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Global markets: Leaked papers show tax-evasion

By Commodity News Service Canada

WINNIPEG, April 4 – The following is a glance at the news moving markets globally.

PANAMA PAPERS SHOW TAX EVASION, MONEY LAUNDERING
Eleven million documents have been leaked from Panamanian law firm Mossack Fonseca, according to reports on Monday. The documents show how the firm helped international clients with money laundering and tax-evasion.

Included in what has been dubbed the ‘Panama Papers’ are 12 current or former heads of state and at least 60 people linked with past or present world leaders.

Canada-based Toronto Star and CBC have been working with other international newspapers through the International Consortium of Investigative Journalists, and have looked through the data, according to reports.

The Toronto Star alleges that 350 Canadians are involved with the company, but no one has been accused or charged with involvement.

COMMODITY PRICES BOOST GREENBACK
The US dollar strengthened off of a five-and-a-half month low on Monday, as falling crude and oil prices pushed commodity-linked currencies lower.

CANADIAN LUMBER PRODUCTION UP
Lumber production by sawmills increased 4.2 per cent from December to 5,526.7 thousand cubic metres in January. Compared with January 2015, lumber production rose 14.0 per cent, Statistics Canada said in a report on Monday.

Sawmills shipped 5,304.6 thousand cubic metres of lumber in January, up 1.1 per cent from December. Shipments rose 16.8 per cent compared with January 2015.

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