Global Trade To Decline 9% in 2009

The WTO sees a 9% global trade decline in 2009 as recession strikes. In a press release today, the WTO said:

“The collapse in global demand brought on by the biggest economic downturn in decades will drive exports down by roughly 9% in volume terms in 2009, the biggest such contraction since the Second World War, WTO economists forecast today (25 March 2009). “Trade can be a potent tool in lifting the world from these economic doldrums. In London G20 leaders will have a unique opportunity to unite in moving from pledges to action and refrain from any further protectionist measure which will render global recovery efforts less effective,” said Director-General Pascal Lamy.” (emphasis added)

For more details click here.

Also today, the Canadian oil producer and marketer, Petro-Canada (PCZ) was acquired by Suncor Energy Inc (SU) of Canada for US$15.5 billion. SU paid a premium of 25% for PCZ based on the 30-day weighted average of the share price. As a result, Petro-Canada shares jumped over 25 percent to close at $29.29. Petro-Canada gas stations are found all over Canada. More here.

Another Canadian oil marketer is Imperial Oil (IMO) which owns the Esso brand of gas stations.

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