This module provides a concise summary of selected Canadian economic events, as well as international and financial market developments by calendar month. It is intended to provide contextual information only to support users of the economic data published by Statistics Canada. In identifying major events or developments, Statistics Canada is not suggesting that these have a material impact on the published economic data in a particular reference month.
All information presented here is obtained from publicly available news and information sources, and does not reflect any protected information provided to Statistics Canada by survey respondents.
COVID-19 timeline
- The Government of the Northwest Territories announced on November 30th it had extended the State of Emergency in the City of Yellowknife until December 13th. On December 14th, the State of Emergency was extended until December 22nd. On December 22nd, the State of Emergency was extended until January 5, 2022.
- The Government announced on December 7th it had extended the territory-wide Public Health Emergency until December 21st. On December 21st, the Government extended the Public Health Emergency until January 4, 2022.
- The Government of Nunavut announced on December 9th it had extended the public health emergency until December 23rd. On December 23rd, the Government extended the territory's public health emergency until January 6, 2022.
- The Government of Nova Scotia announced on December 10th it was renewing the state of emergency, effective December 12th, until December 26th. On December 24th, the state of emergency was renewed, effective December 26th, until January 9, 2022.
Selected COVID-19 responses
- On November 30th, the Government of Canada announced that in the coming days, all fully vaccinated travellers arriving by air from departure points other than the United States would be subject to arrival testing and that fully vaccinated travellers would be required to quarantine while they await the results of their arrival test.
- On December 7th, the Government announced it would propose regulations that make vaccination mandatory in federally regulated workplaces such as road transportation, telecommunications, and banking.
- On December 17th, the Government announced that in response to the risks and uncertainties presented by the spread of the Omicron variant in Canada and globally, it would:
- Lift the extraordinary measures for travellers returning from the ten specific countries initially listed, effective December 19th; and
- Reinstate the requirement for a pre-arrival negative PCR test result for all travellers leaving the country for less than 72 hours, and that as of December 21st the requirement for pre-arrival testing would be in place again for trips of all durations.
- On December 3rd, the Government of Nunavut announced the easing of public health measures in Coral Harbour and Pond Inlet and that effective immediately:
- There would be no limit to outdoor gatherings;
- Indoor gatherings in dwellings are limited to 15 people, plus household members;
- Indoor public gatherings are limited to 75% capacity;
- Libraries and galleries, gyms and fitness centres, and arenas are limited to 50% capacity;
- Restaurants and licensed establishments may open to 75% capacity.
- On December 24th, the Government announced it was moving to the strictest public health restrictions across the entire territory and that, effective immediately:
- Outdoor gatherings are limited to five people;
- Indoor public gatherings are not allowed;
- There may be up to five visitors in a home, for essential or emergency services;
- Libraries, galleries, theatres, fitness centres, swimming pools, and arenas are closed;
- All non-essential businesses and government offices are closed;
- Bars and licensed establishments are closed;
- Restaurants may open for takeout only;
- All personal services such as chiropractors, massage therapists, beauty salons, and hairdressers are closed; and
- Schools will remain closed until January 10.
- On December 29th, the Government announced that it would extend the lockdown until January 17, 2022.
- On December 2nd, the Government of Prince Edward Island announced that effective December 3rd until early January:
- Anyone arriving in PEI from an international destination must be tested at the point of entry on arrival and again on day 4.
- Children under the age of 12 will be unable to travel interprovincially for the purpose of participating in sports tournaments or arts and culture events.
- On December 14th, the Government announced that effective December 17th until early January the following temporary measures would be in place:
- Everyone travelling to PEI will be asked to wait for two hours for the result of their point of entry test, and that individuals arriving in PEI are strongly recommended to test on day 4 and to follow modified isolation during those first four days.
- The limit for personal gatherings is reduced to a maximum of 20 people, including those in your household.
- On December 17th, the Government announced the following measures would come into effect on December 18th until January 8, 2022:
- Personal gatherings are limited to 10 people plus household members;
- There is to be no dancing at any event and karaoke is not permitted;
- All indoor sport and recreational activities are paused for Island residents, regardless of age; and
- Employers are asked to support employees to work from home when possible.
- On December 21st, the Government announced that effective December 22nd travelers entering PEI who are fully vaccinated with a PEI pass will be required to isolate for four days while those who are unvaccinated or partially vaccinated will continue to be required to isolate for eight days with a negative test on arrival and again on day 8. The Government also said that food premises and licensed establishments will need to stop food and beverage service at approximately 11:00 p.m. and close by midnight each night.
