WINNIPEG – The following is a glance at the news moving markets in Canada and globally.
– In its weekly report, Natural Resources Canada announced on Tuesday that the average price of gasoline per litre in Canada has exceeded the C$2 mark for the first time ever. The new all-time high of C$2.06/L is nine cents higher than the previous week and around 30 cents/L higher than in mid-April. Vancouver has the highest average at C$2.34/L, while Toronto’s average was C$2.09/L and Edmonton’s was C$1.69/L.
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– More than 250 Ukrainian fighters surrendered to Russian forces at the Azovstal steel plant in Mariupol on Tuesday with Ukraine ordering its entire garrison to evacuate, potentially ending the costly battle in the port city. Meanwhile, Finland’s parliament overwhelmingly passed a motion to seek membership with NATO and Sweden signed a formal request to join the alliance. The membership process is expected to take two weeks with both countries anticipating a response from Russia. Turkey has previously threatened to veto Sweden’s and Finland’s NATO membership applications, having accused both countries of harbouring Armenian terrorists.
– Officials in the United States have reached an agreement on Monday to resume production at the flagship facility for Abbott’s baby formula in the midst of a nationwide shortage. Abbott must also allow outside experts to upgrade its standards and reduce bacterial contamination, the latter of which caused the factory’s temporary closure. New products are expected to hit shelves in eight to 12 weeks, but the Food and Drug Administration (FDA) will also allow more imports of formula to increase supply.
– A report released on Tuesday from consulting firm Capgemini and financial industry body Efma said only eight per cent of insurers worldwide are adequately prepared for future climate change disasters. Insured losses from natural disasters increased by 250 per cent in the last 30 years with the main catastrophe risk coming from hurricanes hitting Florida and Texas. In addition, 74 per cent of the insurers interviewed said climate change made it difficult to insure some areas.
