Global Markets: Canadians with Iranian background detained at U.S. border

By MarketsFarm

WINNIPEG, Jan. 6 (MarketsFarm) – The following is a glance at the news moving markets in Canada and globally.

– Following the airstrike that killed Iranian Major General Qassem Soleimani, there have been reports that some Canadians with Iranian backgrounds were detained and interrogated “for hours” at the United States border. One Canadian family was questioned at the border on Sunday for over eight hours, according to the CBC. U.S. Customs and Border Protection (CBP) denied reports of people being held for questioning, saying wait times were longer than usual due to increased travel volume and reduced staffing due to the holiday season.

– On Sunday, Democratic House Speaker Nancy Pelosi said Congress will vote this week on legislation that would limit President Trump’s military actions on Iran, following the airstrike that killed Qasem Soleimani late last week. Pelosi said the “provocative and disproportionate airstrike…endangered our service-members, diplomats and others by risking a serious escalation of tensions with Iran,” in a letter to Democratic members of the House. The resolution will mandate that military activity with Iran will “cease within 30 days unless further congressional authorization like a declaration of war is taken,” according to MSNBC.

– Borden Dairy Co. has become the second major U.S. milk seller to file for bankruptcy over the past two months, citing competitive pressures, declining consumption, and falling profits rendering the company’s debt load as “unsustainable.” The company, over 160-years-old, said “normal operations will continue” while the company works out a recovery plan. “While milk remains a household item in the United States, people are simply drinking less of it,” Jason Monaco, Chief Financial Officer, said to Bloomberg. “In parallel, since the turn of the century, the number of U.S. dairy farms has rapidly declined.”

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