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Section 2: Economic events

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Nexen outlined plans to sell $1 billion in assets over the next two years and announced capital spending of $2.5 billion in 2010. Opti announced a $120 million capital spending plan for 2010, primarily for its share of Phase1 at Long Lake. Husky Energy announced a $3.1 billion capital expenditure program for 2010, with $1.2 billion on its projects in Western Canada focused on heavy oil and unconventional gas holdings. Exxon Mobil will pay $31 billion (US) in an all-share buyout of Texas-based XTO Energy which specializes in the development of shale gas.

Terrane Metals announced it will begin its $915 million Mount Milligan copper-gold project in BC this summer, the first new mine in BC in a decade. Agrium will proceed with expansions to its potash mine in Vanscoy, Saskatchewan to boost production to 2.8 million tonnes per year by 2015. Xstrata will permanently close its Kidd metallurgical copper and zinc plants in Timmins, Ontario by May 2010, cutting 670 jobs.

The federal government gave approval to Globalive Wireless to enter Canada’s wireless market, allowing foreign competition. The government also passed legislation enabling Ontario and BC to harmonize their sales taxes with the federal GST on July 1, 2010.

GM and Suzuki announced an end to their 23-year automaking joint venture with Suzuki selling GM its 50% stake in the CAMI plant in Ontario. GM announced it will repay its entire $8.1 billion (US) bailout by the end of June, 2010. Chrysler will shut its two Canadian assembly plants and four other North American plants for extra downtime in December and January due to poor sales. Honda will scale back production at three of its North American plants in January, including Alliston, Ontario. Ford announced it will boost first-quarter production by 58%, while GM announced a 75% increase. Toyota will add a second production shift at its Woodstock plant, creating 800 jobs.


Citigroup and Wells Fargo will repay $45 billion (US) in aid received from the US government. The US Treasury expects $19 billion in profit from its infusions and other investments in financial institutions. It will also extend its Troubled Asset Relief Program to October 3, 2010.

The UK government announced that banks must pay a tax of 50% on all bonuses of more than 25,000 pounds paid to April 2010.

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