Global Markets: Judge to rule today on Meng extradition

Federal deficit could top C$260 billion

By MarketsFarm

WINNIPEG, May 27 (MarketsFarm) – The following is a glance at the news moving markets in Canada and globally.

– A British Columbia Supreme Court judge will rule on Wednesday whether there is double criminality in the extradition case of Huawei executive Meng Wanzhou. In accordance of a bilateral treaty between Canada and the United States, Meng was arrested at the Vancouver airport by the RCMP at the request of U.S. authorities. In order to be extradited to the U.S., the crime Meng has been accused of must also be illegal in Canada. Meng’s defence has long claimed that violating U.S. sanctions against Iran isn’t illegal in Canada, but the Crown prosecution has contended that bank fraud is.

– Canada’s Parliamentary Budget Officer, Yves Giroux, estimated the federal deficit could top C$260 billion due to the government’s efforts to stimulate the country’s economy during the COVID-19 pandemic. Giroux initially forecast the deficit to be about C$252 billion. His office will issue another update on the Canada’s finances sometime in June.

– U.S. President Donald Trump tweeted a threat on Wednesday that he might regulate or shut down social media sites. The president’s comments came a day after Twitter indicated some of his tweets should be fact checked. The social media giant has long faced allegations that its hands-off approach has permitted reams of false information to be posted. Trump accused Twitter and other social media of attempting to censor conservative comments.

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