Global Markets: Carney to become next Prime Minister

Glacier FarmMedia | MarketsFarm – The following is a glance at the news moving markets in Canada and globally.

– Former Bank of Canada governor Mark Carney was elected leader of the federal Liberal Party on Sunday, winning all 343 ridings and receiving 85.9 per cent support in a ranked ballot. Carney, who does not have a seat in the House of Commons, will replace Justin Trudeau as Canada’s 24^th Prime Minister after a brief transition period. He will also become the first PM born in the Northwest Territories. Former deputy prime minister Chrystia Freeland finished second with eight per cent of the points, followed by MP Karina Gould and former MP Frank Baylis. At the leadership convention in Ottawa, Trudeau gave one of his final speeches as PM, followed by another from former PM Jean Chretien.

– The Chinese government issued a 100 per cent tariff on Canadian canola oil, oil cake and pea imports on Friday. The move was in retaliation for Canada putting levies on Chinese-made electric vehicles as well as steel and aluminum. In early trading on Monday, canola has fallen by up to C$40 per tonne.

– A 25 per cent surcharge will be put on Ontario electricity exports bound for the United States starting Monday. The levy will affect 1.5 million customers in Michigan, Minnesota and New York state. Ontario Premier Doug Ford has previously said he would cut off electricity to those states by early April if tariffs remain, as well as stockpile nickel which is used by the U.S. military and aerospace industry.

– An oil tanker and a cargo ship collided in the North Sea off of England’s east coast on Monday, setting both vessels on fire. The U.S.-flagged chemical and oil products carrier MV Stena was at anchor, while the container ship Solong was sailing from Scotland to The Netherlands. Several lifeboats, a coast guard helicopter and a coast guard plane were dispatched.

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