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11-010-XIB |
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Economic events in July CanadaThe Bank of Canada raised its key interest rate for the first time in over a year, to 4.5% from 4.25%. Royal Dutch Shell PLC unveiled plans for the largest oilsands upgrader to date. The proposed Scotford 2 upgrader could cost up to $27 billion. Suncor Energy returned its Firebag upgrader to full capacity following a 50-day shutdown, and applied for a $4.4 billion mine at its Voyageur South site. Petro-Canada and its partners will push forward with their $33.4 billion Fort Hills oilsands investment. PetroChina backed away from the $4 billion Gateway pipeline project due to project delays. A strike in BC’s forestry industry at month-end idled over 30 forest companies and 6,500 loggers and sawmill workers. Copper-producer Xstrata PLC reached a labour agreement with employees at its Montreal refinery ending a six-week strike. Potash Corp. will build a $1.6 billion (US) potash mine in New Brunswick over the next four years that will expand its overall capacity by nearly half. Rio Tinto bought Alcan for $38.1billion (US) cash. Chrysler will invest $1.2 billion in its Brampton assembly plant (up from $700 million) and shift some European production to the plant. WorldThe Bank of England raised its key interest rate for the fifth time in a year to 5.75%. The Bank of China raised its benchmark one-year lending rate for the third time since March to an eight-year high of 6.84%. Venezuela and Iran plan to spend a combined $4 billion (US) on a heavy-crude joint project in the Gulf of Venezuela. |
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