BCBC In The News
Business in Vancouver: Site C dam gets green light
Site C dam, which could cost nearly $1 billion more than when it was reviewed by a joint review panel last year, has been given the green light.
Vancouver Sun: Site C: Businesses cheer, environmentalists jeer
[EXCERPT] The B.C. Business Council said it supported the province’s decision, but would have preferred the analysis of future energy supply options be done by the BC Utilities Commission, something Premier Christy Clark’s government has rejected.
Greg D’Avignon, president of the council, said it will be critical for the project to be well-managed so that effects on taxpayers are minimized and to ensure B.C. does not lose its competitive electricity rates.
News 1130: Business Community also welcomes Site C dam
Greg D’Avignon with the Business Council of BC says there are short term benefits for building the dam. “Certainly, in the work that’s already been done but the work that will be done as the project starts to unfold and get built creates direct construction jobs in the province which will lift the economy.”
He says it will bring stable pricing in energy resources in the long term as well as boost business. “It also creates opportunity around the electrical generation that it creates from a clean energy source that will fuel business in the north and will also create opportunities for British Columbians to fuel businesses going forward.”
He adds the energy produced from the project will help keep our province competitive in the long run.
Business in Vancouver: BC businesses shifting to partner with charities rather than cash donations: report
Businesses in British Columbia are contributing to charities more through partnerships than cash donations compared with 2012, according to a report released by the Business Council of British Columbia (BCBC) on December 4.
BIV 25th Anniversary: Independent producers add private juice to BC's public power grid
[EXCERPT] Jock Finlayson, executive vice-president and chief policy officer for the Business Council of BC, is critical of some B.C. government policies on power, but he’s not convinced that IPP power is any more expensive than publicly funded electricity.
“I think that’s a point for debate, frankly,” he said. “The people who make that criticism often don’t demonstrate that it would have been cheaper for Hydro to construct and procure the power itself. That’s why you should have a utilities commission that’s empowered to inquire into these matters.”
Vancouver Sun: Plummeting oil prices not expected to hit British Columbia economy
[EXCERPT] “It is breathtaking ... It is a collapse, actually, when things have dropped off almost in half in a commodity market,” B.C. Business Council chief policy adviser Jock Finlayson said Monday, referring to the oil-price slide. He said there’s little doubt that plummeting oil prices will negatively affect the Canadian economy, reducing gross domestic product (GDP) by up to two-tenths of a per cent per $10 drop in the price of oil per barrel. “But to bring it home for B.C. — not a big effect, I would say, in macro-economic terms on growth here. We are obviously not in the situation of Alberta or Saskatchewan, where economic activity is clearly going to be materially reduced because of (lower) oil prices,” Finlayson said.
Vancouver Sun: Paying to replace aging facilities key Metro Vancouver worry
[EXCERPT] Ken Peacock, an economist and one of the leading speakers at the recent Business Council of BC conference on infrastructure, admits the subject isn’t a particularly sexy one. That is, until there is a problem. “It seems to be one of those things that people appreciate and use on a daily basis but never really stop and think about how much it costs to put in place or consider the difficulties and challenges that are behind it,” the Council’s chief economist said in an interview.
“In advanced countries like Canada it has always been around and we have always been fortunate enough to have good quality infrastructure. But if you end up in a place like Bangkok and it take you two and half hours to get 15 to 20 blocks, you might have a different appreciation for it.”
Globe and Mail: Flurry of BC court battles threaten to drive away investment
A flurry of court cases has tied up more than $25-billion worth of resource projects this year as First Nations, environmental groups and others battle pipelines, mines, a dam and a coal port – a situation that some observers fear will drive away investment.
“Well, it’s not new, but arguably it’s intensified,” Jock Finlayson, executive vice-president and chief policy officer for the Business Council of B.C., said of the legal roadblocks.
The Globe and Mail, Gary Mason: Opposition to BC resource projects comes with economic repercussions
[EXCERPT] Former Quebec premier Jean Charest was in town recently to speak to a conference organized by the B.C. Business Council. He now travels the world offering advice to companies looking for opportunities in Canada. He said the country, and B.C. in particular, is gaining an international reputation as a difficult place to do business. And that rep is scaring away investors.
