Workers cut and polish diamonds at Sudbury factory
Each week, Report on Business editors choose five stories that shouldn't be missed. Here are the 'must reads' for the week of Oct. 12, 2009.
A pipeline so big it'll move the markets
The opening of a 3,456-kilometre TransCanada pipeline is set to boost demand for heavy oil, an added bonus for an industry already enjoying surging crude prices. It will take about three months to fill the Keystone line with oil, a process that could add enough demand to briefly strengthen prices for heavy oil, the thicker crude produced in and around the oil sands. Read the story
Copper's status: Like gold, but useful
The strong performance of copper is no longer just a bet on a pickup in industrial activity. Some investors are treating it more like silver, platinum or even gold, buying it as a hedge against currency fluctuations, potential inflation or even as a store of long-term value. It is increasingly being looked upon by some as a key part of a diversified portfolio that will hold its value as a hard asset rather than plunging as the economy contracts. Read the story
Tims breaks into Fort Knox
Tim Hortons has opened an outlet on a military base adjacent to Fort Knox, the famed bullion depository. The coffee shop by Fort Knox, which is home to 147.3 million ounces of gold, is the first for the Canadian chain on a U.S. military base. Tim Hortons, which made a splashy foray into the hotly competitive New York market this summer, now has more than 500 stores in the United States. Read the story
Skilled immigrants staff Sudbury gem plant
At a secret facility in Sudbury, 27 highly skilled workers cut and polish diamonds as part of Ontario's ambition to become a key link in the global diamond trade. All are from Vietnam. The operation was envisaged as a job creation initiative by the Ontario government, but diamond polishing and cutting is a specialized skill that isn't learned overnight. Read the story
Why death bonds are an issue of grave concern
A burgeoning class of financial products - 'death bonds' - has caught the eye of financial innovators at some of Wall Street's biggest banks, which are eager to find new ways to make money after the popping of the mortgage bubble. Known formally as life settlement securitizations, they are created by intermediaries that buy up life insurance policies, bundling them together and selling small slices to investors. They have caught the attention of U.S. lawmakers worried that Wall Street is preparing to repeat the same mistakes it made with subprime mortgages. Read the story