Global Markets: Efforts ramp up to clear Suez Canal blockage

Source: Canadian Cattlemen

WINNIPEG, March 26 (MarketsFarm) – The following is a glance at the news moving markets in Canada and globally.

– Three days after the container ship Ever Given ran aground, blocking the Suez Canal, attempts are still ongoing to move the vessel and clear the blockage. The Suez Canal Authority said it has begun dredging operations to remove 20,000 cubic metres of sand from the ship’s bow before resuming attempts to move the ship by tug. The blockage has caused oil prices to rise and the re-routing of other container ships and oil tankers.

– The United Nations Financing for Sustainable Development Report 2021 was released on Thursday and estimates 114 million jobs were lost worldwide due to the COVID-19 pandemic. The report stated that economic shutdowns due to the pandemic have caused an estimated 120 million people to be pushed into extreme poverty and while US$16 trillion was used for economic stimulus, only 20 per cent has gone to developing countries. The report also claims that 60 per cent of coronavirus vaccine has been reserved for wealthy countries, while some countries may not receive the vaccine until 2024.

– American Petroleum Institute, an oil industry group in the United States, produced a 13-page list of initiatives on Thursday for action against climate change, including carbon pricing. The group claims carbon taxes are a “transparent approach” and should apply to the economy in all sectors. On Thursday, the Supreme Court of Canada ruled that the federal government’s carbon tax was constitutional.