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Economic events in April CanadaThe Bank of Canada cut its key overnight rate by half a percentage point to 3%. Chartered banks followed, lowering their prime rates to 4.75%. Alberta tabled its $37 billion budget for 2008-2009, with spending up 10%, primarily for infrastructure and health care. TransCanada scaled up its Keystone pipeline project to add a new pipeline that will transport another 750,000 barrels a day of crude from Alberta to Nebraska. Saskatchewan potash producers reached an agreement on 2008 pricing with China that raises the price to $576 (US) a tonne, more than double 2007 prices. Mosaic announced it will expand its three potash operations in Saskatchewan by 5 million tonnes over the next 12 years at a cost of $3.15 billion (US). Ford and the Canadian Auto Workers union reached an agreement that lowers health care costs, freezes base wages for three years, temporarily halts cost-of-living adjustments and reduces the hourly wage for new employees by 30% for the first three years. GM will cut a second shift and over 900 jobs at its Oshawa truck assembly plant this fall due to falling demand. WorldThe Federal Reserve lowered both its federal fund rate and discount rate by 25 basis points to 2% and 2.25% respectively. The Bank of England lowered its base lending rate a quarter point to 5%, the lowest rate in 17 months. To boost liquidity, the Bank offered to acquire an almost unlimited amount of UK banks’ mortgage-backed securities for up to three years in return for Treasury bills. |
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