Global Markets: C$18 billion spent on fossil fuel subsidies: Environmental Defence

WINNIPEG – The following is a glance at the news moving markets in Canada and globally.

– A report from Environmental Defence claims Canada’s federal government spent more than C$18 billion on subsidies towards the country’s oil and gas sector last year despite a promise by the government to shift away from fossil fuels. Some of the funds made their way to oil and gas companies through the pandemic wage subsidy, the Royal Canadian Mounted Police and even emissions reduction programs, according to the group. However, the government itself reported it had spent only C$1.9 billion on fossil fuel subsidies in 2020.

– United States President Joe Biden will announce today he will issue an executive order banning American financial institutions from purchasing ruble-denominated Russian sovereign bonds in the primary market starting June 14. The order will also blacklist 30 entities and expel 10 Russian officials from the U.S. The order is one of many actions by the U.S. government to punish Russia for election interference, cyber-hacking, the use of chemical weapons and offering bounties to the Taliban to kill U.S. soldiers.

– The Canadian Radio and Telecommunications Commission (CRTC) will rule later today on whether it should be less expensive for smaller wireless companies to connect to the three major wireless networks (Rogers, Bell, Telus) on a wholesale basis. The three telecom giants argue prices should be high enough in order to invest in expanding and improving their own mobile networks.

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