Changes to Emera Incs ownership rules would allow more foreign investment

The Canadian Press HALIFAX — The Nova Scotia government is proposing legislative changes that would lift foreign ownership restrictions for Nova Scotia Power’s parent company, Halifax-based Emera Inc.Business Minister Geoff MacLellan says the change would remove a provision that restricts non-Canadians from owning more than 25 per cent of the voting shares of the company.MacLellan says another change would see Emera and Nova Scotia Power commit to keeping their head offices and principal executive officers in Nova Scotia.The minister says the changes will give Emera more funding flexibility and the access to capital that’s needed to help it compete in the global market.The legislation maintains the current rule that no outside entity can hold or control more than 15 per cent of the company’s voting shares.Bruce Marchand, Emera’s chief legal and compliance officer, says the changes will have no effect on the province’s ratepayers. read more

Dublin City Council could lose billions to Irish Water

first_imgThrough his legislation the Minister is dictating the disposal of more than €2billion worth of assets, removing democratic input into the future provision of services, saddling Dublin City Council with €330million pension liability and providing no guarantee that water services will not be sold-off and/or privatised in the future.Read: Irish Water will not cut off supply to homes over unpaid chargesRead: Irish Water has ‘lot of work to do to provide safe drinking water’ DUBLIN CITY COUNCILLORS last night voted to defer the transfer of assets to Irish Water, saying that they were “extremely concerned” about the deal.At a special meeting of the council last night, a report was presented that showed that the council would hand over €2 billion worth of assets,  but retain €330 million worth of pension liabilities.In a motion that was passed, councillors say that they wished to meet with Environment Minister Phil Hogan.Hogan had declined a request to attend the meeting, which showed that water charges for businesses in Dublin city will be increased, but the council will be unable to compensate business owners for the increase.The transfer of the assets is due to take place on 1 January, but the Service Level Agreement has not been agreed between Dublin City Council and Irish Water.This, the council claims, is because they have yet to see the final draft of the agreement.Fianna Fáil councillor Mary Fitzpatrick said that she felt Hogan was pushing the legislation through.“The Minister is railroading legislation through the houses of parliament this week which will directly impact Dublin cities commercial competitiveness.last_img read more