The oil industry continues to take a beating. Corporate news sites have been heating up with information regarding the current state of the oil industry in Alberta whose arms have far-reaching effects on other areas of the economy. The industry has always had its ups and downs, but analysts say the financial strain caused by the current global climate is leading the the industry into uncharted, dangerous waters.
One of the country's major airlines is spreading its wings. WestJet -- whose home base is in Calgary, Alberta -- has lit up the corporate world with news that it is intending to beef up its presence in the eastern part of the country. The announcement comes on the tails of the airline's sale to a private equity firm for $5 billion. WestJet plans to fly into Pearson International Airport more frequently.
The premier of Wild Rose Country wants to let foreign entrepreneurs know the province is open for business. Premier Jason Kenney recently attended the Trilateral Commission's North America Summit in Mexico City to tell the corporate world Alberta is a place in which they should consider investing. There are incentives the province has put into place, the premier says, that create an affable business environment such as job creation tax cuts.
Wheeling and dealing in business goes on at every second. The corporate world is replete with billions of dollars changing hands every day. Negotiating these deals in Alberta and elsewhere takes some hefty business acumen and likely composure coupled with tact.
For many in Wild Rose Country, the oil industry is the be all and end all. When it comes to the corporate world, Alberta seems to have difficulty with economic diversification and is still focused on the oil industry as its pot of gold. But after decades, this outlook may be becoming passé.