Compiled by MarketsFarm
WINNIPEG, March 6 (MarketsFarm) – The following is a glance at the news moving markets in Canada and globally.
- After 20 years of stalled discussions and more recent negotiations, the members of the United Nations signed the Global Ocean Treaty on Saturday. The new treaty updates the UN’s 1994 Law of the Sea and protects marine life outside of national boundary waters. The goal of the Global Ocean Treaty is to replace the complicated patchwork of numerous national laws regarding the world’s oceans and seas. That includes the UN creating a new body to manage ocean conservation and establish the marine protected areas.
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- Analysts said they’re expecting the Bank of Canada (BoC) to freeze its key interest rates when the central bank makes its next announcement on Wednesday. After the BoC’s previous rate hike, Governor Tiff Macklem indicated there was strong possibility of holding rates come March as inflation was beginning to level out. However, a report suggested the BoC freeze might not last should the United States Federal Reserve were to continue raising its interest rates.
- Barely a month after the Norfolk Southern derailment at East Palestine, Ohio, the railway suffered a second incident on Saturday near Springfield, Ohio. Of the 212 cars, 28 derailed and pulled down power lines in the process, leaving a few thousand resident without electricity. The cause of the latest incident has yet to be determined, but investigators from the U.S. National Transportation Safety Board (NTSB) arrived at the scene on Monday. Unlike the East Palestine derailment, the latest one reportedly didn’t include cars with toxic chemicals that caught on fire.
