24 Dec 1980
Page 1
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Newspaper
Medicine Hat News
Location
Medicine Hat, Alberta, Canada
Date
Dec 24, 1980
Page
1
Energy Minister Marc Lalonde announced basic rules for federal incentive grants to oil companies for next year and set a January deadline for industry feedback. He said spending is not capped and will be paid from higher petroleum taxes, noting the government’s open-ended funding approach.
The Bank of Canada lowered its policy rate to 17.28 percent from 17.36 percent, signaling relief after a month of high rates. Analysts expect banks to wait before cutting rates but anticipate possible reductions by the end of the holiday period. US banks also cut prime rates with Chase Manhattan lowering to 20.5 percent. Canadian banks currently charge prime at 18.25 percent with consumer loans 18.25 to 22.25 percent and mortgages around 15.75 percent.
British Columbia energy minister Bob McClelland says the federal excise tax on natural gas and byproducts is unlawful and will be challenged in court by February 1. He notes Ottawa lacks jurisdiction to levy the tax and questions withholding interest penalties on non remitted revenues. Ottawa warns BC to pay or face 11 percent interest.
Pope John Paul on World Peace Day condemns both communist and capitalist systems as denying true freedom. He attacks totalitarianism and consumerism, warns against moral decay, and denounces violence as a claim to freedom while urging justice and social love. The message comes amid Poland's unrest.
Bethlehem readies for pilgrims as Israeli troops reinforce the city outside the Church of the Nativity. Amid tensions, officials warn of unrest tied to the return of wounded West Bank mayors and the war era occupation.
Police say jailed terrorists have turned on comrades, aiding operations against the Red Brigades. Arrests include Vittoria Guagliardo and Nadia Ponti as top killers, while Moretti and Balzarani remain at large. Investigations link arms to the Palestine Liberation Organization, intensifying the hunt for judge kidnappers and other targets.
The CBO warns NATO may need 5.9 to over 80.3 billion dollars over eight years to deter a Soviet attack. It outlines elastic and steadfast defense options, noting NATO forces are inadequate to repel a surprise attack and nuclear exchanges could occur.
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