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11-010-XIB |
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Economic Events in July CanadaLive Canadian cattle crossed the US border for the first time in 26 months after a ban due to BSE. BA Energy received approval to build its $720 million Heartland Upgrader to process oilsands by 2007, which could expand by 2011 at a cost of $1.1 billion more. Imperial Oil and ExxonMobil announced they were moving forward with the Kearl oilsands project, a $6.5 billion venture that will be 50% larger than the plan unveiled two years ago. Maritimes and Northeast Pipelines signed on Repsol and Anadarko to ship natural gas on its system and expand capacity. The new gas will come from overseas with Anadarko building a liquefied natural gas terminal in Nova Scotia, while Repsol builds one in New Brunswick. Vancouver port remained affected by striking container truck drivers. Thousands of Telus workers in British Columbia and Alberta walked off the job at month end, while 1,400 Entourage employees in Ontario settled a four-month walkout. 1,300 workers at the Teck Cominco smelter in British Columbia went off the job. Canadian Pacific Railway launched its first major expansion in over 20 years, adding 400 freight cars a day, spanning three provinces and costing up to $0.5 billion. WorldHewlett-Packard revealed plans to cut 14,500 jobs (10% of its global workforce) in a broad restructuring to cut costs and improve competitiveness. China dropped its US dollar peg of the yuan in favour of a basket of currencies and raised its exchange rate by 2% with incremental gains thereafter. |
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