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11-010-XIB |
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Economic Events in June Canada Bell Canada offered early retirement to almost 4,500 workers (over 10% of its total workforce) in an effort to cut costs. The offer was also extended to 2,300 technicians contingent on the outcome of labour talks. Petro-Canada announced a $719 million deal for US-based Prima Energy Corp. to develop non-conventional natural gas production. CP Rail said it will limit capacity for container traffic on the West Coast to ease congestion that has intensified amid booming trade with China. It is also adding 5,500 new intermodal truck and train cars to its fleet. Ford announced its Oakville minivan assembly plant will close for four weeks in July and August instead of three, following one-week shutdowns in both June and May and several weeks of layoffs earlier. Forest fires blazed in BC, bringing the total to near 400 by the end of the month. WorldThe US Federal Reserve raised its key short-term rate by a quarter percentage point to 1.25% on June 30, its first rate hike in over four years, prompting banks to raise their prime rates to 4%. DaimlerChrysler revealed it was in talks with unions about cutting 10,000 jobs at plants in Germany following improvements in productivity. A week-long strike by Norwegian oil workers escalated at month-end as employers threatened to lock out workers, stopping nearly all output. |
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