Global Markets: Japanese economy shrinks in first quarter

By Commodity News Service Canada

WINNIPEG, May 16 (CNS Canada) – The following is a glance at the news moving markets in Canada and globally.

– Venezuelan authorities have seized control of the Kellogg cereal factory in the country after the company announced it was shutting down operations due to “economic and social deterioration.” Venezuela’s president said the factory will be operated by employees.

– Japan’s economy shrunk for the first time in two years according to the latest economic data out of the country showing an annualized contraction of 0.6 per cent in the first quarter.

– Canadian Finance Minister Bill Morneau held a press conference Wednesday morning to highlight what the government intends to do to move forward with Kinder Morgan’s Trans Mountain Pipeline. With British Columbia’s provincial government opposed to the pipeline, Morneau said the federal government was willing to compensate Kinder Morgan for any delays.

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