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11-010-XIB |
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Economic events in June CanadaQuebec reached an agreement on pay equity with 327,000 public sector employees. $1.5 billion in retroactive pay will be issued by December (in addition to $8 billion paid since 1990), with two more adjustments in 2007 and 2008. Enbridge proposed a $4 billion side-by-side pipeline project from Edmonton to Kitimat (one to carry oil, the other condensate). BC approved a $500 million liquefied natural gas terminal at Kitimat, the second in Canada. Enbridge received approval from the Ontario Energy Board to reduce its natural gas prices by 17.5% on July 1. BHP Billiton approved a $250 million (US) expansion of its Ekati diamond mine in the Northwest Territories. Manitoba granted an environmental licence for construction of a $21.8 million beef slaughter plant in Dauphin. A $40 million beef processing plant opened in Alberta, the largest in 20 years. WorldAbout 30,000 or 25% of GM’s US factory workers accepted buyout and early retirement offers, along with 10,000 workers at parts-maker Delphi. GM offered buyouts ranging from $70,000 (US) to $140,000 (US) to all its unionized factory workers to reduce costly benefits for an aging workforce. The Federal Reserve Board raised its federal funds rate by a quarter point to 5.25%, the 17th consecutive hike. European Central Bank raised its rate to 2.75% from 2.5%. |
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