Business in Vancouver: Unions need to strengthen their labour rights 'brand:' Sinclair
[EXCERPT] A 2013 Business Council of British Columbia white paper found that union “density” – the proportion of paid workers protected by a collective agreement – dropped by five percentage points in B.C. between 1997 and 2012, compared with the national average decline of three percentage points.
The Vancouver Sun: Luster of BC bonds dulls under weight of provincial debt
[EXCERPT] However, Jock Finlayson, executive vice-president of the Business Council of B.C., on Monday reiterated his group’s position that building more infrastructure now still make sense.
“I’m not suggesting going out and borrowing another $3 billion on top of where we already are,” Finlayson said, but it is also counterintuitive to cut back on capital spending at a time of weak growth in the economy, corresponding with “the lowest borrowing costs in recorded human history.”
And he added that the advantage of preserving B.C.’s credit rating now could be washed out by the overall rise in interest rates that are expected to double on high-quality government bonds, in nominal terms from 2.5 per cent to five per cent, over the next several years.
“If you need to build a Pattullo Bridge, or St. Paul’s Hospital needs to be rebuilt, there’s an argument for advancing some of those capital projects,” Finlayson said.
The Vancouver Sun, Vaughn Palmer: BC Premier rejects business call for more infrastructure spending
[EXCERPT] Since winning the last election on a promise to make the province debt-free, the B.C. Liberals have balanced the budget for program spending and slowed the rate of growth of borrowing for capital projects. Still, even that modest progress was challenged recently by the Business Council of B.C., which called on the Liberals to postpone their drive in favour of borrowing more to pay for infrastructure and stimulate the economy. “While prudent fiscal management is highly desirable and is something that sets B.C. apart from some other Canadian jurisdictions, there are advantages in having some flexibility around public investments in large capital projects, notably those that promise to pay significant economic dividends,” observed the council in a white paper on infrastructure policy and financing, released last week.
ITS International: White paper focuses on British Columbia infrastructure needs
With the economic prosperity of British Columbia and Western Canada relying increasingly on global trade and our ability to deliver goods to foreign markets, the Business Council of British Columbia (BCBC) has released Building BC for the 21st Century: A White Paper on Infrastructure Policy and Financing in advance of its second annual BC Business Summit today.
Vancouver Sun: Premier cool to loading up on debt to build out infrasturcture
[EXCERPT]Council vice-president and chief economist Ken Peacock, in releasing the white paper Wednesday, acknowledged that the province does need to worry about its credit rating with international bond-rating agencies.
However, he believes borrowing more without hurting its rating would be “manageable,” in the context of B.C.’s still-low ratio of taxpayer debt compared with the size of the overall economy.
CBC TV Francais: Coverage of the BC Business Summit and the Business Council Whitepaper on Infrastructure
Includes interviews with Honourable Jean Charest, Premier Christy Clark and Business Council Chief Economist, Ken Peacock
CTV: BC Business leaders are proposing more tolls in Metro Vancouver to fund transit and public infrastructure
Watch CTV report on the Business Council's Whitepaper on infrastructure
Nanaimo Daily News: Paid in Alberta - Higher wages lure workers away from home
[EXCERPT] B.C. Business Council chief economist Ken Peacock said the "very widespread" trend of residents obtaining work in Alberta could increase labour demand for major projects in British Columbia, such as the development of liquefied natural gas or the potential construction of the Site C Dam.
"There's a little bit of a problem when we're training workers and they go to Alberta and Alberta benefits from our training," he said. "But if you take a long-term view, people do come back. British Columbia and Nanaimo are nice places to live.
"They will come back."
The Surrey Leader: More bridge tolls urged by Business Council of BC
The tolls that are now charged on the Port Mann and Golden Ears bridges should be extended to other Lower Mainland crossings so motorists are treated more fairly across the region.
That's one of the recommendations from the Business Council of B.C. in a white paper it has released on the need to build much more infrastructure in the province and seek new ways of financing it.
Resource Clips: Urban dependence
The livelihood of city dwellers relies on more resource industries than many people realize
News 1130: BC Business Council endorses tolls on more bridges
The BC Business Council has come out in favour of tolling more bridges in the Lower Mainland.
The suggestion is made in a report looking at the need to keep up with demands on our roads, hospitals and water systems.
The council says tolling more bridges will improve equity across the region.