Darpan News Desk The Canadian Press, 01 Sep, 2023 11:01 AM
The latest G-D-P report showing the economy contracted at an annualized rate of 0.2 per cent in the second quarter may signal an end to the Bank of Canada's rate hiking campaign.
Economist Tu Nguyen (WIN) at R-S-M Canada says the cooling economy should be enough evidence for the central bank to forgo further rate hikes unless there is another major external shock that sends inflation upward.
She says this is the first time since the early days of the pandemic that spending on services did not grow, which is a powerful sign of a cooling economy.
Treasury Board President Anita Anand is tasking federal cabinet ministers with finding $15.4 billion in government spending cuts by a deadline of Oct. 2. A spokesperson for Anand says the government wants to refocus underutilized funds on critical services such as health care — and it doesn't expect to cut any public-service jobs.
R-C-M-P in Kelowna are looking for four suspects after a city statue was damaged. The Mounties say it happened downtown early Saturday morning when "The Working Man" statue was knocked over.
B-C Hydro says it set a new record for the highest peak hourly demand in August on Monday night. It comes as a heat wave sweeping across the southern half of B-C also sets records, including 37.5 Celsius in Port Alberni, breaking a benchmark set in 1933 and 30.6 Celsius at Yoho National Park, surpassing a mark set in 1930.
Two men who have been arrested for allegedly carjacking a delivery van in Richmond failed to consider that many of those vehicles come equipped with G-P-S tracking systems. R-C-M-P say it happened on Sunday when the driver said his van was taken at gunpoint by two people wearing masks.
Mario Dion retired in February after serving as the last permanent ethics and conflict-of-interest commissioner. A longtime staffer in that office, Martine Richard, took on an interim role in April — but she resigned within weeks amid controversy around the fact she is the sister-in-law of Intergovernmental Affairs Minister Dominic LeBlanc.
New data from the Public Health Agency of Canada suggests that COVID-19 infections may be slowly starting to rise again in Canada. On its website, the agency says there are signs of continued fluctuations in some COVID-19 activity indicators after a long period of gradual decline.
