Word: mulroney
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Casting about for a new challenge, Mulroney joined the Iron Ore Co. of Canada, a subsidiary of the U.S.-owned Hanna Mining Co. His main task was to bring labor peace to the strike-plagued firm and its 7,000 workers. Mulroney succeeded admirably, raising widows' pensions and distributing worker bonuses when the company broke the $100 million mark in earnings. Faced with the U.S. auto recession and declining demand for steel, Mulroney in 1982 shut down a company mine at Schefferville in northeastern Quebec. The closing put 285 miners out of work and turned Schefferville into a ghost...
Though some labor leaders castigated him for the decision, Mulroney avoided heavy political damage by offering handsome severance packages to the workers. In 1983 he again campaigned for the post of party leader, but this time he crisscrossed the country by commercial plane and wooed delegates over coffee. His chief rival for the job: Joe Clark. Having unseated Prime Minister Trudeau and the Liberals in the 1979 elections, Clark was in office only nine months before a parliamentary no-confidence vote brought down his rickety government and returned Trudeau to power. Crippled by his reputation as a has-been, Clark...
...outcome presented the Tories with a problem: their new party leader did not sit in the House of Commons. A Tory M.P. from Nova Scotia obligingly resigned, and Mulroney ran for the seat in a special by-election. Leaving nothing to chance, the rookie candidate moved his family into a three-bedroom log cabin in the contested district. Swapping his pinstripes for plaid sweaters, Mulroney beat his closest opponent by more than 2 to 1. Perhaps Trudeau, vacationing in Greece at the time, sensed what was to come. Remarked the Liberal leader upon hearing of Mulroney's election...
...Mulroney also has proposed measures to stimulate investment, a notion that should make U.S. firms happy. He is committed to revising the country's 1980 National Energy Program, a controversial act that allowed the government to claim a 25% stake retroactively in oil discoveries. The legislation infuriated U.S. oil companies, which have substantial holdings throughout Canada and off the Atlantic and Arctic coasts. Mulroney will also overhaul the Foreign Investment Review Agency, a 1974 Trudeau creation that monitors companies wishing to do business in Canada to ensure that their activities are in the country's interest. FlRA...
...Massachusetts Institute of Technology in the early 1950s, the two men enjoyed an excellent rapport that quickly trickled down through their respective bureaucracies. "We got energized knowing that our bosses were looking over our shoulders," says a U.S. diplomat. The meetings focused primarily on trade and economic issues; though Mulroney has not yet named MacEachen's successor, both U.S. and Canadian officials expect trade barriers to fall...