcomed back some 380,000 refugees – or 5 per cent of the population – from surrounding countries since 2002. The housing programme is one of several reintegration measures that are vital to ensuring a sustainable return. UNHCR notes that most of the returnees making use of return programmes since 2002 have been subsistence farmers – and most have been able to recover their land. But more than 80 per cent of returnees have had to construct or buy new shelter, according to a study conducted earlier this year by UNHCR and the World Food Programme. Thanks to contributions from donors such as the European Commission and Japan, UNHCR will be able to provide at least 14,300 vulnerable families with shelter over the next year. 2 January 2008Over the past five yeas, the United Nations refugee agency has assisted 58,000 Burundians returning to the small Central African country – which is emerging from decades of ethnic conflict – by helping them build their own homes, improve living conditions and ensure a sustainable return.
28 October 2008Secretary-General Ban Ki-moon arrived today in the Philippines, the first stop on a four-nation Asia tour that will also take the United Nations chief to India, Nepal and Bangladesh. Upon their arrival in Manila, Mr. and Mrs. Ban were greeted by a guard of honour and a military band, and welcomed by Foreign Secretary Alberto G. Romulo, other senior Government officials and heads of UN offices based in the Philippines. Mr. Ban will address the opening session of the second Global Forum on Migration and Development tomorrow. He will also meet with President Gloria Arroyo and other senior officials, and receive the Order of Sikatuna, the highest honour given to a non-Philippine national that is usually reserved for current or former heads of States or governments. While in the South-East Asian nation, he will also receive an honorary doctorate from the University of the Philippines.Mr. Ban is the first Secretary-General to visit the Philippines in nearly three decades. Kurt Waldheim visited in 1979 when he was the head of the world body.
Further, the Office of the UN Special Coordinator for the Middle East Peace Process (UNSCO) and the Office for the Coordination of Humanitarian Affairs (OCHA) said that only a limited array of items are being permitted to enter through the crossings.OCHA said that between 30 January and 1 February, 192 trucks entered into Gaza through the Kerem Shalom crossing. Although the Israeli authorities have assured aid agencies that the crossing would be opened to let 150 trucks through daily, capacity has not topped 120 truckloads.Upon arriving in Abu Dhabi, the capital of the United Arab Emirates, Secretary-General Ban Ki-moon today repeated his call for a durable and sustainable ceasefire in Gaza, as well as for the opening of all crossing points into the area.Three shelters run by the UN Relief and Works Agency for Palestine Refugees in the Near East (UNRWA) – that are not schools – remain open, sheltering close to 400 people displaced in the recent three-week Israeli military offensive, but UNSCO said that despite most having left shelters, thousands of Gazans remain homeless.It also reported that rolling blackouts continue in most of Gaza, with some areas having power for only half the day.For its part, the UN World Health Organization (WHO) said that most health centres are operating normally and that many supplies have been donated, but cautioned that medicines for mental health problems, ventilators and other items are urgently needed.Meanwhile, the UN Children’s Fund (UNICEF) is seeking nearly $35 million to provide urgent help for children – who make up half of Gaza’s 1.4 million-strong population – and their families.Working with partners on the ground in Gaza, UNICEF seeks to deliver crucial supplies, financial assistance and technical expertise through 20 projects in areas such as protection, health, nutrition, water, sanitation and education.According to the Palestinian Ministry of Health, the military operation – launched by Israel with the stated aim of ending Hamas rocket attacks – killed 1,380 Palestinians, of whom 431 are children and 112 are women.UNICEF stressed that children, who had nowhere to hide, were severely psychologically affected by the conflict. As a result, child protection – including mine-risk education, psychosocial support and recreational opportunities to create a sense of normalcy – must be a priority in Gaza, it said.The $34.5 million the agency is seeking is part of a larger $613 UN appeal to provide assistance over a nine-month period.Launching that appeal yesterday in Geneva, Under-Secretary-General for Humanitarian Affairs John Holmes said that the success of relief operations in Gaza hinges on three factors: access for aid agencies, a durable ceasefire and no political interference from any party.“We are here today not to debate the rights and wrongs but to highlight the needs arising from the recent events in Gaza and to request urgent funds to allow the UN and partners to restore basic social services such as water, health and education, provide food, support emergency repairs of critical infrastructure, and begin to tackle psychological and protection concerns,” he said. 3 February 2009The number of trucks allowed by Israel to enter Gaza daily to deliver much-needed relief supplies remains insufficient, the United Nations reported today.
