In his fall update to Parliament, interim auditor general John Weirsema expressed concern over Health Canada’s lack of legal authority to demand regular safety updates from drug companies.

A drug regulator without the legal authority to demand drug safety information is bad enough. But what makes it more problematic is that he was talking about drugs that have only received conditional approval, and are awaiting more information before being fully approved.

What’s more, the department knew it had this problem, among several others, many years ago.

Go back to the late 1990s.

It was a time when AIDS groups were putting pressure on then-health minister Allan Rock to speed up the approval of a drug called Viramume. Though the drugmaker, Boehringer Ingelheim Canada Ltd., hadn’t produced enough clinical trial information during the drug’s approval process, Health Canada scientists felt pressure to fast-track the drug, despite their safety concerns.

Health Canada, AIDS groups and other supporters of this new conditional approval argued the measure was necessary in order to get life-saving drugs to the people who needed them.

That argument didn’t work as well when it came to Relenza, a flu drug that Health Canada at the time determined to be only of “modest” benefit.

It received full approval in the summer of 2003, though there are very few — if any — provincial drug formularies that carry the drug.

These two drugs were among the first to be given conditional approval under a new Health Canada policy that came into effect on May 30, 1998. It was hard to argue against the rationale: if a life-saving drug shows promise, get it to market as soon as possible, continue testing for safety, and submit the information to Health Canada as quickly as possible.

But there were weaknesses in the policy — including the fact the department lacked the legal authority to grant the approvals.

After CBC News aired stories on this and other problems, Health Canada’s then director general of the therapeutic products program issued a directive:

“Recent media attention has focused on the legal status of this policy and the process by which drugs receive (a notice of compliance with conditions). The Bureau of Policy and Coordination has been tasked with the undertaking to review the policy… to identify lessons learned. In addition, the review should determine the existing tracking/surveillance and enforcement mechanisms and propose recommendations to strengthen these functions.”

The directive resulted in a report called Notice of Compliance with Conditions Policy Evaluation (view a draft of the report, obtained through Access to Information).

The department’s review was extensive and contained good recommendations that led to important changes. For instance, Health Canada now possesses the legal authority to issue conditional approval. It posts information online when one is granted and the website allows users with a bit of knowledge of databases to download information.

As the data with the chart above indicates, the drugs receiving the highest number of conditional approvals are cancer drugs. In fact, they make up about two thirds of all the products that are fast-tracked onto the market. And among cancer drugs, those treating breast cancer comprise about half.

The other emerging category is drugs to treat Alzheimers.

It’s easy to see why Alzheimers or breast cancer patients should have access to medicine that could save their lives or slow the disease’s progression. However, as in the case of Avastin, a drug that had been conditionally on the market for the treatment of breast cancer since Feb. 6, 2009, there are dangers that could end up producing more harm than the illnesses itself.

This week, Health Canada pulled approval for Avastin in treating breast cancer, concluding “Avastin does not significantly reduce tumour size or extend lives, while it may cause serious and potentially life-threatening risks, such as heart attacks, severe high blood pressure, bleeding, and the development of small tears in parts of the body such as the nose, stomach or intestines.”

Companies that receive conditional approval are obliged to sign “letters of undertaking,” in which they pledge to conduct the necessary research in order to satisfy Health Canada’s ultimate safety demands.

Most of these companies also submit what’s called a “qualifying notice” that spells out what information they plan to submit.

Health Canada lacks the legal authority to compel them to produce regular safety updates.

It’s hard to know what effects this lack of legal muscle – or lack of staff to pursue the companies — has on the speed with which companies submit additional safety information. Viramune and Relenza were on the market for four and six years, respectively, before receiving final approval. On average, the companies that did submit more safety data to Health Canada to win permanent approval took four years. Is this average too long? Given Health Canada’s lack of legal authority to compel information, it’s a question worth asking.

“There’s a problem with approvals based on conditional data,” says Barbara Mintzes, a drug safety expert at the University of British Columbia. “Health Canada should be able to force the companies to carry out the studies within a specific period of time, or have another mechanism for the studies to be done, either the company putting money into a fund or having them done publicly.”

Asked why his department lacks the legal authority to compel safety information from drug companies, Marc Berthiaume, the departmental official in charge of drug safety could only say that they’re still studying the matter.

When pressed for further details, the department responded in an email. “Health Canada is working to modernize Canada’s regulatory system for pharmaceuticals, medical devices and biologics, in order to improve authorization requirements and post-market monitoring.

