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Global Markets: Snowstorm paralyzes Nova Scotia

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Published: February 5, 2024

Glacier FarmMedia MarketsFarm – The following is a glance at the news moving markets in Canada and globally.

– Over the weekend, parts of Cape Breton Island in Nova Scotia received up to 86 centimetres of snow, causing schools to be closed on Monday and triggering a seven-day state of emergency for the Cape Breton Regional Municipality. In addition, 70 flights out of Halifax Stanfield International Airport were grounded and more than 7,000 Nova Scotia Power customers were without power on Monday morning. A provincial by-election in Prince Edward Island originally scheduled for today was postponed until Tuesday. While snowfall numbers haven’t been confirmed, it is expected to be the largest snowfall event in Nova Scotia since 1992.

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– Ukrainian President Volodymyr Zelenskyy said in an interview to Italian public broadcaster RAI that he is contemplating removing Gen. Valerii Zaluzhnyi, the commander-in-chief of the country’s armed forces, from his post. Zelenskyy added he wanted to ensure that Ukrainian soldiers were being led by individuals who were convinced of “victory against Russia”. The potential move has already been criticized by the public, including Kyiv mayor Vitalii Klitschko. On Monday, four people were killed and another was injured in a missile strike over the southern Ukrainian city of Kherson.

– Turkish Foreign Minister Hakan Fidan said in an interview on Sunday that Russian President Vladimir Putin will visit the country to discuss new options to allow Ukrainian grain exports through the Black Sea. Turkish media has reported the visit will be on Feb. 12. Ukrainian grain vessels were allowed passage under the Black Sea Grain Initiative after Russia’s invasion of Ukraine before Russia pulled out of the deal last July.

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