Global Markets: Calgary no longer Encana’s head office

By MarketsFarm

WINNIPEG, Nov. 1 (MarketsFarm) – The following is a glance at the news moving markets in Canada and globally.

– Calgary-based Encana, one of Canada’s largest energy companies, declared itself to be a United States company on Thursday. The move reportedly won’t mean major big job losses in Alberta. Encana Chief Executive Officer Doug Suttles, who is from Texas, said the company will have a ‘headquarter-less’ structure with main offices in Denver, Houston and Calgary. Suttles became the CEO in 2013 and it was said he was restructuring the company for such a move.

– United States Secretary of the Treasury Wilbur Ross said on Friday that ‘Phase One’ of the U.S./China trade deal remains in good shape and will be signed later this month. Top trade officials will discuss the deal and its signing on during a teleconference today, Ross added. The trade pact that is to resolve some of the issues between the U.S. and China was to have been signed at the APEC Summit in Chile later this month. Widespread social unrest led Chile to cancel the summit, which raised the possibility of the deal not being signed.

– Following the spill of 1.4 million litres of oil, TC Energy Corp. shut down the North Dakota section of its Keystone pipeline on Wednesday. A drop in pressure was detected and the spill was located near Edinburg, ND. No one was injury and an investigation is underway to determine the spill’s cause. TC Energy hasn’t indicated as to when the line will be back in operation. The pipeline carries approximately 94 million litres of crude oil per day from Hardisty, Alta. to refineries in Houston and Port Arthur, Texas.

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