WINNIPEG – The following is a glance at the news moving markets in Canada and globally.
– Former United States President Donald Trump pleaded not guilty to 34 felony counts of falsifying business records and conspiracy inside a New York City courthouse on Tuesday. With the charges, Trump became the first U.S. president, sitting or former, to face criminal prosecution. In the evening, Trump spoke to his supporters at his Mar-a-Lago resort in Florida, repeating false claims about the criminal investigations against him and the 2020 presidential election, which he maintained was “stolen”. The next in-person court hearing is scheduled for Dec. 4.
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By Glen Hallick Glacier Farm Media | MarketsFarm – The following is a glance at the news moving markets…
– Johnson & Johnson (J&J) announced on Tuesday it will set aside US$8.9 billion to settle numerous lawsuits claiming that the company’s talc powder was carcinogenic and caused diseases including ovarian cancer and mesothelioma. J&J will transfer the money to its subsidiary LTL Management, which will then file for Chapter 11 bankruptcy and pay out the funds over the next 25 years. In a statement, J&J said the claims were “without merit”, but fighting the lawsuits in court would have been more expensive. Last year, the company announced plans to remove the product from store shelves.
– The Reserve Bank of New Zealand surprised many economists by raising its key interest rate 50 basis points to 5.25 per cent on Wednesday. It is the 11th straight rate hike for the central bank and it will be the highest rate since the 2008 financial crisis. Inflation in the country is at 7.2 per cent.
