Global Markets: Feds, Moderna to sign agreement on new plant

WINNIPEG – The following is a glance at the news moving markets in Canada and globally.

– The Canadian government will sign an agreement with United States drug maker Moderna in Montreal on Tuesday promising an mRNA vaccine production plant in Canada. However, as to where and when the plant will be built are still being negotiated. Last spring, the government announced it was committing C$2.2 billion for biotechnology research and commercial production over the next seven years. Canada does not have any vaccine plants and cannot produce doses domestically.

– Canadian Pacific Railway Ltd. (CP Rail) has adjusted its takeover bid for American railway Kansas City Southern (KCS) on Tuesday, valuing the railway at US$31 billion. KCS shareholders are voting on Aug. 19 whether to accept another takeover bid from Canadian National Railway Co. (CN Rail) valued at US$33.6 billion. However, CP believes its bid is better because of fewer regulatory hurdles.

– The United States Senate is expected to pass a US$1 trillion infrastructure bill on Tuesday, which would provide broadband Internet service to rural communities if it is also approved in the Democrat-controlled House of Representatives. On the same day, debate will begin on a US$3.5 trillion budget plan, which includes free community college, home healthcare for the elderly and investments to fight climate change.

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