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11-010-XIB |
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Economic Events in October CanadaThe Bank of Canada raised its Bank rate by a quarter point to 3%. Alberta will provide a $400 rebate to all residents in January 2006, expected to total $1.4 billion. Terasen announced a $1 billion proposal to build a pipeline from Kitimat to Edmonton. Nova Scotia will eliminate a costly offshore flow-testing drilling regulation. TransCanada Corp. and its partners will spend $4.25 billion refurbishing four nuclear reactors in Ontario. Inco launched a $12.5 billion takeover bid of Falconbridge that will create the world’s largest nickel producer. 1,300 strikers at Teck Cominco’s lead-zinc smelter in BC reached a settlement. Weyerhaeuser will shut its Prince Albert pulp and paper mill in January 2006, while Fraser Papers closed two lumber mills in New Brunswick for a month to reduce inventories. Quebec announced $450 million in aid for its forestry sector. Ontario signed a $500 million deal to buy hydroelectric power from Manitoba, the first phase of a power grid linking east and west. WorldGM and Ford announced further plant closures, following third-quarter losses. GM also reached a deal to cut health-care costs by $1 billion annually. Hurricane Wilma battered Florida, damaging crops and insured losses of near $10 billion. A case of foot-and-mouth disease in Brazil, the world’s top beef exporter, prompted over 30 countries to ban imports. |
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