Compiled by MarketsFarm
WINNIPEG, May 24 (MarketsFarm) – The following is a glance at the news moving markets in Canada and globally.
- Two major Canadian banks reported on Wednesday their second quarter profits were lower than a year ago. The BMO Financial Group said its Q2 revenue totaled C$8.44 billion, down from last year’s C$9.32 billion. That led to a Q2 profit for 2023 of C$1.06 billion, a sharp drop from the C$4.76 billion a year ago. Scotiabank said it’s Q2 revenue was C$7.93 billion, for a C$10 million dip from last year. Its Q2 profit was C$2.16 billion compared to C$2.75 billion last year.
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- The special rapporteur recommended on Tuesday that a public inquiry into the foreign meddling in Canada is not necessary. Former governor general David Johnston stated there were “serious shortcomings in the manner in the way intelligence is communicated and processed from security agencies through to government,” adding that an inquiry wouldn’t find out any more to the matter than what he had. Johnston requested the National Security and Intelligence Review Agency, and the National Security and Intelligence Committee of Parliamentarians review his report.
- China’s new ambassador to the United States said there are “serious difficulties and challenges” between the two countries to overcome. “I have come here to safeguard China’s interest. This is my sacred responsibility, said Xie Feng on Wednesday. “I’m also the envoy of the Chinese people, so I’ve come here to enhance China-U.S. exchanges and co-operations.” Xie succeeds Qin Gang who was appointed China’s foreign minister on Dec. 30. The gap between China’s ambassadors to Washington is said to be longest in four decades.