“As part of this Health Canada hosted technical discussions between October 2010 and January 2011 to explore technical regulatory issues, test and validate proposed activities, and identify areas needing further policy work.”

So, the department is still talking and studying.

Back in 2002, when Health Canada completed its review of the conditional approval policy, an official sent out a congratulatory note to her staff for a job well done.

Given the problems outlined in the interim auditor general’s report, it seems those congratulations were premature.

If you have specific information about this topic you’d like to share, contact David McKie atdavid_mckie@cbc.ca

Article source: http://ca.news.yahoo.com/analysis-health-canada-drug-approval-203607497.html

• SCI Will Build, Facilitate Logistics of Express Scripts Canada Pharmacies Across Canada to Enable Home Delivery Of Maintenance Prescription Medications

MISSISSAUGA, ON, Nov. 30, 2011 /CNW/ – Express Scripts Canada, one of the largest providers of health benefits management services in Canada, today announced that it has entered into a supply-chain agreement with SCI Logistics Ltd., to provide integral services related to the development and delivery of Express Scripts Canada’s recently announced pharmacy benefit management service (PBM) and home delivery pharmacies.

The expanded PBM service is the latest in a line of solutions that will enable Express Scripts Canada to better meet current and emerging needs of plan sponsors and significantly reduce the cost of providing a prescription drug benefit to employees.

“With SCI Logistics providing for the delivery of prescription medications and assisting with the construction and logistical operations of our home delivery pharmacies, we have placed another important building block in the foundation of our PBM business model,” said Michael Biskey, president of Express Scripts Canada. “To provide plan sponsors – many of which have a presence in multiple provinces and territories – with our PBM service, we will work with a partner capable of delivering prescription medications in a timely manner to all parts of the country.”

“SCI Logistics will manage delivery service providers, including Canada Post and Purolator Courier, to offer the capability to deliver packages to all 10 provinces and three territories, including remote areas, in a safe, reliable, timely manner. This capability, combined with historically strong track records for safety and reliability, make Canada Post and Purolator logical choices as our preferred partners for the delivery of maintenance prescription drugs.”

John Ferguson, President and Chief Executive Officer of SCI Group, said that SCI Logistics has a proven track record of delivering end-to-end supply-chain solutions to help companies ensure seamless delivery of their important goods to Canadians.

“We’re pleased to work with Express Scripts Canada to both build and maintain the order-management and inventory-management processes required to provide safe, secure and timely delivery of maintenance prescription medications,” said Mr. Ferguson. “The SCI team’s unique combination of expertise in e-commerce fulfillment, combined with its expertise and experience in health-care logistics, will help deliver success for Express Scripts Canada.”

Expanded Pharmacy Benefit Management Service

Express Scripts Canada’s expanded PBM service, which can be added by companies and organizations without changing insurance carriers, leverages research and proven best practices in behavioral sciences to actively engage members of health benefits plans to more effectively manage benefit costs and their health. Plan members will interact with a team of highly qualified professionals about their maintenance medication alternatives so that they can make informed choices with the support of their physician. The result will be informed decisions that offer the best possible health outcome while reducing costs for both the member and their plan sponsor.

Working in conjunction with the expanded PBM service, each Express Scripts Canada Pharmacy facilitates the dispensing and delivery of prescription drugs to treat ongoing medical conditions, such as asthma, diabetes, high cholesterol and high blood pressure. A supply of up to 90 days of these prescription medications will be delivered, via free standard shipping, to patients’ homes, or to the address they designate.

Delivery of Prescription Medications through Xpresspost, Purolator Courier

To facilitate the delivery of prescription medication packages from the Express Scripts Canada pharmacies to plan members throughout Canada, SCI Logistics will leverage the vast resources in the service networks of their delivery partners, Canada Post and Purolator Courier. Combined, Canada Post, with its Xpresspost service, and Purolator, are experienced in delivering prescription medication and health-care products, and have the capability to deliver to any address in Canada as Express Scripts Canada expands its service.

Pharmacy Update

The Express Scripts Canada Pharmacy in Ontario, which is located in Mississauga, will open on December 1, 2011. The 8,500 square-foot facility, which received its operating license from the Ontario College of Pharmacists in late October, includes state-of-the-art pharmacy management technology to manage patient records and to enter, fill, dispense and track prescriptions for registered plan members, along with climate-controlled storage space for temperature-sensitive medications.

