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11-010-XIB |
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Economic events in April CanadaThe Bank of Canada raised the Bank Rate to 3.5% from 3.25% on April 15, sending the prime rate up a similar amount to 5%. Manitoba tabled its 2003-04 fiscal year budget with a 5% spending increase primarily for health, education and justice. Other highlights include a reduction in the middle personal income tax rate, changes in the corporate capital tax exemption and an increase in cigarette taxes. Two nuclear reactors in Ontario, capable of producing 1500 megawatts of power, were given clearance to restart operations. The World Health Organization lifted its travel advisory on Toronto at month end. The advisory, issued on April 23, was in response to an outbreak of SARS (severe acute respiratory syndrome) at several hospitals. Travel advisories were also issued for Hong Kong and China’s southern province of Guangdong, where SARS is thought to have originated. WorldTen of the largest securities firms in the US agreed to pay a record $1.4 billion to settle government charges involving abuse of investors and conflict-of-interest during the late 1990s. The armed conflict in Iraq was effectively over by mid-month with the fall of the Hussein regime.
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