“Long-term stability is essential for sustainable return, along with access to such essentials as health services, education and jobs,” UN High Commissioner for Refugees (UNHCR) Representative Peter de Clercq told a news conference in Khartoum, the Sudanese capital.“Potentially, if you are looking very much at the implementation of the CPA which is extremely important for the overall peace process in the country, yes, we could characterize this as serious,” he said, referring to the Comprehensive Peace Agreement (CPA) ending the two-decades-long north-south civil war that killed at least 2 million people.But he voiced pride in UNHCR’s contribution to the successful return so far of nearly 2.5 million displaced persons, including 328,000 refugees from outside Sudan’s border, out of an estimated 4.5 million driven from their homes by the war, while acknowledging that violent inter-ethnic clashes throughout this year have caused new displacements. “This situation could take a much more permanent character so we really take it seriously,” Mr. de Clercq said.He also noted other concerns in Sudan, including the east, where the flow of refugees from neighbouring countries, overwhelmingly Eritrea but also Ethiopia and Somalia, continues at an annual rate of 1,800 a month, and the strife-torn Darfur region where, despite a reduction in open armed conflict, 2.7 million people remain displaced, still vulnerable to isolated attacks and banditry. Moreover, continuing attacks by the rebel Ugandan Lord’s Resistance Army (LRA) have driven 18,000 refugees from the Democratic Republic of Congo (DRC) and the Central African Republic (CAR) into Sudan, where they are seeking shelter along with some 68,000 internally displaced persons (IDPs). 7 October 2009Significant challenges remain to the return of displaced people in southern Sudan following the 2005 peace accord between the Government and separatists, particularly this year’s inter-ethnic violence, a senior United Nations refugee official warned today.
One of the themes of the meeting with Irene Khan was Amnesty’s ‘Demand Dignity’ campaign, which highlights the importance of fighting poverty using human rights perspectives.Ms. Khan has called poverty “the world’s worst human rights crisis,” and in the run-up to the International Day for the Eradication of Poverty on 17 October, Amnesty is urging world leaders and policy-makers to shift the debate on poverty from economics to addressing the human rights problems that impoverish and keep people poor.Mr. Ban stressed that the Millennium Development Goals (MDGs) – the eight global targets to reduce hunger, poverty and a host of others social ills by 2015 – represent not only a significant political commitment for development, but also stand as important milestones for often neglected human rights. Human rights values and principles permeate, underpin and are supported by all eight Goals, he said. 15 October 2009Secretary-General Ban Ki-moon discussed global development and human rights in a meeting today at United Nations Headquarters with the head of the non-governmental organization (NGO) Amnesty International.
15 January 2010The top United Nations human rights official today urged the Ugandan Government to do away with a “draconian” draft bill that would prohibit homosexual relations and contains provisions for punishing people alleged to be lesbian, gay, bisexual or transgendered. The so-called ‘Anti-Homosexuality Bill’ was tabled by one member of the Ugandan parliament and is due to be put before the entire legislative body later this month. It prohibits any form of sexual relations between people of the same sex, as well as the promotion or recognition of homosexual relations as a healthy or acceptable lifestyle in public institutions. UN High Commissioner for Human Rights Navi Pillay warned that the bill would bring Uganda into a “direct collision” with established international human rights standards aimed at preventing discrimination, according to a news release issued by her office. “The bill proposes draconian punishments for people alleged to be lesbian, gay, bisexual or transgendered – namely life imprisonment or, in some cases, the death penalty,” said Ms. Pillay.It also contains a provision that could lead to a prison sentence of up to three years for anyone who fails to report within 24 hours the identities of any lesbian, gay, bisexual or transgendered individual they know – including members of their own family – or who overtly supports the human rights of lesbian, gay, bisexual or transgendered people. “It is extraordinary to find legislation like this being proposed more than 60 years after the adoption of the Universal Declaration of Human Rights – as well as many subsequent international laws and standards – made it clear this type of discrimination is unacceptable,” Ms. Pillay noted. Describing the bill as “blatantly discriminatory,” the High Commissioner said that, if passed, it would have “a tremendously negative impact on the enjoyment of a range of fundamental human rights by homosexuals, lesbians and transgendered individuals, as well as on parents, teachers, landlords, human rights defenders, medical professionals and HIV workers.” The High Commissioner added that she was “encouraged” by the fact that a number of Ugandan civil society groups were actively opposing the bill, and by the recent statement by President Museveni, reported in the Ugandan press, which appeared to suggest the Government would intervene to prevent the draft bill from becoming law. “This is the only responsible course of action for a government to take in such circumstances,” she said, while also urging the Government repeal existing Ugandan laws that criminalize homosexuality, albeit with less severe punishments. Ms. Pillay also voiced concern that a gay couple in Malawi who were engaged to be married were being prosecuted and had been denied bail by the court.