The facility also houses an adjoining Product Development Customer Experience Centre, where plan sponsors and other interested parties can learn more about Express Scripts Canada’s expanded PBM service and the Express Scripts Canada Pharmacy.

For more information about Express Scripts Canada’s PBM service and the Express Scripts Canada Pharmacy, go to www.express-scripts.ca.

About SCI Group Inc.

SCI is a leading Canadian third-party logistics provider, offering value-added  warehousing, distribution, contract logistics and transportation services to a wide range of industries, including telecommunication, retail/etail, health-care, industrial and technology. SCI’s innovative supply- chain solutions, national network of advanced facilities and skilled team help optimize supply chains from sourcing to final delivery. For more information about SCI, visit the company’s Web site at www.scigroup.ca.

About Express Scripts Canada

Express Scripts Canada, a registered business name of both ESI Canada and Express Scripts Canada Services, each an Ontario partnership indirectly controlled by Express Scripts, Inc., is one of Canada’s leading providers of health benefits management services. From its corporate headquarters in Mississauga, Ontario, just outside Toronto, Express Scripts Canada provides a full range of integrated pharmacy benefit management (PBM) services to insurers, third-party administrators, plan sponsors and the public sector, including health-claims adjudication and processing services, Home Delivery Pharmacy Services, benefit-design consultation, drug-utilization review, formulary management, and medical and drug-data analysis services, to better facilitate the best possible health outcomes at the lowest possible cost. For more information about Express Scripts Canada, visit its Web site at www.express-scripts.ca.

About Express Scripts, Inc.

Express Scripts, Inc., one of the largest pharmacy benefit management companies in North America, is leading the way toward creating better health and value for patients through Consumerology®, the advanced application of the behavioral sciences to health care. This approach is helping millions of members realize greater health-care outcomes and lowering cost by assisting in influencing their behavior.

Headquartered in St. Louis, Express Scripts, Inc. provides integrated PBM services, including network-pharmacy claims processing, home delivery services, specialty benefit management, benefit-design consultation, drug-utilization review, formulary management, and medical and drug data analysis services. The Company also distributes a full range of biopharmaceutical products and provides extensive cost-management and patient-care services. More information can be found at http://www.express-scripts.com.

FORWARD LOOKING STATEMENTS

Cautionary Note Regarding Forward-Looking Statements

This material may include forward-looking statements, both with respect to us and our industry, that reflect our current views with respect to future events and financial performance. Statements that include the words “expect,” “intend,” “plan,” “believe,” “project,” “anticipate,” “will,” “may,” “would” and similar statements of a future or forward-looking nature may be used to identify forward-looking statements. All forward-looking statements address matters that involve risks and uncertainties, many of which are beyond our control. Accordingly, there are or will be important factors that could cause actual results to differ materially from those indicated in such statements and, therefore, you should not place undue reliance on any such statements. We believe that these factors include, but are not limited to, the following:

STANDARD OPERATING FACTORS

• Our ability to remain profitable in a very competitive marketplace is dependent upon our ability to attract and retain clients while maintaining our margins, to differentiate our products and services from others in the marketplace, and to develop and cross sell new products and services to our existing clients;
• Our failure to anticipate and appropriately adapt to changes in the rapidly changing health care industry;
• Changes in applicable laws or regulations, or their interpretation or enforcement, or the enactment of new laws or regulations, which apply to our business practices (past, present or future) or require us to spend significant resources in order to comply;
• Changes to the healthcare industry designed to manage healthcare costs or alter healthcare financing practices;
• Changes relating to our participation in Medicare Part D, the loss of Medicare Part D eligible members, or our failure to otherwise execute on our strategies related to Medicare Part D;
• A failure in the security or stability of our technology infrastructure, or the infrastructure of one or more of our key vendors, or a significant failure or disruption in service within our operations or the operations of such vendors;
• Our failure to effectively execute on strategic transactions, or to integrate or achieve anticipated benefits from any acquired businesses;
• The termination, or an unfavorable modification, of our relationship with one or more key pharmacy providers, or significant changes within the pharmacy provider marketplace;
• The termination, or an unfavorable modification, of our relationship with one or more key pharmaceutical manufacturers, or the significant reduction in payments made or discounts provided by pharmaceutical manufacturers;
• Changes in industry pricing benchmarks;
• Results in pending and future litigation or other proceedings which would subject us to significant monetary damages or penalties and/or require us to change our business practices, or the costs incurred in connection with such proceedings;
• Our failure to execute on, or other issues arising under, certain key client contracts;
• The impact of our debt service obligations on the availability of funds for other business purposes, and the terms and our required compliance with covenants relating to our indebtedness; our failure to attract and retain talented employees, or to manage succession and retention for our Chief Executive Officer or other key executives;

