Montreal Ducks Worst Of Recession

From The Montreal Gazette:

Montreal has had a good recession, at least compared with other big Canadian cities. New estimates from the Conference Board of Canada suggest that it's the only one of the country's three largest metropolitan areas to have avoided a significant slump over the past two years.

Even so, Montreal's economic output is forecast to fall by one per cent this year, wiping out nearly all of its 1.1- per-cent growth in 2008.

Read more ....

Shell Might Close Massive Montreal Refinery

The union says Shell is considering other options
including keeping the facility open or selling it.

From CTV:

Shell Canada confirms that it might close its sprawling east- end Montreal refinery to cut costs, a move that could put 500 people out of work.

The refinery, one of Shell's largest Canadian facilities, processes 130,000 barrels of crude oil per day.

Shell says the facility on Sherbrooke Street East is under review as part of a streamlining plan.

The union says the refinery provides about 25 per cent of all gas consumed in Quebec.

Read more ....

My Comment: Quebec has a version of a cap and trade program. It also levies high taxes on the refineries. My only surprise is that it took Shell this long to decide on why they should keep an operation going when it does not produce the revenues that you want.

Quebec Premier Draws Escape Plan From Economic Crisis

Photo: Quebec Premier Jean Charest delivers the throne speech on Tuesday, marking a new session at the national assembly. (Jacques Boissinot/Canadian Press)

From The CBC:

First speech of new session highlights jobs, education, new alliances

Quebec Premier Jean Charest introduced a strategy Tuesday that he says will help the province become one of the world leaders in pulling out of the current economic slowdown.

In his first address to the national assembly since the Liberals were elected with a majority in December, Charest said he will spare no effort to bolster and protect Quebec's economy as it slides deeper into a recession.

Investments in infrastructure and energy development will reach $13.9 billion this year, he said.

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Quebecers Try To Weather Economic Storm

Photo: Many people are feeling the effects of the downturn in the economy. Job-placement agencies have been seeing increasing numbers of Quebecers since November.

From CTV Montreal:

Maureen Leong, recently unemployed, is scanning the job bank, surfing the web and flipping through the newspapers.

She's also meeting with her career counselor in the hopes of landing a job, though it's not an easy task these days.

Leong has never been unemployed but the economy crashed down hard on her.

"I don't think I can retire probably 'til the day I die because of what happened," she told CTV's Rob Lurie.

After 30 years working as an operations manager, she was just starting to think about the golden years.

But in November, she received the bad news ...she was laid-off.

To make matter worse, she had lost half of her investment fund.

After two months of pounding the pavement Maureen has had some nibbles but so far no bites.

Read more ....

My Comment: I am self employed and semi-retired .... so I have so far been immune from the economic downturn. But when I look at my friends, it i obvious to me that it has been a long time since I have seen it this bad. People have no money, and their credit lines are now at the max .... while those who have money are being very careful on how they spend it.

Unemployment numbers are going up very quickly now .... but if the situation does not change by the end of this year .... we are all heading for trouble.

Layoffs Coming At Jet-Engine Maker Pratt & Whitney

Workers assemble a PW500 engine destined for a Cesna Citation at the Pratt & Whitney plant in Longueuil, Que., in December 2006. (Paul Chiasson/Canadian Press)

From The CBC:

Aircraft engine maker Pratt & Whitney Canada is poised to lay off as many as 1,000 employees worldwide in the coming months.

Employees were told on Wednesday that layoffs are on the horizon, company spokesperson Pierre Boisseau said.

The company employs 10,000 people around the world, including 7,000 people in Canada. Most of the company's workforce is in the province of Quebec.

"Given the current economic context, we are putting measures into place to reduce costs and to reduce our global workforce," Boisseau told CBC News.

Read more ....

Restaurant Serre Picasso Closes

Serre Picasso, a popular NDG restaurant, has closed. (Feb. 11, 2009)

From CTV:

A popular NDG restaurant open since 1979 has shut its doors.

Last Friday some employees arrived to find they could not start their shifts a Serre Picasso, a 24-hour greasy spoon.

"So I came into work and the door was locked. I didn't get my pay, I didn't get an explanation, I didn't even get my shoes," said Richard Malouf, a cook at the restaurant commonly known as Picasso's

Some of the 90 full-time employees have not been paid in two and a half weeks.

Hungry potential customers arriving Wednesday morning were surprised to find the restaurant shut. Recently, they were cooking up to 40,000 eggs a week.

Read more ....

My Comment: In my younger foolish days, I use to go to the Amazon strip bar next door with my buddies, and after a few beers we always went to have a snack at Picassos. As I grew older, I always brought my girlfriend for brunch or a late night snack.

I now rarely go to a restaurant, let alone Picassos .... but it is always sad to see a landmark close down.