Global Markets: Shell accused of corruption by Italian court

By Commodity News Service Canada
WINNIPEG, Dec. 21 (CNS Canada) – The following is a glance at the news moving markets in Canada and globally.

– The U.S. Department of Commerce has lowered its duties against imports of Bombardier’s C Series commercial jet. The department’s new penalty is 292 per cent, down from 299 percent. The duty was prompted after complaints from Boeing that Bombardier’s plane was subsidized by the Canadian government. Bombardier disputes this and Canadian politicians have argued Boeing just wants to rid itself of the competition.

– Two of the world’s biggest oil companies have been accused of corruption. Royal Dutch Shell and Italian energy giant Eni, will go before a court on March 5 in Italy. The charges stem from the two companies’ acquisition of an offshore site in the ocean near Nigeria. The US$1.3 billion purchase was made in 2011.

– A massive recall of baby milk from a company in France is growing at an alarming rate. The recall now affects more than 30 countries due to fears over salmonella. The company, Lactalis, has recalled several million baby milk products since the beginning of December. At least 31 babies in France have fallen ill after contracting salmonella and the company’s milk is believed to have been the cause.

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