50.24 +0.02 (0.04%)
After hours: 5:32PM EST
|Bid||50.20 x 3000|
|Ask||50.24 x 800|
|Day's Range||50.15 - 50.42|
|52 Week Range||49.95 - 66.48|
|Beta (5Y Monthly)||0.82|
|PE Ratio (TTM)||12.88|
|Forward Dividend & Yield||3.76 (7.49%)|
|Ex-Dividend Date||Feb 12, 2020|
|1y Target Est||73.29|
(Bloomberg) -- BP Plc and Royal Dutch Shell Plc are exploring adding more ethanol in gasoline in top corn state Iowa to take advantage of how cheap the biofuel has become.The oil majors are gauging driver interest at a small number of stations in 15% ethanol blends, up from the current state standard of 10%, after the Trump administration in May allowed an increase nationwide.Adding more ethanol to gasoline may help Midwest farmers who have been struggling to find markets for corn after biofuels demand plateaued last year. Ethanol futures slumped to the lowest in more than a decade in 2019, making it unprofitable to make the biofuel that accounts for about a third of demand for the U.S. corn crop. But cheap ethanol won’t save drivers much money: At current prices, filling up a Ford-F150 would only cost about a quarter less.The BP-branded Elliott Oil Co. has for about two weeks been selling some E15 in the small town of Osceola, CEO Andrew Woodard said. BP spokesman Michael Abendhoff said the company does not comment on marketing strategy.John Reese, downstream policy and advocacy manager in the Americas for Shell, said at the National Ethanol Conference in Houston that Shell offers higher ethanol blends, without offering specifics.Shell spokesman Ray Fisher said the company is working to add E15 in Iowa, Indiana and Illinois. “Prior to implementing E15, there is due diligence to ensure we can deliver a quality product and meet state regulations.”Benchmark Chicago cash ethanol traded at a one-year low in January, with the price decline generating interest in adding more to the mix. But that’s less than a penny per gallon below pump prices.Efforts to boost ethanol have an edge because the U.S. is sending only trace amounts of it to China, and Mexico is trending toward using less corn-based fuel, Corey Lavinsky, ethanol analyst at S&P Global Platts, said by email.There is also some political support. Iowa’s governor included an E15 tax credit extension and expansion in the state’s budget proposal.Iowa drivers like E15, and retailers have noticed, said Monte Shaw, executive director of the Iowa Renewable Fuels Association in West Des Moines, by telephone.“It’s happening because enough independents in Iowa, they know there’s no stigma, that Iowans will buy this stuff,” Shaw said.To contact the reporters on this story: Jeffrey Bair in Houston at firstname.lastname@example.org;Michael Hirtzer in Chicago at email@example.comTo contact the editors responsible for this story: David Marino at firstname.lastname@example.org, Jessica SummersFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Canadian indigenous groups are leading the charge against fossil-fuel development in a country with the world's third-largest proven oil reserves, using rail blockades as leverage and putting Prime Minister Justin Trudeau in a bind. Members of the Wet'suwet'en Nation in British Columbia have been fighting the construction of TC Energy Corp's planned Coastal GasLink pipeline for a decade, but now savvy social media use and years of outreach have drawn allies. For almost two weeks, protesters across the country have taken up their cause, bringing freight and passenger traffic to a standstill in parts of Canada.
Transaction in Own Shares 19 February 2020 • • • • • • • • • • • • • • • • Royal Dutch Shell plc (the ‘Company’) announces that on 19 February 2020 it purchased the following.
AÑELO, Argentina, Feb 19 (Reuters) - Just weeks into his young administration, Argentina's new president convened a meeting with executives from Chevron Corp, Royal Dutch Shell PLC and other oil companies in a bid to smooth things over with an industry which he had slammed as a candidate months before. In a fence-mending session Jan. 16, Fernandez apologized to energy executives for the mixed signals, according to an industry source with direct knowledge of the meeting.
