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11-010-XIB |
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Economic events in April Canada The Bank Rate fell one-quarter of a percentage point to 2% on April 13. Chartered banks matched the cut, lowering their prime rates to 3.75%. About 20,000 striking public sector workers in Newfoundland were legislated back to work at month-end, terminating their 27-day walkout, while 40,000 hospital employees in BC returned to work after a strike of less than a week. A strike by 800 tug and barge workers in BC mid-month caused major disruptions to shipping, leading CN Rail to impose an embargo on some container traffic. Canada re-opened its border to US beef from cattle younger than 30 months old, along with some processed products. The US opened its border to all our beef, subject to slaughtering regulations brought in since the mad cow case last year. Nova Scotia tabled its $5.9 billion fiscal year budget, with $271 million in tax and user-fee increases (including a partial rescinding of a tax cut), $234 million in increased health care spending and a small surplus. En Cana, Canada’s biggest natural gas producer, offered $2.7 billion (US) for Denver-based energy-independent Tom Brown. WorldStock in Japanese car-maker Mitsubishi Motors plunged 25% after DamilerChrysler announced it would no longer supply funding. |
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