Week of Apr 06 – Apr 10, 2015
- The oil and gas downturn is forcing some Alberta technology businesses to diversify. For example, Calgary-based Nagus, which supplies sophisticated batteries used in oil drilling, is seeking alternative markets for its technology.
- Recent large group layoffs in Alberta are mostly linked to the struggling oil patch. Of the 8,170 layoffs reported in the first quarter of 2015, 64% were in the energy sector and the remainder were mainly in retail services.
- Alberta’s youth unemployment rate has reached its highest level in five years and university students are expected to have difficulty finding summer jobs this year
- ConocoPhillips will slow expansion of its Surmont thermal oil sands project, located south of Fort McMurray, but will maintain spending about $1.3B US each year in Canada over the next three years