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Section 2: Economic events
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Canada
Chrysler announced its Windsor minivan plant would produce 30,000 right-hand drive vehicles for overseas markets starting in September. GM restored a third shift at its CAMI joint venture as part of its overall plan to raise output in North America by 60,000 vehicles by year end to replenish inventories. It recalled 1,350 workers in Ontario and Ohio and added overtime for 10,000 others. Toyota will close next March a joint venture with GM at a factory in Fremont California, and shift its production of Corolla’s to its Ontario plant.
Hyundai and Chrysler Canada announced rebates of $500 to $1,500 for customers who traded in vehicles built before 1995. The offer is patterned on the US government ‘cash for clunkers’ program, which was terminated on August 24 after receiving an extra $2 billion from Congress early in August.
The price of natural gas fell below $3 per million BTU for the first time since August 2002. Apache Corp became the second large producer to agree to supply a terminal in Kitimat, BC that would liquefy and export gas to Asia.
Vale Inco said it would restart some of its Sudbury nickel operations, Canada’s largest, with 1,200 of its non-union staff.
US Steel announced the re-opening of its Hamilton blast furnace late in August after a nine-month shutdown. About 800 workers were recalled in July for maintenance.
World
The three-month US dollar LIBOR fell below 0.4% for the first time ever. The LIBOR was 1.22% late in June and peaked at 4.75% in October 2008.
