Global Markets: Gold smuggling denying Africa its wealth

By MarketsFarm

WINNIPEG, April 24 (MarketsFarm) – The following is a glance at the news moving markets in Canada and globally.

– Billions of dollars of gold is being smuggled out of Africa, according to a report by Reuters. More than US$15 billion in gold was imported by the United Arab Emirates in 2016, nearly 10 times amount the Middle East country imported a decade before. The UAE is used as a conduit to global markets. Smugglers rely on artisanal mining in several African countries without the gold being taxed.

– Former United States Vice-President Joe Biden will announce his run for the Democratic presidential nomination on Thursday. Biden would be the frontrunner in a field that already has 19 contenders, according to a Reuters/Ipsos poll released on Wednesday. Biden garnered the support of 27 per cent of those polled, with Sen. Bernie Sanders in second at 15 per cent. Before serving two terms as Barak Ombama’s vice-president, Biden was a U.S. Senator for 36 years. He previously ran for the presidential nomination in 1988 and 2008.

– Flooding continues in parts of New Brunswick and Quebec. In Fredericton flooding passed last year’s record levels of 8.31 metres to 8.35 metres. New Brunswick officials said people who evacuated their homes last year will have to do again this year. In Quebec, flood levels are expected to crest in the Ottawa River basin on Thursday. More than 1,400 people in Quebec have been evacuated with about 2,900 homes flooded.

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