Global Markets: Trans Mountain pipeline expansion proceeding

By MarketsFarm

WINNIPEG, June 19 (MarketsFarm) – The following is a glance at the news moving markets in Canada and globally.

– As widely expected, the federal government announced it’s proceeding with the Trans Mountain Pipeline Expansion project. Prime Minister Justin Trudeau stated on Tuesday that construction on the C$7.4 billion project is scheduled to begin this year. The work to triple the capacity of the 1,150 kilometer pipeline is expected to take 30 months. The pipeline carries oil from the Alberta oil patch to port facilities in Burnaby, British Columbia. The project was delayed after the Federal Court of Canada ordered further consultations with Indigenous communities.

– In the second round of voting, former United Kingdom foreign secretary Boris Johnson remained well ahead of the other contenders in the race to succeed Theresa May as the leader of the Conservative Party and as prime minister. Johnson, a hardline Brexit supporter, took 126 votes among Tory MP’s in yesterday’s vote. Jeremy Hunt, the current Foreign Secretary, was second with 46 votes and Environment Secretary Michael Grove was third with 41 votes. With 37 votes, International Development Secretary Rory Steward was fourth, Home Secretary Sajid Javid placed fourth with 33, and former Brexit Secretary Dominic Raab was last with 30. Raab threw his support behind Johnson.

– United States President Donald Trump officially announced his re-election bid Tuesday evening at a rally in Orlando, Flor. In a 76-minute speech, Trump bashed his 2016 Democratic rival Hillary Clinton, the media, and attacked former Vice-President Joe Biden, the leading contender for the Democratic nomination.

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