- On December 23rd, the Government announced that effective December 24th until January 8, 2022, the following measures would be in effect:
- All organized gatherings such as theatres, concerts, etc. must operate with a maximum of 50 people and that venues may have up to 50% capacity; and
- Day camps will be limited to participant groups of 15 over the span of one day.
- The Government also said that schools across PEI would remain closed to students until at least January 10, 2022.
- On December 3rd, the Government of Yukon announced it was loosening some public health measures and that as of December 4th:
- Proof of vaccination will no longer be required to access personal services, such as hair salons, or for sport and recreation activities for those under the age of 19;
- Indoor, organized gatherings will no longer be limited to 25 individuals but will continue to be limited to 50% of the venue capacity;
- Outdoor gatherings will no longer be limited to 50 individuals; and
- Indoor personal gatherings will no longer be limited to two households.
- On December 3rd, the Government of New Brunswick announced its Winter Action Plan, which outlines measures for living with the COVID-19 virus. The Government said the plan consists of a three-level alert system, and that effective December 4th all areas of the province would be in Level 1, which is the least restrictive. The Government also said that changes in this level include:
- A requirement for masking outdoors when physical distancing cannot be maintained, and physical distancing in spaces that do not require proof of vaccination, such as retail stores, malls, salons, and spas; and
- A maximum of 20 people for informal indoor household gatherings, and 50 people for informal outdoor gatherings.
- On December 13th, the Government announced it was introducing further measures in response to the Omicron variant, including:
- Organized sport and all other organized activities for children under 12 are prohibited;
- Students in kindergarten through Grade 6 will begin their holiday break one week ahead of schedule; and
- Entertainment centres, including movie theatres, professional sporting events, casinos, etc., will be operating at 50% capacity.
- On December 21st, the Government announced the province would move into a revised version of Level 2 of the Winter Plan, and that effective December 28th:
- The current household plus Steady 20 is replaced with household plus Steady 10;
- Restaurants, retail stores, malls, businesses, gyms, salons and spas, and entertainment centres may continue to operate, but at 50% capacity;
- For public gatherings, venues cannot have events with more than 150 people or 50% capacity, whichever is less; and
- Unvaccinated people entering the province must isolate and be tested on day 10.
- On December 7th, the Government of Ontario announced it was extending its Worker Income Protection Benefit program, which provides paid sick days for reasons related to COVID-19, until July 31, 2022.
- Also on December 7th, the Government announced it was extending its pause on the lifting of capacity limits in remaining higher-risk settings where proof of vaccination is required, including in:
- Food or drink establishments with dance facilities such as night clubs and wedding receptions in meeting/event spaces where there is dancing;
- Strip clubs; and
- Sex clubs and bathhouses.
- On December 10th, the Government announced that to help limit the spread of COVID-19 and the Omicron variant, it was adjusting its COVID-19 response and that this included:
- Delaying the lifting of proof of vaccination requirements beyond January 17, 2022;
- Effective December 20th requiring proof of vaccination for youth aged 12 to 17 years participating in organized sports at recreational facilities;
- Strongly advising Ontarians to limit their social gatherings over the holiday season; and
- Employers in all industries should make every effort to allow employees to work from home.
- On December 15th, the Government announced that effective December 18th the province would introduce a 50% capacity limit to the following venues with a usual capacity of 1,000 or more:
- Facilities used for sports and recreational fitness activities;
- Entertainment facilities such as concert venues, theatres, and cinemas;
- Meeting and event spaces;
- Museums, galleries, and similar attractions; and
- Casinos, bingo halls, and other gaming establishments.
- On December 17th, the Government announced it was applying additional public health and workplace safety measures, including introducing a 50% capacity limit in the following indoor public settings effective December 19th:
- Restaurants, bars, and other food or drink establishments and strip clubs;
- Personal care services;
- Personal physical fitness trainers;
- Retailers, including grocery stores and pharmacies;
- Shopping malls;
- Non-spectator areas of facilities used for sports and recreational fitness activities (e.g. gyms);
- Indoor and outdoor recreational amenities; and
- Tour and guide services.
- The Government also said that the following additional protective measures were being applied effective December 19th:
- Bars and restaurants, meeting and event spaces, and strip clubs will be required to close by 11 p.m.;
- Food and/or drink services will be prohibited at sporting events; concert venues, theatres, and cinemas; and casinos, bingo halls and other gaming establishments;
- The sale of alcohol will be restricted after 10 p.m. and consumption of alcohol in businesses or settings after 11 p.m.; and
- Social gathering limits reduced to 10 people indoors and 25 people outdoors.