TRANSACTION-RELATED FACTORS

• Uncertainty as to whether Express Scripts, Inc. (Express Scripts) will be able to consummate the mergers with Medco Health Solutions, Inc. (Medco) on the terms set forth in the merger agreement;
• The ability to obtain governmental approvals of the mergers;
• Uncertainty as to the market value of Express Scripts merger consideration to be paid and the stock component of the Medco merger consideration;
• Failure to realize the anticipated benefits of the mergers, including as a result of a delay in completing the mergers or a delay or difficulty in integrating the businesses of Express Scripts and Medco;
• Uncertainty as to the long-term value of Express Scripts Holding Company (currently known as Aristotle Holding, Inc.) common shares;
• Limitations on the ability of Express Scripts and Express Scripts Holding Company to incur new debt in connection with the transaction;
• The expected amount and timing of cost savings and operating synergies; and
• Failure to receive the approval of the stockholders of either Express Scripts or Medco for the mergers.

The foregoing review of important factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included herein and elsewhere, including the risk factors included in Express Scripts’ most recent reports on Form 10-K and Form 10-Q and the risk factors included in Medco’s most recent reports on Form 10-K and Form 10-Q and other documents of Express Scripts, Aristotle Holding and Medco on file with the Securities and Exchange Commission (“SEC”), including the joint proxy statement/prospectus included in the registration statement on Form S-4 filed by Aristotle Holding with the SEC, which was declared effective on November 15, 2011. Stockholders are urged to read the registration statement and the joint proxy statement/prospectus of Medco and Express Scripts contained therein (including all amendments or supplements to it) because they contain important information.  Any forward-looking statements made in this material are qualified in their entirety by these cautionary statements, and there can be no assurance that the actual results or developments anticipated by us will be realized or, even if substantially realized, that they will have the expected consequences to, or effects on, us or our business or operations. Except to the extent required by applicable law, we undertake no obligation to update publicly or revise any forward-looking statement, whether as a result of new information, future developments or otherwise.

ADDITIONAL INFORMATION AND WHERE TO FIND IT

This communication is not a solicitation of a proxy from any stockholder of Express Scripts, Medco or Aristotle Holding. In connection with the Agreement and Plan of Merger among Medco, Express Scripts, Aristotle Holding, Plato Merger Sub, Inc. and Aristotle Merger Sub, Inc. (the “Merger”), Medco, Express Scripts and Aristotle Holding have filed relevant materials with the SEC and intend to file additional materials. On November 15, 2011, the SEC declared effective the joint proxy statement/prospectus included in the registration statement on Form S-4 filed by Aristotle Holding. On November 18, 2011, Express Scripts, Medco and Aristotle Holding commenced mailing of the definitive joint proxy statement/prospectus regarding the Merger. SECURITY HOLDERS ARE URGED TO READ THE DEFINITIVE JOINT PROXY STATEMENT/PROSPECTUS AND ANY OTHER MATERIALS FILED BY EXPRESS SCRIPTS, MEDCO AND ARISTOTLE HOLDING WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT MEDCO, EXPRESS SCRIPTS, ARISTOTLE HOLDING AND THE MERGER.  The joint proxy statement/prospectus included in the registration statement on Form S-4 filed by Aristotle Holding and other relevant materials, and any other documents filed by Express Scripts, Aristotle Holding or Medco with the SEC, may be obtained free of charge at the SEC’s web site at www.sec.gov. In addition, investors and security holders may obtain free copies of the documents filed with the SEC by directing a written request to:

Mackenzie Partners, Inc.
105 Madison Avenue
New York, New York 10016

This communication shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction. No offering of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended.

PARTICIPANTS IN THE SOLICITATION

Express Scripts, Aristotle Holding and Medco and their respective executive officers and directors may be deemed to be participants in the solicitation of proxies from the security holders of either Express Scripts and Medco in connection with the Merger. Information about Express Scripts’ directors and executive officers is available in Express Scripts’ definitive proxy statement, dated March 21, 2011, for its 2011 annual general meeting of stockholders. Information about Medco’s directors and executive officers is available in Medco’s definitive proxy statement, dated April 8, 2011, for its 2011 annual general meeting of stockholders. Other information regarding the participants and description of their direct and indirect interests, by security holdings or otherwise, is contained in the joint proxy statement/prospectus included in the registration statement on Form S-4 filed by Aristotle Holding and the amendments and supplements thereto.

