Demolition of famous US reactor begins

06 April 2023

The Low Intensity Test Reactor (LITR) at Oak Ridge National Laboratory (ORNL) became world-famous when a photographer first captured a blue glow caused by radiation in the pool above the reactor. That photo appeared on the cover of the October 1951 issue of Scientific American.

Ancillary buildings at LITR are pulled down (Image: EM)

Built as a mock-up of the Materials Test Reactor that was being constructed at the Idaho National Laboratory, the LITR - also known as Building 3005 - operated from 1951 to 1968. As well as being used for training purposes, experiments at the reactor established the feasibility of water-cooled reactors and the LITR was one of the design prototypes for commercial nuclear power plants, according to information from ORNL.

LITR operated from 1951-1968 (Image: ORNL)

The blue glow that was first photographed at LITR is Cherenkov radiation, observed when electrically charged particles - electrons and protons - are moving at speeds faster than that of light in a specific medium. It is named after the 1958 Physics Nobel Prize laureate, Pavel Cherenkov. "The photograph on the cover is the first to reveal the interior of an operating atomic pile. Of special interest to the physicist is the blue glow that surrounds the chain-reacting fuel elements...", Scientific American wrote of the article 'Radiation from a Reactor' by WH Jordan in the October 1951 edition of the magazine.

Demolition of the "highly deteriorated and contaminated" facility by the end of this year has been identified as a 2023 priority for the US Department of Energy Office of Environmental Management (EM).

The Oak Ridge Office of Environmental Management and its cleanup contractor, UCOR, began tearing down the facility in late March, after nearly five years of planning and deactivation work. The unique conditions associated with the facility - including structural concerns such as slab floor structures that were not adequately supported, and original facility drawings with insufficient information to support work planning - have posed additional challenges and complications. Workers used high-tech equipment to detect previously undocumented radiological material in some areas of the facility to enable characterisation work that could not be supported from the original drawings.

LITR: Demolition is to be completed by the end of this year (Image: EM)

Workers are now taking down ancillary facilities, with the goal of demolishing all structures surrounding the reactor, removing and sampling additional shield blocks to support waste disposal, and tearing down and packaging the reactor for transport and disposal.

Demolition of LITR follows the recent demolition of the adjacent Bulk Shielding Reactor, which was the first removal of a former reactor from ORNL's central campus area.

"Though the Low Intensity Testing Reactor is not one of the largest reactor sites, it played a critical role in training," EM said.

Researched and written by World Nuclear News

IAEA sees progress in safety-related aspects of Fukushima water release plan

06 April 2023

An International Atomic Energy Agency (IAEA) task force reviewing the safety of Japan's plan to discharge treated water from the damaged Fukushima Daiichi nuclear power plant into the sea has released its fourth report. The report compiles the findings from the task force's second safety review mission to Japan, held in November 2022.

The IAEA task force inspected tanks of treated water at the Fukushima Daiichi site in November (Image: Tepco)

At the Fukushima Daiichi site, contaminated water - in part used to cool melted nuclear fuel - is treated by the ALPS system, which removes most of the radioactive contamination, with the exception of tritium. This treated water is currently stored in about 1000 tanks on site. The total tank storage capacity amounts to about 1.37 million cubic metres and all the tanks are expected to reach full capacity in mid to late 2023.

Japan announced in April 2021 it planned to discharge treated water stored at the Fukushima Daiichi plant into the sea over a period of about 30 years, and asked the IAEA to review its plans against IAEA safety standards.

The task force conducted a mission on 14-18 November last year, during which it met with plant owner Tokyo Electric Power Company (Tepco) and Japan's Ministry of Economy, Trade and Industry (METI) in Tokyo. It also visited the Fukushima Daiichi plant to review the progress made in the design and construction of equipment and facilities for the discharge, including the tunnel that is being built to transport the treated water one kilometre out to sea.

Its latest report assesses Tepco's technical responsibilities, including the safety-related aspects of the systems built to discharge the ALPS treated water, the radiological environmental impact assessment, source and environmental monitoring programmes, and occupational radiation protection.

The report says Tepco has taken account of the issues raised during the previous technical mission in February 2022 and has made significant progress to update its plans in accordance with feedback from the task force. It says any additional revisions made since the November 2022 mission will be assessed as part of the ongoing safety review after they are finalised and also approved by Japan's Nuclear Regulation Authority.

The task force said it would need to finalise the full safety review of the planned water discharge - encompassing technical, regulatory, and independent sampling and analysis aspects - before concluding whether Tepco had addressed the fundamental safety principles.