- On December 13th, the Government of Nova Scotia announced that effective December 14th:
- Indoor and outdoor informal gatherings are limited to 20 people from the same household or consistent social group;
- Gathering limits of 50% capacity to a maximum of 150 people indoors and 250 outdoors apply to social gatherings, special events, meetings, training, festivals, and audiences for sports events and arts and culture events (like performances and movie theatres);
- A limit of 60 participants indoors and outdoors applies to sports practices, games, and regular league play; tournaments are not allowed; and
- A limit of 60 participants indoors and outdoors applies to professional and amateur arts and culture rehearsals and performances; competitions are not allowed.
- On December 21st, the Government announced that effective December 22nd until January 12, 2022, the following restrictions would be in place:
- Indoor and outdoor informal gatherings, typically at home, are limited to 10 people from the same household;
- There are no in-person events such as festivals, social events, special events (including receptions), sports games or tournaments, or arts and culture performances;
- A limit of 10 participants indoors and 25 outdoors applies to sports practices and training;
- A limit of 10 participants indoors and 25 outdoors applies to professional and amateur arts and culture rehearsals and virtual performances;
- Children ages 11 and younger continue to be restricted from participating in sports and arts and culture events outside the province;
- Gathering limits of 25% of capacity indoors and outdoors apply to movie theatres, meetings and training that are hosted by a recognized business or organization, including faith organizations;
- Places like retail businesses, malls, museums, libraries, and recreation and leisure businesses and organizations can operate at 50% capacity;
- Fitness and recreation facilities can operate at 50% capacity; and
- Food establishments and liquor-licensed establishments can operate at 50% capacity; dine-in service must end at 11 p.m. and close by midnight.
- On December 28th, the Government announced that the holiday break for students would be extended with students returning to class on January 10, 2022.
- On December 13th, the Government of Manitoba announced it was extending the Manitoba Pandemic Paid Sick Leave Program until March 31, 2022.
- On December 17th, the Government announced it was taking additional steps to help curb the spread of the virus, and that effective December 21st until January 11, 2022:
- Private indoor gatherings are limited to 10 additional people plus the household if all are fully vaccinated;
- Private indoor gatherings are limited to five additional people plus the household if any of the individuals are eligible but unvaccinated;
- Indoor and outdoor sporting and recreation capacity is reduced to 50% for spectators and no tournaments will be permitted;
- Large group gatherings will be limited to 50% capacity with proof of immunization;
- Gyms, movie theatres, museums, and libraries are limited to 50% capacity with proof of immunization required everywhere except libraries; and
- Restaurants and licensed premises are limited to 50% capacity and proof of immunization required.
- On December 22nd, the Government announced it would delay the return to school for students following the winter break to January 10, 2022. The Government also announced it was introducing the Sector Support Program to provide up to $22 million in further support for businesses affected by the most recent COVID-19 public health orders.
- On December 27th, the Government of Manitoba announced it was updating public health orders and that additional restrictions mean gatherings must not exceed 50% of the usual capacity of the space, or 250 people, whichever is less, including:
- indoor and outdoor public gatherings;
- restaurants, licensed premises, food courts, and socials;
- movie theatre and concert halls;
- performing arts venues and outdoor ticketed performing arts events;
- museums and art galleries;
- outdoor and indoor sporting and recreational facilities including dance schools and martial arts studios;
- gyms, fitness centres, and yoga studios;
- indoor and outdoor ticketed sporting events; and
- indoor recreational businesses.
- On December 14th, the Government of Quebec announced that the plan for the gradual return to workplaces for public service personnel is immediately put on hold, and that full-time teleworking will apply for relevant civil service personnel until recommended otherwise.
- On December 16th, the Government announced that the following measures would be implemented effective December 20th:
- Private gatherings indoors should be limited to the current maximum of 10 people;
- The start of the current school year for secondary, college, university, and vocational training has been postponed to January 10,2022 in all regions of Quebec;
- 50% capacity in stores and shopping centers;
- 50% capacity and vaccination passport required for essential public activities, such as assemblies and meetings;
- 50% capacity limit for public events at performance halls and dinner shows, such as cinemas;
- 50% capacity at restaurants and bars and no dancing or karaoke;
- 50% capacity in gyms; and
- Vaccination passports required in spas (except for personal care) and limit of 50% capacity.
