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Economic events in May
Total SA submitted an initial public disclosure document, the first step in its $15 billion bitumen upgrader and mining project. Canadian Pacific Railway announced it was seeking regulatory approval to build 26 kilometres of right-of-way service for existing and planned oilsand upgraders near Edmonton. Synenco Energy shelved its $10.7 billion integrated oilsands project to search for a less-expensive development strategy.
Fraser Paper announced a four-week shutdown at two New Brunswick sawmills. Domtar decided it will not reopen its Prince Albert pulp mill.
Teck Cominco and Nova Gold Resources will build a $2 billion (US) copper-gold mine in northwestern BC, scheduled to open by 2012. Potash Corp will spend $775 million (US) to expand capacity at its operation in Cory, Saskatchewan.
The dollar rose past the 93-cent (US) mark for the first time in nearly three decades at month-end.
The Bank of England raised its key interest rate a quarter point to 5.5%, its highest level in six years.
Cerebus, a private US equity group, took over Chrysler in a deal that invests $6.05 billion (US) in Chrysler and pays DaimlerChrysler $1.35 billion (US). In return, DaimlerChrysler will invest $1.6 billion in its former subsidiary and retain a 19.9% stake but will end all responsibility for the $17.5 billion (US) in unfunded healthcare liabilities. Daimler had bought Chrysler for $36 billion (US) in 1998. GM plans to invest almost $400 million in two Ohio plants. Ford will close plants in Michigan and Cleveland, shifting production to Ontario as part of its restructuring plan. Ford also announced that 25,000 workers left after taking buyout offers.