WINNIPEG – The following is a glance at the news moving markets in Canada and globally.
– Canada’s economy expanded by a less-than-expected 3.1 per cent annualized pace in the first quarter, Statistics Canada reported on Tuesday. By comparison, many economists had predicted a 5.2 per cent increase in GDP while there was a 6.6 per cent gain during the fourth quarter. Exports fell by 9.4 per cent during the first quarter mainly due to production disruptions in the oil sector, while domestic demand rose to 4.8 per cent, up from 3.7 per cent in the fourth quarter. The first-quarter expansion was in line with the Bank of Canada’s forecasts ahead of its key lending rate announcement on Wednesday.
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– After a series of intense negotiations, the European Union has agreed on Monday to ban 90 per cent of all Russian oil imports for the next six months as punishment for the country’s invasion of Ukraine. The ban will cover crude oil and petroleum products, but not oil delivered by pipeline. Europe relies on Russia for 25 per cent of its oil and 40 per cent of its natural gas. As retaliation, Russian energy giant Gazprom has already cut supplies off to The Netherlands, Bulgaria, Poland and Finland.
– The Canadian government tabled legislation on Monday which would freeze the purchase, sale, importation and transfer of handguns in Canada. It is also planning on a buyback program for assault-style weapons before the end of the year. Other proposals include taking away firearms licences from people involved in domestic violence and criminal harassment, as well as those deemed a threat to themselves or others ordered to hand in their weapons to law enforcement.