- On December 20th, the Government announced that effective immediately:
- Teleworking is compulsory;
- The start of the current school year is also postponed to January 10, 2022 for primary schools;
- Complete closure of bars, taverns and casinos;
- Restaurants remain open, but dining room hours are limited between 5 a.m. and 10 p.m.;
- Closure of cinemas, performance halls, cancellation of dinner shows;
- Suspension of public events and indoor activities;
- Sport and leisure extracurricular activities canceled;
- Closure of gyms; and
- Closure of spas and saunas, with the exception of personal care.
- On December 22nd, the Government announced that effective December 26th gatherings will be allowed up to a maximum of six people in private homes, tourist accommodation units, and rented rooms.
- On December 17th, the Government of British Columbia announced it was issuing revised orders, effective December 20th until January 31, 2022, including:
- Limiting indoor, personal gatherings to the household/residents plus 10 individuals, or one additional household maximum if all are aged 12 and older and are fully vaccinated;
- Requiring the BC Vaccine Card for organized events of all sizes;
- Limiting venues of 1,000 individuals or more to 50% of the seated capacity with reinforced masking requirements;
- Pausing all sports tournaments; and
- All New Year's Eve organized gatherings and events will be restricted to being seated-only events, with no mingling or dancing allowed.
- On December 21st, the Government announced it was implementing additional measures, effective December 23rd until January 18, 2022, including:
- No organized indoor social events and gatherings of any size;
- Concerts, sports games, and theatres reduced to 50% seated capacity;
- Closing gyms, fitness centres, and dance studios; and
- Closing bars and nightclubs.
- On December 23rd, the Government announced that businesses that were mandated to temporarily shut down through public health orders because of surging COVID-19 cases will be eligible to receive a new one-time relief grant of up to $10,000 and that the COVID-19 Closure Relief Grant would supplement federal support programs.
- On December 17th, the Government of Newfoundland and Labrador announced that effective December 20th:
- Spectators and attendees at fitness facilities, arenas, performance spaces, cinemas, and bingo halls are limited to 50% capacity;
- Bars and lounges are limited to 50% capacity;
- Restaurants are limited to 75% capacity; and
- Employees are encouraged to work from home where possible.
- The Government also said that effective December 18th, out-of-region individual and group travel for amateur sport, arts and recreation activities, such as competitions and training camps, is not permitted and that tournaments are also not permitted.
- On December 20th, the Government announced that the communities of Badger, Gander, Grand Falls-Windsor and Twillingate had moved into Alert Level 3 and that the remainder of the province had moved to Alert Level 2, with the following restrictions:
- Spectators and attendees at fitness facilities, arenas, performance spaces, cinemas, and bingo halls are limited to 50% venue capacity;
- Bars and lounges are limited to 50% capacity;
- Restaurants are limited to 75% capacity;
- Out-of-region individual and group travel for amateur sport, arts and recreation activities, such as competitions and training camps, is not permitted; and
- Tournaments are also not permitted.
- The Government also said that all fully vaccinated travellers arriving in Newfoundland and Labrador after 3:00 p.m. on December 21st would need to isolate for five days upon arrival.
- On December 22nd, the Government announced that effective December 23rd until January 10, 2022, all of Newfoundland and Labrador would move to Alert Level 3, with the following restrictions:
- Performance spaces, cinemas and bingo halls are closed;
- Fitness facilities, swimming pools, arenas, and dance studios are permitted to open, with a maximum capacity of 50% per room or ice surface;
- Restaurants are open at 50% capacity;
- Bars and lounges are closed;
- Amateur sport and recreation activities are limited to team practice and training only; competition and training with other teams is not permitted;
- Informal gatherings such as those in the home are limited to your household's Steady 20.
- On December 29th, the Government announced that school classes will start on January 4, 2022, as scheduled, but in an online learning, virtual format.
- On December 21st, the Government of Alberta announced new mandatory public health measures, effective December 24th, including:
- For venues in the Restrictions Exemption Program there will be a 50% capacity limit at venues that seat more than 1,000 people and for venues with capacity of between 500 and 1,000 occupants the limit is 500 people; and
- Restaurants, pubs, and bars must stop liquor service at 11 p.m. and close at 12:30 a.m.
British Columbia Flooding
- On November 29th, the Government of British Columbia announced it was extending the provincial state of emergency and the temporary measure to prioritize fuel for essential vehicles until December 14th. On December 13th, the Government extended the state of emergency until December 28th. The state of emergency was extended until January 11, 2022.
