Spruce Meadows Conference – Friday, September 10th

Mark Carney:

+ “Without the successful completion of G20 reforms, the current recovery is at risk.”

Paul Volker:

+ “This isn’t what we normally think of as economic recovery . . . we are now almost three years since the breakdown of the financial system, and I’m not surprised if it takes three years or six years to repair it.”

Zhu Min, IMF Special Advisor:

+ Soft landing for China’s economy with revised growth rate of 9.5%, not 10.5% to 11% as forecast

+ Believes China needs to move to a domestic consumption-driven model . . . and away from an export driven model

Canada Employment

+ Employment increased by 35,800 jobs in August

+ Seventh gain in the last eight months

+ Unemployment rates:

  1. 1. Edmonton: 7.0%
  2. 2. Calgary: 6.7%
  3. 3. Wood Buffalo (Fort McMurray): 5.8%
  4. 4. Toronto: 9.1%
  5. 5. Vancouver : 7.6%
  6. 6. Canada: 8.1%

U.S. Tax Breaks for Business

+ President Obama is calling for new $200 billion in tax cuts for businesses

+ Cuts will allow business to write off 100% of investments in plants and equipment between now and the end of 2011

ENB – Illinois Oil Spill

+ Leak reported yesterday on the U.S. Mainline 670,000 bpd; source of 7% of US imports

+ 25% of Western Canadian Crude Oil production flows through this line

+ System is 60 years old, expect US regulators to demand Enbridge undertake an extensive maintenance program