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Global Markets: Bank of Canada to Announce New Interest Rate

WINNIPEG, March 6 (MarketsFarm News) – The following is a glance at the news moving markets in Canada and globally.

– The Bank of Canada will set a new interest rate on Wednesday, March 6. Investors speculate that the overnight rate will remain at 1.75 per cent, in light of the economic slowdown in the fourth quarter of 2018. Interest rates have increased five times since mid-2017.

– Meng Wanzhou, chief financial officer of Huawei Technologies, will return to British Columbia Supreme Court today. The U.S. Department of Justice has charged Wanzhou with 13 criminal counts of conspiracy, fraud, and obstruction of justice. Wanzhou and Huawei deny any wrongdoing. China has detained two Canadians on accusations of spying.

– China has halted imports of canola from Canadian grain company Richardson International due to fears of insect infestation. Foreign Ministry spokesman Lu Kang cited fears of “harmful organisms” in Canadian canola. Many speculate that this move is in retaliation to Meng Wanzhou’s arrest.

– Gerry Butts, former top advisor to Canadian Prime Minister Justin Trudeau, will testify today in regards to his involvement in the SNC-Lavalin scandal. Butts’ testimony will provide clarity on whether the Prime Minister’s Office tried to pressure former attorney general Jody Wilson Raybould to resolve corruption and fraud cases against SNC-Lavalin.

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