- Vancouver-based West Fraser Timber Co. Ltd. announced on November 30th that following the weather event that led to road and rail closures, its western Canadian lumber weekly shipments had declined by approximately 25% to 30%. The company said that as a result, it had reduced operating schedules at multiple western Canadian locations and would continue to make such adjustments as necessary in order to manage inventory levels, raw material supplies, and its integrated fibre supply chain.
- On December 6th, Calgary-based Trans Mountain announced that the Trans Mountain Pipeline returned to service on December 5th, three weeks after a precautionary shut down as a result of heavy rains and flooding in British Columbia. Trans Mountain said that since re-starting, the pipeline has been operating at a reduced pressure.
- On December 14th, Calgary-based Parkland Corporation announced it had begun to ramp-up processing operations at the Burnaby Refinery on December 11th.
Resources
- Calgary-based Suncor Energy Inc. announced a 2022 capital program of $4.7 billion, 6% or $300 million below the previously announced planned capital program ceiling. Suncor said the program is largely focussed on sustaining capital ($3.2 billion to $3.4 billion) which addresses planned maintenance and tailings optimizations, with the remaining allocated towards the $2.1 billion free funds flow growth initiatives, including the Base Plant Cogeneration and Forty Mile power project, Terra Nova Asset Life Extension, and In Situ well pads.
- Calgary-based Cenovus Energy Inc. announced its 2022 capital spending guidance of $2.6 billion to $3.0 billion. Cenovus said the spending includes growth capital of $200 million to $250 million for the completion of the Superior Refinery rebuild, as well as capital in the range of $100 million to $150 million to complete the Terra Nova project and Spruce Lake North thermal project, both of which are expected to start up in the fourth quarter of 2022.
- Calgary-based Imperial Oil Limited announced its 2022 capital spending is forecast at $1.4 billion and includes the ramp-up of the in-pit tailings project at the Kearl oil sands facility, completion and commissioning of the Sarnia products pipeline in southern Ontario, as well as on-going investment in Kearl's autonomous fleet and the application of solvent technologies at Cold Lake.
- Texas-based Cresta Fund Management announced it had acquired a controlling interest in the North Atlantic Refining Ltd. (NARL) refinery located in Come By Chance, Newfoundland and Labrador, re-naming it as Braya Renewable Fuels. Cresta said the Braya will convert the warm-idled refinery into renewable diesel and sustainable aviation fuel service with initial production capacity of 14,000 barrels per day and a planned in-service date of mid-2022.
- Calgary-based Enbridge Inc. announced it had sanctioned $1.1 billion of new capital projects, including expansion of the Valley Crossing Pipeline to serve the proposed Texas LNG export facility in Brownsville, Texas; the Dawn-to-Corunna expansion of the Dawn to Parkway system; investment in six new solar self-powered facilities across the liquids and natural gas pipelines; and the floating offshore wind project off the southern coast of France.
- Toronto-based Kinross Gold Corporation announced it had entered into a definitive agreement with Great Bear Resources Ltd. of Vancouver to acquire all of the issued and outstanding shares of Great Bear for approximately $1.8 billion. Kinross said the transaction is expected to be completed in the first quarter of 2022, subject to shareholder and regulatory approvals and the satisfaction of customary closing conditions.
Finance and Insurance
- The Office of the Superintendent of Financial Institutions (OSFI) confirmed that the minimum qualifying rate for uninsured mortgages will remain the greater of the mortgage contract rate plus 2% or 5.25%.
- Montreal-based BMO Financial Group announced the signing of a definitive agreement with BNP Paribas to acquire Bank of the West of California for a cash purchase price of USD $16.3 billion. BMO said the transaction is expected to close by the end of 2022, subject to customary closing conditions, including regulatory approvals.
Other news
- The Government of Canada on December 14th released its Economic and Fiscal Update 2021, which included investments to fight COVID-19, to protect workers in the event of a possible resurgence in the virus, to reduce immigration processing backlogs, and to relieve supply chain congestion in Canada. The Government forecasts a $144.5 billion deficit in 2021-22 and real GDP growth of 4.6% in 2021 and 4.2% in 2022.
- The Government of Canada announced that the federal minimum wage of $15 per hour would come into effect on December 29th and that the changes would affect workers in the federally regulated private sector.
- The Government of Canada and the Bank of Canada announced on December 13th that they had agreed that the inflation target will continue to be the 2% mid-point of the 1% to 3% inflation control range and that the Bank will actively seek the maximum sustainable level of employment when conditions warrant.
