Compiled by MarketsFarm
WINNIPEG, June 12 (MarketsFarm) – The following is a glance at the news moving markets in Canada and globally.
- Glencore made headlines on Monday for two reasons. One, the Switzerland-based company said it’s continuing its pursuit of Teck Resources’ steelmaking coal business, now offering to pay cash. However, Glencore didn’t publicly indicate a dollar figure. Meanwhile, Glencore and United States agribusiness Bunge were said to be close to a deal in which Bunge would acquire Glencore’s share in Viterra. Should that deal proceed, it would create an ag giant on roughly equal terms with rivals Cargill and Archer-Daniels-Midland.
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- Swiss banking conglomerate UBS announced on Monday that its takeover of Credit Suisse was complete. The multi-billion-dollar deal had UBS acquire its rival after the latter failed three months ago. However, there were still concerns over thousands of job losses and a number of lawsuits regarding the terms of the agreement that was engineered by the Swiss government.
- As Ukraine’s counter-offensive picked up momentum, it said on Monday that its forces liberated four villages in the Donetsk region. In response, Russian officials claimed the Ukrainian assaults were repulsed. Meanwhile, reports said that Russian forces destroyed a second dam in the Zaporizhzhia region as a means to curtail Ukrainian attacks.
- Pennsylvania governor Josh Shapiro is expected to declare a disaster on Monday following the collapse of a portion of an overpass on Interstate 95 in Philadelphia on Sunday. A tanker truck caught fire and the intensity of the blaze weakened the structure as well as nearby portions of I-95. No one was killed or injured in the mishap. Reports said state officials put together a number of detours to get around the collapsed overpass.
