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Global Markets: Hurricane damage costs mount

By Commodity News Service Canada

WINNIPEG, September 11 (CNS Canada) – The following is a glance at the news moving markets in Canada and globally.

– The damage from Hurricanes Irma and Harvey is adding up. Texas Governor Greg Abbot estimates the final tally for Harvey will come in between US$150 to US$180 billion. Some analysts believe Irma could cost another US$100 billion or more.

– Global markets showed renewed strength Monday as ideas took hold the US will soon be spending large amounts on infrastructure projects due to Hurricane Irma and Hurricane Harvey. The market also received a reprieve from North Korea which was silent over the weekend. The Asian country has been saber-rattling with the U.S. in recent days over its nuclear program.

– A dispute between Canadian mining company Eldorado Gold and the Greek government is threatening to curtail activity at three gold mines in the country. The company says it is facing multiple delays in acquiring permits and licenses from the government. In recent days, community groups and protesters have voiced opposition to the mines over environmental concerns.

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