Glacier FarmMedia MarketsFarm – The following is a glance at the news moving markets in Canada and globally.
– The United Nations Security Council approved on Monday a United States-backed resolution endorsing a ceasefire plan to end the war between Israel and Hamas. The resolution received the support of 14 out of 15 members with Russia abstaining. The U.S. said Israel has already accepted the proposal, while Hamas said it viewed the three-phase plan “positively”. Hamas also said it was ready to enter indirect negotiations with Israel through mediators, but was still committed to a fully sovereign Palestinian state.
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– Eleven U.S. industry and trade groups sent a letter on Monday asking the Biden administration to address Canada’s Digital Services Tax and potentially convene a dispute panel under the Canada-U.S.-Mexico Free Trade Agreement (CUSMA). The tax would impose a three per cent levy on U.S. streaming services operating in Canada. It has already passed in the House of Commons and will seek approval in the Senate before the end of the month. However, the tax will be retroactive up to three years earlier and the U.S. trade groups claim it will cost them US$2.3 billion and thousands of full-time jobs.
– Malawi vice-president Saulos Chilima and nine others were killed in a small plane crash in the country’s northern mountainous region on Monday. President Lazarus Chakwera announced on state television that the wreckage was found near a hill near the northern city of Mzuzu and was “completely destroyed”. The group, which included the country’s former first lady Shanil Dzimbiri, was flying to Mzuzu to attend the funeral of a former government official. Chilima had made an official visit to South Korea on Sunday.