"The task force was satisfied that our observations were considered and reflected in revisions to key documents such as the Radiological Environmental Impact Assessment," said Gustavo Caruso, Director and Coordinator for the ALPS Safety Review, IAEA Department of Nuclear Safety and Security and chair of the task force.

The task force's safety review continues. Two more reports will be released - on regulatory and independent sampling and analysis aspects - before a comprehensive report detailing the collected findings and conclusions of the task force across all aspects of the review is issued later this year.

"No further missions to Tepco and METI are needed prior to the issuance of the IAEA's comprehensive report," the report noted. "Remaining clarification or follow up will be handled through electronic communication".

In response to the latest report, Tepco said it "will continue to make absolutely sure that it guarantees safety when handling ALPS treated water by subjecting its initiatives to IAEA reviews that compare them to international safety standards, while providing information to parties both in Japan and overseas in a highly transparent manner".

Researched and written by World Nuclear News

Former Air Canada CEO sees 'glass half full' for Canada’s economy

Holly McKenzie-Sutter, BNN Bloomberg

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Air Canada’s former top executive says he’s optimistic about the economy’s resiliency despite current headwinds, but he thinks governments should correspond more closely with businesses to plan for the future.

“I really believe that the glass is half full,” Calin Rovinescu, now a board member at Scotiabank and BCE Inc., said in a Wednesday television interview with BNN Bloomberg.

“Short term, we're going to have some pain, but long term, I think this continues to grow, and certainly North America, the United States, Canada, are well positioned for that, so I'm optimistic.”

Rovinescu, who left his role as Air Canada CEO in 2021 after leading the company through the early days of the pandemic, said he’s predicting a mild recession in 2023, amid challenges like high interest rates and inflation. But he explained that he maintains his optimistic outlook by considering the history of how businesses have rebounded and grown despite economic hardships over the last century.

Reflecting on his experience as a business leader through a pandemic, Rovinescu said he would like to see more dialogue between governments and businesses when it comes to policy responses to economic crises, because many businesses outlast democratically elected governments.

“The reality is, businesses are built for hundreds of years; governments are elected for four years, so there has to be a better planning out of the phases,” he said.

As for sectors he’s eyeing for their growth potential, Rovinescu said he’s interested in aerospace electrification, as well technology and software in the travel industry.

BCE is the parent company of BNN Bloomberg through its Bell Media division.

Geographic diversification insulates Manulife from volatility: CEO

Daniel Johnson , BNN Bloomberg

As uncertainty regarding inflation and interest rates grips many of the world’s economies, Manulife president and Chief Executive Officer Roy Gori said his company is well-positioned due largely to geographic diversity.

The start of 2023 has been marked by volatility and uncertainty in markets, Gori said. As central banks around the world moved to raise interest rates to curb inflation, gross domestic product (GDP) growth will ultimately slow and lead to higher unemployment, he said. This uncertainty will persist until clarity emerges regarding “where inflation will land” and how high-interest rates will need to go, Gori said. 

“If I look at the current economic environment with uncertainty and the challenges associated with it, I think we're really well positioned as a company to navigate that,” he said. 

“Obviously, the geographic diversity of our franchise and the significant percentage of our business that is based in Asia helps us weather some of the challenges that we're seeing in North America with slower GDP growth.” 

In addition to geographic diversification, Gori said Manulife will benefit from efforts spanning the previous five years to make the business more resilient. He said part of this effort has been a focus on the company’s capital position as well as de-risking the business by reducing its sensitivity to equity markets. 

“I think if anything, what we've seen over the last three years is that the importance of what we do has intensified and therefore demand for our products and services has increased commensurate with,” said Gori.

TECHNOLOGY 

Another aspect that will help Manulife navigate the current environment is a focus on digitization within the organization to drive efficiency, Gori said. 

“We've invested a lot of money in that [technology]. In fact, over the last four or five years, we've invested more than a billion dollars, upgrading our capabilities and ultimately creating better experiences for customers,” he said.

Gori said the company benefits from advanced analytics and AI that can provide new ways to analyze data. He said that technology is changing Manulife’s industry, but historically the industry hasn’t done a “great job” embracing technology to connect with customers. 

However, he said Manulife will continue to invest in the technology space.

“But at the same time with these new technologies, it is really requiring us to create much greater security protocols so we're going to have confidence that information is secure and protected,” Gori said. 

'Deserved to go out of business': Ira Gluskin on the downfall of Gluskin Sheff

Daniel Johnson , BNN Bloomberg

One of the founders of well-known wealth manager Gluskin Sheff says the firm “really deserved to go out of business.”

Last month, Gluskin Sheff owner Onex Corp. transferred the entire wealth management advisory division to Royal Bank of Canada.