(Bloomberg) -- Alphabet Inc. is shutting down Makani, a subsidiary working on wind energy, as Google’s parent company pares back its experimental technology in favor of its main internet business.Makani was formed in 2006 to make flying kites that would harness wind power and, eventually, replace more expensive turbines. Google acquired the startup in 2013, placing the group inside its X lab with other “moonshots” like self-driving cars. Makani later became its own Alphabet unit. But the initiative suffered personnel problems and waning support from its parent company, which has pulled back on several green energy projects.“Despite strong technical progress, the road to commercialization is longer and riskier than hoped, so from today Makani’s time at Alphabet is coming to an end,” Fort Felker, Makani’s chief executive, wrote in a blog post. Astro Teller, the head of X, said the lab will be “redirecting resources to more promising areas.”Royal Dutch Shell Plc, which invested in Makani, said it’s exploring options to use Makani’s technology. The Financial Times earlier reported the news of Makani’s end.Economics didn’t help Makani’s commercial odds. Since it began, the cost of wind energy has fallen dramatically, making it harder to sell novel clean energy technology, said Saul Griffith, one of Makani’s co-founders. “Very few people have been given the opportunity to swing for the fences with regard to climate change,” said Griffith, who now runs the energy firm Otherlab. “This is something they should be proud of.”Alphabet’s “Other Bets” divisions includes a handful of audacious projects, like drones and life extension. Last quarter, the company had capital expenses of $86 million on those units compared with $6.6 billion on Google.To contact the reporter on this story: Mark Bergen in San Francisco at email@example.comTo contact the editors responsible for this story: Alistair Barr at firstname.lastname@example.org, Andrew Pollack, Jillian WardFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
The list of parties at London's International Petroleum Week, one of the world's biggest oil industry gatherings, continues to shrink as hosts such as ExxonMobil and Azerbaijan's SOCAR cancel events due to the coronavirus outbreak, trading sources said. IP Week is a key annual oil traders' gathering that takes place in February. Oil majors, national oil companies and trading firms host receptions for networking throughout the week, which is scheduled this year for Feb. 24-27.
Google-parent Alphabet is shutting down its power-generating kites company Makani, the first closure of a so-called moonshot project since founders Larry Page and Sergey Brin stepped back from management in December. Sundar Pichai, who took over as Alphabet chief executive, is under pressure to stem losses from the company’s “Other Bets” segment, which includes endeavours such as self-driving cars and internet-providing balloons. Makani was acquired in 2013 and taken into the experimental “X” lab.
Canadian Prime Minister Justin Trudeau on Monday called for a peaceful solution to end rail blockades by indigenous rights groups protesting the construction of a natural gas pipeline. Indigenous communities across Canada have blocked key rail lines for nearly two weeks to oppose construction of the Coastal GasLink pipeline in British Columbia, which has forced Canada's biggest railroad, Canadian National Railway Co, to shut operations in eastern Canada.
Canadian Prime Minister Justin Trudeau has canceled his planned trip to Barbados to help resolve widespread rail disruptions caused by indigenous rights activists opposing the construction of a natural gas pipeline, his office said on Sunday. Indigenous communities across Canada have been blocking some key railway lines for nearly two weeks in protest against the Coastal GasLink pipeline in British Columbia, which has forced Canada's biggest railroad, Canadian National Railway Co , to shut operations in eastern Canada.
