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11-010-XIB |
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Economic events in November CanadaPetro-Canada resumed production at Terra Nova after a six-month shutdown for repairs. Paris-based Total SA started up its Joslyn bitumen site (after purchasing Deer Creek Energy last year for $1.4 billion), producing 10,000 barrels a day with a target of 300,000 within ten years. Shell Canada announced it is proceeding with a $12.8 billion expansion of its Athabasca oil sands project (including $2.5 billion in 2007) to increase bitumen production by 100,000 barrels a day. Enbridge announced it will delay development of its Gateway pipeline and accelerate construction and increase capacity of its Southern Access line to Chicago and its Alberta Clipper pipeline from Edmonton to Wisconsin. TransCanada Corp. received a 20-year contract to supply electricity to the Ontario Power Authority and will build a $670 million natural gas-fired generation station near Halton Hills. Ontario and Quebec agreed to spend $800 million building a new electricity transmission link between the two provinces. Hydro-Quebec received approval to build its $4 billion Eastmain 1-A power station. Auto-parts maker Dana Corp announced the closing of eight more Canadian and US plants and further job cuts at three others. Toyota opened a $1.28 billion (US) plant for SUVs in Texas, its sixth production facility in North America. Tembec will indefinitely close its Timmin’s sawmill. Fraser Papers announced two-week shutdowns at two New Brunswick sawmills. The Alberta government requested logging companies to revise their logging plans to aggressively harvest trees in pine-beetle infested areas. Vancouver lifted its 12-day boil-water advisory, affecting 2 million people. The Quebec government announced 360,000 women will receive an average annual increase of 6.5% beginning January 1, 2007 and retroactive wages back to November 21, 2001 under its pay-equity legislation. The federal government announced changes to income trust tax rules: from taxing the unitholders for cash distributions received from the trust to taxing the trust for the cash distributions at the corporate rate. Rising tax revenues are projected to double this year’s budget surplus to $7.2 billion and $800 million is slated for personal tax breaks. WorldThe Bank of England raised its Bank Rate by a quarter point to 5.0%. |
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