World markets fall sharply as Greece heads for disaster
Global stock markets saw triple digit losses Monday as fears of a Greek default on its loan repayment to the IMF looks almost certain. The 1.6 billion euro (U$1.8 million) instalment is due in the morning but it’s looking unlikely that a solution can be found in time. Analysts are betting on Greece exiting the euro and potentially the EU and the country’s banks and stock exchange are currently closed. Asian markets closed with losses but got away lightly in the Monday session as the real plunges happened during European and North American trading days.
The S&P/TSX Composite Index closed down 317.9 (2.15 per cent)
The NYSE closed lower (Dow down 1.95 per cent)
Oil is trending lower (Brent $61.89, WTI $58.18 at 4.05pm)
Gold is trending higher
The loonie is valued at $0.8070 (at 4.05pm)
Quebec gets $9 billion maritime development plan
Quebec’s maritime infrastructure is to be given a $9 billion boost the provincial government announced Monday. The development of areas along the St Lawrence River and a new hub at Contrecoeur are part of the plans, which the government hope will get a $4 billion investment from the private sector. It’s estimated that the project will create as many as 30,000 jobs over the next 15 years.
Energy prices help industrial price index rise
Canada’s industrial price index increased in May according to new figures from Statistics Canada. The 0.5 per cent rise was driven by higher prices for energy and petroleum products; the raw materials index was up 4.4 per cent. The rise follows a 0.9 per cent drop in April although only 3 of the 21 main components of the index climbed with 15 lower and 3 unchanged.
Alberta to increase minimum wage
The minimum wage in Alberta will rise to $11.20 in October, that’s a $1 increase. Liquor servers will also get an increase, up $1.50 to $10.70 with a plan for it to rise again in 2016 to match the standard minimum. By 2018 the government wants all workers to be earning $15 an hour.
Porter Airlines hit with $150,000 fine for spamming
Porter Airlines has fallen foul of Canada’s anti-spam email laws. The airline has agreed to pay a fine of $150,000 following an investigation by the CRTC. The company was found to have sent emails where unsubscribe options were not included or not clear. As part of the settlement Porter will implement staff training on compliance.