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Economic Events in January CanadaThe Bank of Canada raised its rate by a quarter point to 3.5%, the fourth hike in four months. BC launched a seven-year $3 billion infrastructure project to alleviate traffic congestion around Vancouver. CP Rail and CN Rail agreed to share their trains and personnel in the Lower Mainland region of BC to improve the flow of goods through the Port of Vancouver. TransCanada secured long-term shipping contracts for its $2.1 billion (US) Keystone pipeline proposal to connect the oilsands to Illinois. Kinder Morgan will spend $600 million to boost the capacity of its Trans Mountain pipeline system in Canada by a third by 2008, connecting the oilsands to the Northwest US. Petro-Canada announced it will build the upgrader for its Fort Hills project near Edmonton for more access to skilled labour. Ford announced plans to close 14 North American factories, including seven assembly plants and will cut 34,000 jobs over the next six years. DaimlerChrysler will eliminate jobs in Germany to save over $1 billion (US) annually. GM reported a $4.8 billion (US) loss in the fourth quarter, capping an $8.6 billion loss for the year. Potash Corp. announced it will temporarily trim production at three mines to reduce inventories, eliminating 1.1 million tonnes or 8.8% of its annual capacity. WorldThe Federal Reserve raised its key rate to 4.5% from 4.25%, the 14th consecutive rise. |
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