Ira Gluskin, the corporate director and founder of Gluskin Sheff, said in an interview with BNN Bloomberg Thursday the transfer left him with mixed emotions. 

“Gluskin Sheff was worth a billion dollars… [around] 12 years ago, then Onex bought them for $400 [million] and change. Now it's worth zero,” Gluskin said. 

The firm “really deserved to go out of business,” he said. 

“We had, in the old days, high fees and high performance and periods when it wasn't so great. But then we'd come back. We had a very lot of very smart people.” 

However, key departures hurt the business, Gluskin said, which included Brad Dunkley, a former vice-president and portfolio manager at Gluskin Sheff + Associates Inc.

“Ultimately they left, they all left. Why did they leave? Because the culture was bad,” he said. 

Onex purchased Gluskin Sheff in a 2019 deal worth $445 million. According to Gluskin, the acquisition was not a good fit. 

“Onex had one agenda. They wanted Gluskin Sheff to be their distribution arm to the high-net-worth world. They wanted the Gluskin Sheff clients to buy Onex products. That's perfectly legitimate, but it's not why the people came to Gluskin Sheff in the first place,” he said. 

At the time of the acquisition, Onex Chairman and Chief Executive Officer Gerry Schwartz stated the deal was complementary for both firms and that it planned to maintain the existing management team and brand.

“They [Gluskin Sheff clients] came for public stocks and hedge funds and bonds. I don't think the performance of these private equity and credit funds was spectacular,” Gluskin said. 

Gluskin said he doesn’t think RBC’s wealth management arm will be a good fit either.

“The clients who came to Gluskin Sheff, they always knew about banks, [if] they wanted to go to a bank they would have gone to a bank. They like the idea of independence,” Gluskin said, adding that some clients will stay.

David Agnew, CEO of RBC Wealth Management Canada, said in March that Gluskin Sheff would bolster the firms "investment solutions."

Dave Kelly, the head of Gluskin Sheff, also commented at the time, saying investors: "will now have the opportunity to benefit from the full breadth of RBC WMC’s investment management and wealth planning capabilities while maintaining the Gluskin Sheff relationships they value."

Short sellers will be 'undone' by bets against TD: Investment strategist

Daniel Johnson , BNN Bloomberg

TORONTO-DOMINION BANK (TD:CT)

79.65 0.24 (0.30%)

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As short sellers place bets against Toronto-Dominion Bank, one investment strategist said the lender has managed its risks well and Canadian banks have withstood similar short positions in the past.

According to Bloomberg News, an analysis conducted by S3 Partners showed that short sellers have increased their positions against TD Bank in recent weeks.

Philip Petursson, the chief investment strategist at IG Wealth Management, said in an interview with BNN Bloomberg Wednesday that the recent short selling doesn’t surprise him as TD has a large U.S. presence.

“I think it's a play on the TD regional bank exposure that they have. But I wouldn't put as much emphasis or fear on TD’s prospects,” Petursson said. 

“TD is excellent in terms of its risk management. And I think that they've managed their U.S. exposure very well. I think the shorts will be undone by this.” 

Despite the increase in bets against the Toronto-based lender, Petursson said Canadian banks have withstood similar instances in the past. 

“About 10 years ago, we called it the ‘great white short,’ which turned into the ‘widow-maker trade’ because everyone was shorting the Canadian banks thinking that there would be a repeat of what we saw in the U.S. That never materialized and I don't think it will,” he said. 

Indications of liquidity concerns in Canada’s banking sector are scarce, according to Bloomberg News. However, analysts have noted TD’s exposure to a potential housing slowdown in Canada coupled with its presence in U.S. markets, through a stake in Charles Schwab Corp. and its plans to purchase U.S. regional bank First Horizon Corp.

Aimia's largest shareholder to vote against

re-election of board at annual meeting

The Canadian Press

AIMIA INC (AIM:CT)

3.70 0.03 (0.82%)

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The largest shareholder of Aimia Inc. says it will vote against the re-election of the company's board of directors at its annual meeting later this month.

Mithaq Capital SPC says it is disappointed with recent events and has lost confidence in Aimia's board and management. 

Toronto-based Aimia responded by saying its corporate strategy is on track and shareholders should approach the development with caution. 

Aimia, which is scheduled to hold its annual meeting on April 18, sold its flagship Aeroplan loyalty program to Air Canada in 2019 and has reinvented itself as an investment holding company. 

Mithaq says its decision to vote against the re-election of the board includes concerns regarding capital allocation decisions related to acquisitions.

The affiliate of Mithaq Holding Company, a family office based in Saudi Arabia, says it holds a 19.9 per cent stake in Aimia.