Compiled by MarketsFarm
WINNIPEG, Oct. 24 (MarketsFarm) – The following is a glance at the news moving markets in Canada and globally.
- With the wars in Gaza and Ukraine, the International Energy Agency stated on Tuesday that a sharp hike in fossil fuel prices could trigger a dramatic shift towards renewable energy, electric cars, and heat pumps. “Put these two things together, and no one can convince me that oil and gas are safe and secure energy choices for countries or consumers,” IEA executive director Fatih Birol said in an interview with The Associated Press. Birol noted the rollout of electric vehicles dropped from one in 25 in 2020 to one in five this year. He also said electricity generated by fossil fuels over the last 10 years fell from 70 per cent to 60 per cent and it’s to pull back to 40 per cent by 2030.
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- The strike by St. Lawrence Seaway workers entered its third day on Tuesday, with little hope of Unifor and the St. Lawrence Seaway Management Corporation returning to the bargaining table anytime soon. About 360 Unifor members belonging to five union locals have been demanding higher wages to keep up with the cost of living. However, the SLSMC continued to assert wage gains for those workers over the last 20 years already exceeded inflation. The Canadian Chamber of Commerce and the Canadian Federation of Independent Business called on the Trudeau government to intervene in the labour dispute.
- The Prime Minister of Iceland went on strike Tuesday. Katrin Jakobsdottir joined tens of thousands of Icelandic women in protesting the gender pay gap. The one-day protest called kvennafri shutdown or curtailed numerous sectors in Iceland, especially health care and education where women make up the vast majority of workers. Tuesday’s strike marked the largest women’s walkout in Iceland since 1975. Despite Iceland being a global leader in closing the gender pay gap, Jakobsdottir noted women earn about 91 per cent of what men do.
