The Weekly Snapshot

“Change your leaves, keep intact your roots.” - Victor Hugo

Good morning. In this weekly snapshot:

• Market Updates📈💵

• The Indian Government Accused of Murder by Trudeau🇮🇳🇨🇦 

• UN Insights: Leader’s Visions🌎

📈 Market Updates

Economic Pulse🌎:

In fiscal policy, the OECD lowered global GDP growth estimates as higher rates slow the economy. While the Federal Reserve and Bank of England kept rates stable in light of slowing inflation, Canadian inflation rose to 4% in August, raising the likelihood of another October rate hike.

Money Moves📈:

In corporate news and capital markets, Cisco announced an acquisition of Splunk for US$28B, representing the largest technology acquisition of the year. Additionally, Toshiba agreed to a PE-backed take-private deal for $13.5B. Lastly, the UAW automotive strike affecting Ford, GM, and Stellantis has entered its first week.

🇮🇳🇨🇦 The Indian Government Accused of Murder by Trudeau

Canadian Sikh leader Singh Nijjar was shot and killed outside a Surrey, British Columbia temple on June 18. Last week, Prime Minister Trudeau accused the Indian government of actively taking part in the death, saying "Any foreign government killing a Canadian citizen on Canadian soil is an unacceptable violation of our sovereignty”.

Underlying Information  

Trudeau cited ‘credible information’ from Canadian security agencies investigating the Indian government's suspected role in the murder. India's classification of Singh Nijjar as a national terrorist three years prior could have prompted Trudeau's statement on India's involvement. India responded by calling Trudeau's claims “politically driven and absurd.” According to the World Sikh Organization of Canada, Nijjar felt intimidated and was targeted by India's security agencies before he was killed outside the temple.

Accusation Aftermath 

After Trudeau's accusation, Canadian Foreign Minister Mélanie Joly dismissed Pavan Kumar Rai, India's foreign intelligence agency's research and analysis head in Canada. The Indian government reacted by dismissing a Canadian senior diplomat. These acts plus India's claim that Canada has been hosting “Khalistani terrorists and extremists” suggest that tensions between the two countries could be starting to boil over.

🌎️ UN Insights: Leader’s Visions

Despite rising Russia-Ukraine hostilities, Presidents Biden, President Zelenskyy, and Prime Minister Trudeau are using the 78th UN General Assembly to present their views on contentious global issues like climate change and international law, drawing praise and criticism.

Global Stances: Diplomacy Unveiled

At the UN headquarters for the first time since the conflict in Ukraine, President Zelenskyy discussed the country's changing security situation. Last year, he addressed the assembly from a Kyiv bunker. President Biden stressed global collaboration on important concerns including climate change, while Trudeau highlighted Canada's global development and peace commitment.

Implications for International Relations

Biden's call for unity aims to reassert American global leadership, potentially signalling a U.S. foreign policy shift. Zelenskyy's speech serves as a rallying cry against Russian aggression, possibly influencing NATO's role in Eastern Europe. Trudeau's remarks suggest Canada's evolving role as a mediator in international politics.

The divergent global reactions to these speeches hint at a complex future in international relations. As leaders outline their visions, they shape not just national agendas but also broader international discourse. The remainder of the assembly is set to offer further insights into these evolving dynamics.

🗣 Word on the Street

• An asteroid sample is expected to land on Earth

• More effects of the India-Canada tensions

• Doug Ford reverses housing plans

Authors: Isaac Moore, Amin Nazari and Petar Mijacevic

Senior Editor: Amyn Dehal

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