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"Economy"
A freight train carrying crude oil derailed and exploded in the centre of the Canadian town of Lac-Mégantic this weekend. Dozens of people are missing following a massive inferno. Canada’s Prime Minister compared the disaster area with a war zone.
BlackBerry’s new smartphone, a touchscreen device called Z10, has finally gone on sale. The device is the result of a metamorphosis at Canada’s iconic tech company. “We have our innovation mojo back,” says CEO Thorsten Heins. A visit to the company’s headquarters in Waterloo.
Shell sees great potential in oil drilling off the north coast of Alaska. The energy company has invested billions of dollars in plans to search for oil in the region. But the permit process is taking years. Opponents fearing an oil spill in the ecologically fragile Arctic fight each permit.
In Texas and other U.S. states, opposition is growing against a proposed pipeline to transport heavy crude oil from the Canadian tar sands to refineries along the coast of the Gulf of Mexico. Proponents of the Keystone XL project see economic growth, critics fear an oil spill and warn of pollution.
Research in Motion, the BlackBerry maker that introduced mobile e-mail, is struggling. Global demand for smartphones is growing, but RIM’s market share is in decline. Investors and analysts are wondering if BlackBerry’s best days are behind it.
Canada is resisting efforts to curb international trade in asbestos, the building material that can cause cancer. The country, which prohibits its use, wants to continue to export the material to developing countries where it is still allowed. In the mining town of Asbestos, people are hoping for a revival of good times.
Rising world demand for food has put a spotlight on potash, a key ingredient of agricultural fertilizer. Market leader Potash Corp. remains in Canadian hands after a failed takeover bid. Although potash doesn’t have the universal visibility of oil, it is an essential source of energy. Join a tour of an underground potash mine.
The world is facing a shortage of rare earth metals, resources needed in small quantities to make hybrid cars, electronics and other products. China, the world’s main supplier, is keeping most of its production for itself. In California, Molycorp sees an opportunity to breathe new life into an old mine.
World leaders of the G20 have agreed to reduce budget deficits at their summit in Toronto – but not at any price. The Americans and the Europeans both got what they wanted at the meeting: a delicate mix of austerity and stimulus.
World leaders of the G20 are meeting in Canada this weekend to talk about solutions to the economic crisis. Toronto, the financial heart of Canada, came through the crisis relatively well. Now it’s a fortress for the summit meeting. In the city’s banking district, skepticism prevails.
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