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Section 2: Economic events
Archived Content
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Canada
The Bank of Canada raised the benchmark overnight rate by one-quarter of a percentage point to 0.5%.
Suncor Energy announced plans to sell its Dutch properties to British-owned Dana Petroleum PLC for $582 million. The Canadian arm of Abu Dhabi’s state-owned oil company will buy Suncor’s Alberta natural gas assets for $285 million. Suncor will spend $1 billion on its tailing reduction operations. Enbridge will spend $400 million to expand its Waupisoo pipeline in Alberta after securing new contracts for shipping oilsands crude. Spectra Energy announced a new natural gas processing plant to open in 2011 in northeastern BC as part of a $1.5 billion investment plan. China National Petroleum and EnCana negotiated a joint venture to develop EnCana’s shale gas properties in northern BC.
Cameco will provide 23 million pounds of uranium concentrate by 2020 to China National Nuclear Corp.
World
Germany unveiled an austerity plan with spending cuts of $95 billion (US) and up to 15,000 public sector job cuts. New taxes will be imposed on air travel and the nuclear power industry. France announced it will raise the retirement age to 62 by 2018 and will increase a variety of taxes. Britain presented an emergency budget to increase sales and capital gains taxes and to reduce welfare benefits. It also plans to impose a levy on banks.
Japan’s central bank announced a $33 billion (US) credit program to encourage private banks to lend money to businesses in growth sectors.
China’s central bank ended its two-year peg to the US dollar and allowed its currency to trade in a wider range.
