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Macleans

Exxon and Mobil to Merge

This article was originally published in Maclean’s magazine on December 14, 1998. Partner content is not updated.

On a chilly spring day in 1911, the decision reverberated through the executive offices of the Standard Oil Trust like a thunderclap: the world’s biggest oil company was to be broken into 34 corporate pieces by order of the U.S. government. Upon hearing this, John D.

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Cod Moratorium of 1992

On 2 July 1992, the federal government banned cod fishing along Canada’s east coast. This moratorium ended nearly five centuries of cod fishing in Newfoundland and Labrador. Cod had played a central role in the province’s economy and culture.

The aim of the policy was to help restore cod stocks that had been depleted due to overfishing. Today, the cod population remains too low to support a full-scale fishery. For this reason, the ban is still largely in place.

Click here for definitions of key terms used in this article.

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Banking in Canada

Banking is a financial process carried out by an institution that accepts deposits, lends money and transfers funds. Canada's major banks play a vital role in the economy and today also engage in the insurance, trust and securities markets. Their business, the technology surrounding it and the regulations that govern it, have evolved continuously over the centuries.

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Dairy Farming

About 60% of the milk produced is processed into butter, cheese and skim milk powder; the remainder is consumed in liquid form.

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Gasoline Stations

Motor vehicle registration figures appear for the first time in The Canada Year Book for 1916-17. It was in this year that the Year Book accorded motor vehicles a new status as the most important means of transportation in Canada.

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Fur Farming

Starting in the late 1880s a new industry developed in Canada, as animals of various species began to be bred in captivity for their fur. Foxes were first farmed on Prince Edward Island. In 1913, the Island counted 277 fox farms and by 1923, there were 448.

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Maple Syrup Industry

Canada is the world’s leading producer and exporter of maple products, accounting for 71 per cent of the global market. In 2016, Canadian producers exported 45 million kg of maple products, with a value of $381 million. The province of Québec is by far the largest producer, representing 92 per cent of Canadian production. Maple syrup and maple sugar products are made by boiling down the sap of maple trees. World production of maple syrup and sugar is mainly limited to the Maple Belt, the hardwood forest stretching from the midwestern United States through Ontario, Québec and New England and into New Brunswick, Nova Scotia and Prince Edward Island; however, British Columbia, Manitoba and Saskatchewan also produce some syrup.

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Enbridge

Enbridge is a Canadian-based multinational corporation that generates, transports and distributes energy. It also has growing investments in wind, solar and geothermal energy generation. It owns and operates the world’s longest pipeline network, which transports 28 per cent of North America’s crude oil. It is North America’s leader in gathering, processing, transporting and distributing natural gas, with about 3.6 million customers in Canada and New York state. Enbridge’s headquarters is in Calgary, Alberta, and the company employs approximately 16,000 people. In 2016, it boasted revenue of $34.5 billion, $85.8 billion in assets and 2.1 billion in profits. Enbridge is a public company that trades on the Toronto Stock Exchange and New York Stock Exchange under the symbol ENB.

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Roots Canada

Roots Corporation (better known as Roots or Roots Canada) is a publicly traded retail clothing business. It was co-founded by fashion designers and businessmen Michael Budman and Don Green, both from Detroit, Michigan. Budman and Green first met in 1962, when they were attending Camp Tamakwa in Ontario’s Algonquin Park. Following their graduation from Michigan State University, Budman moved to Canada in 1969 and Green followed a few years later in 1972. In 1973, Budman and Green began production of their version of the “negative heel” shoe — the first product sold under the Roots brand. That same year, on 15 August, the duo opened their first store in Toronto. Inspired by their early years at Algonquin Park, Budman and Green quickly made Roots, with its beaver logo and cottage feel, an iconic Canadian brand. In 2015, Budman and Green sold a majority stake to Searchlight Capital Partners, though the founders remain prominent shareholders. In October 2017, Roots made its initial public offering (IPO) in Canada, trading on the Toronto Stock Exchange under the symbol ROOT.

Macleans

Seagrams Buys MCA

Last week, as investors tried to get used to the idea of Seagram Co. Ltd. as a show-biz giant, America’s newest movie mogul was in California. Edgar Bronfman Jr. was visiting the institution that redefined his company: the huge entertainment conglomerate MCA Inc.

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Manufacturing in Canada

Manufacturing is a critical component of Canada’s economy. The production, sale and distribution of finished products contribute to consumer and labour markets, and secure Canada’s position as an economic leader among developed nations. Major, medium-sized and small manufacturers produce goods used by Canadians and contribute to the revenue gained from the export of goods to other countries. Since the early 2000s, the manufacturing sector in Canada has declined significantly in response to changes in the global economy and fewer regulatory controls over Canadian products (see Free Trade; Globalization). The composition and structure of the Canadian manufacturing industry is transitioning in response to these changes, aiming to produce new goods that are in greater demand.

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Meat-Processing Industry

Canada's slaughtering and meat-processing sector comprises livestock slaughter and carcass dressing, secondary processors that manufacture and package meat products for retail sale, and purveyors that prepare portion-ready cuts for hotel, restaurant and institutional food service.