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Economic events in August CanadaNewfoundland will spend $110 million for a 4.9% stake in the $5 billion Hebron oil project. US-based Marathon Oil announced a deal to buy Western Oil Sands for $5.84 billion. WestPac LNG announced that Texada Island (between Vancouver Island and the BC mainland) as the site of its $2 billion import terminal for liquid natural gas and a 600 megawatt electricity generating station (shelving plans for a terminal in Prince Rupert due to rising costs). Suncor Energy revealed plans for a $4.4 billion expansion to its mining operations in northern Alberta that will utilize mobile ore preparation equipment to mine bitumen. Alberta approved an application by North West Upgrading to build an upgrader northeast of Edmonton. United States Steel reached a deal to take over bankrupt steel-maker Stelco for $1.16 billion. GM will eliminate 1,000 jobs at its truck plant in Oshawa, reducing output to two shifts from three for the first time since the early 1990s, and will cancel scheduled overtime for the rest of the year at most of its truck and SUV plants. WorldChina raised interest rates for the fourth time since March, increasing its one-year lending rate to 7.02%. The Federal Reserve cut its discount rate by 50 basis points to 5.75%. |
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