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11-010-XIB |
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Economic Events in November CanadaThe federal government announced a 4.1% reduction in employment insurance premiums effective January 1, 2006. Canadian Natural Resources unveiled a 15-year $30 billion plan to double its Horizon oilsands project and add a new upgrader near Cold Lake. Shell Canada announced it will spend $17 billion over the next five years to develop its Athabasca oilsands and Peace River projects, as well as develop new natural gas. Husky Energy’s White Rose platform offshore Newfoundland began production. EnCana will invest $12.5 billion to boost output 500,000 barrels a day by 2015. GM expanded its cost-cutting plans, closing nine North American factories to save $7 billion (US). The closures will reduce overall production capacity by 800,000 units a year to 4.2 million units by 2008. Oshawa’s Number 1 plant will be closed and production lowered at the Number 2 plant, which will cut 3,900 jobs and reduce annual output by 320,000 vehicles to 604,000 in 2008. GM added $400 million of investment on top of its $2.5 billion Beacon project announced earlier this year. DaimlerChrysler AG unveiled plans to spend $768 million to upgrade two of its Ontario plants. It also stopped assemblies at 4 plants for one week or longer and eliminated overtime. WorldThe Federal Reserve raised its key rate a quarter point to 4%, the 12th straight increase. German-based Deutsche Telekom AG, Europe’s largest telephone company, announced plans to eliminate 32,000 jobs in the next 3 years after over two years of falling revenues in its traditional telephone business. |
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