|
|
| |
Information identified as archived is provided for reference, research or recordkeeping purposes. It is not subject to the Government of Canada Web Standards and has not been altered or updated since it was archived. Please "contact us" to request a format other than those available.
 |
11-010-XIB |
|
Economic Events in November Canada Bombardier announced a restructuring of operations and 800 job cuts (over 10% of its worldwide workforce) due to rising commodity prices and slowing exports. Four lumber mills on the West coast announced earlier seasonal shutdowns and other production cuts due to high inventories, falling prices and a rising exchange rate. WorldThe US raised its federal funds rate by 25 basis points to 2%, the fourth increase this year. The Paris Club of large nations agreed to forgive 80% of the $40 billion (US) owed them by Iraq, reducing their debt to $7.8 billion by 2008. Kmart announced plans to merge with Sears in an $11 billion deal to create the third-largest retailer in the US by the end of March 2005. |
|
|
