Alberta Weekly News Breakdown: Russia Seizes Opportunities, Federal Court Shows There Bias, and More.
China Seizes Bargain Opportunity: Overtakes Saudi Arabia as Top Buyer of Discounted Russian Oil Amid Western Sanctions
Western sanctions on Russia led to the country offering discounts on its crude oil, prompting China to capitalize on the opportunity. In 2023, China became Russia's top crude oil supplier, surpassing Saudi Arabia. China received a record 107.02 million metric tons of Russian crude, a 24.1% increase from 2022. Despite Western sanctions on Russian oil due to the Ukraine conflict, Chinese refiners used intermediary traders to handle shipping, avoiding violations. Russia diverted oil exports from Europe to India and China to circumvent sanctions. The increased demand from China and India for discounted oil raised the price of Russian ESPO crude, exceeding the G7's $60-a-barrel price cap. China's preference for cost-effective oil imports contributed to this shift. Iraq is China's third-largest oil importer, while the U.S. saw a surge in oil shipments to China in 2023, despite geopolitical tensions.
Canadian Election Showdown: Liberals Paint Conservatives as 'Trump North,' Igniting Fear of Populist Wave
In the lead-up to a crucial election in Canada, federal Liberals are likening Canadian Conservatives to Trump Republicans, accusing them of employing "MAGA" tactics. The Liberals argue that the Tories are adopting divisive strategies, invoking fears of a far-right populist wave that could harm LGBTQ2S+ rights and climate action. Prime Minister Trudeau links Conservative leader Pierre Poilievre to Trump's brand of campaigning, particularly on issues like abortion and transgender rights. Despite the Conservatives denying these claims, the Liberals continue to emphasize the perceived threat of a second Trump presidency to sway voters. The election discourse revolves around the Liberals framing the debate as a choice between good and evil, targeting voters who have soured on the party.
Blackstone's $3.5 Billion Gamble: Expands Rental Housing Empire with Tricon Acquisition
Blackstone Inc. is acquiring Tricon Residential Inc. in a $3.5 billion deal. The agreement involves Blackstone paying $11.25 per share in cash for Tricon, a Toronto-based company specializing in single-family rental homes and apartments. Blackstone Real Estate Partners X is collaborating with Blackstone Real Estate Income Trust for the transaction. This move marks Blackstone's increased investment in the single-family rental industry, building on its earlier involvement more than a decade ago during the U.S. foreclosure crisis. Tricon, led by Gary Berman, owns around 38,000 rental homes in the U.S., along with apartments in Toronto and land designated for development. Blackstone plans to complete $3.5 billion worth of projects in Tricon's pipeline and invest an additional $1 billion in capital projects over the coming years. The deal is expected to close in the second quarter, coinciding with a resurgence in dealmaking as investors anticipate a decline in interest rates. Blackstone Real Estate Income Trust (BREIT) will retain an approximately 11% ownership stake in Tricon after the transaction.
Edmonton Grapples with Soaring Strep Cases, Alarming Rise in Deadly iGAS Infections
The article reports a surge in cases of Group A streptococcal (GAS), particularly its more severe form, invasive group A streptococcal (iGAS), in Edmonton hospitals, impacting Albertans. Four B.C. children and six children in Ontario have died from iGAS since mid-December. In Alberta, there were 768 reported iGAS cases in 2023, a significant increase from 434 cases in 2022. Rates have been rising since 2017, with a higher prevalence in vulnerable adults. Healthcare professionals emphasize the importance of recognizing strep symptoms and seeking timely treatment, advising parents not to dismiss concerns. The increase in strep cases is causing a strain on healthcare facilities, with some advocating for the use of quicker pharmacy tests. Symptoms of iGAS include severe complications like pneumonia, necrotizing fasciitis, and toxic shock syndrome. Preventive measures include handwashing and proper hygiene practices.
Albertans Divided: Majority Oppose Provincial Pension Plan Exit, UCP Support Wanes, Poll Reveals
A recent Leger poll indicates that over half of Albertans oppose the idea of the province creating a provincial pension plan by withdrawing from the Canada Pension Plan (CPP). Support for the proposed Alberta pension plan by the United Conservative Party (UCP) government has dropped to 22%, with 52% opposing and 26% undecided. Notably, support among UCP voters has fallen from 54% in October to 40%, a key factor in the overall decline. Despite tensions between Alberta and Ottawa over potential benefits, the issue lacks majority support in the province, particularly outside the UCP. The poll also suggests that awareness of the details of the proposal has slightly decreased, and the provincial government faces a challenge in convincing the majority of Albertans that the plan is beneficial. The survey involved 1,012 adult Albertans and was conducted between January 12 and January 15, with a margin of error of plus or minus 3.1 percentage points.
Edmonton Mulls Tough New Bylaw: Fines for Public Drug Use, Panhandling, and More
The city of Edmonton is considering a new bylaw that would impose fines for public drug use, panhandling on roads, and expand restrictions on homeless encampments, loitering on transit property, and blocking pathways. The proposed bylaw would allow city bylaw officers to fine individuals $500 for openly possessing or consuming controlled substances in public. The city argues that the bylaw aims to address public safety concerns raised by residents. Critics, including public health researchers, argue that the bylaw may disproportionately target certain groups, making it more dangerous for people who use drugs and potentially entrenching individuals in poverty. The proposed bylaw also includes fines for public drinking, aggressive panhandling, loitering on transit, and setting up tents on public property. The city's intention is to consolidate and simplify existing rules governing public spaces. The bylaw is set to be discussed at a special meeting on February 2.
Well well well, smells like a 15 min. city deal to me. Blackstone "gambles" on Tricon acquisition? I think not, most REITs were heading downhill fast during COVID. Pretty sure Blackstone knows exactly what they're doing!
Canada is punched, bored, screwed and tattooed.