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Global Markets: GM to close Oshawa plant

By Commodity News Service Canada
WINNIPEG, Nov. 26, 2018 (CNS) – The following is a glance at the news moving markets in Canada and globally.
General Motors is expected to announce this morning that it will close all of its operations in Oshawa, Ont. as part of a global restructuring of the company. GM employs roughly 2,500 union positions and 300 salaried positions at the plant. Unifor, the union representing the workers, said Sunday that it had received notice from GM that the company would be making a major announcement Monday.
Air Canada has signed agreements with TD Bank, CIBC and Visa that will see them continue to be loyalty card partners with the Aeroplan loyalty program. Under the deal, TD will pay Air Canada C$622 million plus an additional C$308 million that will be applied to future purchases of loyalty points. CIBC will pay C$200 million, plus an additional C$$92 million for future monthly payments. Visa will also be making a payment. Air Canada is still in talks with American Express.

The head of China’s consulate in Calgary has said her country would like to see the Trans Mountain pipeline expansion built. The pipeline would see more Canadian crude shipped to Asia, although the amount probably wouldn’t be very large. But it would help Chinese companies that are invested in Canada and strengthen ties between the two countries.

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