Glacier FarmMedia MarketsFarm – The following is a glance at the news moving markets in Canada and globally.
– A large midday rain event caused power outages and flash flooding in Toronto on Tuesday. Many commuter routes were drenched with up to 100 millimetres of precipitation in only a matter of hours. Dozens of vehicles were abandoned due to the floodwaters, especially on the Don Valley Parkway after the nearby Don River burst its banks. Toronto Hydro and Hydro One, the city’s two major electrical utilities, reported that 5,000 customers were still without power as of Wednesday morning, mostly in Etobicoke and Brampton.
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By Glen Hallick Glacier Farm Media | MarketsFarm – The following is a glance at the news moving markets…
– Calgary-based TC Energy lost its bid to recoup US$15 billion from the United States government over the failed Keystone XL pipeline on Tuesday. A three-judge panel at the International Centre for Settlement of Investment Disputes voted 2-1 to deny the company’s right to bring forward a legacy North American Free Trade Agreement claim. The tribunal will later hear the Alberta government’s case in the dispute. First proposed in 2005, U.S. President Joe Biden revoked the permit for the pipeline in 2021 after 150 kilometres of pipe was installed in Alberta.
– A survey of 350 Canadian business owners and executives by KPMG released on Wednesday revealed that 92 per cent fear their company will be impacted by severe weather with 67 per cent either very or extremely concerned. In addition, 56 per cent reported their business’s profits already being negatively affected by severe weather made more likely by climate change. While 88 per cent of companies said they want to make more investments to support climate-related goals, 80 per cent do not have the resources to make emissions reductions a priority.
