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11-010-XIB |
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Economic events in December Canada The federal government announced a freeze on capital spending projects and capped the size of the public service. Ford announced the temporary shutdown of six North American plants from December 15 through to January 5, affecting 12,600 workers. BC passed legislation to end a three-week strike by 10,000 coastal sawmill workers who walked off the job over a proposed new contract. Canadian Imperial Bank of Commerce agreed to pay $80 million (US) and adopt sweeping reforms as part of a series of settlements with US and Canadian regulators over allegations of the bank’s involvement in Enron’s accounting fraud. WorldItalian dairy and food conglomerate, Parmalat, sought protection from its creditors after it was unable to account for almost $9 billion (US) in funds. The US raised its national threat level from yellow to orange just before the holiday season, resulting in increased delays at airports and border crossings. The first case of mad-cow disease was reported in the US at month-end, leading many countries to ban beef imports from the US. The cow was born in Alberta. The Chinese government opened the door for increased foreign investment by raising the maximum stake an overseas investor can own in a Chinese bank from 15% to 20%. |
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