WINNIPEG – The following is a glance at the news moving markets in Canada and globally.
– Postmedia Network Canada Corp., which owns the Sun newspaper chain and The National Post, confirmed on Tuesday it is in merger talks with Nordstar Capital LP, which owns The Toronto Star. The two newspaper chains said the merger would be a response to “an existential threat” to Canada’s media industry. Postmedia said that the discussions are non-binding, but if approved, there would be an even division of voting rights and Postmedia shareholders would have 56 per cent economic interest compared to 44 per cent for Nordstar shareholders. Postmedia reported a net loss of C$20.8 million in its latest quarterly results.
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– The Canadian Centre For Policy Alternatives (CCPA), a progressive think tank, is asking the federal government to side with the United States government in a lawsuit filed by Calgary-based TC Energy over the termination of the Keystone XL pipeline project. CCPA believes that taking the U.S.’s side would be in Canada’s best interest, claiming that TC Energy bet on Donald Trump’s re-election in 2020 and lost. The energy company is seeking US$15 billion in lost revenue, claiming that the closure violates rules under both the North American Free Trade Agreement (NAFTA) and its successor the U.S.-Mexico-Canada Agreement (USMCA). U.S. President Joe Biden ended the project in his first day in office in 2021. The U.S. claims TC Energy has no recourse under previous and current trade rules.
– The United Nations Security Council, in a statement backed by both the U.S. and Russia on Wednesday, asked Israel and Palestine to avoid actions that can worsen tensions in the West Bank. An estimated 24 Israelis have been killed in Palestinian attacks so far this year, while at least 137 Palestinians have lost their lives in the fighting.
-France’s government announced additional police presence in Paris and other major cities on Wednesday following unrest after the police shooting death of a 17-year-old delivery driver and person of colour in the Paris suburb of Nanterre. France’s interior minister said that 31 people were arrested, 25 police officers were injured and 40 cars burned in overnight violence on Tuesday.
