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Finance ministers for the Group of Seven leading economies on Thursday will deal with the immediate effects of Russia's war in Ukraine and the COVID-19 pandemic, overtaking their more ambitious plans to reform the global economy.
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Shares declined in Europe and Asia on Thursday after a broad retreat on Wall Street triggered by worries over the impact of persistent high inflation on corporate profits and consumer spending.
U.S. futures were lower, while oil prices advanced.
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Canadians continue to feel the pressure of inflation as the rising cost of food is forcing many to rethink their shopping choices as a way to cut back on spending.
On Wednesday, Canada’s inflation rate hit 6.8 per cent, in comparison to March’s 6.7 per cent.
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Winnipeg's Barry Prentice was in his 20s when the spiralling inflation of the 1970s followed by double-digit interest rates in the early 1980s put home ownership completely out of reach for him and many of his friends.
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Industry leaders in Alberta have criticized the government's rollout of a plan to capture carbon dioxide emissions underground as ineffective and lacking transparency, saying it has delayed billions of dollars of investment and increased costs.
Several oilpatch and other industrial players want to reduce their emissions by investing in such facilities in the province, which is considered to have ideal geology for storing carbon, experts say, as gases can be pumped a few kilometres underground into a layer of rock filled with interconnected pores, similar to the holes in a sponge.
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Stock markets were a sea of red on Wednesday as financial results from major U.S. retailers suggested they're having a hard time dealing with stubbornly high inflation.
The Dow Jones Industrial Average lost more than 1,000 points, or more than four per cent, while the technology-focused Nasdaq fared even worse as investors digested the reality of high inflation.
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U.S. President Joe Biden invoked the Defense Production Act to speed production of infant formula and authorized flights to import supply from overseas, as he faces mounting political pressure over a domestic shortage caused by the safety-related closure of the country's largest formula manufacturing plant.
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Google's Russian subsidiary plans to file for bankruptcy after authorities seized its bank account, making it impossible to pay staff and vendors, but free services including search and YouTube will keep operating, a Google spokesperson said on Wednesday.
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Britain's inflation rate rose to the highest level in 40 years last month as Russia's war in Ukraine fuelled further increases in food and fuel prices.
Consumer price inflation accelerated to 9% in the 12 months through April, up from 7% the previous month, the Office for National Statistics said Wednesday.
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The federal government says China has lifted its restrictions on Canadian canola after a three-year trade dispute.
Ottawa says it has been advised that China has reinstated market access for two Canadian canola companies.
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Justin Chimienti thought the Big Mac he bought at McDonald's and the Bourbon Bacon Cheeseburger he bought at Wendy's would be as big and juicy as advertised.
He says they were not, and now he is suing the fast-food chains.
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