Smallish firms outperform rivals during slump: CIBC
CIBC says small is better for Canadian businesses coping with turbulent economic times.
A report from the bank says small and medium-sized firms appear to have survived the recession much better than their larger rivals, with relatively few bankruptcies or staff layoffs. As well, the bank says smallish firms are well-positioned to take advantage of the recovery.
The bank says that’s because smaller firms are geared more toward selling their products and services to domestic consumers, who are in a stronger financial position than their U.S. counterparts. The CIBC report notes that in the 12 months ending last March, which included the worst of the recession, the number of small and medium-sized firms in Canada actually rose.
Enbridge plans Gulf of Mexico pipeline
Enbridge Inc. (TSX:ENB) and several international partners, including Chevron USA Inc., intend to build a US$250-million oil pipeline from the proposed Big Foot deep-water development in the Gulf of Mexico. Calgary-based pipeline company said the proposed line to carry crude from the ultra deep-water development, 270 km south of Louisiana, will complement a previously announced Enbridge natural gas gathering system. Combined with the Walker Ridge gathering system project for Chevron’s Jack, St. Malo and Big Foot fields, the total investment for Enbridge is estimated at US$750 million.