Compiled by Glen Hallick, MarketsFarm
WINNIPEG, Oct. 19 (MarketsFarm) – The following is a glance at the news moving markets in Canada and globally.
– Slower economic growth poses a greater long-term problem for the global economy than COVID-19, according to the Organization for Economic Co-operation and Development (OECD) on Tuesday. Growth between 2021 and 2060 was initially projected to be three per cent, but the OECD slashed that in half. It noted national governments, especially those of the G-20, face rising costs when it comes to the environment, health care and pensions as they tackle ballooning debts from the pandemic.
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– Allegations have surfaced that Amazon founder Jeff Bezos along with other top executive may have lied to the United States House of Representatives’ Judiciary Committee in their testimony on Monday. While Amazon categorically denied the allegations, five committee members cited a Reuters story that claimed the company copied products and rigged its search results in India to boost sales of its own brands. Reuters retorted that their story was based on thousands of internal Amazon documents that were leaked to them.
– Local government elections in Alberta on Monday resulted in two firsts. In Calgary, city councillor Jyoti Gondek won the race to replace outgoing mayor Naheed Nenshi and will become the city’s first woman to be mayor. In Edmonton, former federal Liberal cabinet minister Amarjeet Sohi was elected as the city’s first mayor of South Asian origin.
