Global Markets: Feds may have overpaid for Trans Mountain pipeline
By Commodity News Services Canada
WINNIPEG, Feb. 1 (CNS Canada) – The following is a glance at the news moving markets in Canada and globally.
– A report from Canada’s Parliamentary Budget Office (PBO) released on Thursday stated the federal government may have overpaid for the Trans Mountain pipeline by up to C$1 billion. The PBO’s report valued the pipeline between C$3.6 billion and C$4.6 billion and the feds purchased it for C$4.5 billion. Parliamentary Budget Officer Yves Giroux equated it to buying a new car at full sticker price.
– The leader of the New Democratic Party of Canada, Jagmeet Singh, could lose his job should he fail to win the federal by-election in Burnaby South. A small group of New Democrat MP’s said Singh would have to resign if he doesn’t win next month, according to a media report. Polls indicate the NDP has lost significant support because Singh has not sought a federal seat until now.
– The United States has suspended its compliance with the Intermediate-Range Nuclear Forces (INF) Treaty on Friday. Signed during the last years of the Cold War, the treaty placed a ban on nuclear weapons deployed in Europe by the U.S. and the former Soviet Union. The U.S. has accused Russia of developing a new cruise missile that violates the terms of the treaty. The U.S. will withdraw from the INF treaty in six months.