Compiled by Glen Hallick, MarketsFarm
WINNIPEG, Dec. 6 (MarketsFarm) – The following is a glance at the news moving markets in Canada and globally.
- Multinational credit bureau Equifax stated on Tuesday that credit card debt in Canada rose 7.3 per cent in the third quarter compared to the same time last year. Equifax said total consumer debt in Canada is now C$2.36 trillion. When excluding mortgages, the debt total was almost C$600 billion, up 5.3 per cent from a year ago. The company pointed to the growing burden of auto loans and credit cards for the increased debt levels.
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- Voters in Georgia head back to the polls on Tuesday in the United States Senate runoff between the Democrat incumbent Raphael Warnock and Republican challenger Herschel Walker. Neither candidate scored 50 per cent of the vote in the November midterm elections, due to a third candidate. Should Warnock retain the seat that would give the Democratic Party a slim 51 to 49-seat majority in the Senate. If Walker wins, then Vice-President Kamala Harris would cast the tie-breaking vote.
- Meta threatened on Tuesday to yank all U.S. news from its social media platforms such as Facebook if the Journalism Competition and Preservation Act is passed by Congress. The legislation would open the door for news organizations to have more power in negotiating fees for their content. While Meta claimed it helped drive increased traffic to news outlets, reports said those sources lost large amounts of revenue just as Meta reaped record profits. A similar law was enacted in Australia in 2021, which saw Meta pull Australian news content for a short time before restoring it.