(Bloomberg) -- Oil clinched the best weekly gain for the year on signs the worst economic impacts of the lethal viral outbreak have been accounted for, easing concern about free-falling demand for crude.Futures advanced 1.2% in New York on Friday, settling above $52 for the first time this month. Investor confidence was lifted after China reassured the international community that a huge spike in new coronavirus cases was a one-off event. The optimism outweighed Goldman Sachs Group Inc. slashing its 2020 crude-demand growth forecast almost in half and lowering its first-quarter oil-price estimate by 16%.“There’s no doubt this rally will inspire more confidence for oil markets,” said Leo Mariani, an analyst at KeyBanc Capital Markets.The Organization of Petroleum Exporting Countries and its allies have signaled a desire to stabilize the oil market that has tumbled almost 15% this year as the coronavirus wreaked havoc on the world’s second-largest economy and beyond.The past two weeks have been rife with uncertainty for oil markets as Riyadh’s push for an early meeting in February and fresh production cuts face an impasse with Russia.OPEC and its allies were close to abandoning any plans for an emergency meeting though Saudi Arabia had not given up on the proposal outright, several delegates from the group said on Friday. The outbreak has intensified concerns about crude demand, prompting technical experts from the coalition to propose deepening the current supply cuts by 600,000 barrels a day to relieve excess inventories.“Expectations are low but markets still expect some incremental action from OPEC,” Mariani said.Chinese independent refiners have seized on the recent slump in oil prices to bulk up on cheap cargoes in a sign that they may be positioning for an eventual rebound in demand.West Texas Intermediate crude for March delivery gained 63 cents to settle at $52.05 a barrel on the New York Mercantile Exchange.Brent for April settlement rose 1.7% to settle at $57.32 on the ICE Futures Europe exchange.The structure of the Brent futures market also flipped into a backwardation, signaling that some of the oversupply may have eased.See also: Coronavirus Will Hit Oil Hard. That’s Where the Consensus EndsMeanwhile, Kuwait and Saudi Arabia will resume oil production from their shared fields this month, more than five years after a dispute halted supply. The projects will bring additional production capacity to an oil market that’s already dealing with excess supply.\--With assistance from James Thornhill, Grant Smith, Elizabeth Low and Alex Longley.To contact the reporter on this story: Jackie Davalos in New York at email@example.comTo contact the editors responsible for this story: David Marino at firstname.lastname@example.org, Christine BuurmaFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Shell said on Friday a contractor working at its Singapore refinery had contracted coronavirus, as the city state reported its biggest jump in new cases so far. The oil giant said earlier it had sent some staff home from its main office in Singapore after discovering another employee had been in contact with a carrier. Singapore on Friday reported 9 new cases of the virus, its biggest increase to date and bringing the total to 67.
(Bloomberg) -- This will almost certainly be a record-breaking year for the advance of solar and wind power across the U.S. The additions that are in progress or planned are significant enough to boost hopes for emissions-free electrical grids within a generation—if natural gas doesn’t get in the way.It just may. Gas is such a bargain that it’s being viewed less as a bridge fossil fuel, driving the world away from dirtier coal toward a clean-energy future, and more as a hurdle that could slow the trip down. Some forecasters are predicting prices will stay low for years, making it tough for states, cities and utilities to achieve their goals of being zero-carbon in power production by 2050 or earlier.“The fact that there’s an abundance of it makes the move to complete decarbonizaton much harder,” says Ravina Advani, head of energy, natural resources and renewables at BNP Paribas SA. Gas is a tough competitor. “It’s reliable and it’s cheap.”The flood of inexpensive gas does have a big environmental upside, because it’s putting increased pressure on struggling coal plants that contribute significantly to global warming. But it’s also squeezing margins for nuclear reactors, which are the U.S.’s biggest source of carbon-free power. And it’s driving utilities to lay down infrastructure that could ensure gas remains central to the power mix for decades.Solar and wind are certainly winning in many markets on price alone. Without cheap gas, though, the renewables build-out would be faster, says Cody Moore, head of gas and power trading at Mercuria Energy America LLC. “Absolutely, 100%.”Just look at the largest grid in the U.S., which stretches from Washington to Chicago and serves more than 65 million people: It has been boosting the amount of power generated with gas and drawing in renewables at a slower rate.That grid happens to crisscross a section of the U.S. that’s home to some of the world’s most abundant natural gas reserves. A drilling boom there and in the Permian Basin in Texas and New Mexico is a reason why the U.S. benchmark price for gas is less than $2 per million British thermal units.That’s