Ottawa is expected to decide the fate of two major pipeline proposals in a test of the Trudeau government's pledge to balance environmental concerns with economic interests in the energy sector.
The federal government is poised to decide as soon as next week whether to veto Enbridge Inc.'s contentious Northern Gateway line after a federal court quashed approval of the project earlier this year.
Meanwhile, the company is awaiting final approvals for its proposed Line 3 replacement project.
The plan involves replacing a 46-year-old pipeline between Edmonton and Superior, Wisc.
Unlike the $7.9-billion Gateway proposal, Enbridge has billed Line 3 as a maintenance project that would enable it to boost capacity on the 1,660-kilometre pipeline to 760,000 barrels a day. It has suffered a number of ruptures over the years and currently operates under pressure restrictions with about 390,000 barrels of capacity. Story
Wells Fargo seeks dismissal of dozens of customer lawsuits
Wells Fargo & Co. has asked a U.S. court to order dozens of customers, who are suing the bank over the opening of unauthorized accounts, to resolve their disputes in private arbitrations instead of court, according to legal documents.
The motion, filed in the U.S. District Court in Utah on Wednesday, is in response to the first class action lawsuit filed against Wells since it agreed to pay $185-million in penalties and $5-million to customers for opening up to two million deposit and credit-card accounts in their names without their permission.
The scandal has shaken Wells, the third-largest U.S. bank by assets. Its former Chief Executive Officer John Stumpf stepped down amid the furore, it has been put under tougher regulatory scrutiny and its reputation has been damaged as it faces multiple probes. Story
DAILY DEALS
Mexican retail brand manager Grupo Axo and real estate investment trust Fibra Resort have frozen their initial public offerings until 2017 due to uncertainty over what Donald Trump's U.S. election win means for the economy, people familiar with the matter said on Wednesday. Story
IN CASE YOU MISSED IT
Andrew Willis on Canadian SPACs and their blueprint for successful deals. Story
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