Compiled by Glen Hallick, MarketsFarm
WINNIPEG, Sept. 15 (MarketsFarm) – The following is a glance at the news moving markets in Canada and globally.
– After 20 consecutive hours, an agreement was reached in the early hours of Thursday between major United States railways and unionized workers. The deal averts the first railway strike in the U.S. in 30 years, one that likely would have brought chaos to the supply chain, costing the U.S. economy an estimated US$2 billion per day. While the talks were hosted by Labor Secretary Marty Walsh, President Joe Biden intervened, telling both sides of the dangers a work stoppage would have caused. Prior to the marathon negotiations, several freight railways, as well as passenger service provider Amtrak, were preparing to reduce or shut down their operations. Pending ratification, the workers are to receive a 24 per cent pay increase during the five-year contract along with improvements in working conditions.
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– During talks hosted by the Shanghai Co-operation Organization (SCO) in Uzbekistan on Thursday, Russian President Vladimir Putin thanked Chinese President Xi Jinping for his “balanced approach” towards Russia’s invasion of Ukraine. While Xi hasn’t publicly endorsed Russia’s war of aggression, economic trade and military co-operation between the two nuclear powers has risen sharply since February. However, despite Russia seeking to buy weapons from overseas, China has refused to sell any to it. Putin and Xi also discussed China’s policy towards Taiwan, which has caused a great deal of consternation with Taiwan, other countries in the region and the West.
– Swedish Prime Minister Magdalena Andersson resigned on Thursday, which paved the way for a coalition between the Moderate Party, Christian Democrats, Liberals and far-right Sweden Democrats. Despite the Sweden Democrats becoming the second largest party in the country’s parliament in elections earlier this week, Moderate Party leader Ulf Kristersson will become prime minister. The new government has 176 seats to the center-left’s 173.
