Global Markets: MPs label Chinese persecution of Uighurs a genocide

WINNIPEG, Feb. 23 (MarketsFarm) – The following is a glance at the news moving markets in Canada and globally.

– The Canadian House of Commons on Monday approved a non-binding resolution to declare China’s treatment of the Uighur Muslim minority a genocide despite the absence of the majority of cabinet. The motion, brought forward by the Conservatives, received 266 votes in favour and none in opposition. However, nearly all of Prime Minister Justin Trudeau’s cabinet were absent from the vote, with two MPs officially abstaining – including Foreign Affairs Minister Marc Garneau. The motion also urged the International Olympic Committee to relocate the 2022 Winter Olympic Games from Beijing. Chinese Ambassador to Canada Cong Peiwu denounced the vote as meddling in China’s internal affairs. Media reports and representatives from the United Nations have accused China of imprisoning Uighurs and targeting them for forced labour, sexual violence and surveillance.

– Facebook has changed course on Tuesday and will once again allow Australian news pages to be found and shared on the platform after negotiations with the nation’s government. Last week, Australian news pages were banned from Facebook in response to legislation from Canberra which would force digital giants such as Facebook and Google to pay Australian news publishers for content. Google and Australian media companies eventually avoided a ban. The Australian government said it would include a provision that “must take into account whether a digital platform has made a significant contribution to the sustainability of the Australian news industry through reaching commercial agreements with news media businesses.”

– Both Bank of Montreal (BMO) and Scotiabank exceeded first-quarter estimates as the two banks released their quarterly reports Tuesday morning. BMO’s net income for the three months ending Jan. 31 rose 27 per cent year over year to $2.02 billion. Meanwhile, Scotiabank’s net income inched up to $2.39 billion from $2.33 billion a year earlier.

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