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11-010-XIB |
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Economic events in October CanadaCanadian firms made a number of multi-billion foreign acquisitions, including a $1.1 billion purchase of over 2000 US Circle-K convenience stores by Alimentation Couche-Tard, a $15 billion deal by Manulife for John Hancock Financial Services, and a $4.6 billion takeover by Alcan of France’s Pechinery SA. At month-end, CNR announced the acquisition of a line in Minnesota to boost Western Canadian exports into the US as part of a $500 million cross-border purchase. Bombardier announced further job cuts of 3% in the wake of a continued slump in the airplane industry. Canadian Pacific Railway announced an increase in its freight tarrifs by 4% effective November 1. WorldCutbacks continued in the auto industry. Ford announced plans to eliminate about 12,000 jobs worldwide, including 3,000 salaried positions in North America. DaimlerChrysler idled a major assembly plant in Windsor at month-end for two weeks and is preparing to offer early-retirement to thousands of US workers under its new UAW contract. Mexico officially lifted its ban on Canadian beef at the start of the month. Moody raised Russia to investment grade status, opening the door for increased foreign direct investment. Meanwhile, China cut tax rebates on exports amid increased complaints from abroad about its exchange rate. |
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