13 September 2011A Namibian campaigner for the poor, the Malaysian creators of a tunnel designed to relieve both traffic and storm water congestion and a Cuban research institute dedicated to cheap and eco-friendly building materials are among this year’s six winners of an annual United Nations prize rewarding work in the field of human settlements development. The Scroll of Honour Awards, announced yesterday by the UN agency tasked with promoting environmentally and socially sustainable cities and towns (UN-HABITAT), were given to individuals or institutions from Namibia, Malaysia, Cuba, Australia, Russia and the United States. Three other entities were commended for their good practices.The winners include Edith Mbanga of the Shack Dwellers Federation for Namibia, for what the UN agency described as “her outstanding efforts to improve land access and housing for the poor,” with particular benefit for women living in poverty.Since the early 1990s Ms. Mbanga has helped set up a network of savings and support groups for the poor so they can secure land. As a result more than 4,000 households have been able to buy land and at least 2,000 have built new homes.In Malaysia, the National Security Council was honoured for its Stormwater Management and Road Tunnel (SMART) in the capital, Kuala Lumpur, which is often beset by traffic jams or flash floods.The 9.7-kilometre tunnel is the longest multi-purpose tunnel in the world: during periods of heavy rains, it is closed to traffic and serves as a storm water diversion tunnel, while at other times it is a motorway tunnel used by as many as 30,000 vehicles a day.Cuba’s Centro de Investigacion y Desarrollo de Estructuras y Materiales (CIDEM), which is attached to the Universidad Central de Las Villas’ faculty of construction, promotes the setting up of small community workshops where ordinary people can learn a trade and produce their own building materials cheaply.The research and development institute, created in 1992, has set up more than 50 workshops within Cuba and another 16 around the world, and has led to the construction of tens of thousands of environmentally friendly homes.For the first time an Australian project has been rewarded with the Scroll of Honour. Wintringham, a non-profit organization in the inner Melbourne suburb of Flemington, provides accommodation every night for about 1,000 elderly people who would otherwise be homeless.UN-HABITAT noted that Wintringham has also helped influence Government policy to include housing for homeless elderly citizens.Russia’s Yakutsk city administration is another winner, recognised for implementing a cold climate urban development in 2009 and 2010 that has given the city in eastern Siberia better roads, a new drainage system, a landscaped environment, new apartments for 5,000 families and retrofitted buildings to make the more energy-efficient.Yakutsk city administration is continuing to “winterize” its urban infrastructure to save energy and to deal with the city’s extremely cold winters.In the United States, the Austin Energy Green Building – an organization founded in the Texas state capital of the same name in 1991 – provides savings in electricity, fuel water and construction and ensures buildings are more energy-efficient.UN-HABITAT commended the organization for “being the first in the United States to lead the way in sustainable building practices and commercial construction”The good practices rewarded by the UN agency were: the Centre Africain pour l’Eau Potable et l’Assainissement (Burkina Faso), the Estrategia de Movilidad en Bicicleta de la Ciudad de México (Mexico City) and the Chiang Rai municipality (Thailand).
TORONTO — Shares of Barrick Gold Corp. slipped Wednesday after the Canadian mining giant suffered a legal reversal that may affect development of the company’s Pascua Lama project on the border between Argentina and Chile.The company’s stock closed down 63 cents at $38.87 on the Toronto Stock Exchange.Argentina’s Supreme Court decided Tuesday to remove injunctions that have blocked key parts of a law to protect glaciers. Barrick argued it shouldn’t need to provide the national government with new environmental assessments.[np-related]The law requires a thorough inventory of Argentina’s glaciers as well as “periglacial” areas where the ice has recently retreated but water remains below the surface. Together, the areas provide much of the country’s fresh water.The law also gives the national government a powerful tool to regulate the mining industry, which until now has been handled by provincial governments whose priorities sometimes clash with people living downstream from the mines.Barrick maintains that it does not mine on glaciers and that it has already persuaded the provinces it will contain any environmental damage from gold mining, which requires lots of fresh water and a mix of toxic chemicals.The ruling Tuesday could have a major impact on Pascua Lama, the world’s highest-altitude gold mine being developed on both sides of the Chile-Argentine border. Barrick said the $5-billion project already has found nearly 18 million ounces of proven gold reserves, more than the company’s Veladero mine, another open-pit mine nearby that is already in production.Groups including Greenpeace Argentina and the Foundation for Environmental and Natural Resources cheered the ruling as a key step. The high court has yet to decide the constitutionality of the overall law, or rule on the environmentalists’ requests for an immediate halt to Barrick’s high-altitude mining.In asking for an injunction against several aspects of the law Barrick said enforcing the measures would unfairly “create a state of uneasiness and uncertainty” surrounding its operations.“The Supreme Court must still rule on the constitutionality of the law, which has been challenged by the province of San Juan, labour unions and the mining industry,” Barrick said in a statement.“The federal legislation also draws a distinction between new projects, and those already underway. Our Veladero mine has been in operation since 2005 and construction at Pascua-Lama has been underway since 2009.”The parts of the law Barrick objected to require the national government to define what a glacier is, inventory the remaining glacial and periglacial areas in Argentina, prohibit any activities that destroy glaciers, ban mining in glacial and periglacial areas, and require companies to provide environmental impact statements at the national level.Rulings by lower courts that blocked those measures were fundamentally flawed, because the requirements provide for the very certainty that Barrick Gold claims it wants, the Supreme Court justices said. The glacier inventory “will make known exactly which areas are protected by law,” they wrote.Barrick and other mining companies as well as the mountainous provinces that directly benefit from their control of the industry have challenged the law on constitutional grounds, saying the national government should have no role in regulating mining. But the justices said that “the law must be applied its constitutional validity is resolved.”
