By Commodity News Service Canada
WINNIPEG, April 21 – The following is a glance at the news
moving markets globally.
CHINA EYES NORTHWEST PASSAGE SHIPPING ROUTE
The Northwest Passage could be getting a whole lot busier. China’s Ministry of Transport has announced initial plans to direct more container ships from China to the east coast of North America.
Warming temperatures in the region have opened up shipping routes that were once thought to be impassable.
The Chinese government has published a new shipping guidebook that establishes some early thoughts on sea ice and weather, according to various reports.
EU PRESIDENT FORGING AHEAD WITH LOOSE POLICY STRATEGY
The European Union’s top official is defending the group’s money printing strategy that has seen it impose negative interest rates in tandem with a $1.7 trillion (euro) cash infusion.
Mario Draghi brushed off criticism from German leaders that the fiscal stimulus had created “extraordinary” problems for the country.
Draghi says the EU would be in worse shape if not for the stimulus, and that the full effects of the fiscal plan had yet to be felt.
SOROS RAISES ALARM BELLS OVER CHINA’S DEBT
Noted investor and philanthropist George Soros is voicing concerns over the Chinese economy.
George Soros says the Asian giant reminds him of the US shortly before the start of the 2008 financial crisis.
He points to China’s credit-growth figures which measured US$362 billion in March as a prime reason behind his concern.
Soros also noted that housing values in many cities have sky-rocketed which has created a bubble similar to the one the US had in late 2007.