Bank of Canada Raises Key Rate to 9.49 Percent
Ottawa reports the Bank of Canada escalated its anti inflation stance by lifting the trend setting rate to 9.49 percent from 9.17 percent last week.
02 Jun 1988
Page 1
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Newspaper
Medicine Hat News
Location
Medicine Hat, Alberta, Canada
Date
Jun 02, 1988
Page
1
Ottawa reports the Bank of Canada escalated its anti inflation stance by lifting the trend setting rate to 9.49 percent from 9.17 percent last week.
Dutch newspapers condemn Premier Vander Zalm for two handed greeting of Queen Beatrix during her BC visit describing it as improper. A palace spokesman says the queen is not bothered and the gesture should be avoided in official protocol.
Grand Chief Joe Norton heads to Ottawa to meet federal officials over the Mer cier Bridge blockade by Mohawks from Kahnawake. A raid on the reserve and arrests for cigarette sales sparked anger as commuters faced morning gridlock and a rising risk of violence.
Premier Don Getty reports direct appeals to Prime Minister Brian Mulroney for an out of court settlement of the 48 year Lubicon land claim in northern Alberta. He says a three party tribunal remains a possible path while federal opposition to the plan continues.
Fifty cow calf pairs sold at an auction as ranchers cull herds amid a severe drought in Southeastern Alberta. Jim Taylor notes many producers are keeping top cows while markets anticipate delayed impact, with buyers from British Columbia and Ontario eyeing future supplies. Prices averaged about 975 dollars as cattle weights lag typical heft.
Don Cormie and his son Jamie have applied for United States visas as they explore options during the Code investigation into Principal Group subsidiaries. Neil Cormie says no final move is decided, with potential Arizona work plans and new ventures possible if leaves are taken.
In Borken West Germany rescue crews pulled 35 bodies from a coal shaft after a blast. Officials believe 22 miners are dead. oxygen shortages and heavy debris hindered rescue efforts as officials blamed methane gas buildup for the explosion.
Internal documents show Canada’s 3.2 billion frigate project delayed by milestone misses and a major dispute between Saint John Shipbuilding and Paramax Electronics. Liberal MP Brian Tobin pressed for audits while Public Works pledged to probe irregularities.
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