17 Jan 2015
Page 1
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Newspaper
Medicine Hat News
Location
Medicine Hat, Alberta, Canada
Date
Jan 17, 2015
Page
1
Schlumberger announces a global 9000 job reduction as demand slows. CFO Simon Ayat says most cuts finish by end of the first quarter to align headcount with activity levels. CEO Paul Kibsgaard notes a challenging year ahead but anticipates oil demand rebound by early 2016.
Local experts downplay dramatic impact of Target leaving Canada with 133 stores closing nationwide freeing 15 million square feet. Medicine Hat mall space faces renewal, with Primaris evaluating leases. analysts say few strong candidates exist and long term space use may shift to smaller bays.
Premier Jim Prentice warns economic risk from low oil prices and says Alberta may need deficits to avoid recession. He cites possible tax reform and a sales tax, notes a $500 million current-year deficit, and forecasts continued deficits through 2018 with an $11 billion revenue drop over the next two years.
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