SUNDAY, SEPT. 10 OPEC quota boosted The 11-member Organization of Petroleum Exporting Countries agreed to boost its production -- but only by about 3 per cent, an amount unlikely to stop soaring prices. The production-quota increase of 800,000 barrels a day was reached before a formal meeting of OPEC ministers, and came as protests over high pump prices wound down in France but spread to neighbouring European countries. MONDAY, SEPT. 11 Beddoe back in cockpit WestJet Airlines Ltd. founder Clive Beddoe took back the controls at the discount carrier following the resignation of chief executive officer Stephen Smith, a development Mr. Beddoe attributed to a clash in management styles between Mr. Smith and the rest of the company. OPEC blames oil taxes OPEC leaders blamed the tax policies of Western governments for what they called a looming energy crisis as the cartel's formal decision to raise oil production failed to slow the surging price of crude. TUESDAY, SEPT. 12 Holt's quits e-tailing Holt Renfrew & Co. Ltd. shelved its e-commerce venture after a nine-month test, opting instead to tap into its Web site solely as a marketing tool. Andrew Jennings, president of the upscale retailer, said on-line shopping "wasn't worth it," prompting Holt's to redesign its Internet site this month to simply pitch the brand and products. Laidlaw vultures gather Investment industry sources said vulture funds had begun circling Laidlaw Inc., scooping up its loans as the troubled transportation company attempts to restructure debts totalling $3.5-billion (U.S.). Canada's major banks are owed $854.4-million (U.S.) by Laidlaw, according to company documents filed with U.S. regulators. But it was unclear whether any have bailed out of Laidlaw by selling their loans in the distressed debt markets. WEDNESDAY, SEPT. 13 Péladeau the cable guy Pierre Karl Péladeau joined the upper ranks of Canada's new multimedia barons as Quebecor Inc. sealed its $4.9-billion acquisition of cable giant Groupe Vidéotron Ltée, shutting Rogers Communications Inc. out of Quebec. But even in victory, Quebecor's chief executive officer extended an olive branch to erstwhile rival Ted Rogers by offering to partner up with him some time in the future. Rogers walks away with a kill fee of $241-million from the breakup of the agreement. Chase, Morgan merged Chase Manhattan Corp.'s acquisition of J.P. Morgan & Co. Inc. in a blockbuster $36-billion (U.S.) deal left everyone wondering who will be snapped up next in the global financial services consolidation. Smart money is on Lehman Brothers Inc. and Bear Stearns Cos. Inc., two of Wall Street's last remaining mid-sized investment banks.
The $207-a-share Chase-Morgan stock deal unites two of the oldest U.S. banks in a new company to be called J.P. Morgan Chase & Co. THURSDAY, SEPT. 14 Bank sets new policy Bank of Canada Governor Gordon Thiessen said the central bank is changing the way it sets interest rates.
Currently, the Bank of Canada rate, which affects all other rates from mortgages and consumer loans to business borrowing charges, is adjusted whenever Mr. Thiessen sees fit. The bank will now use a series of regularly scheduled policy meetings to determine interest rates in the future. August inflation dips Canada's inflation rate dipped unexpectedly last month, a decline that analysts described as a brief lull before rising oil prices push it higher yet again. Aside from energy and food, however, the so-called core inflation rate -- the one the Bank of Canada monitors most closely -- remained rock steady at 1.5 per cent, roughly where it has been for more than a year. The overall consumer price index for August was up 2.5 per cent from a year earlier, Statistics Canada reported.