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Economic events in January Canada The US announced plans to cut their countervailing duty on Canadian lumber to 13% from 18%, making the total duty 22% instead of the current 27%. Prolonged cold spells in Eastern Canada and the Prairies resulted in record consumption of electricity. New Employment Insurance rules took effect that provide up to 6 weeks of compassionate leave benefits, and amendments were made to the Canada Labour Code to compel employers under federal jurisdiction to grant such leave. Quebec, Nova Scotia, and Manitoba moved to harmonize their labour standards with the federal legislation. The Bank of Canada cut its overnight lending rate on January 20 by a quarter of a percentage point to 2.5%. Stelco, Canada’s largest steel producer, was granted bankruptcy protection while it undergoes restructuring. World Kodak revealed it will cut 15,000 jobs and close a third of its production space at a cost of $1.7 billion (US) as it shifts its business to digital photography. Kraft Food laid out restructuring plans to reduce 6,000 jobs and close 20 plants worldwide over the next three years at a $1.2 billion (US) cost. Conversely, IBM announced it will add 15,000 jobs worldwide on the heels of strong earnings. France Télécom announced the reduction of 14,000 jobs worldwide (7% of its workforce) as a new law removed the government’s obligation to maintain a controlling stake in the one-time national phone monopoly. |
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