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11-010-XIB |
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Economic events in April CanadaAlberta tabled its 2007-2008 budget with a 12% increase in spending and nominal tax cuts for businesses. A separate housing plan restricted rent increases to once a year and imposed a one-year notice requirement of condo conversions. The 2,500 striking employees at CN Railway were legislated back to work. Opti Canada announced it is proceeding with the phase 2 expansion of its Long Lake oilsands project. The Newfoundland government approved a major expansion of Husky Energy’s White Rose oil field. Dominion Energy announced plans to build North America’s largest biofuels refinery in Alberta. Agnico-Eagle will spend $400 million (US) to bring three new Quebec gold mines into production in 2008. Algoma Steel was acquired by a subsidiary of India-based Essar Global in a cash buyout valued at $1.85 billion. Interfor will spend $100 million on a new sawmill in BC with special features to handle beetle-killed pine. Kruger will indefinitely idle four sawmills and one planer in Quebec, laying off 1,027 workers. WorldChrysler announced a $1.8 billion (US) investment over several years in new plants and production upgrades in Michigan. Toyota surpassed General Motors in global sales for the first time. The British pound broke through the $2 US mark for the first time in 15 years. |
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