Global Markets: New partnership seeks to buy Trans Mountain Pipeline

Chinook Pathways to block rival's acquisition

Compiled by Glen Hallick, MarketsFarm

WINNIPEG, June 9 (MarketsFarm) – The following is a glance at the news moving markets in Canada and globally.

– Pembina Pipeline Corp. and the Western Indigenous Pipeline Group announced on Wednesday that they have formed Chinook Pathways in hopes of purchasing the Trans Mountain Pipeline from the Canadian government. The move is an attempt to block Project Reconciliation from acquiring the controversial pipeline. Chinook Pathways includes several of the communities along the Trans Mountain’s right of way. In 2018, the federal government bought the pipeline for C$4.5 billion from Kinder Morgan Inc. as its expansion to a third line became increasingly controversial. The government said it will sell Trans Mountain once the expansion is completed, provided its open to Indigenous participation.

– The United States Senate passed legislation on Tuesday designed to counter China’s technological research and development. The bill allocates US$250 billion for technology research, semiconductor development and manufacturing, as well as subsidize robot and chip makers. Also the bill bars TikTok from being downloaded onto government devices, and allows the federal government to impose economic sanctions against China for any cyber-attacks or theft of intellectual property. A spokesperson for the Chinese foreign ministry commented the bill exaggerates the ‘China threat.’

– Tensions between the European Union and the United Kingdom are again rising after European Commission Vice-President Marcos Sefcovic warned on Wednesday, that the U.K. not to act alone in altering post-Brexit arrangements with Northern Ireland. “If the U.K. were to take further unilateral action in the coming weeks, the EU will not be shy in reacting swiftly, firmly and resolutely to ensure that the U.K. abides by its international law obligations,” Sefcovic stated, adding “Pacta sunt servanda,” which is Latin for agreements must be kept. The EU and U.K. remained at loggerheads over checks on goods flowing between the Norther Ireland and the rest of the U.K.

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