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By JIM FOX
© St. Petersburg Times, published April 1, 2001
A looming multibillion-dollar trade war over lumber looms between Canada and the United States.
As the five-year-old softwood lumber agreement expires this weekend, a Canadian Parliamentary committee is urging Trade Minister Pierre Pettigrew to stand firm.
"Respect for the rules of international law, as embodied in the North American Free Trade Agreement and through the World Trade Organization, needs to be demonstrated by both countries," said Mac Harb, Liberal chairman of the committee on trade and trade disputes.
The agreement set quotas on Canada's exports to the U.S., worth $10-billion annually. It also appeased a powerful U.S. lumber lobby complaining Canada unfairly subsidizes its softwood industry, making it difficult to compete.
Lobbyists want the U.S. government to immediately slap millions of dollars in countervail duties and anti-dumping penalties on Canada's exports. Such a move would cost tens of thousands of jobs and lead to mill closures.
The Canadian industry favors free trade and Canada intends to exercise its rights under international pacts, Pettigrew said.
Moe Koffman, one of Canada's leading jazz musicians, died Wednesday of cancer in Toronto. He was 72. Koffman was best known for his catchy flute piece Swinging Shepherd Blues. He was also a talented saxophone player and clarinetist and a member of the Canadian Music Hall of Fame.
Bell ExpressVu satellite TV has dumped two U.S. adult sex channels, Extasy and True Blue, after company president David McLennan said the content exceeded Canadian standards. A CBC-TV news program said the available porn channels offer material not rated by any Canadian agency and include simulated rape, torture and degrading acts. The federal broadcast regulator is investigating.
Seven-year prison terms were given Friday to Ron and Loren Koval, both 51, of Toronto, for defrauding investors of nearly $90-million to prop up their failing private health facility, King's Health Center. The couple returned from hiding in Florida in December to confess to their crime.
Toronto-based high-tech giant Nortel Networks has issued another profit warning and plans to cut 5,000 more jobs from its global workforce due to a weaker U.S. market. The additional job losses will cut the company's workforce by 15,000 this year to 79,000 employees.
The Canadian dollar neared an all-time low Friday at 63.46 cents U.S. while the U.S dollar returned $1.5758 in Canadian funds before bank exchange fees.
The Bank of Canada's key interest rate remains 5.25 percent while the prime lending rate is 6.75 percent.
There was a rally Friday on the Toronto Stock Exchange as the 300 Index gained 171 points to 7,616 points while the Canadian Venture Exchange index was 2,957 points.
Lotto 6-49: (Wednesday) 12, 19, 32, 34, 39 and 43; bonus 35. (March 24) 1, 27, 31, 33, 35 and 47; bonus 41.
As the strike by Calgary transit workers ended its fifth week, private shuttle buses were hired by the city to shuttle commuters downtown. The 2,000 striking workers say they will fill the buses in protest. The strike affects about 300,000 daily commuters. The Amalgamated Transit Union wants binding arbitration to settle the pay dispute, but the city refuses.
A world-renowned diabetes program is to begin in Vancouver. The University of British Columbia and Vancouver General Hospital recruited Dr. Garth Warnock of the University of Alberta, the first physician to transplant insulin-producing cells into the liver of a diabetic. His move came after a $2.5-million donation from Irving Barber, a diabetic and head of Slocan Forest Products. The $30,000 treatment cost is covered by Canada's health system.
Newfoundland Premier Roger Grimes has resurrected the controversial idea of offering Canadian water for export. The province wants to siphon fresh water from Gisborne Lake in eastern Newfoundland to raise money for provincial programs, including the possibility of free tuition at universities and colleges. Grimes said he will fight a proposed Canadian law to prohibit bulk water exports.