Article source: http://finance.yahoo.com/news/Express-Scripts-Canada-cnw-3372457477.html

TORONTO (Reuters) – The Bank of Canada will not raise interest rates again until the fourth quarter of next year as Europe’s worsening debt crisis dims the outlook for the global economy, according to a Reuters survey.

The Reuters poll of 40 economists and strategists released on Wednesday showed the median forecast for the next interest rate increase was pushed back by three months to the fourth quarter from the third quarter of 2012 projected in an October poll.

The median view was still stronger than that of many primary dealers calling for the next move in 2013, closer to the timeline of the U.S. Federal Reserve.

“Even though there is so much uncertainty in the global economy at the moment, Canada’s economy we think still remains in relatively good stead,” said Dawn Desjardins, assistant chief economist at Royal Bank of Canada.

“In an environment where our economy is growing at a decent clip, not over the top but at a decent clip, the U.S. economy is back on its feet … some of the external risks that are concerning the bank right now will abate and they will be in position to start to very, very, very gradually remove some of the stimulus.”

Data on Wednesday showed a stronger-than-expected third quarter rebound in domestic growth after a fall in the second quarter.

But overall, Canadian economic data has been mixed – including a shocking jobs loss last month – and analysts are still focused on macro events to set direction for monetary policy.

Two years into Europe’s sovereign debt crisis, investors are fleeing the euro zone bond market, European banks are dumping government debt, deposits are draining from south European banks and a looming recession is aggravating the pain, fueling doubts about the survival of the single currency.

Bank of Canada Governor Mark Carney has also been sounding more dovish, warning last week that Europe’s debt crisis was “barely contained,” while urging leaders to act immediately.

“To me that sounds like he’s very, very nervous and we’re just close to going through that threshold where he thinks it’s not contained,” said Sheryl King, head of Canadian economics at Bank of America-Merrill Lynch (BofAML).

An increasing number of the respondents – including BofAML, Capital Economics, and ING Financial Markets – are predicting a rate cut, a possibility that has been anticipated in overnight index swaps for some time, with a 25-basis point drop almost fully priced in by July.

“The persistent bad news out of Europe, the fact that Asia has shown more vulnerability than we originally thought it was going to, the fact that the United States still doesn’t have its fiscal house in order either, you just add it up and there are just so many triggers that could push the financial markets in to some sort of big spike in volatility,” added King.

Forecasts for official interest rates at the end of 2012 also fell from the previous poll – with the median target declining to 1.25 percent, from 1.5 percent in October – indicating one less rate increase next year than was previously assumed.

Interest rate expectations for the four quarters of 2012 have been downgraded continuously in all eight global Reuters polls conducted since January, with the target for the first quarter of 2012 revised down to 1 percent from 2.25 percent.

Of the 33 common contributors in the two most recent polls, 16 have downgraded their end-of-quarter forecast for at least one quarter across the time horizon.

Only one of the 33 common contributors upgraded their forecast for the first half of 2013 in the current poll from the October survey, while none of the common contributors upgraded their forecasts for 2012.

The poll showed a 90 percent probability there won’t be a change in rates at the next policy announcement on December 6.

The survey was conducted November 25 – November 29.

(Polling and analysis by Snehasish Das and Sarmista Sen; Editing by Jeffrey Hodgson)

Article source: http://news.yahoo.com/bank-canada-seen-hold-rates-until-q4-2012-165012496.html

SAN FRANCISCO (MarketWatch) — Canada’s stocks and currency marched higher for a third straight day on Wednesday, as investors worldwide cheered the move by global central banks to provide more liquidity to the financial system.

On Wednesday, six central banks, including the Federal Reserve and the Bank of Canada, announced coordinated action to lower U.S. dollar borrowing costs for foreign banks. The move aims to ease the funding strains faced by European banks. Read more on the central bank moves.

Toronto’s benchmark SP/TSX Composite Index  last added 337.06 points, or 2.9%, to 12,069.57. The index gained 2.3% over the previous two sessions.

“With the doom and gloom of Europe, the market was quite a bit oversold, and the recovery we’ve seen the last three days is a rebound because nothing goes up or down forever,” said John Kinsey, portfolio manager at Caldwell Securities. Prior to this week’s rally, Canada’s main stock index had shed 6.5% since the beginning of November.