TORONTO — The Toronto stock market rode through a calm session on Monday that ended relatively flat, with commodities mixed and concerns about the European economy grabbing most of the attention.Here are the closing numbersTSX — 11,757.88 -8.48 -0.07%S&P 500 — 1,385.30 -0.67 -0.05%Dow — 13,073.01 -2.65 -0.02%Nasdaq — 2,945.84 -12.25 -0.41%The S&P/TSX composite index closed down 8.48 points to 11,757.88 in low-volume trading of about 124 million shares. The TSX Venture Exchange fell 6.28 points to 1,184.36.The Canadian dollar rose 0.26 of a cent to 99.82 US cents.Traders turned their attention to data from overseas as the European Commission released a report showing that economic sentiment dipped, with pessimism growing in both the industrial and service sectors. There were sharp declines in Germany, France and Spain.The report came out the same day that Spain’s National Statistics Institute said its economy contracted for the third straight quarter.In commodities, the September crude contract on the New York Mercantile Exchange ended down 35 cents to US$89.78 a barrel.September copper moved down one cent to US$3.42 a pound.The TSX gold sector was the biggest gainer, up 0.7%, as the August gold contract rose $1.70 to close at US$1,619.70 an ounce.Anticipated efforts from Europe to calm the region’s debt crisis remain in focus as U.S. Treasury Secretary Timothy Geithner meets with economic policy makers in Europe.“There’s little question that the wind behind the markets right now is on improved optimism around the potential for the EBC to do more, to put in initial policy stimulus,” said Craig Fehr, Canadian markets strategist at Edward Jones in St. Louis.“We saw that rally start late last week and it’s continuing into this week. For the first part of this week I suspect the markets will really react to any shifts in views of what will come out of the ECB’s comments this week.”On Wall Street, the Dow Jones industrials fell 2.65 points to 13,073.71. The Nasdaq composite index was down 12.25 points to 2,945.84 and the S&P 500 index slid 0.67 of a point to 1,385.30.The U.S. indexes had been creeping higher early Monday, then reversed course soon after a regional manufacturing report came in much weaker than expected. A survey of manufacturing by the Dallas branch of the Federal Reserve showed a steep drop in July.In Canada, the banking sector is in the spotlight after Standard & Poor’s Ratings Services lowered its outlook on seven Canadian banks on Friday to negative from stable.The move, which left the banks’ ratings intact but suggested they may be under some pressure in future, was made over concerns about unsustainably high home prices and consumer debt levels.The New York debt-rating firm revised its outlook downward on Royal Bank of Canada, Toronto-Dominion Bank, Bank of Nova Scotia, National Bank of Canada, Laurentian Bank of Canada, Home Capital Group Inc. and Central 1 Credit Union.However, S&P maintained stable outlooks on five other Canadian banks including Canadian Imperial Bank of Commerce and Bank of Montreal.The TSX financials were down 0.13% with Bank of Montreal down 94 cents to $57.76 and Royal Bank ahead four cents to $51.75.In corporate news, TransCanada and ExxonMobil say they are conducting a public process to determine the level of customer interest in a potential new pipeline _ the Alaska Pipeline Project. Shares of TransCanada rose 84 cents to $45.69.Here’s the news investors were watching today:Best Buy founder recruits executive team for buyoutWisconsin pipeline leak fresh blow for Enbridge’s battered brandHSBC’s ‘shameful and embarrassing’ scandal to cost over $2-billionShale writedowns begin as lower prices follow record M&AON DECK TUESDAYECONOMIC NEWSU.S. Federal Reserve begins two-day monetary policy meeting CANADA8:30 a.m.Real GDP (May): Economists expect 0.2% rise from the month before, 2.6% year over year Industrial product price index (June): Economists expect decline of 0.1% Raw materials