Glacier FarmMedia COVID-19 & the Farm

Global Markets: Morneau cautious about oil sands project

By MarketsFarm

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

– Canadian Finance Minister Bill Morneau said on Monday that the coronavirus has already hurt the country’s struggling oil industry. Speaking to a Calgary audience, Morneau noted that crude oil prices have dropped 15 per cent since the coronavirus outbreak began in January. That decline could impede the approval of a new C$20.6 billion oil sands project in Alberta. Meanwhile, Alberta Premier Jason Kenney warned Prime Minister Justin Trudeau that there wasn’t a good reason not to approve Teck Resources Ltd.’s proposal.

– There was a virtual three-way tie in Ireland’s election on Monday, with none of the three major parties close to the 80 seats needed to form a majority. In a surge of support Sinn Fein took 37 seats, as the Fianna Fail won 38 and the governing Fine Gael took 35. The Greens won 12 and five smaller parties took the remainder. Irish politicians must now cobble together the country’s first coalition government. Until then, Fine Gael leader Leo Varadkar will continue as acting prime minister.

– Democrats in New Hampshire vote today in their presidential primary. After coming out of the Iowa caucus last week in a dead heat, Sen. Bernie Sanders and former South Bend, Indiana Mayor Pete Buttigieg were said to be neck and neck in the polls in New Hampshire. Polls also indicated that Senators Amy Klobuchar and Elizabeth Warren are in a tie for third, while former Vice-President Joe Biden continues to struggle. Although Iowa and New Hampshire don’t provide a large amount of delegates to the Democratic convention later this year, winning either or both states can provide a lot of momentum to a campaign.

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