News Column

Atlantic Update

February 21, 2014


Newfoundland and Labrador has inked a loan agreement worth up to 110 million dollars with Corner Brook Pulp and Paper.

The province says it has also agreed to a power assets and water rights purchase agreement with the mill.

The loan is fully repayable and will be spread out over 59 quarterly payments.

The final payment is due on December 31st, 2033.

(The Canadian Press)


Ottawa has announced changes to Employment Insurance in Prince Edward Island.

Beginning in October the Island will be divided into two E-I regions _ a capital and non-capital region.

Fisheries Minister Gail Shea says the change will better reflect local economic realities.

The unemployment rate in Charlottetown has been consistently lower than in rural areas of the province.

(The Canadian Press)


Halifax police say they will send officers to Ontario to arrest two people in the disappearance of a St. Mary's University student.

Twenty-six-year-old Loretta Saunders hasn't been seen in a week.

Police in Ontario arrested 25-year-old Blake Leggette and 28-year-old Victoria Henneberry after Saunders car was discovered in Harrow, south of Windsor.

The pair who already face charges of possession of stolen goods and fraud are to return to a Windsor court today for a bail hearing.

(The Canadian Press)


New Brunswick's finance minister says he'll review the agreements with First Nations for the collection of provincial taxes on gasoline sold to non-aboriginals.

Blaine Higgs says many of the agreements date back to the early 1990s when the tax often wasn't collected at all.

Kevin Lacey, the Atlantic director with the Canadian Taxpayers Federation, says the agreements allow aboriginal retail businesses to remit just five per cent of the provincial tax they collect on gas sold to non-aboriginals.

He says that gives those businesses an advantage over their non-aboriginal competitors.

(The Canadian Press)


P-E-I potato processor Cavendish Farms has laid off another 23 workers.

The move follows a reduction of 60 positions from the New Annan plant in November.

The affected positions include 20 hourly employees and three staff positions.

A spokeswoman for J-D Irving says increased competition from North America and Europe is the reason for the reduction.

(Charlottetown Guardian)


Another attempt at negotiations has broken down between the union representing 420 home support workers in Halifax and the management of Northwood.

The N-S-G-E-U says its bargaining committee returned to the table with the employer but was unable to reach its key demand which is parity with those doing the same work in hospitals.

An emergency meeting will be held Sunday with the members of Local 34.

The workers will legally be able to strike as of next Friday.

(The Canadian Press)

(Atlantic Update by Keith Doucette)

(The Canadian Press, Charlottetown Guardian)

For more stories on investments and markets, please see HispanicBusiness' Finance Channel

Source: Canadian Press Broadcast Wire (Canada)

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