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Economic events in June CanadaBP PLC plans to spend $1.2 billion exploring for oil in the Beaufort Sea. Suncor Energy will spend $120 million to double its production capacity at its St. Clair ethanol plant to 400 million litres a year. Nexen, Breaker Energy, Crescent Point, Alberta Clipper and EnCana all announced they will spend more on exploration in 2008 than previously expected, primarily for natural gas in BC and Saskatchewan. Ontario said that the Darlington nuclear plant will be expanded to accommodate two more reactors. Construction will begin in 2012, with electricity being generated by 2018. Canpotex announced it will spend $500 million to expand its terminal in Vancouver and build a new export terminal in Prince Rupert to boost Asian shipments of potash. The $4 billion Baffinland Iron Mines project in Nunavut will proceed. The mine is due to open in 2014. Adanac Molybdenum received permission to start construction for its Ruby Creek open-pit mine and mill in northwestern BC. GM will idle its Oshawa truck plant for an additional eight weeks this year and will permanently close it next year along with SUV plants in Wisconsin and Ohio to cut truck output by 700,000 vehicles. Ford began dismissing North American salaried employees to cut expenses by 15%. Auto parts maker Magna will permanently layoff 400 employees in its St. Thomas plant which makes truck frames. Western Forest Products, the largest logger on the BC coast, is cutting half its normal production for July and August, laying off 750 workers and 1,200 contract employees. Air Canada announced plans to cut 2,000 jobs and reduce its worldwide seat capacity by 7% this fall due to soaring fuel costs. Quebec Parental Insurance Plan premiums paid by workers and employers will rise 7.5% next January 1 for the second consecutive year. WorldThe worst flooding in the US Midwest in 15 years damaged corn and soybean crops, boosting prices on commodity markets. India raised retail prices of gas and diesel between 8% and 17% to reduce the burden of its fuel subsidies. China followed suit, raising prices 18%, while Malaysia, Indonesia and Sri Lanka increased prices even more. |
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