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11-010-XIB |
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Economic Events in July Canada Strikes occurred at several iron ore mines in both Canada and the US, affecting over 25% of North America’s supply. Over 500 auto parts workers walked off the job at month end, leading to shutdowns at two GM car assembly plants. Molson and Coors announced an $8 billion merger to form the world’s fifth largest brewery. The federal government chose a consortium to build 28 new maritime helicopters valued at $3.2 billion. WorldMitsubishi announced it will lay off 1,200 workers at its only US plant as part of a restructuring plan, which will cut 11,000 jobs over three years (25% of its global workforce) and close plants in Japan and Australia. OPEC increased its daily oil production target by 500,000 barrels or 2% in August, following a rise of two million barrels in July. |
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