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11-010-XIB |
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Economic Events in October Canada The Bank of Canada raised its overnight rate by a quarter point to 2.5%. The federal government increased its equalization payments to the provinces by $2 billion to $10.8 billion. About 25,000 employees at the Canada Revenue Agency returned to work after a contract settlement. Another 90,000 federal workers ended a 3-day strike pending a tentative agreement. Bombardier announced the layoff of 2,000 workers, mostly in the Montreal area, due to weak demand for regional jets. DaimlerChrysler revealed plans to add a shift and 900 jobs to meet demand. BC cut its sales tax by half a percent to 7%. WorldChina raised its key interest rate to 5.58% from 5.31%, the first rise in nine years. General Motors revealed plans to cut 12,000 jobs in Europe to lower costs by $500 million a year. AT&T announced it will reduce its workforce by 20% and take an $11.4 billion writedown on assets in the third quarter. |
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