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Economic Events in December Canada The Federal government announced a $600 million package over five years to assist textile manufacturers when import quotas on apparel and textiles are eliminated on January 1, 2005 under WTO rules set in 1994. The US will ease its 18-month long ban on Canadian beef imports in March. Quebec increased its aid package to Bombardier by $750 million bringing the total to $2.3 billion. Kodak revealed plans to permanently close its last Canadian manufacturing facility. Colgate-Palmolive will cut 4,400 jobs and close one-third of its 78 plants. Newsprint producers, Domtar and Norske Skog will curtail production. Ford said it is continuing production cuts into the new year. WorldThe Federal Reserve raised its key interest rate a quarter point for the fifth time this year, to 2.25%. A massive earthquake and tidal wave hit countries from Southeast Asia to the Horn of Africa, leaving tens of thousands dead and widespread destruction. GM revealed plans to reduce its German workforce by 10,000, setting aside $1 billion for voluntary layoffs. |
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