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Global Markets: Venezuela to create cryptocurrency

By Commodity News Service Canada
WINNIPEG, Dec. 4 (CNS Canada) – The following is a glance at the news moving markets in Canada and globally.

– Venezuela is planning to use cryptocurrency to deal with crippling international sanctions. President Nicolas Maduro says his country is making the move to get around the financial sanctions imposed on his country by the Trump Administration. The currency will be known as the “petro” and be guaranteed by the country’s mineral wealth.

– Hudson’s Bay Company has finalized the sale of its Lord & Taylor Fifth Avenue building in New York. The property is being bought by WeWork Property Advisors for nearly US$1.1 billion. The deal was contested by a rival holdings company but it has now agreed to drop its challenge.

– Markets in the U.S. and South America are mostly higher this morning. A surge in the value of Brazilian shares is leading the spike. The Bovespa was up 1.33 percent shortly after the open.

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