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Economic events in March CanadaThe federal government released its 2007-2008 fiscal year budget. Highlights include a 40% increase in post-secondary funding, $16 billion for infrastructure over seven years, a $2000 child tax credit and more capital cost allowances for investment in manufacturing and processing equipment. BC announced a 10% cut in personal income tax. Saskatchewan lowered its provincial sales tax to 5%. Nova Scotia’s budget increased personal tax credits and New Brunswick raised its corporate income tax rate to 13%. All projected budget surpluses. North American Oil Sands will build its $7.5 billion bitumen upgrader near Fort Saskatchewan. Exxon Mobile has capital spending plans of $20 billion (US) a year for the next three years. A Chevron-led consortium exploring for oil off Newfoundland has postponed further drilling after its first well overran cost and time estimates. Canadian Natural Resources postponed building its Fort McMurray upgrader due to rising costs and greenhouse gas emission issues. DaimlerChrysler will invest $700 million to upgrade its assembly plant in Brampton after workers agreed to concessions. The St Lawrence Seaway opened March 21, the earliest in its 49-year history. WorldThe European Central Bank raised its key interest rate to 3.75%, its seventh hike since December 2005. Russia will build a $1.25 billion (US) pipeline across Bulgaria and Greece for direct access to the Mediterranean. |
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