CCPA report calls for expansion of pension regulations + MORE Nov 21st

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OTTAWA _ A report by the Canadian Centre for Policy Alternatives recommends that payments to shareholders such as dividends and share buybacks by companies should be limited if their pension plans are underfunded.
The report says pension regulations must expand to consider broader financial decisions within companies.
It says that in many instances, firms are complying with the minimum required payments under the rules, but they are not making up the shortfalls in the pension plans as fast as they could.
Companies with defined-benefit pension plans have been hurt by the financial crisis and low interest rates, which have increased the amount of money they are required to have in their pension plans to pay future benefits.
When a pension plan is not fully funded, members face the possibility of seeing their pensions reduced if the plan is forced to wind up.
The report noted that the pension plan at Sears Canada has a $267-million shortfall, but the retailer which is in the process of liquidating has paid $1…

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CALGARY _ The association that represents Canadian oil and gas drilling companies says it expects “muted stability” for the industry in 2018 despite recent strengthening in oil prices.
The Canadian Association of Oilwell Drilling Contractors is calling for 6,138 wells to be drilled in its 2018 forecast, an increase of just 107 from the number expected to be drilled this year.
It says the Canadian rig fleet is expected to shrink by 19 to a total of 615 next year as drilling contractors continue to struggle to find capital needed to keep older equipment running and reinvest in replacement rigs.
Last month, the Petroleum Services Association of Canada said it also expects a slight recovery in drilling in Canada in 2018 versus this year but the count will still be 30 per cent lower than in 2014 when oil prices peaked at more than US$100 per barrel.
New York-traded crude closed at US$56.42 per barrel on Monday, up from lows of less than US$43 in June.
Alberta government-owned lender ATB Financial said Monday the energy sector has “stabilized” and will enjoy a modest rebound in activity next year, helping fuel 3…

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