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Section 2: Economic events
Archived Content
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Canada
The Bank of Canada raised the overnight rate by one-quarter of a percentage point to 1%, the third hike since May.
Enbridge shut down two pipelines due to ruptures resulting in a backup of supply in Canada. Enbridge also announced it will invest $185 million to expand its Athabasca oilsands pipeline to accommodate new volume from Cenovus Energy’s Christina Lake project. The expansion will boost capacity to 430,000 barrels per day by 2013. Cenovus will build three additional 30,000 barrel per day phases at Foster Creek, Alberta, bringing its current production from 120,000 to 210,000 barrels per day. The Energy Resources Conservation Board conditionally approved French-owned Total’s construction of an oilsands upgrader in Strathcona County, Alberta. Husky Energy agreed to buy natural gas lands in west-central Alberta from Talisman Energy. Methanex will reopen a methanol plant in Medicine Hat that has been idle since 2001, due to a drop in the price of natural gas.
Chinese state-owned Xinxing Pipes Group agreed to invest up to $1 billion into Advanced Explorations iron ore mining project in Nunavut and acquire 19% of its stock in return for half of the Roche Bay’s iron ore output.
Bell proposed a $1.3 billion purchase of CTV, subject to regulatory approvals.
World
Global authorities from 27 countries agreed that banks be forced to retain common equity equal to at least 4.5% of their assets, compared to the current standard of 2%, and that banks be directed to add an additional 2.5% buffer so that core reserves are not reduced during an economic or financial shock.
