Compiled by Glen Hallick, MarketsFarm
WINNIPEG, Aug. 26 (MarketsFarm) – The following is a glance at the news moving markets in Canada and globally.
– With the onset of winter only a few months away, the United Kingdom is facing an 80 per cent hike in electricity and gas bills, according to the Office of Gas and Electricity Markets Authority (OFGEM) on Friday. The sharp spike will deepen the cost-of-living crisis the U.K. is currently facing. “The increase reflects the continued rise in global wholesale gas prices, which began to surge as the world unlocked from the COVID-19 pandemic and have been driven still higher to record levels by Russia slowly switching off gas supplies to Europe,” read a statement from the regulatory body. Reports said inflation in the U.K. is already projected to surge to 13 per cent.
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By Glen Hallick Glacier Farm Media | MarketsFarm – The following is a glance at the news moving markets…
– California announced it will ban the sale of gasoline-only vehicles by 2035. Under the state’s bold plan, 35 per cent of new vehicle sales must electric, hybrid or hydrogen-powered by 2026. That’s been set to increase to 68 per cent in 2030 and 100 per cent five years later. Meanwhile, the Alliance for Automotive Innovation said more time is needed to boost demand for such vehicles. Also, the American Fuel and Petrochemical Manufacturers Association called the measure an ”unlawful ban.”
– Canada’s reluctance to have NATO involved in its Arctic territory has begun to change, according to a report. NATO Secretary-General Jen Stoltenberg, accompanied by Prime Minister Justin Trudeau, will visit Canada’s Arctic over the next few days. The alliance has started to place more emphasis on its northern flank in light of climate change and recent global events. In order to protect its sovereignty over its Arctic territory and to avoid provoking Russia, Canada long opposed any outside influence over the region.
