WINNIPEG, March 4 (MarketsFarm News) – The following is a glance at the news moving markets in Canada and globally.
– Global stock shares rose on Monday as traders speculated on positive trade talks between the United States and China. U.S. President Donald Trump and Chinese President Xi Jinping could sign a formal trade deal as early as March 27 that may see the U.S. roll back tariffs on at least $200 billion of Chinese goods.
– Canada’s oil industry took another hit as reports of regulatory constraints delay Enbridge’s Line 3 expansion in Alberta. The construction is contingent on permits to build through Minnesota, which will not be granted until November 2019. Federal permits won’t be received until 60 days afterwards. The line will allow Canadian drillers to ship their crude product to refineries.
– Gerry Butts, former top adviser to Canadian Prime Minister Justin Trudeau, will testify before MP’s on Wednesday, March 6 in regards to his involvement in the SNC-Lavalin controversy.
– U.S. gold company Newmont Mining Corp. has rejected Canadian heavyweight Barrick Gold Corp.’s unsolicited bid for a hostile takeover. A merger between these companies would have produced the largest gold company in the world. Newmont Chief Executive Officer Gary Goldberg characterizes Barrick’s takeover offer as “desperate” and “bizarre.”