Global Markets: Iran to lift “tyrannical” sanctions: president

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

– Incoming Iranian president Ebrahim Raisi said in a televised speech on Tuesday he would lift “tyrannical” sanctions imposed on his country by the United States, which had been in effect for three years. Raisi, who himself is under U.S. sanctions over allegations of human rights abuses, said his government would not “tie the economy…to the will of foreigners.” Iran had been under sanctions since 2018 after the U.S. abandoned a deal that would have seen Iran curb its nuclear program. Iran and six other nations have been negotiating a new pact since April.

– Payroll firm UKG reported on Tuesday that the number of employees across a wide array of industries in the U.S. grew by 1.1 per cent from mid-June to mid-July. However, it is lower than the two per cent growth over the previous month-long period. Another UKG analysis showed that states who had stopped receiving federal unemployment benefits recorded nearly half the growth in work shift from mid-May to mid-July than those who had benefits (2.2 per cent vs. four per cent).

– PepsiCo Inc. announced on Tuesday it will sell its Tropicana juice brand as well as others for US$3.3 billion to French private equity firm PAI Partners as part of a shift away from high-sugar drinks. The company, which bought Tropicana for the same price in 1998, will keep a 39 per cent stake in the venture and will retain exclusive U.S. distribution rights. PepsiCo chief executive officer Ramon Laguarta said the funds will be used to develop more health-conscious products.

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