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Section 2: Economic events
Archived Content
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Canada
Suncor announced capital spending plans of $5.5 billion next year; $1.5 billion to resume construction on phases 3 and 4 of its Firebag Oilsands project which was deferred earlier this year and $4 billion towards sustaining existing operations. The proposed split of EnCana was approved by its shareholders. The two new companies will spend $6 billion next year to boost output. Canadian Natural Resources will raise spending to $3.9 billion next year, primarily towards oil developments. Opti Canada announced it is seeking a buyer or restructure its debt due to overrun startup costs associated with its Long Lake Project.
US-owned Cliffs Natural Resources will acquire FreeWest Resources Canada in a $150 million all-stock bid to build an open-pit mine and facilities to process chromite in Northern Ontario.
The CPP Investment Board and its American partner TPG Capital made a leveraged buyout of IMS Health for $4 billion (US).
GM announced a third shift plus overtime at its CAMI plant in Ingersoll, Ontario due to increased demand. 600 laid-off workers in Oshawa will be recalled in 2011 to begin production of the new Buick Regal.
Bombardier announced it will reduce production of its line of regional jets after failing to secure new orders from airlines and will lay off 715 workers in Montreal.
World
The US government extended its ARRA $8,000 (US) tax credit for first-time homebuyers from November 30 to June 30, 2010 and added a $6,500 credit for existing homeowners who have lived in their homes for at least five consecutive years. It also increased the income limits on qualifying households.
GM cancelled plans to sell a 55% stake in its Opel division to a consortium involving Magna and Russian lender Sberbank.
Australia raised its key interest rate by 25 basis points for the second month in a row to 3.5%.
The Bank of England added 25 billion pounds ($42 billion US) to the monetary base through its bond purchase program. Britain’s Lloyds Banking Group won EU approval of its 17 billion pound ($28.6 billon US) government capital injection in return for agreeing to shrink its operations and allow for competition.
State-owned investment conglomerate Dubai World asked for a six-month reprieve on $59 billion of (US) loan repayments.
