Global Markets: Keystone XL officially dead

Alberta on hook for C$1.3 billion

Compiled by Glen Hallick, MarketsFarm

WINNIPEG, June 10 (MarketsFarm) – The following is a glance at the news moving markets in Canada and globally.

– Six months after United States President Joe Biden cancelled the permit for the Keystone XL Pipeline, the Province of Alberta, along with TC Energy, announced on Wednesday that the controversial project was officially terminated. However, that has left Alberta on the hook for C$1.3 billion, as the provincial government gambled the pipeline would still have been completed. “We invested in Keystone XL because of the long-term economic benefits it would have provided Albertans and Canadians,” Alberta Energy Minister Sonya Savage said in a statement. Meanwhile, the opposition New Democrats accused Premier Jason Kenney of mismanagement.

– The cost of importing food around the world is expected to jump 12 per cent in 2021 at nearly US$1.72 trillion compared to the cost in 2020, according to the United Nations Food and Agriculture Organization (FAO) on Thursday. That is leaving poorer countries more vulnerable said FAO Deputy Director Josef Schmidhuber. The FAO’s semi-annual Food Outlook report noted the cost to these countries will increase 20 per cent, with those countries heavily reliant on foreign tourism the most at risk.

– Just as President Biden embarked on his first foreign foray – to the G7 Summit in the United Kingdom – he spoke of mending the relations with U.S. allies that were thrown into upheaval by President Donald Trump. “We’re going to make it clear that the United States is back and the democracies of the world are standing together to tackle the toughest challenges,” Biden said. Among one-on-one meetings the president will have include Russian President Vladimir Putin and U.K. Prime Minister Boris Johnson. During the summit from June 11 to 13, the world leaders will discuss a new initiative to provide financing for physical, digital and health infrastructure in the developing world as well as climate change.

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