The Canadian currency appreciated as much as 1.9% against its U.S. counterpart  to its strongest level in more than two weeks. The positive news Wednesday “reduces the likelihood that the Bank of Canada will need to resort to a cut in the overnight rate to combat renewed economic weakness,” wrote David Tulk, chief Canada macro strategist at TD Securities, in a note.

One U.S. dollar recently purchased 1.0196 Canadian, versus 1.0319 late Tuesday. The loonie has gained 2.6% against the greenback so far this week.

Also lifting global sentiment, the People’s Bank of China cut its bank reserve requirement on Wednesday, the first monetary easing move from the central bank since December 2008. Read more on China’s reserve ratio cut.

“One of the greatest risks for the global economy in 2012 is a hard landing by China, but thankfully today’s decision shows that the Chinese government is taking steps to cushion the economy even if it comes at the expense of higher inflation,” wrote Kathy Lien, director of currency research at GFT Forex, in a note.

Canadian gross domestic product numbers released Wednesday provided additional relief for stocks. Statistics Canada reported the Canadian economy grew 3.5% in the third quarter from a year ago, faster than the 3% analysts expected.

All sectors traded higher on Wednesday, led by metals and mining stocks as gold, silver and copper prices jumped. Shares of Ivanhoe Mines Ltd.  were up 6.7%, with First Quantum Minerals Ltd.   leaping 12.4%.

Gold for December delivery  last traded up $31.30, or 1.8%, to $1,744.70 an ounce on the New York Mercantile Exchange. Silver futures picked up 2.5% while copper rose 5.6%. Read more on gold.

Energy stocks also soared as crude-oil futures topped $100 a barrel in electronic trading. Shares of Suncor Energy Inc.  gained 5% while Cenovus Energy Inc.  jumped 6.8%.

At last check, crude for January delivery  edged up 80 cents, or 0.8%, to $100.62 a barrel on the New York Mercantile Exchange. Read more on oil.

Among financials, shares of the Royal Bank of Canada , the most valuable company on the TSX, picked up 3.5%. Shares of Manulife Financial Corp.  also gained 4.1%.

Article source: http://news.investors.com/Newsfeed/Article/138803385/201111301227/Canada-stocks-up-3-on-central-bank-moves-GDP.aspx

TORONTO (Reuters) – A Canadian native group is suing Royal Dutch Shell Plc for what it said was a failure by the oil major to live up to environmental funding agreements tied to Shell’s massive northern Alberta oil sands developments.

The Athabasca Chipewyan First Nation seeks C$1.5 million ($1.47 million) from Shell for allegedly blocking requests for money to be used for sustainable development and education initiatives in the community under agreements made in 2003 and 2006.

Shell’s Athabasca Oil Sands project, Canada’s third largest tar sands mining development, is in the aboriginal group’s traditional territory. The Athabasca Chipewyan said the company is trying to change the terms of the funding, meant to ease the impact of tar sands development on the community. The charges have not been proven in court.

“We came in good faith, always willing to talk with them,” Athabasca Chipewyan Chief Allan Adam told Reuters on Wednesday. “Shell played the role of tough guy and refused to deal with us on the terms we negotiated.”

The suit comes amid growing international controversy over the impact of oil sands development on air, land, water and local communities. The Alberta oil sands deposits are the third-largest source of crude in the world, and Canada has made exports of the resource a top national priority.

The community of Fort Chipewyan, located downstream from the oil sands developments, has experienced unusual health problems, including elevated rates of rare cancers. Studies have been unable to definitively rule out a link with the oil projects and controversy remains.

Adam said the lawsuit is unrelated to the health concerns in the community of 963 people.

For its part, Shell said the dispute amounts to a fraction of the more than C$200 million the company has spent on numerous initiatives in the community over the past five years under its “good neighbor” program.

An example of a request that was denied was a bursary in which there wasn’t a student to use it and the first nation wanted cash in lieu, said John Broadhurst, Shell’s vice-president, development, heavy oil.

  Continued…

Article source: http://ca.reuters.com/article/businessNews/idCATRE7AT2AR20111130

nickfletchergdn: And Wall Street heads higher in line with other mkts, up 258 pts in 1st couple of mins after central bank action, jobs news etc #business

about 8 hours, 20 minutes ago

Article source: http://www.guardian.co.uk/business/feedarticle/9972596

The State Department decided on Nov. 10 to delay the project until 2013, after the presidential election, to allow the project’s developer to figure out a way around Nebraska’s Sandhills, an ecologically sensitive region that supplies water to eight nearby states.

