Global Markets: Volvo teams up with Uber

By Commodity News Service Canada

Nov. 20 (CNS Canada) – The following is a glance at the news moving markets in Canada and globally.

– Canada’s inflation rate eased by a slight amount during the past month. The rate was pegged at 1.4 percent in October, which compares with 1.6 percent in September. Clothing prices fell 1.5 percent on an annual basis, contributing to the downside.

– Alibaba has purchased a US$2.9 billion stake in one of China’s top food companies. The online merchandise seller assumes a 36 percent stake in the Sun Art Retail Group, a company that sells both food and clothes. The acquisition is the latest move by Alibaba which has purchased several stakes in Chinese outlets in recent months.

– Volvo has announced plans to supply Uber with 24,000 self-driving cars. The move comes as Uber is grappling with a lawsuit aimed at its own autonomous driving unit. Volvo has been testing its own autonomous vehicles for the past year.

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