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Global Markets: Biden could cancel Keystone-XL Pipeline come Wednesday

Pipeline nixed by Obama, approved by Trump

By MarketsFarm

WINNIPEG, Jan. 18 (MarketsFarm) – The following is a glance at the news moving markets in Canada and globally.

– Documents surfaced over the weekend that Joe Biden could nix the Keystone-XL Pipeline on Wednesday, shortly after he has been sworn-in as the next President of the United States. The controversial pipeline was approved by President Donald Trump in 2019, after it was initially rejected by President Barack Obama four years earlier. The C$8 billion pipeline was to move 830,000 barrels per day from the Alberta oilsands to refineries on the U.S. Gulf Coast. Canadian politicians in favour of the pipeline have called for a meeting between Prime Minister Justin Trudeau and Biden.

– In further heightening tensions between the U.S. and Iran, U.S. Central Command ordered B-52 strategic bombers into the Middle East skies on Monday. The B-52 flights came a day after Iran tested long-range missiles and drones against targets on land and sea. Reports stated there are concerns among security analysts that Trump could launch military strikes in the Middle East in the dying days of his presidency.

– Alexei Navalny, the critic of Russian President Vladimir Putin who was poisoned, has been remanded into custody for 30 days. After five months of recovery in Germany from a nerve agent, Navalny returned to Russia on Sunday, where he allegedly faces violations of a suspended prison sentence. Several countries, including the U.S., called on Russia to release Navalny and suggested there could be sanctions coming if he isn’t. Russia dismissed the comments.

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