Ukraine Angry As Canada Suspends Free-trade Talks

That points to Canadian pension funds such as Ontario Teachers and AIMCo, as the Edmonton , Alberta-based fund is known, said Kevin Stadtler, president of Stadtler Capital Management LLC in Texas . Other funds including Canada Pension Plan Investment Board, the largest pension manager with C$188.9 billion under administration, and Caisse de Depot et Placement du Quebec , the second-largest, have said in the past six weeks that they would look at BlackBerry. Finance Risk There is a fairly big financing risk if the Canadian pension funds are not involved, said Greg Taylor, a portfolio manager at Aurion Capital Management in Toronto that has about C$7 billion in assets and doesnt own BlackBerry. The problem is the core business has eroded so quickly that its hard to make a case this is a good stable business that would fit their liabilities. Deborah Allan, spokeswoman for Ontario Teachers, declined to comment as did Denes Nemeth, spokesman for AIMCo, Linda Sims at Canada Pension, Jean-Benoit Houde at Caisse de Depot, and Lisette Kwong at BlackBerry. BlackBerry fell for a second day yesterday on concern that Watsa may fail to win support for his $9 a share cash bid. Fairfax has agreed to put up its 10 percent stake in BlackBerry for the offer, and needs to find equity and debt investors for the rest. BlackBerry fell 6.2 percent in New York to $8.01, an 11-month low, cutting its market value to $4.2 billion. As more details, or lack thereof, emerge about the Fairfax takeover deal, the chances of the deal going through appear grimmer, Sanford C. Bernstein Ltd. analyst Pierre Ferragu wrote in a research note yesterday. Bernstein rates BlackBerry underperform. Vested Interest BlackBerry holds long-term value, particularly as it moves away from lower-margin consumer handsets to a focus on corporate customers, which offer higher margins, Paul Rivett , president of Fairfax, said in a Sept. 23 phone interview. There is tremendous pressure on BlackBerry from those with a vested interest in destroying the company, Rivett said in an e-mail yesterday. We work well under pressure. Fairfax is comfortable with the group its currently working with and will reveal its partners after due diligence is completed, Rivett said. Asset Values BlackBerrys assets are probably worth about $2.8 billion excluding its cash reserves of $2.6 billion, said Steven Li, an analyst at Raymond James Ltd.

Canada PM Won’t Accept US Rejection of Keystone XL

In 2010, Harper traveled to Kyiv, met with President Viktor Yanukovych and said he wanted to see closer ties with Ukraine as long as human rights were respected. Ukraine became independent from the Soviet Union in 1991 and like most former Eastern bloc countries, it began to democratize and pivot towards Europe. However, political scandals have plagued the nation of 46 million. Yanukovych was elected Ukrainian president in 2004 but the court ruled his election as fraudulent. He was forced to give up power. Meanwhile the Orange freedom movement, led in part by Yulia Tymoshenko , was gaining ground. Tymoshenko became the first female prime minister of Ukraine in 2005. Then in 2010, she ran for president but lost to Yanukovych. In 2011, Tymoshenko was jailed for abuse of office charges, which she has called absurd and politically motivated. This November, the European Union is poised to sign a number of agreements with Ukraine, including a trade agreement, but the EU wants Tymoshenko freed so she can seek medical treatment in Germany. Before Fasts letter appeared, Prystaiko said they tried several times to get an answer as to why talks surprisingly shut down in May. First they told us, you know, we arent suspending, we are sort of postponing because everyone is busy, the summer is coming, lets do it later. Then we see a letter coming from minister to minister. That is a different story, Prystaiko said. Many trading partners, including the United States, Australia and the EU were not impressed with Ukraines move at the WTO.

In Canada’s north Atlantic, new oil frontier shows life beyond shale

Situated in an area known as the Flemish Pass basin, 500 kilometers (300 miles) off the coast of Newfoundland and Labrador, the discovery opens up a new frontier, one that oil majors Chevron and Royal Dutch Shell are also poised to probe. “For that region it’s certainly a significant find. Opening up a new area really lays the path down for growth in other parts of Newfoundland,” said Hugh Hopewell, senior analyst at Wood Mackenzie. While traditional drilling ventures have been overshadowed in recent years by the North American shale revolution and the booming Alberta oil sands, new frontiers like the Flemish Pass are adding to a growing consensus that the world is still flush with oil, even in areas long thought to be past their peak. Statoil’s nearby Mizzen find may contain up to 200 million barrels, and the Harpoon discovery, announced in January, is yet to be evaluated. The finds are modest compared to the multiple billions of barrels of oil now accessible thanks to horizontal drilling, hydraulic fracturing and oil sands development, but break the prevailing trend. Canada’s existing three offshore fields — clustered in the Jeanne d’Arc basin some 150 km to the southwest of the Flemish Pass basin — pumped just under 200,000 barrels per day in 2012, down from around 370,000 bpd at their peak in 2007. “When a discovery of this size is established, it’s most likely there will be others. Players in the industry who had the region on a back burner will start looking at it more seriously now,” said Fadel Gheit, oil analyst at Oppenheimer & Co. In its latest forecast the Canadian Association of Petroleum Producers (CAPP) had expected eastern Canadian production to fall to 90,000 bpd by 2030, after reaching 250,000 bpd in 2025. In the short-term, output will be aided by the 2017 start-up of ExxonMobil Corp’s Hebron field. NEXT UP Just how much oil is in the region will not be clear for years. Statoil said it may not be able to return to the region to drill more wells until 2015 because of rig availability; as rival drillers move in, it will be harder to get hold of the labor and winterized rigs essential to operate in the North Atlantic. “A discovery like this, which is the biggest in the world since 2010, will raise some attention. We are a little bit ahead of the game but expect increased competition,” said Geir Richardson, vice president of Statoil Canada Exploration.

This won’t be final until it’s approved and we will keep pushing forward.” Harper, who made the remarks at a Canadian American Business Council event, said he’s been in regular contact with President Barack Obama. Harper said it will create 40,000 jobs in the U.S. “The logic behind this project is simply overwhelming,” the prime minister said. Harper said politics has cast doubt on whether the pipeline will be approved but said he’s optimistic it will be approved. “Ultimately, over time, bad politics make bad policy,” he said. “The president has always assured me that he will a make decision that’s in what he believes is in the best interests of the United States based on the facts. I think the facts are clear.” The Obama administration is considering whether to approve the pipeline, which would carry 800,000 barrels of oil a day from Alberta across six U.S. states to the Texas Gulf Coast. A decision late this year or early next year. Republicans, and business and labor groups, have urged the Obama administration to approve the pipeline as a source of much-needed jobs and a step toward North American energy independence. Environmental groups have been pressuring President Barack Obama to reject the pipeline, saying it would carry “dirty oil” that contributes to global warming. They also worry about a spill. Obama’s initial rejection of the pipeline last year went over badly in Canada, which relies on the U.S.