Section 2: Economic events
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Canada
Brazil's Vale SA unveiled a 5-year, $10 billion spending plan, including a $3 billion potash project in Saskatchewan, $2 billion to reduce emissions in the Sudbury Basin, $2.8 billion for its Long Harbour processing facility in Newfoundland and Labrador, $1 billion to develop nickel ore sources in Thompson, Manitoba, and $360 million for its Totten Mine, the first new Vale mine in Sudbury in 40 years. Arcelor Mittal SA, the world's largest steel producer, will acquire Baffinland Iron Mills for $433 million. Cameco announced an agreement with China's Guangdong Nuclear Power to supply 29 million pounds of uranium concentrate until 2025.
Ontario introduced the Ontario Clean Energy Benefit which provides a 10% discount on hydro bills for five years commencing January 2011. An $87 billion, 20-year energy plan was announced with $33 billion to build two new nuclear reactors at Darlington and refurbish 10 older units, $14 billion on wind power, $9 billion on solar, $4.6 billion on new hydro-electric, $4 billion on biomass, $1.8 billion on natural gas plants, $9 billion on transmission lines and $12 billion on conservation programs.
Newfoundland and Labrador's Nalcor Energy and Halifax-based Emera agreed to proceed with the development of the Lower Churchill hydro project. Under the agreement Nalcor will build the first phase, an 800 megawatt site at Muskrat Falls in Labrador, and the two companies will transmit the electricity to Newfoundland and Nova Scotia by underwater cable.
World
The US Federal Reserve announced it will buy an additional $600 billion (US) in US treasuries over the next eight months in an effort to lower borrowing rates.
In an initial offering, GM issued 452.6 million shares at an opening price of $33.
Ireland applied for an $85 billion euros ($114 billion US) EU-IMF loan to secure its banks and unveiled a four-year austerity plan that cuts thousands of public jobs, reduces the minimum wage, increases the sales tax to 23%, cuts 3 billion euros from welfare and social services, introduces water bills and does not alter the current 12.5% corporate tax rate.
Australia's central bank raised its overnight cash rate a quarter point to 4.75%, its first move in six months. India boosted its repurchase rate a quarter point to 6.25%, its sixth increase this year.
Britain announced welfare reforms that will force all welfare and unemployment recipients to seek work, even unpaid volunteer work or risk losing their payments.
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