the least for this time of year since the late 1990s. In Asia, prices fell to a record low of less than $3 this month amid a global supply glut and as the coronavirus began slowing demand from China. In Europe, the benchmark Dutch price hit a decade low. Read More: Nobody Can See Bottom for Europe’s Plunging Natural Gas Market “That's not good for the new-energy market,” says Jonathan Bell, a business development manager at the risk assessment and quality assurance company DNV GL. “It puts a lot of pressure on renewable energy.”Rising exports of liquefied natural gas from the U.S. Gulf Coast to Siberia will probably keep prices down and expand developing economies’ reliance on the fuel. The International Energy Agency expects global gas consumption to climb through 2040."We're using solar and wind more than ever, but until we're very purposeful about trying to subtract some fuels that we're using, history shows us that market forces alone won't successfully push fossil fuels out of the energy mix," says Noah Kaufman, a research scholar at Columbia University's Center on Global Energy Policy.None of this is to say that renewable investments in the U.S. haven’t been on a tear. They went up 28% last year to a record $55.8 billion, according to BloombergNEF. Between now and 2050, renewable power will be the fastest-growing source of electricity, accounting for 38% of generation, according to the U.S. Energy Information Administration.Read More: How Much Renewable Energy Countries UseThat, of course, isn’t the percentage envisioned by the likes of the state of California, the city of Pittsburgh and the Minneapolis-based utility Xcel Energy Inc., which are among the governments and power providers that have target dates between 2030 and 2050 for cleaning carbon emissions out of their grids.Whatever the price, natural gas will have to continue to fill the gap for some time because renewable generators need the strength of wind or sun to do their jobs. The battery power-storage technologies that could cut every grids’ ties to fossil fuels are only slowly being added to systems.Without them, “we cannot go 100% renewable,” says Tom Rumsey, a senior vice president at Competitive Power Ventures, which builds both gas-fired and renewable plants. “There are these moonshot goals, which drive policy behavior. But the reality is, how do you maintain grid reliability without a breakthrough in storage? You are going to need fossil fuels.”There’s widespread agreement among forecasters, policymakers and increasingly business leaders that solar and wind will win out in the end. Ultimately, “gas plants will meet the same reality as coal,” says Jules Kortenhorst, chief executive officer of the Rocky Mountain Institute, a nonprofit focused on delivering a low-carbon future. “It’s just a question of when.” Gas prices may define the answer.(Michael R. Bloomberg, the founder and majority stakeholder of Bloomberg LP, the parent company of Bloomberg News, has committed $500 million to launch Beyond Carbon, a campaign aimed at closing the remaining coal-powered plants in the U.S. by 2030 and slowing the construction of new gas plants.)(Adds quote in 11th paragraph. An earlier version corrected a unit in the seventh paragraph. )\--With assistance from Vanessa Dezem, Francois De Beaupuy and Will Mathis.To contact the authors of this story: Naureen Malik in New York at email@example.comBrian Eckhouse in New York at firstname.lastname@example.orgTo contact the editor responsible for this story: Anne Reifenberg at email@example.comFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
(Bloomberg) -- As Asia-Pacific president of Dow Chemical Co., one of the world’s biggest producers of plastics and chemicals, Jon Penrice has 100 billion reasons to recycle.“About 8 million tons of plastics are going into the ocean annually,” he said in an interview. “If you look at plastic packaging, around 95% is not being recycled each year which is $100 billion worth of plastic, and that’s valuable for entrepreneurs.”At the center of the effort is Asia, which consumes almost half of the world’s plastic packaging, according to BloombergNEF, and imports even more waste from the U.S. and Europe. Solutions -- such as Indian vending machines that turn plastic bottles into polyester, and researchers in Singapore who are working out ways to clean up oil spills using the waste -- will be needed to meet demand for recycled plastics that’s forecast to rise faster than supply.The biggest challenge to the transition is to make recycled plastics at a price and quality that are competitive. Virgin plastic is derived from crude oil and is closely linked to the global oil price. Because the cost of recycled plastic is more stable, it becomes relatively more expensive when crude prices fall.See also: China Upended the Politics of Plastic and the World Is Still ReelingThe complexity of sorting different types of plastic is another hurdle, according to Penrice, as well as dealing with waste at source rather than producing a lot of carbon emissions by sending it half way around the world.An estimated $80 billion-$120 billion of value is lost because of packaging that goes into the environment, said Navneet Chadha, principal operations officer at the World Bank’s International Finance Corp., which helps fund private sector investment in developing countries. “We have to think of used plastic as a resource, not as a waste.”See also: World Seen Struggling to Recycle Even 50% of Its Plastic WasteBut Chadha cautioned that standards for recycled products need to be developed to avoid “unintended consequences”. Using plastic in road construction, for example, needs to be evaluated further as microplastics may be generated as the road decays, he said.Here are some of the ways plastic is being recycled in Asia:Traditional RecyclingPlastic waste is traditionally reused by collecting and sorting refuse and then melting it, a process known as mechanical recycling. Part of the problem is that a lot of garbage is tainted with food or chemicals and can’t cheaply be turned into high quality raw materials.