INDEPTH: BUSINESS YEAR IN REVIEW 2003
Overview
CBC News Online | December 19, 2003
From the big rise in the loonie to the plunge of Air Canada into bankruptcy protection, 2003 marked another year of dramatic turbulence in the world of business.
The Canadian dollar grabbed much of the attention over the past 12 months as it steadily soared from 64 cents US to top 77 cents. The year concluded with Bank of Canada governor David Dodge saying the central bank stood ready to chop interest rates if the high dollar started weighing too much on the economy.
The saga of Air Canada went from the runways to the courts as the airline filed for court-ordered protection from its creditors on April 1. The company's attempts to keep flying led to cutbacks, restructuring and a bitter fight between two investors vying for a big equity stake in the airline.
Canada - U.S. relations also went through another year of warmth and chills. The two countries battled it out over softwood lumber and wheat, while Canada's reluctance to get involved in the war in Iraq worried some business leaders who feared American retribution.
The Canadian economy faced a slew of shocks in 2003, including SARS, mad cow disease, a massive power blackout in Ontario, and forest fires and floods in British Columbia.
Early in the year, Finance Minister John Manley delivered his one-and-only budget. The year concluded with the elevation of Paul Martin to the role of prime minister, the appointment of Ralph Goodale as Manley's successor, and warnings that the fat surpluses of February had dwindled by year's end.
And no list of the year's biggest business stories would be complete without the saga of Conrad Black, who had to relinquish the chairmanship of his Hollinger media empire amid revelations of "unauthorized" payments to him and other senior execs.
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 2003 YEAR IN REVIEW |
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