WINNIPEG – The following is a glance at the news moving markets in Canada and globally.
– The Bank of Canada (BoC) announced on Wednesday it has raised its key interest rate by 25 basis points to 4.5 per cent, the highest level in 15 years, in an effort to combat inflation. It is the eighth straight time the BoC increased its key interest rate. The BoC also expressed its intentions to hold the key interest rate over the next few months to assess its effect on the economy.
– Russia launched a barrage of missiles during rush hour on Thursday aimed at Kyiv, Ukraine’s capital. While Ukraine’s military claimed to have shot down 47 of 55 missiles, one person was killed in the assault. On Wednesday, both the United States and Germany announced that it will send weapons and artillery to Ukraine as the country defends itself from Russian forces. Russia has accused the U.S. and Europe of directly involving themselves in the conflict and causing escalation.
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By Glen Hallick Glacier Farm Media | MarketsFarm – The following is a glance at the news moving markets…
– IBM Corp. announced on Wednesday that it will eliminate 1.5 per cent of its global workforce, or approximately 3,900 employees. The layoffs come as a result of IBM spinning off its Kyndryl and Watson Health units. However, revenues and sales for the company increased in 2022, according to its annual sales forecast. Amazon Inc., Microsoft Corp., Alphabet Inc. (parent company of Google) and Meta Platforms Inc. (parent company of Facebook) all previously announced reductions in their respective workforces earlier this month.
