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.
An evacuation order covering hundreds of properties south of Kamloops, B.C., has been scaled back to an alert as crews make good progress containing a wildfire about 10 kilometres south of the city. The Thompson-Nicola Regional District is allowing residents of 327 properties to return home, although they must be ready to leave again on short notice.
A 40-suite apartment building in Vancouver's Mount Pleasant neighbourhood has been destroyed by fire. Flames broke out last night and tore through the older three-storey structure, collapsing the roof.
Metro Vancouver says Stage 2 water-use restrictions begin next Friday -- halting all lawn watering until further notice and limiting other outdoor water use. Metro Vancouver chair George Harvie says the restrictions should ensure enough drinking water -- and water for essential uses -- is available throughout the dry season.
Mounties say two Alberta hikers have been found dead at the bottom of a ridge at Mount Coulthard, a summit in the Rocky Mountains. RCMP were informed Wednesday night that the two hikers who were making their way along the North York Creek Plane Crash Trail, outside Coleman, Alta., had not returned when planned.
Statistics Canada says the energy sector was down 2.1 per cent in May -- its first decline in five months and its largest since August 2020. Canada's record-breaking wildfire season led many mining and oil and gas companies to reduce their operations in Alberta.
The B-C government says it wants to hear from British Columbians about taxi and ride-hailing services in the province. The province says it's holding a public meeting in the fall as a special committee is set to review so-called passenger-directed vehicles that come under the Passenger Transportation Act.