price index (June): Economists expect decline of 3% UNITED STATES8:30 a.m.Employment cost index (Q2): Economists expect 0.5% rise Personal income & consumption (June): Economists expect a 0.4% rise in income and 0.1% rise in spending 9 a.m.S&P Case-Shiller home price (May): Economists expect 0.4% rise from month before, 1.45% decline year over year 9:45 a.m.Chicago purchasing managers’ index (July): Economists expect a reading of 52.4 10 a.m.Conference Board consumer confidence index: Economists expect reading of 61.5 CORPORATE NEWSCANADAThomson Reuters Q2 earnings: Analysts expect 51¢ a share TransAlta Q2 earnings: Analysts expect 21¢ Fortis Inc Q2 earnings: Analysts expect 34¢ George Weston Q2 earnings: Analysts expect $1.01 Saputo Q1 earnings: Analysts expect 66¢ UNITED STATESGoodyear Tire & Rubber Q2 earnings: Analysts expect 45¢ Pfizer Q2 earnings: Analysts expect 54¢ United States Steel Corp Q2 earnings: Analysts expect 47¢ Tyco INTL Q3 earnings: Analysts expect 93¢ Pioneer Natural Resources Co Q2 earnings: Analysts expect $1.15 Electronic Arts Q1 earnings: Analysts expect a loss of 42¢ Marathon Petroleum Corp Q2 earnings: Analysts expect $2.50 The Allstate Corp. Q2 earnings: Analysts expect 84¢
CALGARY — Enbridge Inc. announced a deal Monday to transfer $1.76 billion in pipeline assets to one of its affiliates.The deal with Enbridge Income Fund includes its 50 per cent interest in the U.S. segment of the Alliance pipeline, which carries gas from northeastern British Columbia and northwestern Alberta to the Chicago area, as well as the Southern Lights diluent pipeline, which transports the oilsands-thinning agent from the Chicago area to Edmonton.Enbridge chief financial officer Richard Bird said this latest “drop down” deal will provide a “significant source of low-cost funding for our record growth capital program.”After the transfer, Enbridge’s overall economic interest in the income fund will be 66.4 per cent, through direct and indirect investments.“We believe that the acquisition of the U.S. segment of the Alliance pipeline and the cash flows from the Southern Lights pipeline will be a great fit for the fund and is expected to deliver numerous benefits,” said fund president Perry Schuldhaus.“The assets will substantially scale up and further diversify the fund’s sources of low risk cash flow.”
Quotations for key foreign currencies in terms of the Canadian dollar. Quotations are nominal, for information purposes only.Canadian dollar value on Wednesday, the previous day, three-months and one-year: Currency Wed Tue 3 months Year U.S. dollar 1.2595 1.2628 1.3480 1.3028 British Pound 1.6411 1.6459 1.7236 1.7051 Japanese Yen 0.0113 0.0113 0.0124 0.0123 Euro in U.S. 1.1522 1.1566 1.0715 1.1020 Euro in Cdn 1.4512 1.4606 1.4444 1.4357Quotations provided by the Bank of Canada
On the markets at midmorning (ET):The Toronto Stock Exchange’s S&P/TSX composite index was up 10.09 points to 15,212.46, after 90 minutes of trading.In New York, the Dow Jones industrial average was up 101.24 points to 21,714.67. The S&P 500 index was up 1.37 points to 2,478.50 and the Nasdaq composite index was up 9.26 points to 6,421.44.The Canadian dollar was trading at 79.79 cents US, down from Tuesday’s average price of 79.96 cents US.The September crude contract was up 40 cents to US$48.28 per barrel and the September natural gas contract was down three cents to US$2.90 per mmBTU.The August gold contract was down $4.40 to US$1,247.70 an ounce and the September copper contract was up two cents to US$2.87 a pound.
Lawyers staged a protest in Colombo today against moves to shift some of the court buildings in Colombo to new locations.The lawyers alleged that the Colombo Magistrates Court, District Court and Fort Magistrate building are among those to be shifted. Once shifted the existing buildings are to be used to promote tourism, the lawyers who took part in the protest claimed.In all some 8 Court buildings are expected to be shifted.