Global Markets: Tigray rebels retake capital

By MarketsFarm

WINNIPEG, June 29 (MarketsFarm) – The following is a glance at the news moving markets in Canada and globally.

– Tigrayan rebels in northern Ethiopia have retaken the region’s capital, Merkelle. The Ethiopian government has held the city since November, with thousands killed and more than two million displaced in the ensuing fighting. The government has called for a humanitarian ceasefire, while residents of Merkelle were reportedly celebrating in the streets.

– Jacob Zuma, the 79-year-old former president of South Africa, has been sentenced to 15 months in prison for contempt of court after failing to appear before a corruption inquiry. Zuma has five days to turn himself in before police will be ordered to arrest him. The inquiry was examining allegations of graft during Zuma’s nine-year presidency.

– A United States federal judge dismissed antitrust complaints against Facebook on Monday, ruling that the lawsuits were ‘legally insufficient.’ The Federal Trade Commission is reviewing the situation and has 30 days to file another complaint. The U.S. government and 48 states and districts sued Facebook in December 2020, accusing the company of abusing its market power in social networking to crush smaller competitors and alleging the use of a ‘systematic strategy’ to eliminate competition.

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