Compiled by MarketsFarm
WINNIPEG, Aug. 29 (MarketsFarm) – The following is a glance at the news moving markets in Canada and globally.
- Tropical Storm Idalia was upgraded to a level three hurricane on Tuesday, as it moved towards the Florida Gulf Coast. Winds are projected to reach 180 kilometers per hour by Wednesday morning, according to the United States National Hurricane Center. Officials warned sea surges could be as high as 3.7 meters. Meanwhile Hurricane Franklin, at category four strength, pushed northward in the Atlantic Ocean, threatening the easts coasts of Canada and the U.S.
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- The U.S. State Department has apparently selected Mark Lambert as its new deputy assistant secretary for China and Taiwan, according to a report on Tuesday. The veteran diplomat will guide U.S. policy towards both countries at a time when there are very high tensions between the U.S. and China over the continued independence of Taiwan. Meanwhile, Commerce Secretary Gina Raimondo met with Chinese Premier Li Qiang on Tuesday to discuss business relations between the two countries.
- Toyota closed all of its 14 assembly plants in Japan on Tuesday following a system failure that affected the company’s component ordering process. The auto manufacturer said it’s investigating the cause of the failure but stated it likely wasn’t a cyberattack. Toyota added it plans to resume operations on Wednesday.
