Glacier FarmMedia MarketsFarm – The following is a glance at the news moving markets in Canada and globally.
– A report released by Canada’s Competition Bureau on Tuesday said that the proposed merger between agricultural business giants Bunge and Viterra would result in “substantial anti-competitive effects and a significant loss of rivalry.” The report also cited Bunge’s ability to influence the behaviour of G3 Global Holdings, of which Bunge is a minority shareholder and a major competitor to Viterra. Bunge’s and Viterra’s combined market share in Nipawin, Sask. and Altona, Man. exceeds 45 per cent and 60 per cent, respectively, according to the report. A public interest assessment must be concluded and provided to the federal Transport Minister by July 2.
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By Glen Hallick Glacier Farm Media | MarketsFarm – The following is a glance at the news moving markets…
– The United States Senate passed four bills on Tuesday night, of which three pave the way for US$95 billion of foreign aid to be given to Ukraine, Israel, Taiwan and U.S. allies in the Indo-Pacific region. After the bills passed the House of Representatives on Saturday, the Senate voted 79-18 in approval. Another bill also passed the Senate, which would see the social media app TikTok be banned in the U.S. in 90 days unless its Chinese parent company sells the platform. Also included in the bill were measures for the transfer of seized Russian assets to Ukraine and new sanctions on Iran. U.S. President Joe Biden will sign the bills into law on Wednesday.
– Canadian National Railway (CN Rail) saw a decline in net income in the first quarter of 2024, compared to one year ago, according to its latest earnings report. The railway earned C$1.1 billion of net income in Q1, down C$110 million from last year. First quarter revenue was also down C$60 million from a year ago at C$4.25 billion. The company blamed higher labour costs and lower revenue from container shipments as the reasons for the downturn.
