Glacier FarmMedia – The following is a glance at the news moving markets in Canada and globally.
– The Alberta government announced on Wednesday it submitted a proposal to the federal government’s Major Projects Office for a new bitumen pipeline to British Columbia’s northwest coast. Alberta Premier Danielle Smith said the province would commit C$14 million to the project and would lead a “technical advisory group” which includes energy companies Enbridge, South Bow and Trans Mountain. However, Smith added that private industry would not be committed to the project unless a ban on oil tankers in B.C.’s northern waters is lifted. B.C. Premier David Eby called the proposal vague and said it would jeopardize billions of dollars in “shovel-ready” projects.
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– United States President Donald Trump said on social media Wednesday he would confront China regarding its lack of buying U.S. soybeans, adding he would use tariff money to help U.S. soybean farmers. Trump’s post generated small increases in soybean futures. Trump will meet with Chinese President Xi Jinping at the Asia-Pacific Economic Cooperation summit in South Korea later this month.
– Bloc Quebecois leader Yves-François Blanchet told reporters on Wednesday it is unlikely his party will support the federal government’s budget when it is released on Parliament Hill on Nov. 4. Blanchet said the Liberal government hasn’t consulted with him about the budget’s contents and therefore would have no legitimacy. Interim Parliamentary Budget Officer Jason Jacques projected the deficit at C$68.5 billion this year, up from C$51.7 billion dollars last year. Without the support of 22 Bloc MPs, the Liberals would need another party to pass the budget through a vote which would double as a confidence vote.
