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Economic events in May CanadaGeneral Motors announced the shutdown of its last factory in Windsor, Ontario in 2010, cutting 1,400 jobs. Ford announced it will reduce its overall North American production by 15% in the second quarter from last year, by 15 to 20% in the third quarter and by 8% in the fourth. Honda will focus its Ontario plant on producing the Civic, which became the top-selling brand in the U.S. in May. Tembec extended production curbs at several sawmills in Ontario and Quebec, idling four indefinitely and keeping six at reduced capacity. Insolvent Pope and Talbot shut its three remaining pulp mills employing 1,000 workers in BC and Oregon. Quebec approved bids for $5.5 billion in wind power projects that will provide 2,004 megawatts by 2015. WorldThe US Federal Reserve announced a boost in the emergency reserves it supplies to US banks to $150 billion from $100 billion in April. Venezuela and China signed a $12 billion deal to develop the Junin 4 block in Venezuela’s Orinoco heavy oil belt. China’s strongest earthquake in 58 years damaged numerous power plants and transmission lines. The hardest-hit area was a large producer of natural gas and agricultural products. 3,400 striking workers at American Axle settled. The strike had led to production slowdowns at 30 North American GM plants. |
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