Thursday, November 15, 2012

Hockey Is Like The Sun

While most Americans are likely paying little attention to the NHL strike, our friends north of the border are feeling the pain. Canada's Goal: A Pro Hockey Settlement Before NHL Slams GDP:

Doug Porter, deputy chief economist at Canada's BMO Capital Markets, said earlier in the lockout that a canceled season would shave 0.1% off Canada's annual gross domestic product. Even if both sides settle, he said, a truncated 2012-13 NHL schedule could pare 0.05% from GDP.

Molson Coors Brewing Co. blamed the NHL dispute for a 5% drop in Canadian profits in its most recent quarter. Last week, Molson Chief Executive Peter Swinburn told a national news wire that the brewer, a big NHL sponsor, might seek compensation from the league. A Molson spokesperson confirmed the boss's comments but declined to elaborate.

With a regular season even longer than Canada's northern winters, "hockey is like the sun," driving beer sales up to near-summer levels, said Cam Heaps, co-founder of the Toronto-based microbrewery Steam Whistle Brewing Inc. "If there's a hockey game, people are drinking."

No hockey, no drinking, no sun. Tough days in Canada.