Global Markets: Finger pointing following Bombardier lay offs

By MarketsFarm

WINNIPEG, July 11 (MarketsFarm) – The following is a glance at the news moving markets in Canada and globally.

– There has been finger pointing between the Ontario and federal governments after Bombardier announced this week it will lay off half of its 1,100 employees at the company’s Thunder Bay commuter rail vehicle plant. The province claimed the feds haven’t contributed its share for a C$28.5 billion plan to expand transit. The feds accused the Ford government of not submitting a funding proposal.

– On the final day of the Council of the Federation conference in Saskatoon on Thursday, Canada’s premiers will discuss pipelines. Conference chair, Saskatchewan Premier Scott Moe, commented there will be disagreements as Alberta Premier Jason Kenney and Quebec Premier Francois Legault are on opposite sides of the issue. Kenney wants a new pipeline built as part of an energy corridor. Legault retorted there’s no “social acceptability” for pipelines.

– Tensions between the United Kingdom and Iran increased further following a July 10 incident in which three boats attempted to intercept the BP tanker British Heritage in the Strait of Hormuz. The Royal Navy frigate, HMS Montrose, was escorting the tanker and was placed between the tanker and the boats, allegedly belonging to Iran’s Islamic Revolution Guards Corps. A spokesperson for the corps denied there had been a confrontation. Last week the British seized the oil tanker Grace 1 in Gibraltar on the claim it was carrying Iranian crude bound for Syria, in violation of European Union sanctions.

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