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11-010-XIB |
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Economic events in September CanadaTembec announced it will shut sawmills in BC for at least two weeks due to falling lumber prices and the high exchange rate. Scandinavia’s Stora Enso, the world’s biggest papermaker, sold its North American mills, including its newsprint and paper mills in Nova Scotia, to a unit of Cerberus Capital Management for $2.52 billion (US). Goldcorp plans to boost production from its Red Lake Gold Mines unit by 50% in the next four years. Agnico-Eagle Mines plans to spend more than $1 billion (US) to boost its gold production more than fivefold by 2010. The $170 million Prince Rupert Container Terminal opened. CN Rail announced it is buying a strategic Illinois line for $300 million (US) and will spend another $100 million on rail systems upgrades to alleviate bottlenecks in Chicago. The Canadian dollar hit parity with its US counterpart for the first time in 31 years on September 20. WorldA two-day strike at GM that idled 73,000 workers ended with a four-year deal with the United Auto Workers that shifts GM’s future liabilities ($50 billion) of retiree health-care benefits for its workers to a union-managed trust fund, gives annual bonus payments instead of wage increases and allows a lower hourly pay rate for new hired employees. The Federal Reserve cut both its discount and federal funds rate by half a percentage point to 4.75%. Royal Dutch Shell and Saudi Aramco announced they will move ahead with a $7 billion expansion of their Port Arthur, Texas refinery. |
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