WINNIPEG – The following is a glance at the news moving markets in Canada and globally.
– The United States Federal Reserve made its biggest key interest rate hike in 28 years with a raise of 0.75 of a point on Wednesday to a range between 1.5 and 1.75 per cent. The bold move was made to counter rising inflation, which appears to show no signs of stopping. On Thursday, the Bank of England raised its own key interest rate by 0.25 of a point to 1.25 per cent. Many economists predict the Bank of Canada will follow the U.S. and raise its key interest rate by 0.75 of a point next month.
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– The leaders of France, Germany, Italy and Romania met with Ukrainian President Volodymyr Zelensky in the war-torn suburb of Irpin near Kyiv on Thursday. French President Emmanuel Macron, German Chancellor Olaf Scholz and Italian Premier Mario Draghi have all been criticized for continuing to engage with Russian President Vladimir Putin and for not sending enough weapons to Ukraine in order to fight off the Russian invasion. On the same day, NATO defense ministers met in Brussels to consider more military aid for Ukraine.
– Beauty company Revlon has filed for Chapter 11 bankruptcy protection on Thursday after accruing a heavy debt load and being weighed down by supply chain issues and rising costs. The 90-year-old New York-based company said it expects to receive US$575 million in financing from its lenders in order to maintain day-to-day operations. The company’s Canadian and British subsidiaries are included in the proceedings. Ranked second in worldwide sales at the end of the 20th century, Revlon now ranks 22nd according to a survey by fashion trade journal WWD.
