WINNIPEG – The following is a glance at the news moving markets in Canada and globally.
– Former United States President Donald Trump is expected to surrender and face criminal charges in an arraignment inside a New York City courthouse later today. Trump became the first president, sitting or former, to face criminal charges after he was indicted last week over a payment in 2016 to adult film actress Stephanie Clifford a.k.a. Stormy Daniels. The former president will be fingerprinted before pleading not guilty as expected. He will return to his Mar-A-Lago resort tonight where he is expected to address 500 of his supporters.
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– The Canada Life Assurance Company announced today it will acquire wealth management firm Investment Planning Counsel Inc. from IGM Financial for C$575 million. Canada Life said IPC is currently profitable, but transaction and integration costs will total C$25 million pre-tax over 12 to 18 months after the deal is completed. Canada Life’s parent company Great-West Lifeco Inc. and IGM are both part of the Power Corp. family of companies.
– Satellite launch company Virgin Orbit Holdings filed for Chapter 11 bankruptcy earlier today after it failed to secure long-term funding needed in order to recover from a rocket failure in January. The company, owned by billionaire Richard Branson and based out of Long Beach, Calif. laid off 85 per cent of its 750 employees last week. Founded in 2017 as a spinoff from space tourism firm Virgin Galactic, Virgin Orbit launched rockets from beneath a modified Boeing 747 to send satellites to orbit.
– The Progressive Conservatives were re-elected with a decisive majority in Prince Edward Island’s provincial election on Monday. The party, led by Premier Dennis King, won 22 out of 27 seats, with the Liberals taking three and the Greens elected to the other two. The Tories gained seven seats while the Greens lost five and Official Opposition status.
