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Newspaper
Medicine Hat News
Location
Medicine Hat, Alberta, Canada
Date
Dec 10, 2001
Page
10
The article notes budget day is expected to be a housekeeping budget with little consumer impact. Paul Martin hints at a second budget by early summer and maintains a five year plan for roughly $100 billion in tax cuts while denying a deficit. It anticipates focus on national security defence and potential program cuts amid rising costs and revenue pressure.
The piece notes economists and industry observers debate recession signals with Estée Lauder’s Lipstick Index cited as rising sales suggesting consumer restraint on big-ticket buys. It questions market timing as major indexes remain well below year highs and describe the rally as potentially false.
Brian Rothwell notes economy remains weak and markets often price in recoveries early. Suggests cost averaging into equities. Discusses upcoming long term care fee hikes and a potential short term home care insurance plan offering limited benefits and reasonable premiums.
The Packard family charity plans a 10.4 percent Hewlett Packard stake to vote against HP's 25 billion Compaq acquisition. Foundation chair Susan Packard Orr says the board favors not proceeding with the proposed deal, potentially swaying undecided shareholders and boosting opposition from about 18 percent of HP shares.
Two years after Canadian Airlines collapsed Air Canada keeps about 80 percent of domestic traffic. Government ministers discuss capping Air Canada's market share while some urge broader deregulation and foreign ownership to spur competition. Industry insiders warn liberalization faces protectionist hurdles from U.S. and global interests.
The 1990s recession era air returns as November retail sales decline with unemployment rising to 5.7 percent, 331000 jobs lost, and retailers bracing for weak holiday buying despite deeper discounts. Analysts say momentum won’t improve soon and promotions may be the last tool.
Alberta Energy Co debuts steam assisted gravity drainage at Foster Creek in a C$290 million project said to be the world’s first commercial plant using this method. Petro-Canada plans a second facility at Mackay River while other majors eye steam projects to boost oilsands output toward 100,000 barrels per day.
Job activity remains slow this week with details available through the Job Hotline at 1 800 727 2925 or by visiting any Job Bank Kiosk for more information.
Job seekers can learn about positions in service and retail cleaner work community rehabilitation farming and painting by calling the Job Hotline at 1-800-727-2925 or visiting any Job Bank Kiosk for details.
The Medicine Hat Lethbridge area recorded an unemployment rate of 2.6 percent in October 2001. Job Hotline numbers include 1-800-727-2925 for general inquiries and 1-800-206-7218 for Employment Insurance questions, with 1-800-661-3753 for the Career Hotline.
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