McConnell, R-Ky., called the $7 billion pipeline the ultimate “shovel-ready” project and said it could create as many as 20,000 jobs.

He and other Republicans called Obama’s decision to delay the project transparently political and said Obama had put his reelection above job creation.

“This is politics, pure and simple,” said Sen. Lisa Murkowski, R-Alaska.

The GOP bill has little chance of approval in the Democratic-controlled Senate. But the measure illustrates Republicans’ frustration over the pipeline delay and their belief that Obama is vulnerable on the jobs issue.

House Republicans are expected to highlight the jobs issue again on Friday, during a hearing before the Energy and Commerce Committee on the pipeline project. Several labor union leaders are among those scheduled to testify.

The pipeline project has divided labor groups eager for the jobs it would create from environmentalists and other traditional Democratic allies who oppose the pipeline as an ecological disaster waiting to happen.

The 1,700-mile pipeline proposed by Calgary-based TransCanada would carry as much as 700,000 barrels of oil a day from tar sands in Alberta, Canada, to refineries in Texas, passing through Montana, South Dakota, Kansas, Nebraska and Oklahoma.

Supporters say it could significantly reduce U.S. dependence on Middle Eastern oil while providing thousands of jobs. Opponents say the pipeline would bring “dirty oil” that requires huge amounts of energy to extract. They also worry about possible spills, noting that a current pipeline operated by TransCanada has had several spills in the past year.

The Senate bill’s chief sponsor, Richard Lugar of Indiana, said Keystone XL presented a dramatic opportunity to boost U.S. national security and North American energy production by providing oil from the nation’s closest ally and largest trading partner, Canada.

“President Obama has the opportunity to help create 20,000 jobs now. Incredibly he has delayed a decision… apparently in fear of offending a part of his political base,” Lugar said.

White House spokesman Josh Earnest called that criticism off-base.

“I recognize that there are people in Washington, D.C., who want to apply a political label to every single thing that the president or other members of this administration do, but at the end of the day this is a decision that falls cleanly in line with the priorities that the president laid out” in a recent interview, Earnest said.

Article source: http://www.washingtonpost.com/business/gop-bill-would-force-approval-of-keystone-xl-pipeline-from-canada/2011/11/30/gIQAiFRFDO_story.html

November 30, 2011, 3:35 PM EST

By Allison Bennett

Nov. 30 (Bloomberg) — The Canadian currency rose the most since May 2010 as central banks including the Bank of Canada reduced the cost of emergency dollar funding to ease Europe’s sovereign-debt crisis, buoying riskier assets.

The loonie, as the currency is known, advanced to a two- week high after a report showed Canada’s gross domestic product grew in the third quarter at a faster pace than economists forecast, spurred by the biggest jump in exports since 2004. The nation’s government bonds fell earlier after a private report showed companies in the U.S., Canada’s largest trading partner, added more workers in November than projected.

“All the developments are building upon each other — you have China’s ratio cut, which was supportive of risk, you had lower swap rates, which was extremely supportive,” said Eric Viloria, senior currency strategist at Gain Capital Group LLC in New York. “You saw big spikes in commodity currencies. With data such as ADP and Canadian GDP a lot better than expected, that’s all good for risk.”

The loonie appreciated 1.2 percent to C$1.0195 per U.S. dollar at 3:10 p.m. Toronto time. It gained more than 1.9 percent earlier, the biggest advance on an intraday basis since May 27, 2010. It touched C$1.0124, the strongest level since Nov. 14. One Canadian dollar buys 98.09 U.S. cents. Canada’s currency pared its monthly loss to 1.8 percent.

If the Canadian dollar can close below C$1.02 per U.S. dollar, that will signal further strength for the currency, Gain’s Viloria said.

The Bank of Canada joined the Federal Reserve, Bank of England, Bank of Japan, European Central Bank and Swiss National Bank in coordinated action to reduce strains in markets and support the global financial system.

‘From Left Field’

“What they’re doing is insuring that there are enough dollars in the market at a cheap price in case there is another liquidity squeeze and it’s difficult for foreigners to make good on their dollar commitments,” said Kathy Lien, director of currency research at the online foreign-exchange trader GFT Forex in New York. “This risk rally could last a few days because this came from left field and caught everyone by surprise and shows central banks are willing to work together.”

