Global Markets: New Zealand halts offshore drilling

WINNIPEG, April 12 (CNS) – One of Canada’s largest telecommunications companies is reporting a sizable second-quarter loss. Shaw Communications Inc. is reporting a loss of C$164 million in the second quarter. The company blames the setback on restructuring costs associated with a voluntary leave program that 3,300 employees have elected to take part in.

Bitcoin hits its highest price in two-weeks on Thursday as investors took a renewed interest in the cryptocurrency. After rising to a value of just-under US$20,000 in December, Bitcoin underwent a steep fall that sent it plunging to a fraction of its former heights. Concerns about potential regulations and that it may be locked in a one-time bubble discouraged investing in 2018. However, the currency rose above the C$7,700 mark yesterday, which was the highest it’s been since March 29.

New Zealand has announced a ban on new permits for offshore drilling. The government says it’s making the move to battle climate change. The country is already taking steps to wean its electricity system off non-renewable resources by 2035. The government says it will allow the existing 22 offshore permits to run until their expiration.

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