Global Markets: Harris’s political star rises, Morneau’s is sinking

Union, automakers begin contract talks

By MarketsFarm

WINNIPEG, Aug. 12 (MarketsFarm) – The following is a glance at the news moving markets in Canada and globally.

– Democrat presidential nominee Joe Biden announced on Tuesday that first-term United States Senator Kamala Harris will be his running mate in November’s election. Harris is the first African-American woman, first Asian-American and the fourth woman on the presidential ticket of a major U.S. political party. A former federal prosecutor in California, Harris is considered a liberal moderate.

– There has been an abundance of speculation on Canada’s Parliament Hill that Finance Minister Bill Morneau is in political trouble. Morneau has been in hot water since the WE Charity scandal broke earlier this summer. The scandal intensified when Morneau revealed he paid back C$41,000 to WE for trips he and his family took to Ecuador and Kenya in 2017 on the behalf of WE. The speculation intensified when Prime Minister Justin Trudeau announced that former Bank of Canada Governor Mark Carney, who is also the former governor of the Bank of England, will be a key advisor to guide the government through the economic recession. Carney reportedly has political aspirations, with some touting him as Morneau’s replacement.

– Representatives from UNIFOR and the three major automakers in Canada will meet on Wednesday to begin negotiations on a new collective bargaining agreement. With the current agreement scheduled to expire on Sept. 21 the union, which represents 20,000 auto workers at Fiat Chrysler, Ford and General Motors, is seeking to secure product commitments and job security.

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