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Global Markets: Threat of war looms over eastern Mediterranean

Greek/Turkish tensions over gas, oil exploration

By MarketsFarm

WINNIPEG, Sept. 11 (MarketsFarm) – The following is a glance at the news moving markets in Canada and globally.

– Tensions are building up between Turkey and Greece, raising the specter of military action between the two NATO and European Union allies. Greece recently denounced Turkey’s move to survey oil and gas fields in areas Greece claims, as well as other areas claimed by Cyprus. The Greek Navy sent warships to patrol the areas being explored by a Turkish survey vessel. Turkey has been flexing its military power by invading parts of northern Syria and embroiled itself in the Libyan Civil War. Greece and Turkey last fought a war against each other in 1974 over control of Cyprus.

– Jane Fraser became the first woman to be named a chief executive officer of a Wall Street corporation on Thursday. Fraser will head up Citigroup Inc., one of the largest banks in the United States. During Fraser’s 16 years with Citigroup, she headed up its Latin American unit, the mortgage division, and had stint with the bank’s mergers and acquisitions division. Fraser takes over from current CEO Michael Corbat in February.

– Following the destruction of two ancient caves in Western Australia, the CEO of mining company Rio Tinto, Jean-Sebastien Jacques resigned on Friday. The caves were believed to have been inhabited by humans at least 46,000 years ago. Despite opposition from Aboriginal traditional owners, Rio Tinto proceeded with blowing up the caves to access approximately 8 million tonnes of iron ore valued at US$96 million. Along with Jacques, other top executives involved in the decision will be departing Rio Tinto in 2021.

– Wildfires continue to devastate Oregon, Washington and California, with Portland reporting on Friday as having the worst air quality of any major city in the world. The fires have destroyed millions of acres in the three states, killing at least 20 people, and forcing tens of thousands to flee.

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