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Global Markets: COP28 representatives working on climate draft

| 1 min read

By Phil Franz-Warkentin

 

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

 

  • Representatives from around the world continued to work on reaching a consensus on climate negotiations at the COP28 summit in Dubai on Monday. The latest draft proposal suggests a range of options for reducing greenhouse gas emissions, but without a call for the phase out of fossil fuels that many nations were still demanding.

 

  • India’s Supreme Court has upheld a 2019 decision by the country’s government revoking the special status for the state of Jammu and Kashmir, setting a deadline to hold local elections by Sept. 30, 2024. Jammu and Kashmir is India’s only Muslim-majority region and has long been an area of contention with Pakistan. Article 370 of India’s constitution had granted the region autonomy in most matters, but that was ended in 2019.

 

  • Intense fighting between Israel and Hamas continued across the Gaza Strip on Monday, with no end in sight to the conflict. Officials with the United Nations estimate that 1.9 million people, or 85 per cent of the small enclave’s population, have been displaced by the violence with nearly 20,000 deaths.