Global Markets: Liberals announce federal budget

– Canada’s Liberal government unveiled their latest budget, which will run a deficit of about $19.3 billion. The budget includes up to $3.9 billion for dairy, egg and poultry farmers affected by recent global trade uncertainties. Conservatives criticized the Liberals for their deficit spending, as well as failing to deliver on their 2015 election promise to balance the budget by 2019.

– The Minister of Agriculture and Agri-Food, Marie-Claude Bibeau, announced funding of up to $31 million to increase the number of detector dogs at Canadian airports, according to the Canadian Food Inspection Agency. The dogs help prevent illegally imported meat products from entering Canada, such as meat products affected by African Swine Fever. This ensures the animal disease will not disrupt Canada’s pork industry. Canada has no reported cases of African Swine Fever, though the disease continues to spread through Asia and Europe.

– United Kingdom Prime Minister Theresa May has formally asked the European Union to postpone Britain’s departure. Originally slated for March 29, the U.K House of Commons has twice rejected the deal May has struck with the EU. “As prime minister I am not prepared to delay Brexit any further than June 30,” May said in the House of Commons.

– Chinese companies have been accused of “squeezing out” American shareholders who have invested in U.S.-listed Chinese companies. After publicly listing the company and accruing U.S. capital, management then privatizes the company, only to re-list on the Shangai Stock Exchange at an initial public offering exponentially higher than the initial transaction price in the U.S. These allegations come to light amid drawn-out trade discussions between the U.S. and China.

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