Section 2: Economic events
Archived Content
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Canada
Suncor Energy and Total SA agreed to jointly build two new bitumen mines and an upgrader in northern Alberta. Total is increasing its stake in both the Fort Hills oil sands mine and the Voyageur upgrader, and in exchange, is giving Suncor $1.75 billion and a stake in its Joslyn mine. The two mines are estimated to cost $15.6 billion, with another $6 billion to complete Voyageur. Cenovus Energy plans to spend $2 billion on its oil and refining operations in 2011. Enbridge extended and increased rationing on its major oil pipelines in the US and Ontario due to maintenance and high demand from shippers. South Africa's Sasol is paying $1 billion to Talisman Energy for a stake in the Montney shale gas project in BC. Rio Tinto PLC, after a two-year investment hiatus, announced $1 billion in expansion and facelift projects at two smelters in Quebec and BC.
Toronto-Dominion Bank agreed to pay $6.3 billion in cash for Chrysler Financial, the vehicle finance group owned by Cerberus Capital Management. BMO announced an all-stock purchase of Wisconsin-based lender Marshall and Ilsley for $4.1 billion (US).
Extreme winter weather closed major highways and idled auto plants in southern Ontario.
World
China's central bank raised the reserve ratio requirement for banks to a record high of 18.5% and increased its one-year lending rate by 25 basis points to 5.81%.
Severe snow storms closed airports and highways across Europe throughout the month and halted transportation along the US eastern seaboard at month end.
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