Global Markets: Ambassador to China resigns post over comments

By Commodity News Services Canada

WINNIPEG, Jan. 28 (CNS Canada) – The following is a glance at the news moving markets in Canada and globally.

– Canada’s Ambassador to China John McCallum was forced to resign over the weekend following comments he made about Huawei executive Meng Wanzhou. Meng is under house arrest in Vancouver as she waits for her extradition hearing that could send her to United States, where she is facing fraud charges. At a news conference last week, McCallum caused a controversy when he stated Meng had a strong case against extradition. Although McCallum later apologized, Prime Minister Justin Trudeau requested his resignation.

– Canada’s House of Commons resumes sitting on Monday for a 14-week session. In the lead up to October’s federal election, Trudeau and his Liberal government are expected to face a highly charged Opposition in the daily Question Period on a number of issues, including the economy and Canada’s poor diplomatic relations with China.

– More than 60 people are confirmed dead following the collapse of a massive dam in Brazil with about 300 more still missing. The dam, owned by mining giant Vale SA, was retaining tailings when it burst on Jan. 25. This is the second such disaster in Brazil in four years.

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