25-Mar-2011

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Canadian Government Falls

+ No confidence vote passed in the House of Commons, bringing down the Canadian government. A federal election is expected in early May.

Parts from Japan

+ Auto industry is being hurt in Asia, North America, and Europe. Unfolding to have a global impact.

+ Sony is suspending production at some factories in Japan. Affects production of broadcast equipment, camcorders, digital cameras, lenses for DSLR’s, mobile phones, LCD TV’s, microphones, and headphones.

+ Research in Motion lowers current quarter profit outlook due in part to supply shortages from Japan. The stock dropped 10% on the lower outlook.

Euroland

+ Portugal rejects the need for aid and will be calling early elections.

+ The EU has decided to delay the anti-crisis package (sovereign rescues), probably until after the Portugal’s elections.

Tidbits

+ US household survey shows more than 1,000,000 jobs added in the last 3 months.

+ US federal agencies have started instituting hiring freezes, withholding grants and curtailing work on critical projects after 6 months of stop-gap funding.

+ Britain is levying a new tax on oil companies’ profits from the North Sea in order to compensate for lowering the gas tax by 1¢ per litre.