“The biggest challenge is quality of recycled plastic,” said Jean-Marc Boursier, chief operating officer of SUEZ Group, one of the world’s largest recycling companies. “Major consumer goods companies like Danone, Pepsi or Coca Cola will not buy recycled plastic unless they are convinced that the quality is as good as virgin plastic.”SUEZ has nine plants globally that can turn a combined 500,000 tons of waste plastic into 150,000 tons of polymers, used to make shampoo bottles, car interiors and other products. The company is opening its first Asian plastic recycling plant this year in Thailand.Boursier suggests pricing the carbon savings into the recycled plastic price to take into account the environmental benefit.AerogelsA team of researchers at the National University of Singapore has developed a way to convert low-value plastic waste into aerogels -- ultra-light materials used in everything from diaper fillings to cleaning up oil spills.Around eight average plastic water bottles produce a square meter sheet of aerogel using the method, said Duong Hai Minh, an associate professor at the university who worked on the project. The researchers have sold commercial production rights to firms including Bronxculture in Singapore and DPN Aerogel JSC in Vietnam, he said.“People throw away plastic because there they don’t see any value,” Minh said. “As long as we can make it valuable, everyone will keep it and sell it.”HighwaysUsing plastic waste to build roads is gaining in popularity, not least because all types of plastic including difficult-to-recycle multilayered packaging and flexible films and coatings used to wrap chocolates and for food deliveries can be used. Dow Chemical and India’s Reliance Industries Ltd. have developed technologies that use this plastic as a binder, replacing some of the bitumen.The Mukesh Ambani-led company has built 40 kilometers of road at its refineries using plastic that can’t otherwise be recycled, and is in talks with National Highways Authority of India and other road builders about using the technology more widely, said Vipul Shah, chief operating officer for the petrochemicals business.Meanwhile Indian Oil Corp., the country’s biggest refiner, is trying to get the government to make the blending of non-recyclable plastics in road-laying mandatory, said S.S.V. Ramakumar, director of research and development.In the Philippines, San Miguel Corp. laid down its first road combining plastic scraps with asphalt last year, using surface material developed with Dow. The chemicals giant has also helped build plastic-based roads in India, Indonesia, Vietnam and the U.S., according to Dow’s Penrice.See also: The Philippines Is Making Roads and Cement With Plastic Garbage“It’s relatively simple from the technology point of view: you shred the plastic waste, some sorting and selection and then you feed it into the existing asphalt machinery,” he said. “Approximately 100 tons of plastic waste can be recycled into a 40-kilometer stretch of road.”TextilesShredding plastic bottles to produce polyester for clothing is another technology that’s gaining traction in Asia. Reliance has set up reverse-vending machines that collect used bottles in exchange for discount coupons that can be redeemed at its company stores.The company, India’s largest petrochemicals manufacturer, can recycle around 2 billion plastic bottles a year, or 33,000 tons, according to Shah. Capacity will be doubled over the next 18 months, he said.BricksSome non-government organizations and companies are looking at ways to use waste plastic to make bricks and other construction materials. The Global Ecobrick Alliance is promoting use of a block tightly crammed with plastic and other recyclables. Qube, an India-based start-up, has developed a brick made entirely of plastic waste. Called the PlastiQube, it’s cheaper and uses less energy to produce than conventional counterparts, according to the company’s website.Chemical RecyclingBreaking down waste plastic into a basic feedstock like naphtha -- a process called pyrolysis -- can reprocess dirty, contaminated plastics like detergent drums and mixed polymers that can’t be dealt with through mechanical recycling.Pyrolysis will provide around 17% of the 19 million tons of plastics recycling capacity required by 2030 in major economies, according to BloombergNEF. Dow will source oil feedstock made using pyrolysis from Dutch company Fuenix Ecogy Group, while Royal Dutch Shell PLC and Total SA have partnered with start-ups to increase use of the technology.“Mechanical recycling will continue to be cheaper,” said Boursier at SUEZ, which is setting up a pyrolysis pilot project in Bristol in the U.K. “But for complex or polluted plastic, chemical recycling will be the future.”(Company corrects second paragraph to show $100 billion is the value of all plastic packaging that’s not being recycled)To contact the reporters on this story: Saket Sundria in Singapore at firstname.lastname@example.org;Debjit Chakraborty in New Delhi at email@example.comTo contact the editors responsible for this story: Serene Cheong at firstname.lastname@example.org, Andrew Janes, Adam MajendieFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
