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Global Markets: U.K. accused to breaking international laws

By MarketsFarm

WINNIPEG, Sept. 23 (MarketsFarm) – The following is a glance at the news moving markets in Canada and globally.

The United Kingdom has been accused of breaching international law when it threatened to recognize Venezuela’s opposition leader Juan Guaido as interim president. Nicolas Maduro’s Venezuelan government has asked judges to reverse court ruling that led the U.K. to recognize Guiado as the leader of Venezuela. The U.K. has been embroiled in other international legal conflicts recently, after one minister acknowledged that a plan to override sections of the Brexit agreement broke international laws.

Germany’s Cabinet approved a 2021 budget that includes significant borrowing for the second year in order to lessen the economic impact of the COVID-19 pandemic. The worldwide crisis has jeopardized previous pledges to keep a balanced budget. The country, which is Europe’s biggest economy, was in the black for six consecutive years. The budget plan calls for spending of 413.4 billion euros ($485 billion) next year, down from this year’s 508.5 billion euros. “We know that the pandemic isn’t over yet,” said Finance Minister Olaf Scholz, noting the government’s plans to borrow a further 96.2 billion euros to cover next year’s extra spending.

Saudi Arabia is reportedly “assessing all options” for stimulating its economy, after suffering from sharp declines in oil revenue on top of the adverse effects of the COVID-19 pandemic. Brent Crude has dropped by nearly 40 per cent this year, and the country may face a budget deficit of about 13 per cent of gross domestic product in 2020.

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