Yields on Canada’s 10-year benchmark bonds increased as much as eight basis points, or 0.08 percentage point, to 2.20 percent before trading little changed at 2.12 percent. The 3.25 percent securities due in June 2021 slipped 4 cents to C$109.64.

Economy Expands

Gross domestic product grew at a 3.5 percent annualized pace from July to September, compared with a 3 percent gain forecast in a Bloomberg survey. The expansion followed a revised 0.5 percent contraction the prior three months, Statistics Canada said today in Ottawa. U.S. companies added 206,000 workers, ADP Employer Services said today, compared with a prediction of 130,000 in another Bloomberg survey.

Canada’s exports of goods and services rose at a 14.4 percent annualized pace in the third quarter, the fastest since the middle of 2004, rebounding from a 6.4 percent decline in the second quarter.

The Canadian dollar was also supported against most of its major counterparts after China’s central bank said it would lower the reserve requirement for financial institutions.

“It’s supportive of growth, so that helps spur risk appetite,” Camilla Sutton, head of currency strategy at Bank of Nova Scotia in Toronto, said of China’s first policy-easing since December 2008. “It’s a reflection that the cycle of monetary tightening in China is coming to an end.”

The Standard Poor’s 500 Index surged 3.4 percent, while the SP/TSX Composite Index gained 2.6 percent. Futures on crude oil, Canada’s biggest export, rose 0.8 percent to $100.34 a barrel in New York trading.

Canada’s dollar advanced 1.2 percent over the past month versus nine developed-nation counterparts tracked by Bloomberg Correlation-Weighted Indexes. The U.S. currency rose 4.8 percent, and the euro fell 0.6 percent.

–With assistance from Greg Quinn in Ottawa. Editors: Kenneth Pringle

To contact the reporter on this story: Allison Bennett in New York at abennett23@bloomberg.net

To contact the editor responsible for this story: Dave Liedtka at dliedtka@bloomberg.net

Article source: http://www.businessweek.com/news/2011-11-30/canadian-dollar-rallies-on-central-banks-action-economic-boost.html

Wed Nov 30, 2011 5:31pm EST

Article source: http://www.reuters.com/article/2011/11/30/markets-canada-stocks-idUSN1E7AT26W20111130

BEIJING (Reuters) – Canada’s failure to deny reports that it is about to ditch the Kyoto Protocol is “setting a bad example” to other developed nations as global climate change talks enter their third day, China’s official news agency said on Wednesday.

Canadian Environment Minister Peter Kent said on Monday that Kyoto was “the past”, but he would not confirm media reports that Ottawa was planning to formally withdraw from the treaty, one of the main topics of global climate talks now under way in Durban, South Africa. .

Canada says it backs a new global deal to cut emissions of greenhouse gases, but insists it has to cover all nations, including China and India, which are not bound by Kyoto’s current targets.

The commentary published by Xinhua news agency accused Canada of undermining global efforts against climate change and damaging its own reputation in pursuit of short-term interests.

“While delegations from every country attend the Durban climate conference to discuss a second commitment period for the Kyoto Protocol, one can imagine the damage done by this ‘rumour’,” Xinhua said.

“Some are angry and some are depressed, but whatever the expression made by each delegation, they are united in their criticism of Canada.”

The commentary said Canada’s failure to meet its Kyoto Protocol targets had encouraged it to write off the protocol and thereby “smash a pot to pieces just because it is cracked”.

The Kyoto Protocol obliged signatory countries from the developed world to make mandatory cuts in their total greenhouse gas emissions by 2012, when the first commitment period ends.

Canada was obliged to slash CO2 by 6 percent compared to 1990, but by 2009, the total was still 17 percent higher.

Canada was also likely to be using the rumours to try to secure a favourable breakthrough during the Durban talks, Xinhua said, and “as soon as the negotiations do not meet its expectations, it will allow the rumours to become reality”.

If Canada pulls out of Kyoto, it will join the United States on the sidelines of a treaty originally designed to force rich nations with far higher historical levels of greenhouse gas emissions to take on most of the burden when it comes to handling climate change.

Developing nations like China and India were not under any obligation to make binding CO2 cuts under the treaty, and also received funding for clean projects through Kyoto’s Clean Development Mechanism.

Russia and Japan have refused to support an extension of Kyoto beyond 2012, saying that the treaty is meaningless if the biggest emitters — China and the United States — do not sign up for binding cuts.

Article source: http://news.yahoo.com/china-decries-canadas-bad-example-climate-talks-073801038.html