(Bloomberg) -- HSBC Holdings Plc and Royal Dutch Shell Plc are sending staff home in Hong Kong and Singapore after contact with people infected by the coronavirus, adding to concerns the disease will spread more broadly across the two Asian financial hubs.HSBC, which employs 21,000 people in Hong Kong, on Friday revealed one of its employees has been placed under government quarantine after “close contact” with relatives diagnosed with the coronavirus. The bank is contacting staff who may have recently come in close contact with the individual, and will advise them to observe 14-day self-care at home, according to a memo sent to staff, which was confirmed by a Hong Kong-based spokeswoman.“All employees have been reminded to be mindful of hygiene procedures and to stay at home or see a doctor if they feel unwell in any way,” the spokeswoman said. “HSBC will continue to closely monitor the development of the case and stay in close contact with health authorities.”Oil giant Shell sent some staff from its trading desks in Singapore home after an employee was found to have had contact with a coronavirus case, according to people familiar with the matter. Part of the company’s trading desks were already working remotely as part of a contingency plan, but now all will need to work from home.Companies in Hong Kong and Singapore have begun taking heightened cautionary measures from closing bank branches, to temperature checks and to having employees work from home or alternative sites as well as self-quarantining to protect staff. Recessions are now threatening the two financial hubs, which have seen the largest number of confirmed cases outside China, excluding an outbreak on a cruise ship quarantined in Yokohama, Japan.The virus has so far killed more than 1,300 people, mainly in mainland China. Hong Kong has reported one death and 53 confirmed cases. Singapore has 58 confirmed cases.The HSBC employee has been under self-care since Wednesday after appearing at the bank’s main office in central Hong Kong for three days from the end of January. The person also visited another office in Tseung Kwan O, an area in eastern Hong Kong, earlier this month and took a shuttle bus from Taikoo to Tseung Kwan O.In an emailed statement, Shell confirmed that an employee had close contact with a coronavirus case. As a precautionary measure, the firm advised colleagues that had close contact with the employee to work from home with immediate effect until further notice, according to the statement.Shell said its operations aren’t impacted by the development.Other companies in Singapore’s business district have confirmed at least three infections, one of which caused DBS Group Holdings Ltd. to ask staff on Level 43 of its Marina Bay Financial Centre Tower 3 headquarters to work from home.Recession could be a possibility in Singapore as the country battles the coronavirus outbreak, the Straits Times reported, citing comments from Prime Minister Lee Hsien Loong.MUFG EmployeeJapan’s Mitsubishi UFJ Financial Group Inc. also quarantined an employee at home in Hong Kong after a family member was suspected of being infected, Bloomberg reported on Thursday. The employee, who works at the Quarry Bay office, is not infected. As a precautionary measure, other colleagues in the same office were also quarantined until further notice, according to a memo seen by Bloomberg.Along with other banks, HSBC is rolling out relief measures to help Hong Kongers cope with the virus outbreak that is weighing on the city’s retail and tourism industries. Europe’s biggest finance company by market value said on Sunday it’s providing more than HK$30 billion ($3.9 billion) in liquidity relief to its business customers and announced other measures Thursday to ease the financial burden on personal customers.\--With assistance from Fion Li, Neha D'silva and Serene Cheong.To contact the reporters on this story: Alfred Liu in Hong Kong at email@example.com;Stephen Stapczynski in Singapore at firstname.lastname@example.org;Alfred Cang in Singapore at email@example.comTo contact the editors responsible for this story: Candice Zachariahs at firstname.lastname@example.org, ;Alexander Kwiatkowski at email@example.com, Jonas Bergman, Jun LuoFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Protests broke out in many parts of Canada over the past week, triggered by arrests of dozens of protesters on traditional indigenous land along a route for TC Energy Corp's planned Coastal GasLink pipeline. The demonstrations have disrupted freight and passenger rail and Canadian Prime Minister Justin Trudeau on Wednesday urged protesters to find a quick solution. The flashpoint was police arrests that started last week in northern British Columbia of protesters who oppose the pipeline's construction on traditional land of the Wet'suwet'en indigenous people.