Bill, Melinda Gates unfazed by criticism of wealthy giving

KIRKLAND, Wash. — Bill and Melinda Gates are pushing back against a new wave of criticism about whether billionaire philanthropy is a force for good.The couple says they’re not fazed by recent blowback against wealthy giving. It’s come in high-profile moments at the World Economic Forum and the shifting political conversation about taxes and socialism.Melinda Gates told The Associated Press that the attacks are about wealth, not philanthropy.The latest criticisms challenge whether their level of wealth is good for society and whether it’s functional to rely on the generosity of the very rich to fix its problems. The couple’s non-profit work relies on the tax-exempt fortune they hand to the Bill and Melinda Gates Foundation.The Gateses have released their annual letter Tuesday reviewing their work and vision.Sally Ho, The Associated Press read more

WatchCost to expand Trans Mountain pipeline now 19 billion higher Kinder Morgan

OTTAWA — Kinder Morgan Canada documents say expanding the Trans Mountain pipeline will cost the federal government another $1.9 billion beyond the company’s original construction estimate and will take another full year to complete.The figure is included in documents Kinder Morgan Canada filed Tuesday with the United States Security and Exchange Commission related to the company’s plan to sell the pipeline to the Canadian government for $4.5 billion.Why the Trans Mountain pipeline may not get more Canadian oil to Asia after allKinder Morgan CEO calls $4.5B from pipeline buyout ‘a great problem to have’Kinder Morgan has long said it would cost $7.4 billion to build a second pipeline parallel to the first in order to triple its capacity, but the financial documents now say the company expects a $9.3-billion price tag.The documents also suggest construction won’t be done until December 2021 — a full year beyond the last projection of December 2020.Finance Minister Bill Morneau has been reluctant to discuss how much more it will cost to build the pipeline while the deal is still being finalized, and the closing date for that deal is now being pushed back well into the fall.The documents also say shareholders will meet Aug. 30 in Calgary to vote on the proposed sale. read more