Compiled by MarketsFarm
WINNIPEG, May 1 (MarketsFarm) – The following is a glance at the news moving markets in Canada and globally.
- The bulk of federal government workers in Canada reached a tentative deal and ended their 12-day strike on Monday. This came after Prime Minister Justin Trudeau agreed to a 12 per cent wage increase over four years for the workers. Higher wages to make up for inflation and remote work arrangements were among the top issues for the Public Service Alliance of Canada (PSAC). However, approximately 35,000 PSAC members with the Canada Revenue Agency remained off the job without a deal. Those workers are seeking similar demands.
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By Glen Hallick Glacier Farm Media | MarketsFarm – The following is a glance at the news moving markets…
- Hours after federal regulators in the United States seized the First Republic bank on Monday, JPMorgan Chase & Co. agreed to acquire the failed financial institution. The government-led initiative is said to have averted the severest repercussions stemming from the second largest bank failure in U.S. history and the third this year. JPMorgan is set to take over a substantial majority of First Republic’s assets the from the Federal Deposit Insurance Corporation (FDIC), including its insured and uninsured deposits. Over the last 18 months First Republic’s market capitalization plummeted from more than US$40billion to about US$557 million.
- South Korea reported on Monday its exports in April fell 14.2 per cent year-on-year to US$49.62 billion. That marked the seventh-consecutive month the country’s exports have declined, as the country’s economy grapples with the lack of exports to China, one of its largest customers. The report said those exports to China alone tumbled 26.5 per cent in April, which marked the 11th-straight month of declines. The South Korean trade ministry pointed to China’s sluggish economic recovery, a global recession and weakness in the semiconductor industry.
