WINNIPEG – The following is a glance at the news moving markets in Canada and globally.
– General Electric (GE), the venerable manufacturer created by Thomas Edison and later became the world’s most valuable company, will be broken up into three separate entities, it announced on Tuesday. GE’s healthcare business will be spun off in 2023, while its renewable energy, fossil fuel power and digital units will combine into a single entity by 2024. GE Aviation, its jet engine company, will be the third company. Shares in GE were trading as much as 17 per cent higher earlier in the day.
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– The White House said on Monday that the Line 5 oil pipeline is currently under environmental review through the United States Army Corps of Engineers and a decision on its future will not be made yet. The pipeline, which carries oil and gas in both Ontario and Michigan, was ordered to be shut down by the latter. Michigan moved to end mediation talks between the state and Enbridge Inc. in September. Environmentalists want the pipeline to be shut down, but the White House is also facing pressure to keep the oil flowing due to rising prices.
– The U.S. Labor Department announced on Tuesday its producer price index (PPI) increased 0.6 per cent in October from the previous month and 8.6 per cent from the previous year, causing inflation concerns. Excluding food and energy, the core PPI increased 0.4 per cent and was up 6.8 per cent from the previous year.
