WINNIPEG – The following is a glance at the news moving markets in Canada and globally.
– Turkish Foreign Minister Mevlut Cavusoglu said on Wednesday that a plan by the United Nations for a grain corridor to carry Ukrainian products was “feasible”. Cavusoglu and his Russian counterpart Sergei Lavrov entered into discussions regarding a possible corridor in Ankara, with the former adding that the plan requires negotiations between Moscow and Kyiv. There were no Ukrainian representatives at the meeting. Meanwhile, Ukraine’s prosecutor general Iryna Venediktova said on Wednesday the country has filed eight more war crimes cases and three more sentences to Russian soldiers. Ukraine has opened more than 16,000 investigations into war crimes since the invasion on Feb. 24.
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– Moderna announced on Wednesday its experimental COVID-19 vaccine which adds protection against the Omicron variant appears to work. Its preliminary study results showed that the updated shot created an eight-fold increase in the virus-fighting antibodies capable of targeting the variant. However, it is not clear how long protection would last or if the shot would still be effective months from now.
– In a report to clients from Desjardins, it is predicted that housing prices in Canada could fall by as much as 15 per cent from its peak in February 2022 by the end of next year, albeit still above pre-pandemic levels. According to the Canadian Real Estate Association, home prices have dropped over the past two months, mainly due to the Bank of Canada raising its key lending rate to 1.5 per cent.
– Microsoft announced on Wednesday it is “significantly scaling” down its operations in Russia, joining a list of other companies that have either reduced or halted operations altogether in the country after its invasion of Ukraine. Last March, the company stopped new sales of products and services in Russia, but continued support for existing customers.
