Compiled by Glen Hallick, MarketsFarm
WINNIPEG, Aug. 24 (MarketsFarm) – The following is a glance at the news moving markets in Canada and globally.
– As part of German Chancellor Olaf Scholz’s visit to Canada, an agreement was signed on Tuesday that will see Canadian lithium, nickel, cobalt and graphite purchased by Volkswagen and Mercedes-Benz. Europe’s two largest automakers will use the minerals for their electric vehicle batteries. Flavio Volpe, president of Automotive Parts Manufacturers’ Association, said the agreement will open the door to more electric vehicles being eligible for the US$7,500 tax credit from the United States.
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By Glen Hallick Glacier Farm Media | MarketsFarm – The following is a glance at the news moving markets…
– The Royal Bank of Canada (RBC) reported on Wednesday that it came up short on its profit expectations in the third quarter. RBC said its profits of C$3.85 billion fell 17 per cent compared to the third quarter last year. Large declines in its capital markets activities were at the root of the bank’s shortcomings. The National Bank of Canada also said its Q3 profits were smaller than those a year ago. National said its profits tallied C$826 million, slipping 1.5 per cent due to higher provisions for credit losses.
– Ukrainians marked 31 years of independence from the former Soviet Union on Wednesday, amid widespread fears of increased Russian attacks. Public gatherings in Kyiv and several other Ukrainian cities were banned. President Volodymyr Zelensky said Russia could take the opportunity to launch reprisal attacks following the car-bombing death of Russian journalist Darya Dugin. Ukraine denied any role in Dugin’s killing. Just as the war reached the six-month mark, the United States announced a US$3 billion aid program for Ukraine.
