Global Markets: Supreme Court to rule on carbon tax

Source: Canadian Cattlemen

WINNIPEG, March 25 (MarketsFarm) – The following is a glance at the news moving markets in Canada and globally.

– The Supreme Court of Canada will make its decision later today on whether the federal government’s pricing on carbon is constitutional or not. The question to be answered is whether the federal government had the authority, instead of the provinces, to impose taxes on carbon emissions. The federal government claims that climate change is a national concern and under the “peace, order and good government” clause in the Constitution, it has the authority to impose the tax nationwide. The Ontario and Saskatchewan courts of appeal have previously ruled in the federal government, while Alberta’s court of appeal sided with the province.

– Ever Given, the 400-metre long container ship blocking the Suez Canal since Wednesday, may take weeks to move, according to Peter Derkowski, CEO of Dutch construction company Boskalis which is attempting to remove the ship. The Suez Canal Authority said eight tugs were working on the ship, which is blocking 156 large container ships transporting oil, gas and grain from moving between the Mediterranean Sea and Red Sea.

– AstraZeneca has revised the efficacy numbers of its COVID-19 vaccine after its earlier data was criticized by the United States National Institute of Allergy and Infectious Diseases (NIAID) on Tuesday. The pharmaceutical company said in a statement earlier today the vaccine was 76 per cent effective, compared to the 79 per cent claimed on Tuesday. The vaccine has already been approved in Canada, but not in the U.S. amidst concerns over its data and fears the vaccine causes blood clots. Yesterday, Health Canada added a label to the vaccine to warn about “very rare reports of blood clots associated with low levels of blood platelets,” while reassuring the vaccine is safe.