- The Bank of Canada announced it held its target for the overnight rate at the effective lower bound of 0.25%. The target for the overnight rate was reduced by 150 basis points during March 2020.
- The Government of Saskatchewan on November 29th released its 2021-22 Mid-Year Report. The Government forecasts a $2.7 billion deficit in 2021-22 and real GDP growth of 3.6% in 2021 and 3.8% in 2022.
- The Government of Alberta on November 30th released its 2021-22 Mid-year Fiscal Update and Economic Statement. The Government forecasts a $5.8 billion deficit in 2021-22 and real GDP growth of 6.1% in 2021 and 5.1% in 2022.
- Toronto-based Dye & Durham Limited, a provider of cloud-based software and technology solutions, announced it had entered into an agreement to acquire Link Administration Holdings Limited of Australia for cash consideration of approximately $3.2 billion.
United States and other international news
- On December 2nd, the Government of the United States announced new actions to protect Americans against the Delta and Omicron variants, including tightening pre-departure testing protocols by requiring all inbound international travelers to test within one day of departure globally, regardless of nationality or vaccination status.
- On December 12th, United States President Joseph R. Biden, Jr. declared that a major disaster exists in the Commonwealth of Kentucky and ordered Federal aid to supplement Commonwealth and local recovery efforts in the areas affected by severe storms, straight-line winds, flooding, and tornadoes beginning on December 10, 2021, and continuing.
- The U.S. Federal Open Market Committee (FOMC) decided to keep the target range for the federal funds rate at 0.00% to 0.25%. The last change in the target range was a 100 basis points decrease announced in March 2020. The FOMC also said that the Committee decided to reduce the monthly pace of its net asset purchases by $20 billion for Treasury securities and $10 billion for agency mortgage-backed securities.
- The Bank of England's Monetary Policy Committee (MPC) voted to increase the Bank Rate by 15 basis points to 0.25%. The last change in the Bank Rate was a 65 basis points reduction in March 2020. The MPC also voted to maintain the stock of sterling non-financial investment-grade corporate bond purchases at £20 billion, and to continue with the existing programme of U.K. government bond purchases, maintaining the target for the stock of these government bond purchases at £875 billion.
- The European Central Bank (ECB) announced (i) the interest rates on the main refinancing operations, the marginal lending facility, and the deposit facility will remain unchanged at 0.00%, 0.25% and -0.50%, respectively; (ii) net purchases under the asset purchase programme (APP) will continue at a monthly pace of €40 billion in the second quarter and €30 billion in the fourth quarter, and from October 2022 onwards at a monthly pace of €20 billion; and (iii) in the first quarter of 2022, the Governing Council expects to conduct net asset purchases under the pandemic emergency purchase programme (PEPP) at a lower pace than in the previous quarter and will discontinue net asset purchases under the PEPP at the end of March 2022.
- The Bank of Japan (BoJ) announced it will apply a negative interest rate of -0.1% to the Policy-Rate Balances in current accounts held by financial institutions at the BoJ and that it will purchase a necessary amount of Japanese government bonds (JGBs) without setting an upper limit so that 10-year JGB yields will remain at around zero percent.
- The Reserve Bank of Australia (RBA) maintained the target for the cash rate at 0.10%. The last change in the target for the cash rate was a 15 basis points reduction in November 2020. The RBA also said it would continue to purchase government securities at the rate of AUD $4 billion a week until at least mid-February 2022.
- The Monetary Policy and Financial Stability Committee of Norway's Norges Bank decided to raise the policy rate from 0.25% to 0.50%. The last change in the policy rate was a 25 basis points increase in September 2021.
- OPEC and non-OPEC members announced they had decided to adjust upward the monthly overall production by 0.4 mb/d for the month of January 2022.
- Texas-based Oracle Corporation and Cerner Corporation of Missouri announced an agreement for Oracle to acquire Cerner for approximately USD $28.3 billion in equity value. The companies said the transaction is expected to close in 2022, subject to certain shareholder and regulatory approvals and other closing conditions.
Financial market news
- West Texas Intermediate crude oil closed at USD $75.21 per barrel on December 31st, up from a closing value of USD $66.18 at the end of November. Western Canadian Select crude oil traded in the USD $47 to $61 per barrel range throughout December. The Canadian dollar closed at 78.88 cents U.S. on December 31st, up from 78.17 cents U.S. at the end of November. The S&P/TSX composite index closed at 21,222.84 on December 31st, up from 20,659.99 at the end of November.