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Section 2: Economic events
Archived Content
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Canada
BC announced it will create a harmonized sales tax of 12% effective July 1, 2010.
A 36-day civic strike in Toronto ended with a three-year agreement for 30,000 workers.
Following a two-month shutdown, the shrimp fishery in Newfoundland resumed after reaching a pricing agreement with seafood processors.
Nearly 3,300 workers at Vale Inco’s nickel mine in Sudbury went on strike mid-month. The strike will have a limited impact initially as operations were already halted as part of a two-month shutdown because of weak demand.
Severe storms in Alberta forced the closure of two oil refineries sparking a gasoline shortage.
Irving Oil and BP PLC shelved plans for an $8 billion (US) refinery in Saint John due to declining demand.
Chrysler cancelled plans to end a third shift at a plant in Windsor preserving 1,200 jobs.
World
Iceland announced it will recapitalize its three banks with a $2.1 billion (US) government-bond issue.
GM exited bankruptcy protection. Common stock in the new General Motors Company is 60.8% owned by the US Treasury, 17.5% by UAW Retiree Medical Benefits Trust, 11.7% by the governments of Canada and Ontario and 10% by the old GM.
GM and Ford suspended operations on assemblies in Russia where tight credit has choked sales. Russian automaker GAZ laid off 7,000 workers to cut costs.
