Global Markets: Omicron COVID-19 variant detected in Canada

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

– The Ontario government announced on Sunday the discovery of two confirmed cases of the newly-identified Omicron COVID-19 variant, the first cases in Canada. Both cases were diagnosed in individuals who have recently travelled to Nigeria. On Friday, Canada implemented new travel restrictions on foreign nationals who have visited several countries in southern Africa over the past two weeks. It is still unknown whether the Omicron variant is more transmissible, can evade current vaccines or cause more severe illness than other COVID-19 variants.

– Twitter co-founder and chief executive officer Jack Dorsey is expected to step down from his position within the company, according to reports on Monday. Dorsey currently serves as CEO of both Twitter and digital payments company Square. A successor has not yet been announced.

– Heavy rain and snowmelt coming from the United States caused flooding in the Abbotsford, B.C. area on Sunday and triggered new evacuation orders. Later in the day, a mudslide also prompted new evacuations and alert near Sumas Mountain. The Nooksack River in Washington State has also overtopped its dike and floodwaters were expected to cross into B.C. on Sunday. Abbotsford Mayor Henry Braun said the city was to expect flooding but not less significant than the previous week’s floods.

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