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Global Markets: Canadian retail sales rebound

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

– After retail sales declined in early summer, Statistics Canada reported on Wednesday the value of receipts in Canada increased 2.1 per cent in August to C$57 billion. In July, sales went down 0.6 per cent. Retail sales are above pre-pandemic levels, but were below the record total seen in March.

– Financial regulators in Beijing have told China Evergrande Group to complete unfinished properties and repay individual investors while trying to avoid a default. The embattled developer has a US$83.5 million coupon due on Thursday, with a 30-day grace period to make the payment. Evergrande’s potential default has caused a ripple effect across the financial sector, endangering Chinese banks and threatening real estate projects worldwide.

– The corporate entities of SNC-Lavalin Inc. and SNC-Lavalin International, as well as two former senior executives have been charged with fraud and forgery, the RCMP announced on Thursday. The RCMP also announced the charges are in relation to “bribes paid in exchange for obtaining a contract.” In 2019, then-Attorney General Jody Wilson-Raybould resigned from the Liberal caucus after she claimed Prime Minister Justin Trudeau and other top Liberals tried to pressure her into not pursuing criminal charges.

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